OTTAWA (dpa-AFX) - Canadian energy producer Encana Corp. (ECA.TO, ECA) reported that its second-quarter net earnings attributable to common shareholders fell to $271 million from last year's $730 million, with earnings per share declining to $0.37 from $0.99 in the same quarter last year.
Operating earnings was $0.23 per share, down from $0.34 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues, net of royalties, for the quarter dropped to $1.588 billion from $1.984 billion last year. Wall Street expected revenues of $1.54 billion.
The company has increased its 2014 cash flow guidance to $3.4 billion - $3.6 billion from the prior estimate of $2.9 billion - $3.0 billion. Encana has also increased its upstream capital investment guidance to $2.6 billion - $2.7 billion, up from $2.3 billion - $2.4 billion, largely attributable to the planned capital expenditures in the newly acquired Eagle Ford position.
The company also now expects 2014 total liquids production of 86,000 to 91,000 bbls/d, up from previous guidance projections of 68,000 to 73,000 bbls/d.
On July 23, 2014, the Board declared a dividend of $0.07 per share payable on September 30, 2014, to common shareholders of record as of September 15, 2014.
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