CALGARY, A.B. – Encana Corp. reported a fourth-quarter profit of US$1.03 billion compared with a loss a year ago as production increased 20 percent.
The Calgary-based energy company, which keeps its books in U.S. dollars, says the profit amounted to $1.08 per share for the quarter ended Dec. 31. That compared with a loss of $229 million or 24 cents per share in the last three months of 2017.
Operating earnings for the quarter amounted to $305 million or 32 cents per share, up from an operating profit of $114 million or 12 cents per share a year earlier.
Revenue for the quarter totalled $2.38 billion, up from $1.21 billion.
Total production in the fourth quarter of 2018 was 403,400 barrels of oil equivalent per day, up from 335,200 a year ago.
In its outlook for 2019, Encana says its capital budget for the year will be the range of $2.7 billion to $2.9 billion.