After declaring a loss for the first quarter, Canadian energy company Encana said it is working to cut overall costs by more than $400 million. Encana reported its revenue for the first quarter was down 40 percent year-on-year to $753 million, while cash flow fell nearly 80 percent to $102 million. Doug Suttles , the company’s president and CEO, said his company was focusing on efficiency and lower well costs at its four key shale assets in North America. Drilling and completion costs at its North American sites were down by up to 44 percent against last year. “We are on track to deliver $437 million of year-over-year cost savings,” he said in a statement. The […]