Suttles has three decades of oil and gas leadership experience, Encana said. He served as chief operating officer for BP Plc (UK: BP) during the company’s cleanup of the Gulf of Mexico oil spill.
“After an extensive global search, Doug stood out as the ideal candidate to lead Encana into its next phase of growth and development,´ said Clayton Woitas, director and designated future chairman of the board, in a statement. “The board is pleased he has chosen to take on the role of President and CEO given his strategic leadership capabilities, demonstrated communications skills and track-record of building strong organizations of similar size and scope.”
Encana, based in Calgary, Alberta, Canada, employs about 1,000 people in Colorado. The company reported a $431 million loss during the first quarter vs. a $12 million profit the same quarter in 2012.
Encana at the time said it expected its oil production in the Denver-Julesberg Basin to grow to 6,100 barrels by the end of the year. The basin spans parts of Colorado, Wyoming, Kansas and Nebraska.
Encana shares fell 2 percent to $18.19 on Tuesday.