Canadian Natural gas firm Encana Corp. (ECA: Quote,ECA.TO: Quote) posted first-quarter net earnings of $12 million or 2 cents per share, as against a loss of $361 million last year. Operating earnings were $240 million, or $0.33 per share, up from $218 million, or $0.30 per share in the prior-year quarter.
Cash flow of $1.0 billion, or $1.39 per share, grew 6 percent from the 2011 first quarter supported by the company's commodity price hedging program, contributing $358 million in realized after-tax gains, or 49 cents per share.
The company is now targeting to have about $3 billion in cash and cash equivalents on its balance sheet by the end of 2012. Additionally, Encana's board has declared a quarterly dividend of 20 cents per share payable on June 29, 2012 to common shareholders of record as of June 15, 2012.
by RTT Staff Writer
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