Encana Corp. (NYSE: ECA) closed 2013 with $2.7 billion in total capital investment, the company said Feb. 14. This represents a reduction of almost $400 million, relative to the original spending guidance, the company added. The company reached its cash flow and production targets, Encana added.
"Hitting our 2013 targets while at the same time reducing our overall capital investment is a reflection of our focus on efficiency and profitability," said president and CEO Doug Suttles.
"There's a sense of renewed energy across our business as we work collectively to become the leading North American resource play company," he added.
The reported year-end cash flow was almost $2.6 billion--$3.50 per share—while net earnings were $236 million, at 32 cents per share, the company said.
Operating earnings were $802 million, or $1.09 per share, the company said.
Encana finished the year reporting annual cash flow of approximately $2.6 billion or $3.50 per share, net earnings of $236 million or $0.32 per share and operating earnings of $802 million or $1.09 per share, the company said.
In addition to the financial update, Encana detailed an operations update, noting that its Duvernay, Montney, DJ Basin, San Juan Basin and Tuscaloosa Marine activities all have several operating rigs and wells.
At year-end—Dec. 31, 2013—Encana hedged its commodities, for expected 2014 production, in natural gas and oil. Roughly 2,138 million cubic feet per day (MMcf/d) of natural gas, at roughly $4.17 per thousand cubic feet (Tcf) was hedged, the company said. Roughly 9.5 thousand barrels of oil per day, at $94.19 per barrel, was hedged, the company added.
Encana, based in Calgary, is a natural gas and oil producer.
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