Energy EnCana Corp. could reduce an already modest capital spending program this year if weak natural gas prices persist much longer, despite a huge improvement in net earnings, its chief executive cautioned yesterday.
But Randy Eresman said the development of huge shale natural gas plays, like Haynesville in Louisiana and Montney in B.C., will be needed to meet North America’s energy demand in the long-term.
The Calgary-based company booked a net profit of $962 million US or $1.28 per share during the first quarter.
