Home / Markets / Industries / Energy
Thursday, November 12, 2009
Ahead Of Possible Split, EnCana Profit Drops
By Steve Goldstein
MarketWatch Pulse
LONDON -- Canadian oil and gas producer EnCana said third-quarter earnings sunk to $25 million, or 3 cents a share, from $3.55 billion, or $4.73 a share. Excluding mark-to-market accounting losses of $931 million and other items, and its profit would have dropped 46% to $1.03 a share as it shut in 500 million cubic feet per day of natural gas production in the third quarter and as it sold gas, including the impact of financial hedging, for 8% less than it did in the same period of 2008. Total production fell 7%. Analysts polled by FactSet expected earnings of $1.13 a share. A shareholders' meeting to vote on splitting EnCana into a pure-play natural gas company, EnCana, and an integrated oil company, Cenovus Energy Inc., is set for Nov. 25.
Copyright © 2009 MarketWatch, Inc.
Fox Business Video
-
-
The Crisis With 20/20 Hindsight
-
Nov 21, 2009
FOXBusiness.com LIVE
-
-
-
Jerry Rice Talks Career
-
Nov 21, 2009
NFL Receiver on career on the gridiron
-
-
-
John O'Hurley as Venture Capitalist
-
Nov 21, 2009
Comedian on life as venture capitalist
-
-
-
Excess Spending in Congress
-
Nov 21, 2009
Saving $100 Million
-
-
-
Cavuto Business Report 11-20-09
-
Nov 21, 2009
Business Report: Cavuto
-
