What Is The Buzz Surrounding Encana Corp (USA)(NYSE:ECA)?

887

On Thursday, the stock price of Encana Corp (USA)(NYSE:ECA) gained 0,32% to close the day at $9.29. In the last week of July, the company reported that its subsidiary firm Encana Oil & Gas (USA) Inc., has closed the previously disclosed sale of its Piceance natural gas resources to Caerus Oil and Gas LLC.

The details

BMO Capital Markets worked as Encana’s financial advisor while Davis, Graham & Stubbs served as company’s external legal counsel for the deal. Evercore and TD Securities served as financial counselors for Caerus and Vinson and Elkins and Thompson & Knight served as legal counsel. Debt financing was underwritten by J.P. Morgan, Wells Fargo Bank and TD Securities.

Encana’s financial performance through Q2 2017 has put the firm well ahead in the first year of its 5-year plan. Led by strong condensate and oil growth, a progressively liquids-weighted portfolio along with reduced costs, Encana considerably expanded overall non-GAAP corporate margin.

The company reported that core asset growth is progressing better than planned and it has increased its type curves as well as premium return well inventory. The projections for total liquids production for FY2017 has been changed on positive side.

Doug Suttles, the CEO and President of Encana, reported that the results demonstrate their resilience and highlight that they can offer quality corporate returns across the commodity cycle. The transition to a strong condensate and oil growth, balanced production mix and lower costs are leading corporate margin growth. For the third successive year, the company is considerably strengthening its balance sheet.”

Suttles added that led by operational excellence and innovation, they continue to expand their premium return well inventory. The updated projection reflects their strong performance, confidence and efficiency. They are recording considerable momentum and are well positioned for FY2018 when they anticipate to progress within cash flow, even if there is no change in commodity prices remain as compared to current price levels.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.