Encana reports US$151M first quarter profit, production up from year ago

Encana's Tower facility, the first of the company's processing plants to come online, as seen from the Alaska Highway. Photo by Chris Newton

CALGARY, A.B. — Encana Corp. earned US$151 million in its latest quarter as it worked to increase production.

The natural gas company, which keeps its books in U.S. dollars, says the profit amounted to 16 cents per diluted share for the three months ended March 31.

That compared with a profit of $431 million or 44 cents per diluted share a year ago when the company benefited from a larger unrealized gain on risk management.

Operating earnings amounted to $156 million for Encana’s most recent quarter, up from $104 million a year ago.

Revenue totalled $1.31 billion, up from $1.29 billion in the same quarter last year.

Total production averaged 324,400 barrels of oil equivalent per day, up from 317,900 a year ago.