Encana's earnings beat estimates on output growth, Permian price
CALGARY (Bloomberg) -- Encana Corp., which produces oil and natural gas in Canada and the U.S., reported a better-than expected second-quarter profit as output expanded amid “robust prices,” with a premium for Permian crude.
Encana reported operating earnings 21 cents a share, topping analyst estimates by 9 cents. The gains were driven by improved production in the Montney shale play in Canada and America’s Permian basin as Encana continues to dodge pipeline bottlenecks for gas in Canada and oil in the U.S.
The company is on track to expand production by more than 30% and to generate free cash flow this year, which it hasn’t done since 2014, according to a statement released on Wednesday.
