Encana reports Q1 operating EPS 70c, consensus 54c Reports Q1 cash flow of approximately $1.1B or $1.48 per share. Reports Q1 natural gas production down 2% to 2,809 MMcf/d. Reports Q1 liquids production up 56% to 67.9 Mbbls/d.
Encana reduces 2015 CapEx by $700M to $2.0B-$2.2B Encana is reducing its previously announced 2015 capital investment by approximately $700M to $2.0B-$2.2B. The company's 2015 capital program is now based on assumptions of $50 per barrel WTI oil prices and NYMEX natural gas prices of $3 per MMBtu. Encana expects total 2015 cash flow of $1.4B-$1.6B. The company intends to fully fund its 2015 capital program and dividend with anticipated cash flow combined with net proceeds of around $800M from the previously announced divestitures of certain Clearwater assets and Montney midstream infrastructure.