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February 2013 Investor Presentation – Encana Corp

Encana Corp · Feb 15, 2013 · 75 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. February 2013 Investor Presentation – Encana Corp – slide 1
    Corporate Presentation February | 2013
  2. February 2013 Investor Presentation – Encana Corp – slide 2
    Encana Corporation Sharpened Operational Focus Striving to be North America?s most efficient & profitable developer of natural gas
  3. February 2013 Investor Presentation – Encana Corp – slide 3
    What?s the same What?s changed What?s the future ? Large, quality asset base ? Less capital investment ? New CEO ? Strong technical teams ? Measured pace of liquids transition ? Lowest cost North American natural gas producer…
  4. February 2013 Investor Presentation – Encana Corp – slide 4
    Tremendous Asset Base Leading North American Portfolio of Resource Plays Greater Sierra (inc. Horn River) Duvernay Cutbank Ridge Bighorn Clearwater Jonah Niobrara/Mancos DJ Niobrara Piceance Texas Haynesville Tuscaloosa…
  5. February 2013 Investor Presentation – Encana Corp – slide 5
    Encana?s Strengths Portfolio of Land, Reserves & Production* Land (MM net acres) ? Total land position: ? Fee land (advantaged royalty structure): 10.9 3.6 Reserves & Resources (Tcfe; 100% externally evaluated) ? Proved reserves…
  6. February 2013 Investor Presentation – Encana Corp – slide 6
    North America?s 3rd Largest Natural Gas Producer Well Positioned to be the Industry Leader ? Technology leader ? ?Resource Play Hub? expertise ? Supported by joint venture partners ? Long-term strategic arrangements ? Leveraged…
  7. February 2013 Investor Presentation – Encana Corp – slide 7
    Industry Environment The Right Time to Think Counter-Cyclically ? Commodity prices: ? Strong light oil prices ? Weak natural gas prices ? Industry fundamentals: ? Reduced industry activity levels ? Decreased service sector costs ?…
  8. February 2013 Investor Presentation – Encana Corp – slide 8
    Capturing the Opportunity ? Fund the most profitable assets ? 80% of 2013F upstream capital allocated to oil & liquids rich natural gas plays ? Low cost natural gas plays can compete ? Leverage third party capital ? ~$3.8 billion of…
  9. February 2013 Investor Presentation – Encana Corp – slide 9
    Dry Gas 21% Oil 25% Liquids Rich Gas 54% Canada 52% USA 48% Peace River Arch 30% Bighorn Clearwater 20% 16% Cutbank Ridge 13% Duvernay 11% Other 10% Haynesville 21% DJ Basin 18% Piceance 22% Emerging Plays…
  10. February 2013 Investor Presentation – Encana Corp – slide 10
    Exercising Capital Discipline 2012 2013F Capital Investment ($B) 3.5 3.0 ? 3.2 Net Divestitures ($B) 3.7 0.5 ? 1.0 Net Capital Investment ($B) (0.2) 2.0 ? 2.7 Natural Gas (Bcf/d) 3.0 2.8 ? 3.0 Oil (Mbbls/d) 17.6 22 ? 28 NGLs…
  11. February 2013 Investor Presentation – Encana Corp – slide 11
    2013 Capital Allocation* 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2011 2012 2013F Oil Liquids Rich Natural Gas Natural Gas Investing in Highest Return Projects *Represents upstream capital only; excludes Corporate & Other capital. 2013F…
  12. February 2013 Investor Presentation – Encana Corp – slide 12
    Why Third Party Capital Works For Us ? Achieve immediate recognition of value ? Cutbank Ridge Partnership with a Mitsubishi subsidiary ? Duvernay Partnership with a PetroChina subsidiary ? Maintain capital and operating…
  13. February 2013 Investor Presentation – Encana Corp – slide 13
    Leveraging Third Party Capital Completed Joint Ventures, Partnerships & Farm-outs 550 720 1,110 1,240 730 750 980 1,030 770 1,100 1,760 1,980 0 1,000 2,000 3,000 4,000 5,000 2012 Actual 2013F 2014F 2015F Encana\'s WI…
