Canada's Encana Posts Smaller Loss, Raises 2016 Capital Spend Plan
July 21 (Reuters) – Canadian oil and gas producer Encana Corp reported a smaller quarterly loss, helped by its ongoing cost-cutting drive, and said it would raise its 2016 capital expenditure program by $200 million.
The Calgary-based company's net loss narrowed to $601 million in the second-quarter ended June 30 from $1.61 billion a year earlier.
On a per share basis, the company reported an operating profit of 10 cents, compared with a loss of 20 cents a year earlier.
Encana said it will use a portion of the proceeds from the sale of its Gordondale and DJ basins to increase its capital program.
(Reporting by Vishaka George in Bengaluru)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds