ENCANA CORP $21.36 (Toronto symbol ECA; Shares outstanding: 736.3 million; Market cap: $15.7 billion; TSINetwork Rating: Average; Dividend yield: 3.9%; www.encana.com) is one of North America’s largest natural gas producers. Its reserves should last over 11 years.
Encana’s cash flow was $1.08 a share in the three months ended June 30, 2012 (all amounts except share price and market cap in U.S. dollars). That’s down 27.0% from $1.48 a share, a year earlier.
Natural gas accounts for 95% of Encana’s production. In response to falling gas prices, the company lowered its output during the quarter; this was the main reason for the lower cash flow.
The company is now shifting its production toward oil and natural gas liquids (NGLs). As part of this plan, it’s spending an extra $600 million on its oil and NGL properties this year, on top of the $2.9 billion it had planned to spend on all of its capital projects. In 2013, Encana aims to spend $4 billion to $5 billion to develop its properties.
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