Encana operating profit rises 25 percent due to higher oil and NGL volumes

Wed Jul 24, 2013 6:08am EDT
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July 24 (Reuters) - Encana Corp, Canada's largest gas producer, reported a 25 percent increase in second-quarter operating profit as oil and natural gas liquids volumes rose.

The company reported a net profit of $730 million, compared with a loss of $1.5 billion a year earlier, when it reported a large asset impairment charge.

Operating income, which excludes most one-time items, rose to $247 million, or 34 cents per share, from $198 million, or 27 cents per share, a year earlier.

The results come amid a rebound in natural gas prices, after a heatwave followed a chilly spring in the United States.