Fears of takeover are real:

QEC jv partner Encana

After climbing above $70-billion this summer, EnCana Corp.' s (ECA/TSX) market capitalization has been cut by more than half to approximately US$33-billion.

So it comes as little surprise that it has shelved plans to split itself into two companies -- one focused on shale gas plays in North America and a separate integrated oil sands company.

"We surmise the delay in the corporate reorganization is based on concerns that the successor entities are each small enough to be susceptible to unwelcome takeovers," Canaccord Adams analyst Richard Wyman told clients