EnCana (OP/A): CEO's pending departure adds importance to November analyst meeting - Goldman Sachs - October 25, 2005
The announcement of the pending departure of EnCana CEO Gwyn Morgan at year- end 2005 may add credibility to prior reports the company had been looking for potential consolidators; it also makes the company's November analyst meetings more important. Given that COO Randy Eresman has been announced as the new CEO, we do not expect near-term operational disappointments. We believe that the analyst meetings (Nov. 7 in Calgary and Nov. 9 in New York) will be a coming out party for Mr. Eresman, who has shown success operationally but has been in Mr. Morgan's shadow as the public face of EnCana. As we noted in our recent report, "Gas E&Ps favored with winter looming," Message 21823182 we believe EnCana (OP/A), Chesapeake Energy (IL/A) and EOG Resources (IL/A) are all attractive; we are recommending EnCana for now because we believe the analyst meeting could be a positive catalyst for the valuation of the Piceance Basin.
Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Brian Singer, Arjun Murti. |
