Encana Q4 Net Loss Widens; Says Well Positioned For 2014 - Quick Facts

(RTTNews) - Canadian energy producer Encana Corp. (ECA.TO, ECA) reported fourth-quarter 2013 net loss of $251 million, that was impacted by the result of the change in its unrealized hedging position, a foreign exchange loss as well as higher administrative expense associated with the firm's organizational restructuring. Net loss amounted to $80 million in the prior-year quarter.

Operating earnings, a non-GAAP measure, totaled $226 million, or $0.31 a share in the latest period. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.20 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, liquids output averaged 66,000 barrels per day, an 82 percent increase year-over-year.

Doug Suttles, Encana's President & CEO, commented: "We finished 2013 strong and we're well positioned to deliver on our priorities and objectives in 2014 with our new strategy very much underway." Going forward, natural gas production is expected to decline slightly in 2014 though forecasted liquids growth will keep production unchanged from 2013 levels on a total equivalency basis.

Further, Encana's board has declared a quarterly dividend of $0.07 cents per share, payable on March 31, 2014 to common shareholders of record as of March 14, 2014.