The explorer made a net profit of $236million in the 12 months to the end of December, a vast improvement on the$2.79 billion loss in 2012.

The previous year had seen impairments of$3.19 billion, with just $16 million in impairments in 2013. The foreignexchange loss hit $282 million, however.

The fourth quarter net loss swelled to $251million from $80 million a year earlier, however, on the back of restructuringcosts.

Encana