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November 2011 Investor Presentation – Encana Corp

Encana Corp · Nov 11, 2011 · 81 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. November 2011 Investor Presentation – Encana Corp – slide 1
    Encana Corporation Corporate Presentation November 2011 take a closer look
  2. November 2011 Investor Presentation – Encana Corp – slide 2
    Take a Closer Look Strategically Positioned to Excel We are ? The leading North American resource play company ? Pursuing the greatest long-term value creation for shareholders ? Committed to responsible financial stewardship We…
  3. November 2011 Investor Presentation – Encana Corp – slide 3
    Leading North American Resource Play Company Our Strong Foundation ? Vast North American focused land position ? Large, low cost, diversified production base ? Huge inventory of reserves and resources ? Highly economic…
  4. November 2011 Investor Presentation – Encana Corp – slide 4
    Encana Corporation Vast Land Position Greater Sierra Cutbank Ridge Bighorn CBM Deep Panuke Jonah Piceance Haynesville Land as at December 31, 2010 Major Established Plays: 11.7 million net acres Horn River Texas Total…
  5. November 2011 Investor Presentation – Encana Corp – slide 5
    Encana Corporation Large, Diversified Production Base 0 100 200 300 400 500 600 Haynesville Cutbank Ridge* Jonah CBM Piceance Texas* Greater Sierra* Bighorn Other MMcfe/d Guidance as at June 21, 2011; Total company…
  6. November 2011 Investor Presentation – Encana Corp – slide 6
    Our Strategy Having built a high-quality resource base, the greatest value creating proposition for our shareholders is to now deliver a sustainably higher growth rate and to do it at the lowest possible cost. A six faceted…
  7. November 2011 Investor Presentation – Encana Corp – slide 7
    0 10 20 30 40 50 60 70 Annualized 2010 Production 2010 Reserves Res & ECR P1 ? 14.3 P2 ? 8.7 P3 ? 4.1 C1 ? 20.0 C2 ? 16.7 C3 ? 19.8 Our Strategy Comprehensive Disclosure of Reserves and Resources (Tcfe) ? Best in class…
  8. November 2011 Investor Presentation – Encana Corp – slide 8
    0 5 10 15 20 Other Greater Sierra** Jonah Bighorn CBM Texas Horn River Piceance Cutbank Ridge* Haynesville P1 (Proved) P2 (Probable) P3 (Possible) Reserves Our Strategy Comprehensive Disclosure of Reserves and Resources…
  9. November 2011 Investor Presentation – Encana Corp – slide 9
    Our Strategy Accelerate Pace of Development ? Huge inventory provides basis for developing resource at a quicker pace ? Growth rate limited by manpower, infrastructure, services and investment capital ? Assets capable of a very high…
  10. November 2011 Investor Presentation – Encana Corp – slide 10
    2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 $6 NYMEX: ~15% CAGR $4 NYMEX: ~5% CAGR Accelerated Pace of Development Managing the Gas Price Reality: $4 - $6+ NYMEX Natural Gas * Based on 2011 cost structures, price range of…
  11. November 2011 Investor Presentation – Encana Corp – slide 11
    Our Strategy Advancing Resource Play Hub Design and Development Concentrated resource + Pad drilling + Manufacturing process = Resource play hub Represents 4-6 square miles of reservoir accessed from a single surface location.
