Encana swings into red on impairment charge

Encana swings into red on impairment charge by Reuters, July 25, 2012, World Financial Post
Encana Corp, which faces antitrust investigations following a Reuters report that it colluded with Chesapeake Energy Corp to lower the price of Michigan exploration lands, reported a second-quarter net loss on Wednesday as it wrote down assets because of declines in natural gas prices. … Encana said it had recorded a US$1.7 billion noncash after-tax impairment charge resulting primarily from the decline in 12-month average trailing natural gas prices. … Encana opened an internal investigation led by its board in late June into a the report that it and Chesapeake plotted to avoid bidding against each other in certain Michigan land deals. It has said it will not comment further on the matter until its probe is complete.

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