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Encana Management Discusses Q2 2012 Results - Earnings Call Transcript

In particular, I'd like to draw your attention to the material factors and assumptions in those advisories. Encana reports its financial results in U.S. dollars. Accordingly, any reference to dollars reserves, resources or production information in this call will be in U.S. dollars and after royalties unless otherwise noted.

In addition, in the first quarter of 2012, Encana adopted U.S. Generally Accepted Accounting Principles for financial reporting purposes, referred to as U.S. GAAP throughout this call. In 2011, the company prepared its financial statements in accordance with International Financial Reporting Standards referred to as IFRS. The adoption of U.S. GAAP has not had an impact on the company's operations, strategic decisions or cash flow. Full year 2011 and 2010 reconciliations between IFRS and U.S. GAAP are available in Note 27 to the company's annual consolidated financial statements prepared in accordance with IFRS.

In addition, the company has also prepared supplemental U.S. GAAP financial information, including Encana's 2011 annual consolidated financial statements and selected 2011 quarterly financial information, which is available on the company's website at www.encana.com.

Today, Randy Eresman, Encana's President and CEO, will speak to some highlights for the quarter and provide an update on Encana's outlook for the remainder of 2012 and into 2013. At the end of the prepared remarks, our leadership team will be available for questions.

I will now turn the call over to Randy Eresman, Encana's President and CEO.

Randall K. Eresman

Thank you, Ryder, and thank you, everyone, for joining us today. On the financial side, during the second quarter of 2012, Encana continued to generate solid cash flow despite further downward pressure on NYMEX natural gas prices, which averaged $2.22 per million BTU, down over $2 from the same period in 2011. Encana's cash flow for the quarter was about $800 million supported by our strong risk management program and remains on track to meet our guidance for the year.

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