UPDATE 2-Encana profit beats on higher production, oil prices [Reuters]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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Source: Reuters
Encana profit beats on higher production, oil prices | Reuters Reuters Staff 2 Min Read (Reuters) - Encana Corp ( ECA.TO ) blew past analysts’ estimates for quarterly profit on Wednesday, as the oil and gas producer benefited from rising shale oil production in the Permian Basin, where it operates one of its biggest oilfields. U.S. oil production hit a record 11 million barrels per day in July, driven by the prolific Permian Basin of West Texas and New Mexico. Encana’s total production rose 7 percent to 337,900 barrels of oil equivalent per day (boe/d) in the second quarter ended June 30, with its core assets contributing 96 percent of total volumes, the company said. Permian production rose 43 percent. Total production of 323,000 boe/d from core assets were ahead of its estimates of 321,600 boe/d, Jefferies analysts said. The company’s profit also got a boost from a 20 percent jump in realized prices to $58 per barrel. Other than Permian, Encana has been focusing on Montney and Duv
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