Encana loses $1.5 billion

Encana Corp. posted a $1.5 billion net loss Wednesday for the second quarter, a wide swing from $383 million in profits in the same quarter last year.

Encana, which drills natural gas wells in the Erie area, said its operating income sank from 48 cents per share a year ago to 27 cents.

The company blamed its losses on lower natural-gas prices, which averaged $2.22 per million British thermal units. That was down $2 from the same period last year.

SPONSORED CONTENT

Select your Republic Services residential cart now!

In preparation for Republic Services becoming the primary provider of residential recycling, yard trimmings, and trash, residents should now select the best cart size and service schedule for their household needs.

Encana generated cash flow of $1.8 billion and operating earnings of $438 million year to date.

Second-quarter natural-gas production amounted to 2.8 billion cubic feet per day, 500 million cubic feet per day lower than in the last second quarter.