Calgary

Encana boosts profit projection 25% higher

Encana Corp. says it's even more optimistic about its prospects in 2017 than it was a few months ago.

Calgary-based company expects profit margin above $10 US per barrel of oil equivalent

Doug Suttles, CEO of Encana Corp., speaks to reporters in Calgary on June 11, 2013. (Jeff McIntosh/The Canadian Press)

Encana Corp. says it's even more optimistic about its prospects in 2017 than it was a few months ago.

The Calgary-based oil and gas company now expects its corporate profit margin to be above US$10 per barrel of oil equivalent.

That's 25 per cent higher than the $8 per barrel margin anticipated at Encana's investor day in October.

Encana says its new projection is based on anticipated cost reductions and higher total volumes in the second half of 2017.

The company expects to provide more detail on Feb. 16, when it issues its fourth-quarter and year-end results.

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