Posted AT 12:02 PM EST on 12/12/07
EnCana to double its dividend
EnCana Corp., Canada's biggest independent oil and gas producer, is cutting its planned capital spending in Alberta next year by $500-million because of the province's new and costlier royalty regime — only half the amount it threatened to chop this fall.
However, unlike some other major Canadian energy producers that have been chopping their global budgets, EnCana also said Wednesday that its total capital outlay will rise by about 13 per cent to $6.9-billion (U.S.) next year.
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