for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

BRIEF-Encana Corp Q4 Total Production Averaged 335,200 Boe/D

Feb 15 (Reuters) - Encana Corp:

* ENCANA DELIVERS STRONG FOURTH QUARTER AND 2017 RESULTS; COMPANY ANNOUNCES $400 MILLION SHARE REPURCHASE PROGRAM

* LIQUIDS PRODUCTION FOR MONTNEY EXPECTED TO DOUBLE AGAIN IN Q4 2018 TO BETWEEN 55,000 AND 65,000 BBLS/D

* Q4 LIQUIDS PRODUCTION MORE THAN DOUBLED FROM Q4 2016 TO 29,000 BBLS/D FOR MONTNEY

* ENCANA EXPECTS ITS 2018 CAPITAL PROGRAM WILL BE BETWEEN $1.8 BILLION AND $1.9 BILLION

* EXPECTS 2018 CAPITAL PROGRAM WILL BE BETWEEN $1.8 BILLION AND $1.9 BILLION

* CORE ASSET PRODUCTION GROWTH OF 31 PERCENT FROM THE FOURTH QUARTER OF 2016 TO THE FOURTH QUARTER OF 2017

* EXPECTS TO GROW 2018 TOTAL ANNUAL PRODUCTION TO BETWEEN 360,000 TO 380,000 BOE/D

* EXPECTS TO GROW 2018 TOTAL LIQUIDS PRODUCTION TO BETWEEN 165,000 BBLS/D AND 175,000 BBLS/D

* ABOUT 70 % OF 2018 CAPITAL PROGRAM WILL BE FOCUSED ON GROWING OIL PRODUCTION FROM PERMIAN, HIGH-MARGIN CONDENSATE PRODUCTION IN MONTNEY

* TOTAL FOURTH QUARTER PRODUCTION AVERAGED 335,200 BOE/D, WITH CORE ASSETS CONTRIBUTING 93 PERCENT

* PLANS TO SPEND UP TO $400 MILLION TO REPURCHASE UP TO 35 MILLION COMMON SHARES OVER NEXT 12 MONTHS THROUGH NORMAL COURSE ISSUER BID

* CO’S CORE ASSETS ARE EXPECTED TO CONTRIBUTE OVER 95 PERCENT OF TOTAL 2018 PRODUCTION

* COMPANY PLANS TO FUND NORMAL COURSE ISSUER BID WITH CASH ON HAND

* Q4 NET LOSS OF $229 MILLION, REFLECTING NON-CASH DEFERRED TAX CHARGE PRIMARILY DUE TO DECREASE IN TAX RATES IN 2017 ARISING FROM U.S. TAX REFORM

* FOURTH QUARTER NON-GAAP OPERATING EARNINGS WERE $114 MILLION, UP FROM $85 MILLION IN THE FOURTH QUARTER OF 2016

* AS AT FEB 12, 2018, CO HEDGED ABOUT 104,000 BBLS/D OF EXPECTED OIL AND CONDENSATE PRODUCTION FOR THE BALANCE OF THE YEAR

* FY EARNINGS PER SHARE $0.85 Source text: [reut.rs/2Erpy23] Further company coverage:

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up