Company News

Encana raises savings target from Newfield deal, profit up

April 30 (Reuters) - Canadian oil and gas producer Encana Corp on Tuesday raised its cost savings target by 20 percent from its acquisition of oil producer Newfield and posted a 6 percent rise in quarterly adjusted profit as it sold oil at higher prices and production rose.

The company said it expects to deliver annual general and administrative savings of at least $150 million from the Newfield deal.

Adjusted operating earnings rose to $165 million in the first quarter ended March 31, from $156 million.

Total adjusted production rose to 566,600 barrels of oil equivalent per day (boe/d) from 500,900 boe/d a year ago.

Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli