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Stock Market & Financial Investment News

News Breaks
April 29, 2014
07:58 EDTECAEncana to sell properties in East Texas for about $530M
EnCana announced that its wholly-owned subsidiary, Encana Oil & Gas, has reached an agreement with an undisclosed purchaser, to sell certain properties located primarily in Leon and Robertson counties of East Texas for approximately $530M. The combined areas represent about 90,000 net acres and 2013 average production of about 100 million cubic feet per day of natural gas and about 1,200 barrels per day of total liquids. Year-end 2013 total estimated proved reserves of the properties equate to just over 200B cubic feet equivalent compromised of 97% natural gas. This sale is subject to the satisfaction of normal closing conditions and expected to close in Q2 with an effective date of April 1.
News For ECA From The Last 14 Days
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November 12, 2014
07:31 EDTECABofA/Merrill to hold a conference
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06:04 EDTECAEncana reports Q3 EPS 38c, consensus 46c
Reports Q3 cash flow up 22% to $807M. Reports Q3 net earnings attributable to common shareholders were $2.8B, or $3.79 per share. Doug Suttles, Encana president and CEO stated, "Our Q3 results highlight the tremendous momentum we have built executing our strategy and we are now a full two years ahead of the targets we originally set for 2017. The steps we have taken to transform our portfolio and drive cost efficiencies have delivered an over 50% increase in upstream operating cash flow against an eight percent decline in overall production, compared to the same period in 2013. This highlights our focus on delivering value versus volumes. Consistent with the strategy we announced one year ago, we have built a balanced and resilient portfolio that comprises high-quality oil, natural gas liquids and natural gas investment opportunities."

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