Encana Corp. reports fourth quarter loss, revenue up from year ago

Encana's Montney Water Storage Hub, where an explosion took place this morning. Supplied photo

CALGARY, A.B. –  Encana Corp. reported a loss of US$229 million in its most recent quarter, hit by a one-time non-cash deferred charge related to the corporate tax cuts in the U.S. late last year.

The energy company, which keeps its books in U.S. dollars, says the loss amounted to 24 cents per share, compared with a loss of $281 million or 29 cents per share a year earlier.

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Revenue for the quarter totalled $1.21 billion, up from $822 million.

Total production in the quarter averaged 335,200 barrel of oil equivalents per day, up from 321,500 in the same quarter last year.

For the full year, Encana earned $827 million or 85 cents per share on $4.44 billion in revenue. That compared with a loss of $944 million or $1.07 per share on $2.92 billion in revenue in 2016.

Production for the year averaged 313,200 barrel of oil equivalents, down from 352,700 in 2016.

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