CALGARY -- Encana Corp. (TSX:ECA) says it had US$150 million or 20 cents per share in operating earnings in the third quarter, a big drop from the same time last year.
The Calgary-based gas producer had US$263 million or 36 cents per share in the comparable period last year.
Encana also reports it had US$188 million of net earnings in the third quarter.
However, that was a big improvement from the third quarter of 2012 when Encana recorded more than $1 billion of asset impairments and a net loss of US$1.244 billion.
Encana said Wednesday that it's on track to realize US$110 million of cost savings and capital efficiency gains by the end of this year.
The company, which reports in U.S. currency, is also reducing its 2013 target range for capital spending to between $2.7 billion and $2.9 billion.
