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Encana reports net loss on impairment charge
July 25, 2012 / 10:16 AM / 5 years ago

Encana reports net loss on impairment charge

(In U.S. dollars unless noted.)

July 25 (Reuters) - Encana Corp, which faces antitrust investigations following a Reuters report that it colluded with Chesapeake Energy Corp to lower the price of Michigan exploration lands, reported a second-quarter net loss on Wednesday because of a large one-time asset impairment charge.

The company, Canada’s largest natural-gas producer, reported a net loss of $1.5 billion, compared with a year-earlier profit of $383 million.

Operating income, which excludes most one-time items, fell 44 percent to $198 million, or 27 cents a share, from $352 million, or 48 cents a share.

Reporting by Euan Rocha in Toronto and Scott Haggett in Calgary

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