Calgary, Alberta-based Encana Corporation ECA reported second-quarter 2017 operating earnings of 18 cents per share, ahead of the Zacks Consensus Estimate of 4 cents. Further, the bottom line improved from the year-ago period earnings of 10 cents per share. Improvement in the top line, higher realized prices and reduction in the costs lead to better results.Quarterly revenues of $1,083 million came above the Zacks Consensus Estimate of $773 million. Moreover, revenues were 197.5% higher than the prior-year figure of $364 million.Encana Corporation Price, Consensus and EPS Surprise Encana Corporation Price, Consensus and EPS Surprise | Encana Corporation QuoteProduction & PricesQuarterly natural gas production declined approximately 19% year over year to 1,146 million cubic feet per day, while liquids production fell 5% year over year to 124.9 thousand barrels per day.Encana's realized natural gas price were $2.56 per thousand cubic feet, up 37.6% from the year-ago quarter level of $1.86. Meanwhile, liquids price rose to $41.97 per barrel from $38.47 in the second quarter of 2016, reflecting an increase of 9%.Costs & ExpensesTotal operating expenses reduced by 40.3% from second-quarter 2016 to $762 million. The decline is primarily attributed to the reduction in impairment charges.Specifically, Encana reported operating costs of $113 million for the reported quarter, 16% lower than the year-ago quarter level. Also, transportation and processing expenses fell 15% to $206 million. Administration and depreciation charges were down by 60% and 16%, respectively.Capital Spending and Balance SheetEncana's capital investments during the quarter were $415 million. As of Jun 31, 2017, cash and cash equivalent was $395 million and long-term debt was $4,198 million. This, in turn, represents a debt-to-capitalization ratio of 38.2%.Zacks Rank & Stocks to ConsiderEncana is a focused pure-play natural gas exploration and production company. It is the second largest gas producer in North America with land and resources in a number of the region's promising shale and tight gas resource plays. The company currently carries a Zacks Rank #4 (Sell).Better-ranked players from the broader energy space include McDermott International, Inc. MDR, SeaDrill Limited SDRL and Petróleo Brasileiro S.A. or Petrobras PBR. All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.McDermott delivered an average positive earnings surprise of 387.5% in the last four quarters.SeaDrill pulled off an average positive earnings surprise of 97.13% in the last four quarters.Petrobras came up with an average positive earnings surprise of 59.58% in the last four quarters.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think. See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR): Free Stock Analysis Report McDermott International, Inc. (MDR): Free Stock Analysis Report Encana Corporation (ECA): Free Stock Analysis Report Seadrill Limited (SDRL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research