Encana To Cut 20% Of Its Workforce And Slashes Dividend As Losses Mount (ECA)

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CALGARY – Encana Corp. is cutting more deeply into its spending and production plans, and will lay off more staff, the company said Wednesday. Encana president and CEO Doug Suttles said by the end of this year the company would be producing 10 per cent less oil and gas than it is today, thanks in large…

ECA was bought on the news (+22%). But it is still looking distressed.