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NEW YORK - Canadian oil and gas company EnCana Corp. said Tuesday that first-quarter earnings sank 81 percent, as losses from hedging and a weak U.S. dollar offset higher oil and gas prices and expanding production.
| ECA | 74.27 |  2.72 |
The company earned $93 million, or 12 cents per share, compared with $497 million, or 64 cents per share, in the year-ago quarter. EnCana said the shortfall came mostly from a $737 million accounting adjustment relating to price hedging.
Adjusted to exclude one-time items, operating earnings were $1.39 per share.
Analysts, who typically exclude one-time items, expected profit of $1.31 per share, according to a poll by Thomson Financial.
Revenue rose 20 percent to $5.34 billion, from $4.44 billion in the 2007 period.
The company said operating and administrative expenses were driven up, as the average value of the Canadian dollar increased about 17 percent over the U.S. dollar.
Total production rose 9 percent during the quarter.
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