Encana reports third quarter profit and revenue down from year ago

Encana Corp. says it earned a third-quarter profit of US$294 million, down from US$317 million a year ago, as revenue fell.

The Calgary-based energy company, which keeps its books in U.S. dollars, says the profit amounted to 30 cents per share for the quarter ended Sept. 30, down from 37 cents per share last year.

Revenue totalled $861 million compared with $979 million a year ago.

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Meanwhile, operating earnings amounted to $24 million for the quarter, down from $32 million in the same quarter last year.

Third-quarter production amounted to 284,000 barrels of oil equivalent per day, down from 338,000 in the third quarter last year.

The drop came as natural gas production fell 29 per cent, but liquids production, which includes high-value oil and condensate, grew nine per cent.