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BRIEF-Encana says 2016 capital budget is around $600 mln lower than 2015

Published 2015-12-14, 06:38 a/m
© Reuters. BRIEF-Encana says 2016 capital budget is around $600 mln lower than 2015
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Dec 14 (Reuters) - Encana Corporation ECA.TO :
* Focuses 2016 capital program on core four assets; targets margin growth and
quality corporate returns
* Says 95 percent of 2016 capital to be invested in core four assets, with
about 50 percent directed to the Permian
* Is planning to reset its annualized 2016 dividend to $0.06 per share, or
about $50 million per year
* Says 2016 capital budget is around $600 million lower than 2015
* Enhanced its financial flexibility and reduced debt in 2015 through a C$1.44
billion bought deal equity offering
* Will discontinue the dividend reinvestment plan discount after December 31,
2015.
* 2016 production from co's core four assets is expected to average between
260,000 to 280,000 barrels of oil equivalent per day
* Enhanced its financial flexibility and reduced debt in 2015 through 2.8
billion in expected divestiture proceeds
* Combined cash and cash equivalent outlay associated with the dividend is
expected to be reduced by over $185 million per year
* Encana has protection on approximately 300 MMcf/d of expected 2016 natural
gas production hedged under three-way options
* Has also executed 335 MMcf/d of 2016 NYMEX hedges as costless collars"
* Sees 2016 corporate costs, such as interest and administrative expenses, to be more than 10 percent lower than in 2015

* Source text for Eikon ID:nMKWdz5wfa

* Further company coverage ECA.TO

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