UPDATE 2-Encana posts profit as new CEO revamps businesses
* Reduces capital spending forecast
* New strategy to be released by year end
* Shares rise 2 pct
CALGARY, Alberta, Oct 23 (Reuters) - Encana Corp, Canada's largest natural gas producer, reported a third quarter net profit, after a year ago loss, and lowered its capital spending forecast as a part of its push to restructure operations under new Chief Executive Doug Suttles.
The company said it now expected capital spending to be between $2.7 billion and $2.9 billion this year, down from $3.0 billion to $3.2 billion.
Encana is restructuring its operations as prices for natural gas are expected to remain low due to abundant shale gas production.
Suttles, a former BP Plc executive, was appointed chief executive in June. He has already begun making changes, restructuring the company's senior management and promised last month to cut dry gas production and revamp Encana's businesses to cope with weak cash flow.
Suttles said on Wednesday that the final details of the restructuring and a revised strategy for the company will be released before the end of December.
"We are on track to announce the strategy and ensure 2014 plans are built around the new strategy before year end," Suttles said on a conference call. Continued...