Canadian oil and gas producer Encana revealed yesterday it had delivered cost savings of $50million in 2016, sending its shares up 3% on the Toronto exchange.
Encana saved on production and mineral taxes, and operating, processing and transportation costs, the Calgary-based firm said in an online statement ahead of its investors day in New York.
Updating its guidance, the firm said it would spend between $1.1billion and $1.2billion this year.
The company also said it was targeting a 300% increase in cash flow over the next five years, a doubling of corporate margins and a 60% production increase.
Encana was created in 2002 following a merger between two Canadian independent oil and gas companies – PanCanadian Energy Corporation and Alberta Energy Company.
Encana’s four main assets are in the Permian Basin and Eagle Ford in the US and Montney and Duvernay in Canada.