Market Chatter: Nucor, EnCana Sign Deal to Develop Natural Gas Wells
Steel producer Nucor Corp said on Tuesday it has signed a deal to develop natural gas wells with Canada's EnCana Corp (ECA.TO) that it hopes will guarantee supply for more than 20 years, Reuters reports.
Reuters said that under the terms of the deal, the companies will share costs to develop wells in the continental United States. EnCana will operate the wells, and drilling could stop if natural gas prices fell below an undisclosed threshold.
ECA edged up by 15 cents, or about 1%, to $22.34 at midday in moving closer to year high $23.86.
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