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Encana exits San Juan Basin with closing of NM oil, gas asset sale

Encana Corp. completed its sale of noncore assets in New Mexico's San Juan Basin to private upstream company DJR Energy LLC through subsidiary Encana Oil & Gas (USA) Inc.

The assets made up Encana's total land position in the San Juan Basin and include 182,000 net acres that produced 5,400 barrels of oil equivalent per day in 2017. The deal was valued at $480 million at the time of announcement and has an effective date of April 1.

Proceeds from the sale will help support Encana's plan to complete a $1.25 billion share buyback in 2019 after it closes its merger with Texas-based producer Newfield Exploration Co. Encana also plans to boost its dividend by 25% in 2019.