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Encana reports US$331 million profit, says 5-year plan ahead of schedule

CALGARY — Encana Corp. (TSX:ECA) says its core operations will grow their production even more than expected this year, following a strong second quarter that included a US$331 million net profit.

The Calgary-based oil and gas producer, which reports in U.S. currency, says the profit amounted to 34 cents per share.

During last year’s second quarter, Encana had a $601-million net loss, equal to 71 cents per share.

The company says it now expects 2017 production from its core operations will be between 25 and 30 per cent above last year’s fourth quarter level.

Encana had previously estimated the production from core operations would grow 20 per cent or better.

The Canadian Press

Note to readers: This is a corrected story. An earlier version said Encana’s annual shareholder meeting would be held today, but it was on May 2.

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