Written by StockNews.com
Encana Corp. (ECA), Canada’s No. 2 oil and natural gas producer, reported a better-than-expected operating profit for the first quarter on Tuesday, helped by the rise in oil…prices…[which] began to rise late last year after a two-year slump and have now stabilized at above US$50 per barrel, as an OPEC-led production cut and rebounding demand slowly erode a global glut. Globally traded Brent crude prices jumped 55% in the January-March period.
Encana said it realized US$43.45 per barrel of oil and natural gas liquids production in the quarter ended March 31, compared with US$33.09 a year ago.
The company posted:
[Going forward,] Encana said it expects to:
Leave A Comment