Encana founder blames Newfield merger on 'disastrous' Trudeau policies

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

Encana (NYSE:ECA) founder and former CEO Gwyn Morgan says he is disappointed by his old company’s $5.5B purchase of Newfield Exploration (NYSE:NFX) and blames the move on Canadian Prime Minister Trudeau’s policies, which he says are making the country irrelevant in the global energy industry.

“I’m deeply saddened that, as a result of the disastrous policies of the Trudeau government, what was once the largest Canadian-headquartered energy producer now sees both its CEO and the core of its asset base located in the U.S.,” says Morgan, who served as ECA’s CEO during 2002-05.

A Department of Natural Resources spokesperson responds that the Trudeau administration supports the energy industry and that Canada is “one of the world’s most attractive destinations for investment in sustainable natural resources development.” pointing to LNG Canada’s recent decision to proceed with its $31B project as evidence.

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