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.
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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.
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