En­cana re­ports US$331-mil­lion profit, says five-year plan ahead of sched­ule

The Guardian (Charlottetown) - - BUSINESS -

CAL­GARY - En­cana Corp. (TSX:ECA) says its core op­er­a­tions will grow their pro­duc­tion even more than ex­pected this year, fol­low­ing a strong sec­ond quar­ter that in­cluded a US$331 mil­lion net profit. The Cal­gary-based oil and gas pro­ducer, which re­ports in U.S. cur­rency, says the profit amounted to 34 cents per share.

Dur­ing last year’s sec­ond quar­ter, En­cana had a $601-mil­lion net loss, equal to 71 cents per share.

The com­pany says it now ex­pects 2017 pro­duc­tion from its core op­er­a­tions will be be­tween 25 and 30 per cent above last year’s fourth quar­ter level.

En­cana had pre­vi­ously es­ti­mated the pro­duc­tion from core op­er­a­tions would grow 20 per cent or bet­ter.

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