  14. February 2013 Investor Presentation – Encana Corp – slide 14
    Accelerating Value Leveraging Third Party (JV) Capital Investment * Illustrative example; assumes a ~9 Bcfe (NBR) Canadian Deep Basin type well investment made today in both cases. * PIR - Profit to Investment Ratio (PV9). * Based…
  15. February 2013 Investor Presentation – Encana Corp – slide 15
    Typical Joint Venture Structure ? Encana maintains control via: ? Operatorship ? Being the managing partner ? Technical expertise and experience ? Partner?s commitment to a rolling 5 year capital plan ? Partner?s rights exercised…
  16. February 2013 Investor Presentation – Encana Corp – slide 16
    Advancing Resource Play Hub Development Track Record of Continuous Supply Cost Reductions ? Substantial cost reductions through resource play hub model ? Multi-well pad using fit for-purpose rig ? Highly efficient repeatable…
  17. February 2013 Investor Presentation – Encana Corp – slide 17
    Montney Supply Cost Evolution Advancing Resource Play Hub Design and Development $0.46 0.46 $0.94 $0.86 $1.50 $0.63 $0.51 $3.20 $0.56 $3.17 $3.15 $2.85 $2.69 $3.40 $4.55 $6.45 $4.10 $2.09 $1.91 0.0 0.5 1.0 1.5 2.0…
  18. February 2013 Investor Presentation – Encana Corp – slide 18
    Operating Cost Comparison Q3 2012 YTD - Excluding Transportation & Processing $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 ECA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 $/Mcfe Striving to be the most efficient…
  19. February 2013 Investor Presentation – Encana Corp – slide 19
    Q3 2012 YTD - Including Transportation & Processing $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Peer 1 Peer 2 ECA Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 $/Mcfe Operating Costs Excl. T & P Operating Costs Incl. T &…
  20. February 2013 Investor Presentation – Encana Corp – slide 20
    13% 20% 30% 16% 11% 10% Cutbank Ridge Bighorn Peace River Arch Clearwater Duvernay Other 2012 Actual 2013F % Change Natural Gas Production (MMcf/d) 1,359 1,500 ? 1,600 10 ? 18 Liquids Production (Mbbls/d) 19.4 30 ? 35 55 ?…
  21. February 2013 Investor Presentation – Encana Corp – slide 21
    Canadian Division 2013 Liquids Strategy Liquids production (Mbbls/d) 5 0 10 15 20 25 2011 2012 2013F Oil NGLs ? Execute joint venture programs ? Mitsubishi, PetroChina ? Maximize value via liquids production ? Advancing…
  22. February 2013 Investor Presentation – Encana Corp – slide 22
    Resource ? 414,000 net acres ? Estimated PIIP: 32 Tcf, 1 ? 2 Bbbls ? Well cost: $5 ? $10 million ? EUR per well: 2 ? 12 Bcfe ? Oil gravity: 55 ? 60 API Strategy ? Focus on liquids-rich opportunities ? Continue stacked cretaceous…
  23. February 2013 Investor Presentation – Encana Corp – slide 23
    Bighorn Multi-Zone Potential ? Horizontal development focused on four primary liquids rich targets: ? Cardium, Dunvegan, Cadotte, and Falher/Wilrich ? Compelling economics and attractive rates of return ? Secured firm processing…
  24. February 2013 Investor Presentation – Encana Corp – slide 24
    Bighorn Multi-Zone Potential ? Horizontal development focused on four primary liquids rich targets: ? Cardium, Dunvegan, Cadotte, and Falher/Wilrich ? Compelling economics and attractive rates of return ? Secured firm processing…
  25. February 2013 Investor Presentation – Encana Corp – slide 25
    0 20 40 60 80 100 CARD. DUNV. CDTT FLHR / WLRCH Bighorn ? Horizontal Inventory # of Wells Estimated Inventory Drilled 2013F Cardium 85 2 1 Dunvegan 115 8 5 Cadotte 215 2 0 Falher/Wilrich 335 44 19 Total 750 56 25 Hz Hz…
  26. February 2013 Investor Presentation – Encana Corp – slide 26
