Encana reports third-quarter loss on $1.2 billion charge

Encana Corp (ECA.TO: Quote), Canada's largest gas producer, posted a third-quarter loss as it recorded a $1.19 billion after-tax impairment charge related to a fall in natural gas prices.

Gas prices remained stubbornly low during the quarter and averaged $2.89 per million British thermal units - about 30 percent below where they were a year earlier.

The company, which also produces oil, cut back on gas output. Average gas production fell 14 percent from a year earlier to 2.9 billion cubic feet per day (bcf/d).

Net revenue fell more than 50 percent to $1.03 billion. Analysts were looking for $1.48 billion, according to Thomson Reuters I/B/E/S.

The company said the shut-in wells and curtailed production have now been now largely restored and it reaffirmed its 2012 production outlook of 3 bcf/d.

Read Full Article from Reuters Canada

- Posted: 2012-10-24 14:48:41

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