Nov 5 (Reuters) - Encana Corp, Canada's largestnatural gas producer, will cut about 20 percent of itsworkforce, slash its dividend and invest nearly three-quartersof its 2014 capital spending budget in more lucrative oil andliquid gas assets.
Encana said it would also close its Plano, Texas office andconsolidate office locations to Calgary, Alberta and Denver,Colorado, as new CEO Doug Suttles looks to boost profits.
Suttles, a former BP Plc executive who took overEncana in June, is looking for ways to lower the Canadiancompany's dependence on natural gas as prices are expected toremain low for years.
He has already cut capital spending, consolidated seniormanagement and decided to reduce the company's output oflow-value dry natural gas.
Encana shares closed at C$18.59 on the Toronto StockExchange on Monday. The shares have dropped 19 percent in thepast 12 months to Monday's close compared with a 3.4 percentrise in the exchange's main energy index.
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