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Encana's Q1 2018 Production Fall; Activity Ramp Up

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Encana reported its Q1 2018 results.  Here is a quick read on the production numbers and operational updates.

Production

Total Equivalent production was down -3% from 335.2 Mboe/d in Q4 2017 to 324 Mboe/d in Q1 2018.

Liquids Production is down -5% from 152.8 in Q4 2017 (sequentially) to 145.2 in Q1 2018.

Natural Gas production was also down -2% from 1096 MMcf/d in Q4 2017 to 1075 in Q1 2018.

The company is forecasting that its Q4 2018 production from "core assets", Eagle ford, Permian, Duvernay and Montney will produce between 400 - 425 Mboe/d.   The company has decided to ramp up Eagle Ford drilling by increasing its rig count to 3 and restart the Duvernay drilling program.

Drilling Activity

Capital Expenditure

Operational Highlights

Eagle Ford and Duvernay: Ramping Up Ops

• delivered total combined first quarter production of 58,400 BOE/d down -16.1% from 4Q17.

• restarted the Duvernay drilling program and ramped up the Eagle Ford program from one to three rigs; both assets expected to return to growth in the third quarter

• two Austin Chalk wells in the Eagle Ford delivered average IP30 of 1,925 BOE/d of which 70 percent was oil

Permian: Oil Growth

• first quarter oil production of 54,200 bbls/d and total production of 83,800 BOE/d; on track to deliver approximately 30 percent annual growth

• a 10-well Martin county cube delivered average IP90 of 1,300 BOE/d including 1,000 bbls/d of oil

• the latest Midland eight well cube delivered average IP30 of 1,500 BOE/d including 1,150 bbls/d of oil

Montney: Looks to Double Liquids Production

• first quarter production of 165,300 BOE/d including 30,400 bbls/d of liquids production; on track to deliver 55,000 to 65,000 bbls/d total liquids production in the fourth quarter

• five cubes completed in the quarter, each with six to 14 wells, delivered average IP30 of 300 bbls/d of condensate