    Bighorn Cost Reductions Cost Reduction Example ? Falher Horizontal Wells 8 4 0 12 16 20 0.0 0.5 1.0 1.5 2.0 2.5 2008 2009 2010 2011 2012 Drilling Completions Equip & Tie-In Intervals Average number Cost per interval ($MM)…
  27. February 2013 Investor Presentation – Encana Corp – slide 27
    Cutbank Ridge Asset Overview Resource ? 982,000 gross acres ? Estimated PIIP: 130 Tcf, 1 ? 2 Bbbls ? Well cost: $5 ? $10 million ? EUR per well: 4 ? 16 Bcfe ? Oil gravity: 45 ? 65 API Strategy ? Increase value through…
  28. February 2013 Investor Presentation – Encana Corp – slide 28
    Cutbank Ridge Partnership (CRP) ? Partnership with Mitsubishi: ? Encana 60% interest ? Mitsubishi, 40% interest ? 5 development areas: ? Montney: Saturn, Swan and Tumbler Ridge ? Cadomin: Tumbler Ridge ? Doig: Tumbler Ridge ?…
  29. February 2013 Investor Presentation – Encana Corp – slide 29
    Improved Completions Results Cutbank Ridge Slickwater/Cluster Perforation Application Gas Rate/100m (Mcf/d) Production Days Pilot Wells Offsets 60% Increase ? 5 well pilot: Improved initial rates compared to offsetting wells
  30. February 2013 Investor Presentation – Encana Corp – slide 30
    0 100 200 300 400 500 600 700 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 50 100 150 200 250 Condensate Production (bbls/d) Gas Production (MMcf/d) Flowing Hours Gas Rate (mmcf/d) (MMcf/d ConD Rate (bbl/d) Condensate…
  31. February 2013 Investor Presentation – Encana Corp – slide 31
    Peace River Arch Asset Overview Resource ? 602,000 net acres ? Estimated PIIP: 36 Tcf, 1 ? 3 Bbbls ? Well cost: $7 ? $12 million ? EUR per well: 4 ? 16 Bcfe ? Oil gravity: 47 ? 63 API Strategy ? Accelerate liquids production ?…
  32. February 2013 Investor Presentation – Encana Corp – slide 32
    Peace River Arch Historical Production - Improving Liquids Yields Gas production (MMcf/d, NBR) Liquids production (bbls/d, NBR*) 0 3,000 6,000 9,000 12,000 0 50 100 150 200 2008 2009 2010 2011 2012 2013 Liquids Gas *Net…
  33. February 2013 Investor Presentation – Encana Corp – slide 33
    Resource ? 460,000 gross acres ? Estimated PIIP*: ~9.1 billion BOE ? 50 ? 60 API oil gravity ? 1,020 ? 1,170 Btu/scf average heat content ? 1,000 - 1,600 gross well locations ? 160 ? 330 acre expected well spacing Strategy ?…
  34. February 2013 Investor Presentation – Encana Corp – slide 34
    Duvernay The Encana Advantage ? Encana has captured over half of the high-graded liquids rich gas condensate fairway ? Encana free condensate yield results are top quartile ? Estimate 30 Tcf and 4 Bbbls PIIP on Encana lands ?…
  35. February 2013 Investor Presentation – Encana Corp – slide 35
    Duvernay Joint Venture ? PetroChina agreed to invest C$2.18 billion for 49.9% working interest ? C$1.18 billion up front ? C$1.0 billion in the form of carry of 50% of Encana?s share of capital during the commitment period (~4…
  36. February 2013 Investor Presentation – Encana Corp – slide 36
    Resource ? 4.5 million net acres ? Encana owns mineral rights on 78% of lands ? Average royalty rate of ~7% ? Estimated PIIP: 12 Tcf (CBM), 200 MMbbls Strategy ? Advance conventional oil plays ? Maintain CBM competence Current…
  37. February 2013 Investor Presentation – Encana Corp – slide 37
    Toyota Tsusho ? Upfront cash of C$100 million ? Provides capital funding of C$502 million over 7 years: ? 1,488 drilling locations ? 1,606 recompletion locations ? Acquired uniform 32.5% GORR on PDP and Future Development…
  38. February 2013 Investor Presentation – Encana Corp – slide 38
    KOGAS Farmouts Two Separate Deals ? Deal 1 ? Signed February 26, 2010 ? 38 sections ? $324 million earn-in capital ? KOGAS earned 50% working interest in April 2012 ? Deal 2 ? Signed July 28, 2011 ? 33 sections ? $185 million…
