Encana Corp plays up cost-cutting success after it dives into the red on 40% revenue drop

, Crisis

Encana is adjusting to persistently low commodity prices.

CALGARY – Encana Corp. executives played up the company’s success in cutting costs Tuesday, following a tough quarter during which the company posted a large net loss and its cash flows dropped 79 per cent.

“We are on track to meet or beat our 2016 cost-savings target of (US)$550 million,” Encana president and CEO Doug Suttles said during his company’s first quarter earnings call. Suttles also said that Encana has driven down its drilling costs in each of its core areas as oil prices have remained low – even falling to around US$30 per barrel in the first quarter.

Encana reported a US$379 million net loss for the first quarter as revenue fell 40 per cent compared with the same time last year.

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