Encana's (OVV -0.02%) Q2 came in better than many expected it to. For the quarter, the company's bottom line was $730 million ($0.99 per share), a vast improvement over the nearly $1.5 billion ($2.01) loss it posted in the same period the previous year. Much of the increase was attributable to a 69% year-over-year jump in liquids production, to an average of roughly 47,600 barrels per day from Q2 2012's 28,200.
The year-ago quarter's results, however, include a significant impairment charge. Encana's operating profit for Q2 2013 was $247 million ($0.34 per diluted share), compared to $198 million ($0.27) in the same time frame last year. Analysts had expected $0.17 per share for the most recent quarter.
Additionally, Encana announced that company co-founder David O'Brien has resigned as board chairman after more than 10 years in the position. He has been replaced by Clayton Woitas, who previously served as interim CEO prior to the appointment of Doug Suttles on a permanent basis last month.
