CALGARY—Energy and oil company Encana Corp. posted a US$1.7-billion net loss in the first quarter and a 98 per cent drop in operating earnings as it felt the impact of lower oil and gas prices.
The loss, reported in U.S. currency, included $1.2 billion in asset impairments.
Excluding those and other items, Encana had $9 million of operating earnings, which was better than analyst estimates but down from $515 million a year earlier.
The operating earnings amounted to one cent per Encana share, down from 70 cents.
Analysts had an estimated an operating loss of nine cents per share, according to Thomson Reuters.
The Calgary-based company has been shifting its focus from primarily gas production to crude oil and natural gas liquids.
Encana says its daily production in the first quarter dropped to the equivalent of 430,100 barrels per day, down from 536,100 a year earlier, as a result of its sale of lower-margin assets.