Encana unit to sell U.S. assets to Stabilis Energy

|About: Encana Corporation (ECA)|By:, SA News Editor

Encana (ECA) agrees to sell its liquefied natural gas assets in the U.S. to privately-held, Texas-based Stabilis Energy; financial terms are not disclosed.

ECA has been shedding assets under CEO Doug Suttles, who wants the company to cut its dependence on natural gas and instead focus on shale fields that are rich in oil and natural gas liquids such as Montney in B.C. and Duvernay in Alberta.

Stabilis, which also supplies LNG to the oil drilling and production industry in North America, plans to open its first LNG production plant in George West, Tex., early next year to service customers in the Eagle Ford shale.