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