Encana Corp. (TSX:ECA) says its core operations will grow their production even more than expected this year, following a strong second quarter that included a US$331 million net profit.
The Calgary-based oil and gas producer, which reports in U.S. currency, says the profit amounted to 34 cents per share.
During last year’s second quarter, Encana had a $601-million net loss, equal to 71 cents per share.
The company says it now expects 2017 production from its core operations will be between 25 and 30 per cent above last year’s fourth quarter level.
Encana had previously estimated the production from core operations would grow 20 per cent or better.
The latest financial results were issued ahead of Encana’s annual shareholders meeting.
