Nov 1, 2018

Encana to buy shale producer Newfield Exploration

Drilling rigs of Encana Oil & Gas in Colorado. Photo: Hyoung Chang/The Denver Post via Getty Images

Encana Corp., a big Canadian firm with substantial U.S. operations, said Thursday that it's buying Newfield Exploration in a $5.5 billion stock transaction.

Why it matters: The deal will make Encana one of the biggest shale producers in North America, according to Reuters. Newfield has a big position in Oklahoma's prolific Anadarko Basin, as well as acreage in Utah and North Dakota.

The big picture: It's the latest of several big deals in the U.S. sector this year.

  • Earlier this week, Chesapeake Energy announced plans to buy WildHorse Resource Development in a $3 billion transaction.
  • In August, the Permian basin player Diamondback Energy said that it's buying Energen via a $9.2 billion deal, while Concho Resources announced the $9.5 billion acquisition of RSP Permian in March.
  • BP announced a $10.5 billion deal to acquire most of BHP Billiton's U.S. shale assets in July.

Go deeper

Pelosi warns U.S. allies against working with China's Huawei

Nancy Pelosi on Feb. 16. Photo: Sven Hoppe/picture alliance via Getty Images

House Speaker Nancy Pelosi on Sunday cautioned U.S. allies against allowing Chinese telecommunications giant Huawei to develop their 5G networks, arguing at the Munich Security Conference that doing so is akin to “choosing autocracy over democracy," CNBC reports.

Why it matters: Pelosi's hawkish stance marks a rare area of agreement with the Trump administration, which believes Huawei is a national security threat because the Chinese government may be capable of accessing its equipment for espionage.

Go deeperArrow2 hours ago - World

Judge sets "scheduling" conference call ahead of Roger Stone sentencing

Photo: Win McNamee/Getty Images

U.S. District Judge Amy Berman Jackson has requested a Feb. 18 "scheduling" conference call in the Roger Stone case, two days before the former Trump associate is set to be sentenced.

Why it matters: Stone's defense team on Friday filed a sealed motion for a new trial — the second time they've done so — amid allegations of juror bias and a growing controversy over Attorney General Bill Barr's intervention in the case.

Biden says Bloomberg's money can't "erase" his record

Photo: Alex Wong/Getty Images.

Former Vice President Joe Biden said on NBC's "Meet the Press" Sunday that Michael Bloomberg's vast fortune cannot "erase" his record, and that scrutiny of Bloomberg's positions on things like race and policing will ramp up now that he's in the national spotlight.

Why it matters: Biden's polling free fall in the wake of poor performances in Iowa and New Hampshire has coincided with a surge for Bloomberg, who appeals to a similar moderate bloc of the Democratic Party. The billionaire's limitless spending capacity poses an especially stark threat to Biden, who has struggled with fundraising.