December 11, 2013 - 4:02 AM
CALGARY - Encana Corp. (TSX:ECA) says it wants to increase its production of natural gas liquids by 30 per cent next year, as it focuses on growing spending in five resource areas across North America.
The natural gas giant said it will focus 75 per cent of a planned $2.4 billion to $2.5 billion capital investment in 2014 in the liquid-rich regions of Montney, Duvernay, DJ Basin, San Juan Basin and the Tuscaloosa Marine Shale.
It has said its goal is to derive three-quarters of its cash flow from oil and natural gas liquids in 2017 by focusing on areas that can offer higher returns.
Encana does not expect its forecasted production levels to change from last year, even though it plans on cutting its capital investment by 10 per cent.
The Calgary-based company is in the midst of implementing a new strategy after CEO Doug Suttles took the reins in June.
Last month, it announced it was slashing its workforce by 20 per cent, cutting its dividend and spinning off a large chunk of its Alberta land holdings into a new public company.
News from © The Canadian Press, 2013