* Net income falls 41 pct
* Revenue falls 44 pct
* Sees 2010 total production 3,200-3,300 MMcfe/d
* Sees 2010 capital investment $3.6-$3.9 bln
* Sees 2010 cash flow per share $5.40- $6.00
(In U.S. dollars unless noted.)
Feb 11 (Reuters) - EnCana Corp (ECA.TO), Canada’s largest natural gas producer, posted a 41 percent fall in fourth-quarter net profit on lower gas prices.
The company also forecast total production for 2010 in the range of 3,200 millions of cubic feet equivalent per day (MMcfe/d) to 3,300 MMcfe/d. It expects total capital investment for the year between $3.6 billion and $3.9 billion.
In the fourth quarter, EnCana posted net income of $636 million, or 85 cents a share, down from $1.08 billion, or $1.43 per share, in the final quarter of 2008.
Consolidated operating income, which excludes most unusual items such as hedging gains or losses, rose about 90 percent to $855 million, or $1.14 per share, from $449 million, or 60 cents, in the year-prior quarter.
Natural gas prices were sharply lower in the quarter, with the benchmark U.S. price down 23 percent from the year-prior period to $4.39 per million British thermal units as the recession cut demand while supplies rose. Oil prices, however, strengthened, gaining 29 percent an average $76.13 per barrel.
On a pro-forma basis, EnCana’s total production fell to 2,831 MMcfe/d from 3,174 MMcfe/d in the fourth quarter.
The company’s revenue, net of royalties, fell 44 percent to $2.71 billion.
EnCana’s cash flow, a measure of its ability to pay for new projects and drilling, fell 54 percent to $603 million, or 80 cents a share, from $1.3 billion, or $1.73 a share. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)