Canadian oil and gas producer Encana Corp. (NYSE: ECA) posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices. The company's total production fell by 11% to 383,400 barrels of oil equivalent per day in the first quarter of 2016, which ended March 31.
Calgary, Alberta-based Encana's cash flow, an indicator of its ability to pay for new projects and drilling, fell 79.4% to CA$102 million.
On a per-share basis, Encana posted an operating loss, which excludes most one-time items, of 15 cents compared with a profit of 3 cents one year earlier.
Analysts on average had expected a loss of 12 cents per share, according to Thomson Reuters I/B/E/S.
However, the company's net loss decreased to CA$379 million in 2016's first quarter from CA$1.71 billion a year earlier, helped by lower costs. In 2015's first quarter, Encana took an impairment charge of CA$1.22 billion.
The company said it was on track to deliver CA$550 million of year-over-year cost savings.
Recommended Reading
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-19 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.