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Lower oil and gas prices and write-down of Encana's first quarter losses

  • Last Update: 2022-02-27
  • Source: Internet
  • Author: User
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Encana, headquartered in Calgary, Canada, announced its financial report on Tuesday (May 3) showing that the company lost US$379 million in the first quarter of this year, mainly due to lower oil and gas prices and asset write-downs
.
In the same period last year, the crude oil and natural gas producer's loss reached US$1.
71 billion, which was also due to asset write-downs
.
Encana's first quarter revenue, excluding royalties, fell to 753 million U.
S.
dollars, compared with 1.
25 billion U.
S.
dollars in the same period last year, and analysts estimated it was 557 million U.
S.
dollars
.
Encana CEO DougSuttles said that the production costs of the company's four major mining areas have been reduced by 22% to 44%, and the recent layoff plan is still being carried out.
At present, the number of employees at the headquarters has been cut by nearly half from 2013 to approximately 1,600.
People
.
He added that with the rebound in commodity prices, the survival conditions of enterprises will also improve significantly
.
More data shows that Encana's cash flow has just dropped sharply from US$383 million to US$102 million, due to the continued decline in crude oil and natural gas prices
.
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