Can you really compare Encana and Connacher? In my opinion due to Connacher's small size the hedging and efficiencies of the upstream and downstream operations are of high value that's difficult to quantify, whereas with Encana's large size the different operations may be more viable as seperate entities. Beaurocracies wreak havoc with the nimbleness and integration of smaller businesses.

Also I've seen similar events in the past where the SP's of both new units pop for a while before pulling back to their previous levels of perceived value.