ENCANA CORP. $22.86 (Toronto symbol ECA; Shares outstanding: 741.0 million; Market cap: $16.9 billion; TSINetwork Rating: Average; Dividend yield: 1.3%; www.encana.com) is one of North America’s largest natural gas producers.
Encana continues to benefit from its new plan to focus on six main properties: Montney (B.C.), Duvernay (Alberta), DJ Basin (Colorado), San Juan Basin (New Mexico), the Tuscaloosa Marine Shale (Louisiana) and Texas’s Eagle Ford oil shale.
These fields produce oil and natural gas liquids (NGLs), such as butane and propane, and should last decades. That cuts Encana’s natural gas exposure.
In the quarter ended June 30, 2014, Encana produced 68,200 barrels of oil and NGLs a day, up 43.3% from 47,600 a year ago. Gas output fell 8.1%, to 2.5 billion cubic feet a day from 2.8 billion, because the company sold some less-important gas properties as part of its new strategy.
Cash flow per share rose 1.2%, to $0.87 from $0.86 (all amounts except share price and market cap in U.S. dollars).
The company holds cash of $2.7 billion after its asset sales. That sound balance sheet, plus its strong cash flow, will let Encana boost capital spending to between $2.6 billion and $2.7 billion this year, up from its previous estimate of $2.3 billion to $2.4 billion. That will push up production and cash flow.
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