Encana posts 3Q profit

Encana Corp. (NYSE: ECA) (TSX: ECA) posted a second consecutive profitable quarter with third-quarter net earnings of $188 million vs. a $1.2 billion loss during the same quarter a year earlier.

The oil and gas company, which operates wells in the Erie area, reported net earnings of $487 million so far this year.

Oil and natural-gas liquids production volumes in the third quarter averaged approximately 58,200 barrels per day, a 92 percent year-over-year increase compared to the third quarter of 2012.

The company remains on track to achieve total liquids production of 50,000 barrels per day to 60,000 barrels per day for the year vs. an average of 31,000 barrels per day in 2012. Encana expects to exit the year with liquids production of 70,000 barrels per day to 75,000 barrels per day.

Third-quarter gas production volumes averaged approximately 2.7 billion cubic feet per day.

Flooding in Northern Colorado caused an annual reduction of 250 barrels per day of oil and natural-gas liquids, an impact Encana said was “minimal.”


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