Who's to blame1. Investment bankers that convinced the CEO to split up the company
2. Morgan's protege Eresman
>>>Investment bankers, armed with sum-of-the-parts calculations, were pitching Eresman on the idea of splitting it into two companies: one producing gas, the other drawing crude from the oil sands. So-called pure plays were becoming the new holy grail, as investors clamoured for simplicity and the ability to focus on a single commodity....The calls to break up Encana grew louder. Advisers salivating over the fees they could earn from negotiating the split talked up how much the two divisions could be worth separately, since investors would supposedly be better able to value each business. Morgan says he never bought the hype. “If you think about it that way,” he says, “there’s no way you can have a long-term vision about building a company.”
https://www.theglobeandmail.com/business/rob-magazine/article-who-killed-encana-inside-the-mess-that-crushed-canadas-energy-icon/