BUZZ-Encana Corp: Rises after surprise operating profit

Thu Jul 21, 2016 10:28am EDT
 
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** Canadian oil and gas producer up 5.8 pct at C$11.01, U.S.-listed shares up 6 pct at $8.46

** U.S. stock rises as much as 8 pct to 1-month high of $8.62

** Company reports an unexpected Q2 operating profit, helped by a cost-cutting drive

** Says will use a portion of Gordondale and DJ Basin asset sales to boost its capital program by $200 mln; previous range was $900 mln-$1 bln

** Increase in capital budget to help Q4 production from core assets rise by about 13,000 barrels of oil equivalent per day

** Up to Wednesday's close, company's Toronto-listed stock had risen 48 pct this year and U.S. stock had risen nearly 57 pct