Q1 Highlights Solid Operating Performance & Continued Liquids Growth Operational excellence drives value Driving efficiency through innovation and operational excellence across the organization Continuing transition to increased…
Significant Exposure To Oil Price Improvement Transition To More Balanced Commodity Mix Continues Mbbls/d Annual Average Liquids Production MM 2015F Cash Flow Sensitivity to WTI Oil Price** 160 600 140 500 120 400 100 80 300…
Portfolio More Resilient To Commodity Cycle Focus On Highest Margin Assets 80% of 2015F capital to four most strategic assets e Expenses* Expenses* *Includes operating expense, transportation and processing and production…
Four Strategic Assets Offer Vast Well Inventory Positioned for Growth Beyond 2015 10,000 Locations Total Production (MBOE/d) Permian + Eagle Ford + Montney* + Duvernay Permian + Eagle Ford + Montney* + Duvernay 300 400 Eagle Ford…
Q1 In Review Growing High Margin Production Q1 2015 78% y-o-y increase in total liquids volumes Upstream Operating Cash Flow** 454 Excluding Hedging (MM) Oil & condensate* 77% of total liquids Upstream Operating Cash Flow** 702…
On Track To Meet 2015 Guidance Capital Discipline Remains Paramount 2015F Total Cash Flow (B) 1.4 1.6 - per common share, diluted (/sh) 1.70 1.95 Cash flow guidance maintained Weighted Average Common Shares Outstanding diluted* (MM)…
2015 Financial Positioning Discipline, Liquidity & Flexibility Committed to maintaining investment grade credit rating Mid-BBB ratings from Moodys, S&P and DBRS C1.4 billion equity issue Proceeds used to repay notes due in 2017 and…
Cost Reductions & Value Improvement Initiatives On Track To Achieve Targeted 375 MM Cost Savings/Efficiencies Maximizing Margins Improving Capital Efficiency Simultaneous operations Realized Price: Value not Volume Enhanced…
Focused on Operational Excellence Driving Efficiency Through Innovation and Execution Investing in our highest margin assets Permian, Eagle Ford, Montney and Duvernay Montney Liquids rich Receiving 80% of 2015F capital Duvernay…
Permian 2015 Program Objectives Grow production to 45-50 MBOE/d Implement Resource Play Hub Simultaneous operations Line of sight to 25% in horizontal well cost savings Advancing play while enhancing well performance and testing…
Permian Q1 2015 Update: Operational Excellence MM 10% Reduction in Drilling & Completions Cost per 1,000 ft MM Average Spud to Rig Release Days vs Depth 0 Operational efficiencies and supply Implementation of RPH and fit-for-purpose…
Permian First Encana Simultaneous Operation in the Permian Howard county four well pad Advancing RPH Separation between D&C operations Four well pad with simultaneous operations First time Blast Wall Sand Silos Pumping our own sand…
Eagle Ford 2015 Program Objectives Grow production to 49-57 MBOE/d Line of sight to 20% in well cost savings Enhanced well performance Cluster spacing Sand concentration Future inventory potential Testing the Graben area 250…
Eagle Ford Q1 2015 Update : Operational Excellence MM 20% Reduction in Drilling & Completions Cost per 1,000 ft Average SpudtotoRig Average Spud RRRelease Days vs Depth Pacesetter well 0 10 6.4MM 1.80 Pacesetter well 5,000 9.5 days…
Eagle Ford Well Performance and Production Optimization High Intensity Frac Improving Well Performance Base Production Optimization (50% uplift) 200,000 Cumulative Prod. (BOE) 31 Oil Rate (Mbbls/d) 150,000 30 29 100,000…
Duvernay 2015 Program Objectives Grow production to 9-11 MBOE/d Well cost reductions through RPH efficiencies Reduce D&C costs by 30% Enhance well performance through optimizing completions intensity Evaluating tighter well…
Duvernay Q1 2015 Update : Operational Excellence 30% Reduction in Drilling & Completions Cost per 1,000 ft Average Spud to RR Days vs Depth 0 Move to RPH in 2014 made for 40 Pacesetter 7 5,000 major step change in execution 30.5…
Duvernay Driving Efficiency through Innovation and Execution Eight well pad with dual completions Produced Water Frac Crew 1 Frac Crew 2 Sand Silos Sand Silos Wellhead Testers 1 2 3 4 5 6 7 8 Pumpdown Crew 1
Montney 2015 Program Objectives Grow production to 140-150 MBOE/d Reduce D&C costs by 20% Utilize water resource hub Cost savings of 400K/well Enhance well performance Higher intensity fracs Optimize wellsite facilities…
Montney Q1 2015 Update : Operational Excellence 14% Reduction in Drilling & Completions Cost per 1,000 ft Average Spud to RR Days vs Depth 1Q15 :14% less than 10 2014 average 1.5 0 8.0 2,000 Pacesetter well 13 days 8 7.4 1.3 6.4…
Montney Efficiency Initiatives Water Resource Hub High Intensity Frac Improving Well Performance 3.5 2015 Completion design potential to uplift 3.0 production 30+% 30% Cumulative Gas Production (Bcf) 2.5 70% 2.0 1.5…
2015 Continued Focus on Margin Expansion Key Targets Continued focus Additional Deliver profitable Improve capital on base improvement in growth efficiency optimization G&A efficiencies 75 million of Focus across all 60% y-o-y…
Well Positioned For 2015 & Beyond Driving efficiency through innovation and execution Drilling better wells at lower costs Increasing well inventory Growing high margin production from four strategic assets Fully funded 2015F…
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