Encana Corp. Plans Substantial Issuer Bid; Reiterates Capital Investment Plan

(RTTNews) - Providing an interim update, Encana Corp. (ECA, ECA.TO) said the company intends to fulfill its commitment to return cash to shareholders through a substantial issuer bid program. Encana intends to commence the program in July 2019 to purchase for cancellation up to $213 million of additional common shares. Under the previously announced $1.25 billion share buyback program, the company repurchased to date 10% of its outstanding public float.

For second quarter-to-date, total company liquids production averaged approximately 320 Mbbls/d, or about 10% higher than first quarter 2019 average proforma levels. Looking forward, Encana reiterated its 2019 proforma capital investment and production outlooks.

Encana also said it plans to terminate production sharing contract with CNOOC which covers offshore operations in China. Encana expects to handover operation to CNOOC on July 31, 2019.