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Encana reports strong finish to 2017, anticipates continued growth in 2018

Encana delivered strong performance through the fourth quarter of 2017 to close another year successfully executing its strategy, delivering significant oil and condensate growth and driving additional efficiency gains, the company reported in a summary of the year. Supported by the strong finish to 2017, the company states it is firmly on track to meet or exceed the targets in the five-year plan shared at its Investor Day in October 2017.

Driven by its focus on innovation and execution efficiency, Encana's core assets delivered production growth of approximately 31 percent from the fourth quarter of 2016 to the fourth quarter of 2017. This growth significantly exceeds the company's original target of greater than 20 percent and is above the top end of its revised 25 to 30 percent guidance range. Encana accomplished this growth with a capital investment of approximately $1.8 billion.

"Consistent with our plan, we delivered a strong finish to 2017," said Doug Suttles, Encana President & CEO. "We have established a powerful track record of meeting and beating our targets, continuously driving efficiency and capital discipline. We are positioned to deliver significant value growth in 2018 while funding our capital program from corporate cash flows."

The company expects its 2018 capital program will be similar to 2017 with modest allocation adjustments to optimize delivery. Encana plans to invest virtually all its anticipated 2018 capital in its core assets, with around 70 percent directed to the Permian and Montney. The company anticipates between 25 to 35 percent production growth from its core assets from the fourth quarter of 2017 to the fourth quarter of 2018, with significant oil and condensate growth in the second half of the year.

Encana's large-scale cube development model continues to maximize returns and resource recovery from its stacked, unconventional reservoirs. This development approach also maximizes capital efficiency.  Cube development and enhanced completion designs delivered strong performance in the Permian where fourth quarter production exceeded 80,000 barrels of oil equivalent per day (BOE/d), well ahead of the company's target of 75,000 BOE/d.

In the Montney, liquids production more than doubled from the fourth quarter of 2016 to the fourth quarter of 2017 driven by a focus on condensate rich wells and the early start-up of the Tower, Saturn and Sunrise processing plants. In 2018, Encana expects to grow its liquids production as it fills capacity at the new plants and completes two additional liquids hubs in the second half of the year. Encana has minimized its exposure to AECO pricing through a focus on growing condensate production and diversifying market access. Overall, approximately four percent of expected total 2018 revenue is exposed to AECO pricing.

In the fourth quarter, Encana further focused its portfolio with the sale of most of its Wheatland assets in south central Alberta. These assets consisted of approximately 520,000 net acres and approximately 4,750 gas wells. In 2017, Encana's production from the assets was approximately 60 million cubic feet per day (MMcf/d) of natural gas.

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Industry News

Price fluctuations, shale gas success shift market dynamics: Frost & Sullivan

The global oil and gas market is currently witnessing a dynamic shift in the trade flow of many refinery products. While the dip in crude oil prices is forcing major suppliers to look toward diversifying their oil and gas portfolios to include refinery products and petrochemicals, the success of shale gas and oil in the US has created self-sufficiency and is pushing the market toward increased exports. Demand, driven by Asian countries, and implementation of regulations related to sulphur and other pollutants, especially in the developed economies, are further factors affecting supply and demand and the long-term product trade flows across the globe. 

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GM Canada announces funding to promote STEM opportunities for girls

GM Canada is teaming up with educational institutions near its Markham campus to encourage girls to consider STEM careers.

At the official opening of GM Canada's new Canadian Technical Centre (CTC) in Markham, the company announced the GM Canada STEM Fund, a C$1.8 million commitment for educational programs to encourage students in STEM (Science, Technology, Engineering, Mathematics) and inspire the next generation of Canadian technology innovators.

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Drilling & Production
Asset Management

ExxonMobil, Magnabond agree on development targeted at cementing, decommissioning and more

ExxonMobil, Magnabond agree on development targeted at cementing, decommissioning and more

ExxonMobil Upstream Research Company announced that it has signed a three-year joint development agreement with MagnaBond, LLC to develop new technologies that could enhance cost-effective evaluation of well cementing, casing and tubing. The agreement was facilitated by the Industry Technology Facilitator as part of its initiative to address challenges associated with well decommissioning activities such as plugging and abandonment.

