EnCana reports jump in profit - Metro US

EnCana reports jump in profit

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.

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