  39. February 2013 Investor Presentation – Encana Corp – slide 39
    Operating cost ($/Mcfe) $0.95-$0.65 at 200 ? 300 MMcf/d Transportation cost ($/Mcfe) $1.68 Royalties 3% Delivery point Premium price to NYMEX Deep Panuke Project First Natural Gas Production Forecast: First Half 2013
  40. February 2013 Investor Presentation – Encana Corp – slide 40
    Increasing Liquids Extraction with Deep Cut ? Deep Cut expansions: ? 5,000 bbls/d at Musreau ? March 2012 ? 3,000 bbls/d at Gordondale ? October 2012 ? 12,000 bbls/d at Resthaven ? Phase 1 Q2 2014 ? 11,800 bbls/d at Dawson Creek…
  41. February 2013 Investor Presentation – Encana Corp – slide 41
    NGL Value Uplift Generic Example $3.73 $3.57 $3.34 $2.98 $3.41 $3.27 $2.73 $0.60 $0.96 $1.38 $1.41 $0.65 $0.98 $1.27 $0.17 $0.53 $4.33 $4.54 $4.74 $4.56 $4.07 $4.27 $4.53 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00…
  42. February 2013 Investor Presentation – Encana Corp – slide 42
    USA Division 2013 Key Strategies Encana Land (Dec. 31, 2012) Total USA Division Net Acres: 2.9 MM Jonah Piceance Niobrara/ Mancos DJ Niobrara Texas Haynesville Collingwood/Utica Tuscaloosa Mississippian Lime San Juan…
  43. February 2013 Investor Presentation – Encana Corp – slide 43
    5% 21% 18% 22% 5% 29% Jonah Haynesville DJ Basin Piceance Other* Emerging Plays 2012 Actual 2013F % Change Gas Production (MMcf/d) 1,622 1,300 ? 1,400 (20) ? (14) Liquids Production (Mbbls/d) 11.6 20 ? 25 72 ? 116 Core…
  44. February 2013 Investor Presentation – Encana Corp – slide 44
    USA Division Liquids Production Profile 2013 Liquids Growth Strategy ? Complete evaluation of emerging plays ? Milestone approach testing larger completions with defined type curve and cost targets ? Execute existing joint…
  45. February 2013 Investor Presentation – Encana Corp – slide 45
    DJ Basin- Horizontal Niobrara Asset Overview Resource ? 36,000 net acres ? Estimated PIIP: 700 million BOE ? 83 bbls/MMcf of NGLs ? Primarily light oil with associated gas/NGLs ? 80% NRI ? 500 net well locations Strategy ?…
  46. February 2013 Investor Presentation – Encana Corp – slide 46
    Resource ? 168,000 net acres captured in oil window ? Primarily light oil with associated NGLs ? 80% NRI ? ~900 potential net locations Strategy ? Appraise oil window of the Gallup formation ? Ramp-up to commercial development…
  47. February 2013 Investor Presentation – Encana Corp – slide 47
    TMS Asset Overview Well Name Lateral Length (ft) # of Stages 30 Day IP (BOE/d) Ash 31H-1 6,767 n/a Waiting on completion Ash 31H-2 5,553 n/a Waiting on completion Weyerhaeuser 60H-1 7,750 n/a Waiting on completion Weyerhaeuser…
  48. February 2013 Investor Presentation – Encana Corp – slide 48
    Subsurface Learnings ? Longer laterals & enhanced completions delivering improved performance ? Anderson wells establishing type curve ? Established relationship between job size and EUR. Currently testing larger jobs. ? Data…
  49. February 2013 Investor Presentation – Encana Corp – slide 49
    Resource ? 124,000 net acres ? Estimated PIIP: 8.6 billion BOE ? Primarily light oil ? 75% RI ? ~1,150 gross well locations Strategy ? Establish commerciality through longer laterals and improved completion design ? Accelerate…
  50. February 2013 Investor Presentation – Encana Corp – slide 50
    Eaglebine Results & Priorities IP(30) 220 IP(30) 142 & 234 IP (30) 166, 200 & 228 Lower Laminated OOIP (MMbbls/sec) 10mi IP(30) 508 IP(30) 575 IP(30) 319 IP(10) 420 Temp. Abandon IP(30) 483 & 387 Well Posting Horizontal wells EGBN Wells…
  51. February 2013 Investor Presentation – Encana Corp – slide 51
