Encana generates 2010 cash flow of US$4.4 billion,or $6.00 per share
Daily production increases 12% per share; Proved reserves additions more than 250% of production
Encana Corporation (TSX, NYSE: ECA) achieved strong 2010 operating and financial performance despite another year of low benchmark NYMEX natural gas prices, which averaged about US$4.40 per thousand cubic feet (Mcf) for the year. Encana generated cash flow of $4.4 billion, or $6.00 per share, supported by solid production growth and commodity price hedges which resulted in realized hedging gains for 2010 of $808 million after tax. Total 2010 production was 3.3 billion cubic feet equivalent per day (Bcfe/d), an increase of 12 per cent per share, on a pro forma basis. Operating earnings for 2010 were $665 million, or 90 cents per share. For the fourth quarter, cash flow was $917 million, or $1.25 per share, operating earnings were $68 million, or 9 cents per share, and production averaged approximately 3.4 Bcfe/d.
- Published: 10 February 2011
- Written by Editor
