Encana, BG report writedowns in US shale gas values

08/06/2012
Encana Corp. and BG Group each separately reported noncash writedowns in the value of their US natural gas shale assets on July 27 during presentations on second-quarter financial results. Randy Ersman, Encana chief executive officer and president, said additional shale gas writedowns are expected under US full-cost accounting rules. Encana reported a $1.7 billion aftertax impairment charge against net earnings in the second quarter resulting primarily from the decline in 12-month average trailing gas prices. The impairment charge does not affect cash flow or operating earnings and is not reflective of the fair value of the assets, the company said. "Given the current pricing environ...
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