Canada's Encana posts 98 pct drop in operating profit

Tue May 12, 2015 6:12am EDT
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May 12 (Reuters) - Encana Corp , Canada's largest natural gas producer, reported an 98 percent drop in quarterly operating profit, hurt mainly by a steep drop in oil and natural gas prices.

The Calgary-based company's operating profit, which excludes most one-time items, fell to $9 million, or 1 cent per share, in the first quarter ended March 31, from $515 million, or 70 cents per share, a year earlier. (Reporting By Shubhankar Chakravorty in Bengaluru; Editing by Savio D'Souza)