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December 13, 2012
12:25 EDTECAEncana sees ending year with cash balances over $3B, well ahead of target
Including the proceeds from the transaction with Phoenix, Encana said it expects to end the year with cash balances in excess of $3.0B, well ahead of the targeted $2.5B the company projected in June. In addition, confirmed carry capital committed to Encana from joint ventures and other third party agreements for 2013 is now approximately $750M, and covers about half of Encana's projected costs in those areas. To date, Encana has increased its hedge position for 2013 to approximately 1.5B cubic feet per day at an average price of $4.39 per million cubic feet, the company said. "Our enhanced risk management position combined with our significant expected cash balance for the end of the year puts us in a solid position to execute on our plans for 2013. We expect these joint venture arrangements will help us achieve higher capital efficiencies which will enable us to reduce the amount of capital that we initially projected to spend next year," the company said.
News For ECA From The Last 14 Days
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October 9, 2015
08:36 EDTECAEncana price target raised to $12 from $10 at BMO Capital
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October 8, 2015
06:42 EDTECAEncana agrees to sell DJ Basin assets for $900M
Encana announced that its wholly-owned subsidiary, Encana Oil & Gas, has reached an agreement to sell its Denver Julesburg, or DJ, Basin assets in Colorado to a new entity 95% owned by Canada Pension Plan Investment board and 5% by The Broe Group. Total consideration to Encana under the transaction is approximately $900M. Encana will use the cash proceeds to further strengthen its balance sheet and create greater flexibility in this market environment. When combined with net proceeds from previously announced asset sales, cash proceeds from divestitures in 2015 will total approximately $2.7B. The company expects to have reduced its net debt in 2015 by approximately $3B by year-end.

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