Production Rates | Forecast - Production

Encana Touts Liquids Jump Aross STACK, Permian, Montney; Up 10% from Q1

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Encana has reported a production update, as it is seeing increased levels of output across its STACK, Permian and Montney assets.

Up +10% from Q1 Levels

Total Company liquids production second quarter-to-date has averaged approximately 320 Mbbls/d, or about 10% higher than first quarter 2019 average proforma levels.

Increased liquids volumes are being driven by strong oil and condensate volumes from Encana's core growth assets in the Anadarko, Permian and Montney, which are expected to be up 13 - 15% over the first quarter of 2019. Despite severe weather incidents in each of these regions during the second quarter, production impact has been minimal.

STACK Wells Key to Increase

Performance from recent wells in the Anadarko Basin has been strong and production is benefitting from Encana's focus on the oil window in the core of its large, contiguous acreage position in STACK.

Anadarko Basin production in the second quarter to date has averaged a record level of more than 160 MBOE/d, representing a double-digit increase over the first quarter of 2019. Importantly, oil and condensate production quarter-to-date has averaged about 60 Mbbls/d, an increase of nearly 20% from its first quarter proforma 2019 average. STACK proforma oil production quarter-to-date has averaged about 48 Mbbls/d, up more than 30% when compared to the first quarter of 2019.

When combining the record production levels in the Anadarko with strong quarter-over-quarter growth in the Permian and Montney, Encana expects that its second quarter 2019 proforma production will be 585 - 595 MBOE/d. Liquids production is expected to comprise about 54% of total production.

Reiterates Full Year 2019 Capex, Output

Encana today reiterated both its 2019 proforma capital investment and production outlooks. Capital investments are expected to be $2.7 - $2.9 billion. Full-year 2019 proforma production is expected to be within the Company's original range of 560 - 600 MBOE/d, including the impact of the Company's planned exit from China in the second half of 2019.