Canada's Encana posts smaller loss, raises 2016 capital spend plan

Thu Jul 21, 2016 6:16am EDT
 
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July 21 (Reuters) - Canadian oil and gas producer Encana Corp reported a smaller quarterly loss, helped by its ongoing cost-cutting drive, and said it would raise its 2016 capital expenditure program by $200 million.

The Calgary-based company's net loss narrowed to $601 million in the second-quarter ended June 30 from $1.61 billion a year earlier.

On a per share basis, the company reported an operating profit of 10 cents, compared with a loss of 20 cents a year earlier.

Encana said it will use a portion of the proceeds from the sale of its Gordondale and DJ basins to increase its capital program. (Reporting by Vishaka George in Bengaluru)