Disappointing Quarter for Encana; Stock Still Overvalued
No-moat Encana reported third-quarter production of 284,000 barrels of oil equivalent per day, well below our expectations. However, the company expects an uptick in drilling activities in the fourth quarter as it undertakes an aggressive growth strategy. Production in October averaged more than 325 mboe/d, which is already a 14% increase from the third quarter. During the quarter, production from the core four assets (Eagle Ford, Permian, Duvernay, and Montney) average 248 mboe/d. These regions...Encana is in the business of the exploration for, the development of, and the production and marketing of natural gas, oil and natural gas liquids (NGLs). All of Co.'s reserves and production are located in North America. As at Dec. 31, 2016, total proved developed and undeveloped reserves for natural gas, oil, and NGLs were 2.90 billion cubic ft., 155.6 million barrels (MMbbls), and 150.4 MMbbls, respectively. Co.'s operating and reportable segments are: Canadian Operations, USA Operations, and Market Optimization.
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