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Encana's (ECA) Q4 earnings call on February 14 stirred an animated reaction among E&P-focused investors and analysts. Surprisingly, the most notable news came not from the company's emerging oil and liquids-rich plays (the update on that front was uneventful and cautious, likely contributing to the stock's 6.6% decline on the day of the release), but from its Haynesville dry gas operation. At the time when many competitors and investors seem to have written the Haynesville off as economically uncompetitive in today's low natural gas price environment, Encana announced a plan to re-enter the play and gave a very bold forecast regarding its economics:

Encana is resuming activity in the Haynesville play. Because of the low supply costs

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