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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.18 to $47.32 on the New York Merc, while Brent for November added $1.11 to $49.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.15 to WTI ($33.17), down from a discount of $14.10. Natural gas for October added 11 cents to $2.80. The TSX energy index added 3.90 points to close at 201.21.

EnCana Corp. (ECA) added 57 cents to $13.71 on 11.1 million shares. President and chief executive officer Doug Suttles presented yesterday at the Barclays CEO Energy-Power conference in New York, where he noted that at the same conference three years ago, he made a major restructuring announcement and outlined EnCana's goals for the next five years. "We've kind already achieved all of those," he told yesterday's audience, "so now we're going to talk about the next five years." He said these will see EnCana focus on its four core plays: the West Texas Permian (which will see the highest proportion of spending), the Texas Eagle Ford, the Alberta Duvernay and the Alberta/B.C. Montney. These contributed 268,300 barrels of oil equivalent a day in the second quarter of 2016, out of total production of 368,300 barrels a day. By the end of 2021, Mr. Suttles expects total production to increase by over 60 per cent (so, around 590,000 barrels a day), with production from the four plays roughly doubling. Yet "production growth is an outcome, not an objective," said Mr. Suttles, explaining that the more important part of EnCana's five-year plan is that cash flow will increase by 300 per cent. Mr. Suttles attributed the expected increase to EnCana's "leading and incredibly efficient, strong portfolio" and "never-ending focus" on cost improvements. "Our goal is quite clear: better wells, at lower costs," concluded Mr. Suttles. He promised to provide more details about the five-year plan at an investor day next month.

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