Encana to ramp up activity at Permian play
AUSTIN, November 12, 2015 – Canadian energy producer Encana Corporation is to direct $150 million in additional capital into the onshore Permian Basin in the US, as it accelerates planned activity at the asset.
The development comes against the backdrop a net loss of $1.24 billion in the three months to the end of September 2015, owed to a $1.1-billion non-cash, after-tax ceiling test impairment in the face of depressed oil prices.
The company’s overall production decreased in the quarter from 470,600 barrels of oil equivalent per day to 398,300 barrels of oil equivalent per day, with natural gas output down from 62.3 mcm (2.2 bcf) per day to 43.9 mcm (1.55 bcf) per day.
Despite this, overall liquids production increased to 140,400 barrels per day from 104,000 barrels per day, largely owed to progress in the company’s four core US onshore assets, namely the Permian, Eagle Ford, Duvernay and Montney plays.
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