Encana Posts Q2 Profit; Names Clayton Woitas Chairman - Quick Facts

(RTTNews) - Encana Corp. (ECA, ECA.TO) reported second-quarter net earnings of $730 million, compared to a loss of $1.48 billion in the year ago quarter.

Operating earnings for the quarter rose to $247 million from last year's $198 million, with Operating earnings per share improving to $0.34 from $0.27 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

The company expects full-year capital investment to be in the lower part of its 2013 guidance range of $3.0 billion to $3.2 billion while cash flow is expected to be in the middle to higher end of the guidance range of $2.3 billion to $2.5 billion.

After serving with distinction for more than 10 years, David P. O'Brien has stepped down as the Chairman of the Board of Directors and will remain a Director of Encana.

The company said it has appointed Clayton Woitas as Board Chairman, as well as Chair of the Nominating and Corporate Governance Committee and an ex-officio member of all other Board Committees. Peter Dea has assumed the role of Chair of the Corporate Responsibility, Environment, Health & Safety Committee, of which Mr. Woitas was previously the Chair.

The company said that its Board declared a dividend of $0.20 per share payable on September 30, 2013, to common shareholders of record as of September 13, 2013.