Three energy companies are recovering from poor second quarters.

Calgary-based Encana and Cenovus in particular took it on the chin with a 40 per cent drop in profits for Cenovus while Encana lost $1.48 billion.

On the national stage, Suncor recorded lower profits and booked $694 million in charges related to a natural gas asset in war-torn Syria.

Vice-President of Ziff Energy Bill Gwozd tells 660News what the key is when looking at these prices.

“Many of the investors in these companies are often pensioners, so from their point of view they probably want a long term cash flow; they would also hope the companies are investing for the long term future and not looking quarter to quarter.” said Gwozd.

Gwozd cautions that just because this quarter was a loss, doesn’t usually mean that’s what is in store for the future.

“I wouldn’t take a lot of grains of salt on a quarter to quarter basis, it’s really their long term strategy. I think their annual meetings would summarize where they’ve been and where they expect to be.” adds Gwozd.

Gwozd notes energy companies don’t control prices, they’re set across the board by various functions in North America.