EnCana announces delay in operations split; stock drops in price

Shares of EnCana opened down this morning following an announcement from the company that it would delay a planned split between its oil and natural gas operations.

The division would have seen EnCana form a separate company called Cenovus to manage its oil ventures, while natural gas resources, which make up about eighty percent of the company’s total production, would continue to be managed under the name EnCana. The company had originally planned a shareholder vote on the split for December, but it will now hold off until markets stabilize before holding the vote.

Stock in the company opened down more than three dollars from yesterday’s close of $43.42, and closed at $37.02.