BUZZ-Encana Corp: Cuts 2016 dividend, capex

Mon Dec 14, 2015 8:29am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** Canadian oil and natural gas producer's U.S.-listed shares down 4.8 pct at $5.75 premarket

** Company cuts dividend by about 79 pct and 2016 capital budget by 27 pct in response to steep fall in oil prices

** Encana says it expects to spend $1.5 bln-$1.7 bln in 2016, compared with $2.2 bln this year, and cuts its annual dividend to 6 cents per share from 28 cents in 2015

** Company also says it expects to produce average 340,000-370,000 barrels of oil equivalent per day (boepd) next year, down from 395,000-430,000 boepd expected for 2015

** Up to Friday's close, stock had more than halved in value this year