Calgary-based energy producer Encana Corp. on Friday reported second-quarter adjusted earnings per share of $0.34, shattering the consensus estimate of $0.04 per share.
Revenue climbed to $1.08 billion, well above the consensus estimate of $796.65 million. In the year-ago quarter, Encana posted EPS of $0.10 and revenue of $364 million.See this post on Encana from late last year. Is the Encana story all about the Permian? If so, portends well for others. Encana shares are up 2.5% on a down day for the market.
Operating expenses fell to $762 million from $1.27 billion in the second quarter of 2016, and operating income totaled $321 million after posting a loss of $912 million a year ago. Net earnings totaled $331 million compared with 2016 second-quarter loss of $601 million.
Cash flow from operations improved to $351 million from $278 million, juiced by a corporate margin of $12.09 per barrel of oil equivalent, up by 25% year over year.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on anything you read here or what you think you may have read here.
OPEC cut (wink, wink): OPEC production forecast to rise in July. But remember, summer production generally goes up -- Arabs love using crude oil to power their air conditioners, just like Americans love using coal to power their Teslas.
Smoke and mirrors: Saudi will cut imports to US to make it look like production cuts being made.
WTI: down $1.32.
Manufacturers' optimism: at 91.4% Apparently this is the highest that American manufacturers' optimism has ever been. Via twitter. No link.