Encana reports loss on $1.2 bln charge

Wed Oct 24, 2012 6:22am EDT
 
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Oct 24 (Reuters) - Encana Corp, Canada's largest gas producer, posted a third-quarter loss as it recorded a $1.19 billion after-tax impairment charge due to a decline in natural gas prices.

Gas prices remained stubbornly low in the quarter, averaging just $2.89 per million British thermal units. The average price in the quarter was about 30 percent below that in the year-ago quarter.

The company reported a net loss of $1.24 billion compared with a profit of $459 million in the prior year period.

Operating income, which excludes most one-time gains and charges, fell to $263 million, or 36 cents per share, from 389 million, or 53 cents per share.