Canadian oil and gas producer Encana Corp's profit fell 7.3 percent in the third quarter, hurt by lower oil and gas production.
The Calgary-based company said on Wednesday its net profit slipped to $294 million, or 30 cents per share, in the quarter ended Sept. 30, from $317 million, or 37 cents per share, a year earlier. Total oil and gas production fell to 284,000 barrels of oil equivalent per day (boe/d) from 338,000 boe/d a year ago, led by a 29 percent fall in natural gas production. Liquids production, which takes into account oil and condensate, rose 9 per cent. Chief Executive Doug Suttles said the company was "firmly" on track to meet its 2017 targets. Encana said production in the Permian basin in October averaged 80,000 boe/d, higher than its fourth quarter target of 75,000 boe/d. "We … are particularly encouraged by the combination of strong productivity in the Permian and robust condensate rates," Raymond James analyst Chris Cox said in a note to clients. U.S.-listed shares of the company were down 2 percent at $12.50 in premarket trading. (Reporting by Anirban Paul in Bengaluru; Editing by Sai Sachin Ravikumar)