There were some big changes announced by Encana last week, which may trickle down to Drumheller's economy. 
On November 5, Encana announced it was beginning to make “significant and bold” changes to put the company back on track.
The company will be closing its Plano, Texas office to cut 20 per cent of its workforce and more cuts are expected.
“In order to align our organization with our strategy, we have had to make a number of exceptionally difficult decisions,” reported Doug Suttles, Encana President and CEO in a release. “The restructuring that is underway reflects our shift from funding about 30 different plays to focusing our resources on five key areas. We will work as hard as we can to make these staffing decisions quickly and thoughtfully and we will treat everyone affected with respect as we work through this very difficult part of our transition.”
Luigi Vescarelli, community relations advisor for Encana, said they have not seen any immediate changes in Drumheller.
“One thing about out here is we are still operating. The pump jacks are still going up and down, the gas compressors are running and the mechanics are still fixing things,” he said.
However, Encana will announce changes for the Clearwater Business Unit next year, which Drumheller operates in.
According to Encana’s press release, the company intends to spin off Clearwater as a separate company through an IPO by mid 2014. This is to allow the company to unlock value from its portfolio as it holds the oil and gas rights, therefore it can collect royalties. It intends to retain a significant stake in the new company.
“We are doing what it takes to get Encana back to winning and we have already begun executing on our strategy with some of that impact being seen in our strong third quarter results,” said Suttles. “We have a focused long term plan in place, the resource base to support that plan, and a talented team of people with the energy and drive to succeed.”
