April 22, 2008 / 10:37 AM / 10 years ago

EnCana net earnings fall on risk management

(In U.S. dollars)

NEW YORK, April 22 (Reuters) - EnCana Corp’s ECA.TO, Canada’s biggest oil and gas company, said on Tuesday first-quarter net profit fell 81 percent, as it suffered a $737 million loss on risk management activities.

EnCana, known for its natural gas operations in Canada and the United States as well as its oil sands business, earned $93 million, or 12 cents a share, down from $497 million, or 64 cents a share, a year earlier.

Excluding the risk management loss and a foreign exchange loss, operating earnings rose 28 percent to $1 billion, or $1.39 per share, helped by rising natural gas and liquids production and higher commodity prices. (Reporting by Christopher Kaufman; Editing by Derek Caney)

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