New leader promises to help the energy sector.
Marten Hills Pipeline System will serve the Clearwater Formation in Alberta.
Calgary, Alberta-based Encana now expects to deliver annual general and administrative savings of at least $150 million from the Newfield Exploration deal.
New Alberta premier has vowed to scrap contracts.
The United Conservative Party of Jason Kenney, which had led in the polls for months, crushed the left-leaning New Democratic Party government of Rachel Notley amid frustration over the economy and a beleaguered energy industry.
A victory by Jason Kenney would set the western province on a collision course with Justin Trudeau's federal Liberal government over climate policy and carbon pricing in the run-up to the October national election.
Talk of Alberta separating from the rest of Canada is gaining ground ahead of April 16 elections, as a number of political parties in the country's energy heartland seek to capitalize on voter anger with federal policies.
Canada on April 1 imposed a landmark carbon tax on four provinces which had defied Ottawa's push to combat climate change, prompting unhappy premiers to say they would challenge the measure.
The amount of oil in storage in Alberta rose in February, monthly data shows, despite moves by the government of Canada's largest crude-producing province to reduce inventories by imposing curtailments on production.
Construction of replacement pipeline will aid Canadian crude producers.