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Pipelines

Service starts at Base Line Terminal, Kinder Morgan Canada reports

Service starts at Base Line Terminal, Kinder Morgan Canada reports

Kinder Morgan Canada Limited has started service service for the first four of twelve crude oil storage tanks at Base Line Terminal, a 50-50 crude oil merchant terminal joint venture with Keyera in Sherwood Park, Alberta (near Edmonton). The remaining eight tanks at the facility, all twelve of which are fully-contracted with long-term, firm take-or-pay agreements with creditworthy customers, are expected to be phased into service throughout 2018.

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Software & IT

White paper discusses best practices for ICS cyber security

White paper discusses best practices for ICS cyber security

Bedrock Automation, the maker of the world's first Open Secure Automation (OSA) platform, has released an informative white paper on the cyber security vulnerabilities and defense of industrial control systems. The 20-page document, Securing Industrial Control Systems - Best Practices, covers the threat landscape and presents a holistic approach to defending it, including assessing risk, physical security, network security, workstation and server security, as well as the fundamentals of OSA.

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2019 Silverado boasts 450-pound weight reduction, improved bed strength and increased cargo volume

The all-new 2019 Silverado Work Truck features a “CHEVROLET” graphic across the grille and tailgate, blacked-out trim and 17-inch steel wheels for maximum durability. The interior features durable vinyl or cloth seats and 7-inch colour touchscreen.

Chevrolet introduced the next-generation Silverado on January 13, exactly 100 years after the brand delivered its first trucks to customers in January 1918. According to the company, the all-new Silverado sets the course for the next century of Chevy Trucks with the most functional bed of any full-size truck, weighs up to 450 pounds less for increased performance, and offers a broad range of trims and engine/transmission combinations to help each customer find their ideal truck. 

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Instrumentation, Systems & Automation
Software & IT

Emerson SolaHD power supply upgraded for more connectivity and wider application range

Emerson has announced a major upgrade to its SolaHD SDN 40-24-100C 40A DIN rail power supply that doubles the number of terminals available for improved connectivity to power multiple devices, while also stepping up its heat rating to expand the number of types of hazardous environments where the power supply can be deployed.

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Ford launches first-ever F-150 Power Stroke diesel

Full-size diesel truck fans have reason to celebrate this year as Ford delivers the first-ever F-150 Power Stroke diesel with a targeted EPA-estimated 30 mpg highway rating, a best-in-class 11,400 pounds of towing capacity and 2,020 pounds of payload capacity, plus best-in-class diesel 250 horsepower and 440 lb.-ft. of torque.

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Software & IT

Ultra-rugged enterprise handheld

The new NAUTIZ X9 from Handheld Group is an ultra-rugged enterprise handheld built for fieldwork in the most challenging outdoor or industrial environments.

The Nautiz X9 Android handheld is targeted for industrial and field applications where reliability is critical and ruggedness is key. Offering a complete and unique set of features, the fully rugged Nautiz X9 can be used as a mobile computer, data collector or field controller. It offers:
  • A quad-core processor and easy-to-use Android 7 (Nougat) OS.
  • GPS/GLONASS capabilities standard.
  • Optional high-quality, high-speed 2D imager.
  • Dual cameras including 13-megapixel rear-facing with autofocus and flash, and 2-megapixel front-facing.
  • 4G/LTE Android phone functionality.
  • Google GMS for Google Maps navigation and Play Store app access.
  • A sunlight-readable 5-inch capacitive display with multi-touch sensitivity.
  • IP67 ruggedness rating for waterproof, dust-tight performance.

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Instrumentation, Systems & Automation

Well-logging gas analyzer combines two instruments into one

Baseline, the industrial analyzer group within MOCON, Inc. and a leader in instruments used to test, measure and analyze gases, has introduced the latest addition to its PetroAlert Series gas analyzers. The new Series 9200 PetroAlert gas analyzer combines the selective detection of a gas chromatograph (GC) with the continuous monitoring abilities of a total hydrocarbon analyzer (THA) in a single, compact, sensitive and stable instrument.

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