In a summertime piece on Devon Energy
Calgary-based EnCana officially became an integrated oil firm in 2007, thanks to its 50/50 oil sands joint venture with ConocoPhillips
With an enterprise value north of $60 billion, EnCana is a bit bigger than the leading American independents, but it's still nimble enough to grow production and replace reserves to an impressive degree. In 2007, natural gas production (which accounts for over 80% of the company's output) rose 6%. The company replaced over 225% of total production at a drill bit finding cost of $1.65 per thousand cubic feet equivalent (mcfe).
That latter figure, which matches the achievement of the XTO Energy
Because EnCana focuses so heavily on unconventional resource plays, its drilling efforts are intensive. The firm's count of net wells drilled leapt 23% for the year and 62% in the fourth quarter. This won't single-handedly keep Precision Drilling Trust
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Fool contributor Toby Shute doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.