Encana Corp. on March 21 named Corey D. Code as its next CFO after Sherri A. Brillon, who has served as Encana’s CFO since 2009, retires in May.
Brillon first started with Encana in 1985 at one of its predecessor companies. During her over 30-year career with the Calgary, Alberta-based oil and gas company, she helped structure the $22.5 billion merger that created Encana in 2002. She also restructured Encana into a pure-play natural gas company in 2009.
Encana CEO Doug Suttles said Brillon was also instrumental in the company recent transformation to invest more in liquids, which included Encana’s blockbuster $5.5 billion all-stock acquisition of Newfield Exploration Co., which closed in February.
“I would like to provide a sincere thank you to Sherri for her 33 years of exceptional service and the lasting impact her leadership will have on Encana. ... Our ability to grow liquids production and generate free cash flow underpinned by a strong balance sheet are testament to what she has been so instrumental in helping to create,” Suttles said in a statement.
Brillon’s successor, Code, has been with Encana since 1999. He most recently served as vice president of investor relations and strategy, and in other leadership positions as treasurer and vice president of portfolio management.
In his appointment, Code will now join Encana’s executive leadership team as vice president and CFO, effective May 1.
“Corey has played a significant role within the financial leadership of Encana and is well known to our shareholders through his recent strategic planning and investor relations positions,” Suttles added.
“This transition from Sherri to Corey comes at a time when the company has considerable financial strength and a clear path forward,” he added.
Following the Newfield acquisition, Encana’s “core four” portfolio in the Permian, Eagle Ford, Duvernay and Montney expanded to include a key position in the oil-rich Stack and Scoop shale plays within the Anadarko Basin.
Ares-backed Development Capital Resources agreed to partner with an unnamed private operator to fund development of the Permian’s Wolfcamp Shale.
Toby Rice was also named president and CEO of EQT, succeeding the shale gas giant’s former top exec Robert McNally.
An undisclosed company agreed to buy the Arkoma Basin assets from Encana for $165 million cash, which is in line with analyst estimates.