Oct 24 (Reuters) - Encana Corp, Canada’s largest gas producer, posted a third-quarter loss as it recorded a $1.19 billion after-tax impairment charge due to a decline in natural gas prices.
Gas prices remained stubbornly low in the quarter, averaging just $2.89 per million British thermal units. The average price in the quarter was about 30 percent below that in the year-ago quarter.
The company reported a net loss of $1.24 billion compared with a profit of $459 million in the prior year period.
Operating income, which excludes most one-time gains and charges, fell to $263 million, or 36 cents per share, from 389 million, or 53 cents per share.