​Encana reports US$1.03B fourth quarter profit, production up from year ago

CALGARY — Encana Corp. reported a fourth-quarter profit of US$1.03 billion compared with a loss a year ago as production increased 20 per cent.

The Calgary-based energy company, which keeps its books in U.S. dollars, says the profit amounted to $1.08 per share for the quarter ended Dec. 31. That compared with a loss of $229 million or 24 cents per share in the last three months of 2017.

Operating earnings for the quarter amounted to $305 million or 32 cents per share, up from an operating profit of $114 million or 12 cents per share a year earlier.

Revenue for the quarter totalled $2.38 billion, up from $1.21 billion.

Total production in the fourth quarter of 2018 was 403,400 barrels of oil equivalent per day, up from 335,200 a year ago.

In its outlook for 2019, Encana says its capital budget for the year will be the range of $2.7 billion to $2.9 billion.

© 2019 The Canadian Press

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