Encana reduced 2016e capex guidance by ~40%, and produc on guidance by ~4% (i.e. DJ Basin). This guidance was not far o our expecta on, but cost guidance bested prior forecasts. Our 2016e CFPS es mate falls 14% (price discounts & hedges o set cost reduc ons). Our 2017e CFPS es mate increases 9% (lower costs more than o set realiza on discounts). 4Q15 CFPS beat our es mates (price realiza ons & costs). Montney produc on exceeded guidance (lower TCPL restric ons), while Permian volumes disappoin ....
25 Feb 2016
4Q15 Update: Lower Costs & Lower Spending
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4Q15 Update: Lower Costs & Lower Spending
Encana (ECA:TSE) | 0 0 (-1.2%) | Mkt Cap: 13,467m
- Published:
25 Feb 2016 -
Author:
Michael P. Dunn -
Pages:
12
Encana reduced 2016e capex guidance by ~40%, and produc on guidance by ~4% (i.e. DJ Basin). This guidance was not far o our expecta on, but cost guidance bested prior forecasts. Our 2016e CFPS es mate falls 14% (price discounts & hedges o set cost reduc ons). Our 2017e CFPS es mate increases 9% (lower costs more than o set realiza on discounts). 4Q15 CFPS beat our es mates (price realiza ons & costs). Montney produc on exceeded guidance (lower TCPL restric ons), while Permian volumes disappoin ....