Encana Corp. posts $1.7 billion 1Q loss

Encana (TSX: ECA) (NYSE: ECA), one of the largest energy producers in Northern Colorado, reported a first-quarter net loss of $1.7 billion, compared with earnings of $116 million for the same period last year.

The loss, on a per share basis, equals $2.25, compared with earnings of 16 cents per share during the first quarter of 2014.

Despite the losses, the company, based in Calgary, Canada, generated $495 million in cash flow for the first quarter, or 65 cents per share, down from $1.1 billion or $1.48 per share in the first quarter of 2014. The decline, the company said in a statement, can be attributed largely to the dramatic drop in oil and natural gas prices.

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On Monday, Encana declared a dividend of 7 cents per share payable June 30 to shareholders of record as of June 15.

Encana’s share price closed at $13.86 Tuesday, down from a high $14.44 for the day.