Encana Corp.'s first quarter net profit marked a rise touching US$1.48 billion, grabbing a three times higher level compared to it an year earlier, on account of the accounting effects of its hedging program more than offset lower market prices for natural gas.

The company, which spun off its oil sands operations into Cenovus Energy Inc initially this year, focusing on gas production, posted its net income to touch US$1.48 billion, or US$1.97 per share, including after-tax unrealized mark-to-market hedging fund gains of US$912 million.

Encana's operating earnings during the quarter were posted to be around $418 million or $0.56 per share- marking a squeeze from 72 cents or $544 million in the same period last 2009.

Cash flow was $1.2 billion, or $1.57 per share. The commodity hedges contributed $125 million or 17 cents per share to cash flow.

Encana posts to plans to grab a per share rise via a double-digit organic production rise and by using proceeds from divestitures of producing assets to buy shares mainly to compensate for the reduced per share production because of the sale of those assets.

Its revenue attributed to its natural gas business in the first three months of 2010 touched $3.54 billion, reduced from $3.68 billion the previous year.