Encana prolongation rises as Calgary association reports $151M in 1st-quarter profit
The arch executive of Encana Corp. says a association will ramp adult outlay from a U.S. and Canadian oil and gas fields this year after it reported first-quarter handling gain and prolongation that missed researcher expectations.
“We are well-positioned to govern another year of clever expansion for Encana as we ready to cranky a 400,000 boe (barrels of oil equivalent) per day miracle after this year,” Doug Suttles said on a discussion call.
Encana reported first-quarter prolongation of 324,400 barrels of oil homogeneous per day, with 145,200 barrels per day of some-more profitable oil and healthy gas liquids and a rest dry healthy gas.
That’s adult from 317,900 boepd in a same duration final year, though brief of researcher accord expectations of 338,000 boepd, according to a news from researcher Kristopher Zack of Desjardins Capital Markets, who had foresee for 331,500 boepd.
He pronounced a skip is partly due to timing of drilling wells and producing from them.
“In a second half of final year, and quite in a Duvernay and a Eagle Ford, we ramped down activity and we restarted and ramped adult that activity here in a initial quarter,” Suttles said.
“We’ll indeed see prolongation build in a second half of a year in those dual assets.”
Looking ahead
Encana is focused on 4 areas, a Permian and Eagle Ford regions in Texas and a Montney and Duvernay regions on a Alberta-B.C. border. It pronounced many of a expansion this year will come from a some-more rarely grown Permian and Montney resources while outlay from a other dual will sojourn flat.
Encana pronounced it expects fourth-quarter prolongation this year to be between 400,000 and 425,000 boepd. It left a 2018 spending devise unvaried during between $1.8 billion US and $1.9 billion US.
The Calgary-based company, that reports in U.S. dollars, had handling income of $156 million US in a 3 months finished Mar 31, blank researcher expectations of $168 million US, according to Thomson Reuters. A year ago, a handling income was $104 million US.
Revenue in a entertain came to $1.3 billion US, violence a foresee for $1.26 billion US, and adult from $1.29 billion US in a same entertain final year.
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Article source: http://www.cbc.ca/news/canada/calgary/encana-corp-production-up-q1-report-profits-1.4642931?cmp=rss