Encana rises after strong Q4 results, share buyback plan [Seeking Alpha]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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US:NYSE Investor Relations:
encana.com/investors/presentations-events
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Source: Seeking Alpha
Encana rises after strong Q4 results, share buyback planEncana (NYSE:ECA)+2.2% premarket after reportingQ4 operating earnings of $114M vs. $85M in the year-ago quarter and announcing plans to spend up to $400M to repurchase up to 35M shares over the next 12 months through a normal course issuer bid.ECA says Q4 total production rose 4% Y/Y to average 335.2K boe/day, with core assets contributing 93% and rising 31% Y/Y, but full-year total production fell 11% to 313.2K boe/day, with core assets contributing 83%.Non-GAAP cash flow margin rose 81% Y/Y to $11.75/boe, significantly exceeding the company's original 2017 target of $10/boe.ECA says Q4 Permian production of 82.6K boe/day beat its original 2017 target of 75K boe/day, and Q4 Montney liquids production more than doubled from the year-ago quarter to 29K bbl/day.ECA expects 2018 capital spending of $1.8B-$1.9B, with ~70% focused on growing oil production from the Permian and high-margin condensate production in the Montney.The compa
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