oilluber... read Q3... 82% fully exposed"In 2006, 82 percent of EnCana’s forecast sales are fully exposed to price upside..." using Put Options and ECA ran from $51 to $60 in a month aint too shabby... almost 20%??? you'd be tired too especially if you'd sold $600M of Nat.gas Liquids assets and realized a $400M profit (U.S. dollars) BUT JUST IMAGINE IF IT HAD KEPT SYNCRUDE???
"Early in 2003, the company sold two major pipelines for total consideration of $1 billion and by mid-year sold its 13.75 percent Syncrude interest for consideration of approximately $1 billion."
cos.un owns 36% of Syncrude & it's now worth $12.6B plus $1.7B of debt... 92 million units X $140 (wow) TOTAL value of Syncrude:100% = $40B (great number) so Enca-ca's piece of the pie would have been worth $5 Billion TODAY... one minute ECA is rushing away from Oil & now it's rushing back in??? so Encana's problem with Hedging Production is just a Drop in the Bucket...
PCA's 12% is worth $4.8 Billion
Nexen's 7.23% === $2.9 Billion
Imp.Oil 25% ===== $10 Billion