Encana posts bigger loss due to restructuring costs

Thu Feb 13, 2014 6:12am EST
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Feb 13 (Reuters) - Encana Corp, Canada's largest natural gas producer, reported a bigger quarterly loss, partly due to higher administrative expenses related to restructuring.

Encana is in the midst of a restructuring launched by new Chief Executive Doug Suttles as the company looks to cut production of low-value natural gas and increase output of more lucrative oil and natural gas liquids.

The company's net loss widened to $251 million in the fourth quarter ended Dec. 31 from $80 million, a year earlier.

Excluding most one-time items, Encana posted an operating profit of $226 million, or 31 cents per share, down from $296 million, or 40 cents per share, a year earlier.