Encana (ECA -7.2%) is shaping up as one of the day's biggest losers despite narrowing its net loss in Q4 as several joint venture partners helped lower production costs, but natural gas production fell 15%. Operating profit rose 28%, as hedging helped realize higher prices for gas. Cash flow fell 18% to $809M. Projects 2013 capex at $3B-$3.2B. Search for a new CEO may take six months.