    Resource ? 184,000 net acres ? NGIP: 80 Tcfe ? > 500 gross producing wells ? 2,200 wells in inventory (1P + 1C) Strategy ? Top value/low risk wells ? Cross Unit laterals > 7,500? ? RPH development ? Continue completion evolution…
  52. February 2013 Investor Presentation – Encana Corp – slide 52
    Haynesville Supply Cost Evolution ? Continuous completion design evolution ? larger jobs ? 6 wells per section density ? Longer laterals ? Ultra long laterals ? Cross Unit approval Q4 2012 ? High temperature tool reliability ?…
  53. February 2013 Investor Presentation – Encana Corp – slide 53
    Haynesville Resource Play Hub Long Lateral Previous Pattern 640 acre, 4,600 ft lateral Previously undeveloped setback area Planned RPH Well Lease Retention Well Current Pattern 1,920 acre, 7,500 ft lateral Encana Leading the…
  54. February 2013 Investor Presentation – Encana Corp – slide 54
    Williams Fork Resource ? 801,000 net acres ? EUR: 1 ? 4 Bcf /well ? >8,000 gross well locations Strategy ? Continue to execute on existing joint ventures ? Optimize spacing and frac volume ? Reduce drilling and completion costs…
  55. February 2013 Investor Presentation – Encana Corp – slide 55
    Mississippian Lime Asset Overview - Osage Mississippian production: >50,000 vertical wells ; ~1,400 horizontal wells Resource ? 81,600 gross/net acres (Osage only) ? Estimated PIIP: 2.5 billion BOE ? Primarily light oil with…
  56. February 2013 Investor Presentation – Encana Corp – slide 56
    Lake Michigan Lake Huron ECA acreage Collingwood Shale Northern Location MI 25 miles Southern Location Pioneer 1-3 Excelsior 1-25 Excelsior 1-13 Wilmot 1-21 Kendall & Koehler 1-33 Resource ? 429,000 net acres ? Estimated…
  57. February 2013 Investor Presentation – Encana Corp – slide 57
    Utica/Collingwood Shale Well Performance Well Name Lateral Length (ft) # of Stages 30 Day IP (MMcfe/d) Pioneer 1-3 5,000 15 4.2 Excelsior 1-13 5,300 20 3.6 Excelsior 1-25 7,500 30 8.0 Excelsior 2-25 7,300 30 -- Excelsior 3-25…
  58. February 2013 Investor Presentation – Encana Corp – slide 58
    High Quality Asset Base 1.16 Tcfe 13.1 13.1 7.6 25.4 3.6 7.6 20.0 3.6 24.4 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 80 90 100 Annualized 2011 Production 2012 Reserves 2012 Reserves & ECR Reserves and…
  59. February 2013 Investor Presentation – Encana Corp – slide 59
    0 1 2 3 4 5 6 7 8 Other Jonah Texas Piceance Haynesville Bighorn Clearwater Greater Sierra Peace River Arch Cutbank Ridge1 2 3 1P (Proved) Reserves Evaluated by Independent Qualified Reserves Evaluators as of December 31,…
  60. February 2013 Investor Presentation – Encana Corp – slide 60
    Comprehensive Disclosure of Reserves & Resources Largest Reserves and Resource Life in Encana?s History Encana Reserves and Resources (Tcfe) 1 Estimated reserves Estimated economic contingent resources KRP P1 Proved P2 Probable…
  61. February 2013 Investor Presentation – Encana Corp – slide 61
    30 Encana 1P Proved Reserves & 1C Economic Contingent Resources Surface locations Proved Developed (PD) wells Proved Undeveloped (PUD) locations Contingent locations 1P 1P 1P 1P 1P 1P 1C 1C 1C 1C ? Proved reserves (1P): 13.1…
  62. February 2013 Investor Presentation – Encana Corp – slide 62
    0 20 40 60 80 100 Peak Rate (%) New Plays Commercial Assets Harvest Assets Cutbank Ridge - Montney Horseshoe Canyon CBM Bighorn Horn River ? Two Island Lake Greater Sierra - Jean Marie Horn River - Kiwigana West Cutbank -…
  63. February 2013 Investor Presentation – Encana Corp – slide 63
