Encana’s bet against natgas puts it in black by Mark Wilcox, May 13, 2014, Wyoming Busines Report
Encana Corp. (NYSE:ECA), which just completed the $1.8 billion sale of the Jonah Field, posted net earnings of $116 million in the first quarter after a fourth quarter loss of $251 million.
While the major sale that drilled 100 workers out of Encana’s Wyoming workforce didn’t affect the company’s first-quarter earnings, such sales have been a major part of company culture of late. Beyond its Jonah sale, Encana also sold most of its U.S. assets of Encana Natural Gas Inc. (ENGI) to privately held Stabilis Energy on undisclosed terms and announced the sale of $530 million worth of assets in east Texas. Company officials describe the approach of shedding natural-gas assets in favor of oil as “getting back to winning” and it is happening at a lightning pace. [Emphasis added]