Canada's Encana to buy Newfield Exploration in $4.2 billion deal

Canadian oil and gas producer Encana said on Thursday it will buy Newfield Exploration Co. in an all-stock deal valued at about C$5.5 billion ($4.20 billion).

Encana said it intends to raise dividend by 25 percent and expand its share buyback program to C$1.5 billion.

Separately, the Calgary, Alberta-based company said total production rose 33 percent to 378,200 barrels of oil equivalent per day (BOE/d) in the third-quarter ended Sept. 30.

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