Fri, Jul. 24, 8:57 AM
- Encana (NYSE:ECA) booked a $1.3B impairment charge on its oil and gas properties in Q2, leading to an overall loss of $1.6B, following $1.2B in charges in Q1; even without the charge, ECA swung to a bigger than expected Q2 operating loss of $167M, or $0.20/share.
- ECA says its total Q2 production averaged 389K boe/day, with its four strategic assets in the Permian, Eagle Ford, Duvernay and Montney plays contributing 223K boe/day (57%), and expects those assets to contribute ~270K boe/day (65%) of total production during Q4.
- Q2 natural gas production tumbled 38% Y/Y, while oil and gas liquids production jumped 87%; realized natural gas prices fell 14% in the quarter, while realized liquids prices fell 37%.
- Says it remains on track to deliver its 2015 cash flow guidance of $1.4B-$1.6B.
Fri, Jul. 24, 6:07 AM
Thu, Jul. 23, 5:30 PM
Tue, May 12, 8:58 AM
- Encana (NYSE:ECA) reported its Q1 operating earnings tumbled 98% Y/Y to $9M from $515M, after factoring out a $1.2B impairment charge largely related to slumping oil and gas prices, but still came in ahead of analyst estimates.
- ECA says Q1 liquids production jumped 78% Y/Y and 13% Q/Q to 120.7K bbl/day, but overall production averaged 430.1K boe/day, down from 536.1K boe/day in the year-ago quarter, reflecting the sale of lower margin assets and a shift to a higher-margin, liquids-weighted production mix.
- ECA says ~74% of its liquids production was generated from its core Montney, Duvernay, Eagle Ford and Permian shale formation assets.
- ECA’s realized natural gas price was down 18% Y/Y, while oil and natural gas liquids prices were 45% lower.
- Cash flow fell 55% Y/Y to $495M from $1.09B.
Tue, May 12, 6:03 AM
Mon, May 11, 5:30 PM
Wed, Feb. 25, 8:48 AM
- Encana (NYSE:ECA) -0.3% premarket after reporting Q4 earnings that fell far short of estimates and cutting its capital spending and cash flow guidance for the year.
- ECA says it will slash 2015 capex by ~25% to US$2B-US$2.2B from its earlier guidance of $2.7B-$2.9B, and it now sees cash flow of $1.4B-$1.6B for the year, down from its previously announced $2.5B-$2.7B.
- ECA's original capital budget for 2015 was based on an oil price of $70/bbl for West Texas crude, while its updated budget is based on $50/bbl.
- ECA, which has been shifting its focus to oil and gas liquids and away from natural gas, says Q4 liquids production averaged 106.4K bbl/day, up 61% Y/Y, as realized liquids prices fell 0.9% to $66.40/bbl; natural gas output fell nearly a third to 1.9B cf/day, while realized nat gas prices fell 4% to $4.16/Mcf.
- Q4 cash flow fell 44% to $377M, largely due to higher taxes and one-time costs associated with last year's $5.9B purchase of Athlon Energy.
Wed, Feb. 25, 6:12 AM
Tue, Feb. 24, 5:30 PM
Nov. 12, 2014, 9:19 AM
- Encana (NYSE:ECA) +0.6% premarket after Q3 results showed operating earnings nearly doubled Y/Y but failed to meet analyst expectations.
- ECA says the recent acquisition of Athlon Energy, together with other portfolio adjustments, puts it on track to realize 75% of its operating cash flow from liquids production in 2015, two years ahead of plan.
- Says it achieved a major milestone during Q3 by exceeding 100K bbl/day of total liquids production; the 79% Y/Y increase to 104K bbl/day was driven in part by volumes from recently acquired properties in the Eagle Ford shale field.
- Natural gas production fell 19% to 2.2B cf/day.
- Cash flow climbed 22% to $807M, or $1.09/share.
Nov. 12, 2014, 6:16 AM
Nov. 11, 2014, 5:30 PM
Jul. 24, 2014, 3:59 PM
- Encana (ECA +0.8%) shares are higher after reporting a steeper than expected drop in Q2 earnings but revenues fell less than expected
- Q2 output of oil and natural gas liquids increased 43% Y/Y to 68.2K bbl/day, while natural gas production fell 8% to 2.54B cf/day; citing strong YTD results, ECA raised its 2014 total liquids production forecast to 86K-91K bbl/day from 68K-73K.
- Q2 cash flow fell to $656M from $665M, but raised its 2014 cash flow guidance to $3.4B-$3.6B from its prior estimate of $2.9B-$3B.
- Analysts say ECA's overall outlook is positive given rapid progress in switching to more liquids production and cutting drilling costs.
Jul. 24, 2014, 6:09 AM
Jul. 23, 2014, 5:30 PM
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May 13, 2014, 8:48 AM
- Encana's (ECA) +0.8% premarket after Q1 operating earnings beat expectations and nearly tripled, helped by higher gas prices and liquids production.
- Output of oil and natural gas liquids averaged 67.9K bbl/day, up 56% Y/Y, while natural gas production averaged 2.81B cf/day, down 2% Y/Y.
- ECA's realized gas price was $5.82/Mcf vs. $3.86 prior.
- Cash flow nearly doubled to $1.09B, or $1.48/share.
- Closed its $1.8B sale of much of its Jonah gas field in Wyoming and has more properties still on the block.
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