Canadian oil and gas producers Encana and Husky Energy reported improved financial results in the second quarter on the back of higher oil and gas prices, writes Beate Schjolberg.
Encana also surprised investors by increasing its production growth forecast and reducing expected costs due to more efficient operations.
Husky swung to an adjusted net profit of C$10 million ($8 million) in the quarter from a net loss of C$93 million a year earlier, while Encana had net income of $331 million after posting a $601 million loss in last year’s second quarter because of impairment charges and hedging losses.