    Maintaining Financial Strength & Flexibility ? Planning to pay 2013 maturity ($500 million) with cash ? $3.2 billion of cash and short term investments as at December 31, 2012 ? ~$5 billion of undrawn bank lines committed until 2015…
  64. February 2013 Investor Presentation – Encana Corp – slide 64
    Disciplined Risk Management Natural Gas Price Hedging* - Increased Cash Flow Certainty 0.8 0.7 1.5 $4.39 $4.22 $4.37 0.0 0.5 1.0 1.5 2.0 2.5 2013 2014 2015 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Volume NYMEX Fixed Price…
  65. February 2013 Investor Presentation – Encana Corp – slide 65
    Coal-to-Gas Displacement Historical and Implied by Natural Gas Prices 8 6 4 2 0 10 12 Jan 2011 Apr 2011 Jul 2011 Oct 2011 Jan 2012 Apr 2012 Jul 2012 Oct 2012 Jan 2013 Apr 2013 Jul 2013 Oct 2013 Estimated…
  66. February 2013 Investor Presentation – Encana Corp – slide 66
    Natural Gas Yield Curve Relative Storage and Price Relationship $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 (200) (100) 0 100 200 300 400 500 600 700 800 August 2011 - March 2012 April - November 2012 December 2012 - Present…
  67. February 2013 Investor Presentation – Encana Corp – slide 67
    Projected New Natural Gas Demand Creation Excellent Opportunities Diversified Across Many Sectors Bcf/d Short Term < 3 yrs Medium Term 3 to 10 yrs Long Term 10 years + Announced Retirements 1 to 2* 2 to 4 4 + Incremental Power 0…
  68. February 2013 Investor Presentation – Encana Corp – slide 68
    What Makes LNG for Transportation Viable? Illustrative Full Cycle Cost Components ? LNG vs. Diesel Sales and Excise Tax Retailing Distribution *$4.00/MMBtu gas and $100/bbl oil, blended Canada/U.S. analysis; Encana estimates; DGE:…
  69. February 2013 Investor Presentation – Encana Corp – slide 69
    Transforming North American Transportation Strategic with Economic Return on Infrastructure Investment 0 2.5 5 7.5 2012 2015 2018 2021 2024 2027 0 2.5 5 7.5 2012 2015 2018 2021 2024 2027 *Assumes $4.00/Mcf NYMEX gas and…
  70. February 2013 Investor Presentation – Encana Corp – slide 70
    The North American Market is Responding Infrastructure Growth and Recent Industry Announcements 831 825 952 1030 38 36 44 46 0 200 400 600 800 1,000 1,200 2008 2009 2010 2011 CNG LNG Total NGV Station Count Growth Since…
  71. February 2013 Investor Presentation – Encana Corp – slide 71
    0% 10% 20% 30% 40% 50% 60% Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 % of Total Generation Coal Natural Gas 58 60 62 64 66 68 1997 1999 2001 2003 2005…
  72. February 2013 Investor Presentation – Encana Corp – slide 72
    Source: Encana Fundamentals, company announcements. Between 2012 and 2025 50 GWs of coal-fired capacity retirements have been announced, representing a 5.4 Bcf/d potential NG demand opportunity. Long-term: Coal Unit Retirements 5…
  73. February 2013 Investor Presentation – Encana Corp – slide 73
    Converting demonstrated net asset value into cash flow Key Messages ? Striving to be North America?s most efficient and profitable developer of natural gas ? Tremendous asset base ? Growing exposure to oil and natural gas liquids ?…
  74. February 2013 Investor Presentation – Encana Corp – slide 74
    2013F ENCANA CORPORATE GUIDANCE US$, U.S. GAAP February 14, 2013 2013F Production (after royalties) Natural Gas (MMcf/d) 2,800 ? 3,000 Oil (Mbbls/d) 22 ? 28 Natural Gas Liquids (Mbbls/d) 28 ? 32 Total Liquids (Mbbls/d) 50 ? 60…
  75. February 2013 Investor Presentation – Encana Corp – slide 75
    Operating Costs ($/Mcfe at 6:1 ratio) Upstream Operating Costs (4) 0.70 Transportation and Processing 1.25 Administrative Expense (4) 0.30 Depreciation, Depletion and Amortization Rate 1.25 2013 Sensitivities (1) ($ millions) Cash…

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