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EnCana 1Q Profit Surges On Low Costs, Hedging Gain
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ECA
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THE ASSOCIATED PRESS
Canada's top oil and gas producer EnCana Corp. on Wednesday said its first-quarter profit surged as operating costs sharply fell and the company benefited from an inventory hedging gain.
Quarterly earnings jumped to $962 million, or $1.28 per share, from 93 million, or 12 cents per share, during the same period last year.
EnCana's profit surge was bolstered by a nonrecurring $89 million hedging gain, compared with a hedging-related loss of $737 million in the first quarter of 2008. ...
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