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6 comments on Cramer's Mad Money (CNBC) Talks "Unconventional Carbons" with the Head of EnCana
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Over the past year EnCana has been divesting itself of all "non core" assets, including:
- conventional oil, especially conventional international oil
- natural gas storage facilities
and has been working on its "in-situ" oil sands production, aiming to be one of the lowest cost producers of bitumen.Their strategy has appeared to me for a long time as recognition that hunting for oil internationally is going to be ever more complex and costly (inferred from actions) and that natural gas, with a more or less captive North American market, offers a better reward for the investment buck.
In essence they are betting the company that conventional natural gas production has peaked and that the unconventional is the only place any growth will come from. Its not an inconsequential bet: ECA is the largest producer of N.A. natural gas.
Besides, he wasn't asked if he thought the industry could generate enough growth from unconventional sources to meet demand and reserve declines. Not sure what his answer would be. The only Canadian CEO of a major on record as suggesting there might be a problem just around the corner is Talisman Energy's Dr. Jim Buckee, but he was strictly commenting on overall world capacity not on peak oil.