Permian now producing 90 MBOEPD
Encana (NYSE: ECA) reported its Q2 results and more than doubled its cash from operating activities YOY and is on track to grow annual production by more than 30%. The company expects to generate free cash flow in 2018 as result.
Highlights
- Cash from operating activities of $475 million, up 120% YOY
- Non-GAAP cash flow of $586 million, up 47% sequentially
- Non-GAAP cash flow margin of $19.09 per BOE, up 57% YOY
- Net loss of $151 million primarily attributable to a non-cash, before-tax, unrealized net loss on risk management
- Liquids production of 155,300 barrels per day, up 24% YOY
- Permian production up 43% YOY with current production of more than 90 MBOEPD
- Montney liquids production up 128% YOY with current liquids production of over 45,000 bbls/d
Encana continues to move forward with its $400 million share repurchase program and year-to-date has repurchased and cancelled 16.8 million common shares for $200 million. The remaining $200 million repurchase is set to be completed by the end of 2018.
Read Encana’s full Q2 earnings release here.
The Oil and Gas Conference®
Encana is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 22, 2018. EnerCom expects to have more than 80 presenting oil and gas companies and more than 2000 financial professionals attending this year’s conference.
To learn more about the conference and presenter schedule please visit the conference website here.
