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UPDATE 1-Encana posts bigger-than-expected loss as production falls

Published 2016-05-03, 06:30 a/m
© Reuters. UPDATE 1-Encana posts bigger-than-expected loss as production falls
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May 3 (Reuters) - Canadian oil and gas producer Encana Corp
ECA.TO ECA.N posted a bigger-than-expected quarterly loss
due to lower production amid a steep fall in oil prices.
The company's total production fell by 11 percent to 383,400
barrels of oil equivalent per day in the first quarter ended
March 31.
Calgary-based Encana's cash flow, an indicator of its
ability to pay for new projects and drilling, fell 79.4 percent
to $102 million.
On a per-share basis, Encana posted an operating loss, which
excludes most one-time items, of 15 cents, compared with a
profit of 3 cents a year earlier.
Analysts on average had expected a loss of 12 cents per
share, according to Thomson Reuters I/B/E/S.
However, the company's net loss decreased to $379 million in
the first quarter from $1.71 billion a year earlier, helped by
lower costs. In the year ago quarter, Encana took an impairment
charge of $1.22 billion.
The company said it was on track to deliver $550 million of
year-over-year cost savings.

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