- Encana (ECA +1.2%) posted an unadjusted Q4 loss but operating earnings easily beat expectations, as liquids production surged 82% in the period.
- Q4 liquids production averaged 66K bbl/day and 53.9K bbl/day for the full year; for FY 2014, ECA projects a 30% Y/Y increase in liquids production as it focuses on producing more light oil and condensate while lowering costs.
- Targets 2014 capital investment of $2.4B-$2.5B, down from $2.7B in 2013.
- Cash flow fell 16% to $677M in the quarter, ECA projects total FY 2014 cash flow of $2.4B-$2.5B.
Encana beats Street expectations as liquid production rises, shares +1.2%
Feb 13 2014, 12:36 ET