Encana turns US$317-million profit in third quarter, revenue falls

CALGARY – Encana Corp. (TSX:ECA) earned US$317 million in its latest quarter as its results were boosted by asset sales and lower costs compared with a year ago.

The energy company, which keeps its books in U.S. dollars, says the profit amounted to 37 cents per share for the quarter ended Sept. 30 compared with a loss of nearly $1.24 billion or $1.47 per share a year ago.

Encana says its operating profit of the quarter amounted to $32 million or four cents per share compared with a loss of $24 million or three cents per share in the same quarter last year.

Revenue net of royalties fell to $979 million compared with $1.31 billion in its third quarter of 2015.

Total liquids production averaged 117,000 barrels per day in the quarter while natural gas production averaged 1,326 million cubic feet per day.

That compared with liquids production of 140,400 barrels per day and 1,547 million cubic feet per day of natural gas in third quarter last year.