Encana president and CEO Doug Suttles addresses the company's annual meeting in Calgary on April 30, 2019.Jeff McIntosh/The Canadian Press
Oil and gas producer Encana Corp. edged past estimates for quarterly profit on Wednesday, helped by increased production in Anadarko and Permian shale oil basins.
Total proforma production rose 11 per cent to 591,800 barrels of oil a day in the quarter.
Encana inked a deal in June to exit its offshore operations in China and sold its natural gas assets earlier in July to focus on its core regions – Anadarko and Permian basins in the United States and Montney in Canada.
Permian and Anadarko basins have been at the heart of the U.S. shale revolution, prompting several companies to invest in assets in the blocks.
Encana’s profit was also boosted by a 3.7-per-cent rise in realized prices for oil.
The Calgary-based company’s net profit was $336-million in the second quarter ended June 30, compared with a loss of $151-million a year earlier, during which it booked a non-cash charge.
On an adjusted basis, the company earned 21 cents a share, or $290-million in the quarter, beating the average analyst estimate of 20 cents, according to IBES data from Refinitiv.
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