  12. November 2011 Investor Presentation – Encana Corp – slide 12
    Our Strategy Advancing Resource Play Hub Design and Development ? Pad drilling ? Minimal surface impact ? Highly efficient ? Potential for even lower future costs Concurrent drilling and completions operations
  13. November 2011 Investor Presentation – Encana Corp – slide 13
    Our Strategy Advancing Resource Play Hub Design and Development ? Horizontal reach nearing two miles in length ? Central pad can drain up to six square miles ? Surface disturbance is a fraction of what vertical well development…
  14. November 2011 Investor Presentation – Encana Corp – slide 14
    $0.47 $3.20 $0.65 $0.52 $1.50 $0.95 $0.79 $3.17 $3.15 $4.10 $6.45 $4.55 $3.40 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2006 Vertical 2006 2007 2008 2009 2010 2011F 7 6 5 4 3 2 1 0 Cost/Interval* Supply Cost** Our Strategy…
  15. November 2011 Investor Presentation – Encana Corp – slide 15
    $0 $1 $2 $3 $4 $5 $6 $7 $8 2008 2009 2010 2011F 3-5 yr target Encana Historical Supply Cost Proven Track Record of Lowering Cost Structures $/MMBtu Including $0.30 G&A. 2011F represent initial projections Upper Quartile…
  16. November 2011 Investor Presentation – Encana Corp – slide 16
    Our Strategy Increasing Exposure to Oil and Natural Gas Liquids ? Focusing more capital into higher liquids areas of existing developments ? Extracting more natural gas liquids from higher Btu streams ? Expanding dry gas…
  17. November 2011 Investor Presentation – Encana Corp – slide 17
    Our Strategy Increasing Exposure to Oil and Natural Gas Liquids ? Responding to a shift in oil and gas pricing and the successful application of new technologies ? Pursuing a full cycle, organic approach to shifting portfolio…
  18. November 2011 Investor Presentation – Encana Corp – slide 18
    Our Strategy Increasing Exposure to Oil and Natural Gas Liquids Duvernay Alberta Bakken Niobrara More than 2.1 million acres with liquids rich drilling opportunities DJ Basin Collingwood Deep Basin As at June 30, 2011 Montney…
  19. November 2011 Investor Presentation – Encana Corp – slide 19
    Increasing Exposure to Oil and NGLs Liquids - Then & Now Pre-split (Cenovus assets) Current Technology: Liquids: ? Horizontal drilling ? Large, multi-stage completions ? Water flood ? Polymer flood ? CO 2 injection ? SAGD ?…
  20. November 2011 Investor Presentation – Encana Corp – slide 20
    $4.25 $4.10 $3.34 $1.25 $1.71 $3.28 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 Dewpoint Shallow Cut Deep Cut Natural Gas NGLs Increasing Exposure to Oil and NGLs Liquids Value Uplift C$/Mcfe* * Based on 1,100 Btu/Mcf…
  21. November 2011 Investor Presentation – Encana Corp – slide 21
    Our Strategy Attracting Third Party Investments ? Immediate recognition of hidden value ? Achieves targeted reduction in resource inventory ? Enhances financial flexibility ? Creates strategic partnerships ? Aligns with goal to…
  22. November 2011 Investor Presentation – Encana Corp – slide 22
    Abundance of natural gas enables an energy plan that will include? ? Natural gas as a preferred fuel for power generation ? Natural gas as a transportation fuel ? Expanded natural gas use in industrial applications ? Accessing new…
  23. November 2011 Investor Presentation – Encana Corp – slide 23
    Electric Power 41% Industrial 20% Residential 7% Transportation 28% Commercial 4% 80 Bcfe/d 117 Bcfe/d Electric Power 31% Industrial 31% Residential 22% Transportation 1% Commercial 15% *U.S. data is as of 2010;…
  24. November 2011 Investor Presentation – Encana Corp – slide 24
    0 50 100 150 200 250 300 350 Current Energy Use Current Natural Gas Consumption 2020F Consumption 2030F Consumption Residential Commercial Industrial Electric Power Transportation *U.S. data is as of 2010; Canadian data is as…
  25. November 2011 Investor Presentation – Encana Corp – slide 25
