Encana reports US$245M Q1 loss on restructuring and unrealized hedging loss

CALGARY - Encana Corp. reported a loss of US$245 million in its latest quarter as it was hit by restructuring costs and an unrealized hedging loss.

The company, which keeps its books in U.S. dollars, says the loss amounted to 20 cents per share for the quarter ended March 31.

That compared with a profit of $151 million or 16 cents per share in the same quarter a year earlier.

Encana says its adjusted operating profit for the first quarter totalled $165 million or 14 cents per share, compared with an operating profit of $156 million or 16 cents per share a year ago when it had fewer shares outstanding.

Analysts on average had expected a profit of eight cents per share for the quarter, according to Thomson Reuters Eikon.

In its outlook, Encana reiterated its capital spending target of $2.7 billion to $2.9 billion and reaffirmed its production targets, including approximately 15 per cent liquids growth from its core growth assets.

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