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Encana Corporation boosted total production during the third quarter to 378,200 barrels of oil equivalent per day, up 33 per cent from 284,000 boe/d a year ago, with major increases in Permian and Montney volumes.

Montney liquids volumes were up 151 per cent year-over-year and are on track with a fourth quarter target of 55,000 to 65,000 barrels per day. Current liquids production from the play is about 55,000 bbls/d.

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Total Montney production lifted to 200,600 boe/d in the third quarter compared to 111,300 boe/d in the comparable quarter a year ago.

The company brought the Pipestone Liquids Hub online in September, ahead of schedule, supporting condensate growth plan.

It also lowered Pipestone drilling and completion costs by 25 per cent compared to 2017 averages.

Duvernay production during Q3 declined to 15,900 boe/d from 20,700 boe/d a year ago.

Year-to-date, Duvernay output has averaged 16,600 boe/d compared to 19,500 boe/d in the first nine months of 2017

Total production from the Permian rose 54 per cent year-over-year to 98,500 boe/d, with current production over 100,000 boe/d.

Overall, total liquids production of 178,700 bbls/d during the quarter was up 40 per cent year-over-year, and 15 per cent from the previous quarter (Q2/2018: 155,300 boe/d).

The company said liquids made up 47 per cent of total third quarter production and 46 per cent year-to-date, with high-value oil and condensate making up more than 75 per cent of total liquids volumes.

The company reported Q3 net earnings of $39 million, while cash from operating activities lifted to $885 million, up 148 per cent year-over-year.

Encana has adjusted its corporate guidance, lowering its expected transportation and processing costs to between $7.20 and $7.40 per boe for a reduction of about $25 million.

In addition, the company updated its expected capital investment to approximately US$2 billion (all figures US dollars), which includes current-year expenditures on the Pipestone Liquids Hub and the San

Juan assets totalling approximately $55 million as well as modest pressure on diesel fuel costs and steel tariffs.

In outlining its 2018 capex plans earlier this year, the company anticipated its spending program would be between $1.8 billion and $1.9 billion.

@ Copyright Pipeline News North

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