Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UPDATE 1-Canada's Encana to cut capex, production, jobs

Published 2016-02-24, 06:55 a/m
© Reuters. UPDATE 1-Canada's Encana to cut capex, production, jobs
NG
-
OVV
-

(Adds details on production target, job cuts)
Feb 24 (Reuters) - Canada's Encana Corp ECA.TO ECA.N cut
its capital budget and production target for 2016 and said it
would slash more jobs as the company struggles to cope with a
steep fall in oil prices.
Encana lowered the upper end of its production target for
this year to 360,000 barrels of oil equivalent per day (boepd)
from 370,000 boepd, maintaining the lower end at 340,000 boepd.
The oil and natural gas producer also slashed its capital
spending target to $900 million-$1 billion from $1.5
billion-$1.7 billion it forecast earlier.
Encana, which cut 200 jobs in July last year, said on
Wednesday it would lay off 20 percent of its workforce this
year.
The company reported a net loss of $612 million attributable
to common shareholders for the fourth quarter ended Dec. 31.
Encana had a profit of $198 million in the year-earlier quarter.
Excluding items, the company reported an operating profit of
13 cents per share, handily beating the analyst average estimate
of 1 cent, according to Thomson Reuters I/B/E/S.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.