Encana Posts Narrower Net Loss In Q1; On Track To Meet Or Beat 2016 View

(RTTNews) - Canadian energy producer Encana Corp. (ECA.TO, ECA) reported Tuesday that its first-quarter net loss was $379 million, narrower than last year's loss of $1.71 billion.

Operating loss was $130 million or $0.15 per share, compared to prior year's profit of $19 million or $0.03 per share. On average, 15 analysts polled by Thomson Reuters expected loss of $0.12 per share. Analysts' estimates typically exclude special items.

For the quarter, Encana reported cash flow of $102 million, or $0.12 per share, compared to $495 million or $0.65 per share, a year ago.

Total production of 383,400 barrels of oil equivalent per day.

Encana realized gas price declined to $2.18/Mcf from $4.78/Mcf last year.

Further, the company said that on May 2, the Board declared a dividend of $0.015 per share payable on June 30, 2016 to common shareholders of record as of June 15, 2016.

The company also said it is company on track to meet or beat 2016 guidance announced in February.

Encana is on are on track to deliver $550 million of year-over-year cost savings.