With reserves and production reported on an after-royalties basis there is no change to the physical volumes produced and sold, or to the actual reserves as a result of adopting U.S. protocols. However, readers should note that the change results in a general lowering of reported numbers for EnCana's sales volumes and impacts the percentage changes year over year. For example, under previous Canadian protocols, if EnCana produced and sold 100 barrels of oil at the wellhead, it reported sales of 100 barrels. Under the new U.S. protocol, royalties paid to the Crown, state or mineral rights owners are deducted before sales volumes are reported. For example, under U.S. protocols, if EnCana produced and sold 100 barrels and the oil was subject to a 20 percent royalty, EnCana would report sales of 80 barrels of oil.
EnCana 2003 financial results scheduled for February 26
EnCana is scheduled to report its fourth quarter and 2003 financial and operating results on February 26, 2004. A conference call is scheduled for 9:00 a.m. Mountain Time, (11 a.m. Eastern Time) February 26, 2004. Details of the conference call will be published prior to the call.
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