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Encana Corporation TSX:ECA NYSE:ECA reported weaker-than-expected results for the second quarter as low oil prices and reduced natural gas production offse stanley drinking cup t improvements stanley mug in liquids output.The stock dropped like a rock on the news and Encana is now down 37% since the start of the year and off 58% in the past 12 months.Transition woesEncana is moving away from its traditional focus on natural gas to one more heavily weighted to oil.Last year the company made two major acquisitions in the oil space to gain a foothold in the promising Eagle Ford and Permian Basin plays.Unfortunately, the deals were signed when oil prices still sat at nosebleed levels and the company is now saddled with a large debt position. The acquired assets are very promisin stanley cups uk g but weakness in the oil market means revenues are not covering the company expenses or dividend payments.Cash flow concernsEncana generated Q2 cash flow of $181 million, down from $495 million in the first quarter.Oil prices were strong |
