Referenced Stocks

EnCana Moves Higher on Momentum from $600Mln Investment in Oil and Liquids; Up 6%

By Midnight Trader,  June 28, 2012, 10:22:05 AM EDT

EnCana Corp. ( ECA ) is currently up 5% at around $20.20 but off a day high $20.66 on sentiment surrounding the company's recent decision to invest an additional $600 million to take advantage of positive results achieved at a number of its oil- and liquids-rich natural gas plays. The company increased its outlook for total liquids production for the year to increase 7% to 30,000 barrels per day (bbls/d).

Encana estimates that liquids production in 2013 will range from between 60,000 bbls/d to 70,000 bbls/d, of which 40 percent is expected to be comprised of oil and field condensate, according to a press release. Its natural gas production is expected to remain near current levels of approximately 3 billion cubic feet per day (bcf/d) for 2012 and 2013.

ECA trades in a 52-week range of $17.02 - $32.23.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ECA



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