Canada's Encana posts loss, cuts 2016 capex

Wed Feb 24, 2016 6:20am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Feb 24 (Reuters) - Canada's Encana Corp reported a quarterly loss, compared with a year-earlier profit, and the company cut its 2016 capital spending target.

The oil and natural gas producer slashed its capital spending target for the year to $900 million-$1 billion from $1.5 billion-$1.7 billion it forecast earlier.

Encana reported a net loss of $612 million attributable to common shareholders for the fourth quarter ended Dec. 31. The company reported a profit of $198 million, a year earlier.

On a per-share basis, Encana's operating profit rose to 13 cents from 5 cents, a year earlier. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey)