Oil and Gas Research Eyeing Future, Bridging Gaps
In the gridlock of first-quarter 2015 earnings conference calls last spring, Doug Suttles, CEO at Alberta-based Encana Corp., talked bullishly about the Canadian energy company’s production growth prospects.
This while in the midst of reporting a $1.7 billion loss for the quarter tied to a $1.2 billion impairment charge brought on by last year’s global oil price crash and another $500 million of red ink coming from a foreign exchange loss. Regardless, Suttles couldn’t have been more upbeat when he talked to analysts in mid-May.
The reason for his optimism emanated from Encana’s scaled-down portfolio emphasizing two U.S. shale plays (Permian and Eagle Ford) and two
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