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Encana Corp. 3Q profit more than triples

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NYBob Member Level  Tuesday, 10/28/08 01:36:50 AM
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Encana Corp. 3Q profit more than triples
Thursday October 23, 3:48 pm ET
Encana 3Q profit more than triples on hedging gains, improved natural gas and oil production

SIOUX FALLS, S.D. (AP) -- Canadian oil and gas company Encana Corp. said Thursday its third-quarter profit more than tripled on gains from natural gas hedging and improved oil and gas production.

The company reported earnings of $3.55 billion, or $4.73 per share, in the third quarter of 2008 compared to $934 million, or $1.24 per share, in the third quarter of 2007.

When excluding $2 billion in earnings from unrealized mark-to-market accounting for hedging contracts, Encana earned $1.4 billion, or $1.92 per share.

Revenue nearly doubled to $10.8 billion from $5.6 billion in the year-ago period.

Analysts surveyed by Thomson Reuters, on average, expected earnings of $1.78 per share on revenue of $5.9 billion. Analysts typically exclude one-time items from their estimates.

Encana shares rose $1.94, or 4.72 percent, to $43.04 in afternoon trading.

http://biz.yahoo.com/ap/081023/earns_encana_corp.html?.v=1

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