Canadian energy company Encana said it was cutting its capital program for 2016 by 25 percent, though nearly all of its spending would focus on four key areas. The company, which focuses heavily on U.S. and Canadian shale basins, said its capital budget for next year will be around $436 million, or 25 percent lower than 2015. “The company will continue to proactively manage its balance sheet while executing on its strategy in 2016,” the company said in a statement. “The 2016 capital program is based on assumptions of $50 per barrel.” Encana’s budget outline mirrors announcements made last week by Chevron and ConocoPhillips . Royal Dutch Shell this week said its planned merger with British […]