Encana’s first-quarter profit beats analyst estimates

Encana Corp. CEO Doug Suttles in Calgary, Alta., on June 11, 2013.
Encana Corp. CEO Doug Suttles in Calgary, Alta., on June 11, 2013. THE CANADIAN PRESS/Jeff McIntosh

Encana Corp. is reporting strong first-quarter results, including profits that whizzed past analyst estimates.

The Calgary-based company, which reports in U.S. currency, had $431 million of net income, or 44 cents per share.

Operating earnings were $104 million or 11 cents per share.

READ MORE: Calgary-based Encana expects 2017 profit margin will be 25% higher than projected

Analysts had estimated two cents per share of net income and three cents per share of operating earnings, according to Thomson Reuters data.

The results contrast with deep losses in last year’s first quarter — when benchmark crude prices were at a 13-year low.

READ MORE: Encana to cut work force by another 20%

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The company didn’t revise its formal guidance, but a statement issued by the company says “Encana (is) positioned to meet or exceed 2017 targets.”

“Our strong performance through the first quarter gives us a lot of confidence for 2017 and our five-year plan,” Encana CEO Doug Suttles said ahead of the company’s annual shareholders meeting.

“We are boosting well productivity while offsetting inflation through continued operational efficiencies and active supply chain management.”

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