Canadian natural gas producer Encana Corp. reported a third-quarter loss, compared with a year-ago profit, hurt by an asset impairment charge of more than $1 billion.
Encana said it had accelerated spending on the Permian Basin in Texas in the current quarter, with plans to invest $150 million in the shale field that was originally earmarked for 2016.
The company said it expects to hit the upper end of its 2015 capital spending forecast range of $2.2 billion.
Encana reported a net loss of $1.24 billion for the quarter ended Sept. 30, compared with a profit of $2.81 billion a year earlier.
Encana's operating loss, which excludes most one-time items, was $24 million, or 3 cents per share, compared with a profit of $281 million, or 38 cents per share, a year earlier.
Analysts on average were expecting a loss of 4 cents per share, according to Thomson Reuters I/B/E/S.
Calgary-based Encana’s cash flow, an indicator of its ability to pay for new assets and drilling, more than halved to $371 million.
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