Calgary

Encana posts $331M US profit for Q2 as production growth surges

Encana Corp. says its core operations will grow their production even more than expected this year, following a strong second quarter that included a $331 million US net profit.

Calgary-based company posted $601 million US net loss during same quarter a year ago

An Encana facility in northern B.C., which produces fluid for hydraulic fracturing. (Contributed/Encana)

Encana Corp. says its core operations will grow their production even more than expected this year, following a strong second quarter that included a $331 million US net profit.

The Calgary-based oil and gas producer, which reports in U.S. currency, says the profit amounted to 34 cents per share.

During last year's second quarter, Encana had a $601 million US net loss, equal to 71 cents per share.

The company says it now expects 2017 production from its core operations will be between 25 and 30 per cent above last year's fourth quarter level.

Encana had previously estimated the production from core operations would grow 20 per cent or better.

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