MONTREAL - The Canadian group Encana second largest gas producer in North America, has suffered a loss of 42 million U.S. dollars in the fourth quarter due to weak sales price of gas, "he said Thursday in a statement.
These results contrast with the net profit of $ 233 million EnCana had recorded the same period of 2009.
They did not stop the action of Encana to jump over 6% on the Toronto Stock Exchange as investors reacted positively to the group's decision to sell 50% of a shale gas project in Western Canadian subsidiary of Chinese giant PetroChina, for 5.4 billion Canadian dollars (all in U.S. dollars).
The sale, announced Wednesday after the markets closed, is the largest Chinese investment to date in the Canadian energy sector and will allow EnCana to accelerate development of its vast reserves, while limiting its investments at a time where gas prices are depressed.
Excluding special items, EnCana said it earned $ 0.09 per share, while analysts had forecast $ 0.13 rather, after the $ 0.50 a year ago.
Given the current prices, EnCana intends to adopt in 2011 a "conservative approach" in terms of investment, which should reach 4.6 to 4.8 billion. The group also plans to divest for about $ 500 million to $ 1 billion in assets.