Canadian oil and gas producer Encana Corp. (TSE:ECA) reported an unexpected quarterly operating profit, helped by a cost-cutting drive, and said it would raise its 2016 capital expenditure program.
A Calgary-based oil company says it is in danger of defaulting on some of its debts by the end of June, but is working with its lenders to make sure that doesn't happen.
Penn West Petroleum Ltd. said in its quarterly earnings on Monday that it is considering selling assets and raising capital via other means in order to pay its debts and stay in business.
