Encana posts third quarter profit as liquids volumes increase
Encana (ECA) +1.7% premarket after reporting a second straight quarterly net profit and lowering its capex forecast.
Q3 cash flow fell 28% Y/Y to $660M, or $0.20/share, but ECA expects full-year cash flow to be near the high end of its current forecast range of $1.5B-$2B.
Oil and natural gas liquids volumes nearly doubled to average ~58.2K bbl/day, with 64% of liquids production YTD comprised of higher-value condensate and light oil; natural gas production averaged 2.7B cf/day.
ECA now expects capital spending of $2.7B-$2.9B this year, down from $3B-$3.2B, as its continues to restructure its operations.
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