    $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 Solar PV Solar Thermal Wind Hydro Advanced Nuclear Advanced Coal Conv Coal Baseload Nat Gas Conv. CC Levelized Capital Cost Fixed O&M Variable O&M (incl. fuel)…
  26. November 2011 Investor Presentation – Encana Corp – slide 26
    Encana?s Vision for the Future Natural Gas as a Transportation Fuel ? Converting Encana?s fleet: trucks, drilling rigs and completions equipment ? Engaging vehicle manufacturers and investigating home fuelling solutions ? CNG for…
  27. November 2011 Investor Presentation – Encana Corp – slide 27
    Encana?s Vision for the Future Expanded Natural Gas Use in Industrial Applications ? Supplying LNG fuel to industrial users ? Displacing diesel in Encana field operations with LNG and CNG ? Nine drilling rigs fueled by natural gas…
  28. November 2011 Investor Presentation – Encana Corp – slide 28
    Kitimat LNG Project ? Encana 30% Interest Diversifying Markets ? Building Demand ? Co-owners ? Apache (40%, operator) ? Encana (30%) ? EOG (30%) ? 1,400 MMcf/d (10 MMT*) export capacity ? Pending final investment decision ?…
  29. November 2011 Investor Presentation – Encana Corp – slide 29
    Source: Kitimat LNG website, www.kitimatlngfacility.com Kitimat LNG Market Diversifying Markets ? Building Demand
  30. November 2011 Investor Presentation – Encana Corp – slide 30
    ? Responsible financial management ? Strong return of cash to shareholders ? Disciplined risk management ? Continuous portfolio highgrading Encana Corporation Strong Financial Stewardship Maintaining financial and operational…
  31. November 2011 Investor Presentation – Encana Corp – slide 31
    Encana Corporation Responsible Financial Management ? Conservative debt metrics ? Long-life debt maturity of ~12 years, with only $500 million due in 2011 ? Considerable financial flexibility ? $3.8 billion unused capacity under…
  32. November 2011 Investor Presentation – Encana Corp – slide 32
    0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2006 2007 2008 2009 2010 Share Purchases*($Millions) 0 250 500 750 1,000 1,250 1,500 2006 2007 2008 2009* 2010* Annual Dividend ($Millions) Encana…
  33. November 2011 Investor Presentation – Encana Corp – slide 33
    *2006 ? 2009 are Encana consolidated results. Hedging gains (losses) are net realized before tax. Forecast NYMEX natural gas price and NYMEX price adjusted for realized hedges based on strip prices and hedge positions as at June 30,…
  34. November 2011 Investor Presentation – Encana Corp – slide 34
    Disciplined Risk Management Natural Gas Price Hedging* - Increased Cash Flow Certainty 0.5 2.0 1.8 $5.76 $5.80 $5.24 0.0 0.5 1.0 1.5 2.0 2.5 2011 2012 2013 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 Volume Fixed…
  35. November 2011 Investor Presentation – Encana Corp – slide 35
    Encana Corporation Continuous Portfolio Highgrading ? 2009 ? ~50 deals for total value of ~$1.3 billion ? ~10 active joint ventures ? Divestitures of ~$1,075 million ? Acquisitions of ~$260 million ? 2010 ? ~70 deals for total…
  36. November 2011 Investor Presentation – Encana Corp – slide 36
    Take a Closer Look Strategically Positioned to Excel We are ? The leading North American resource play company ? Pursuing the greatest long-term value creation for shareholders ? Committed to responsible financial stewardship We…
  37. November 2011 Investor Presentation – Encana Corp – slide 37
    2011F Guidance* ? Total production: 3,475 - 3,525 MMcfe/d ? Gas production: 3,350 - 3,400 MMcf/d ? Liquids production: 21 Mbbls/d ? Annual growth per share: 5%-7% ? Total cash flow: $4.0 - 4.3 billion ? Capital: $4.6 - 4.8 billion…
  38. November 2011 Investor Presentation – Encana Corp – slide 38
    Encana Execution Methodology Full Cycle Value Creation Resource Play Methodology Work With Governments ? Engage Stakeholders Address Infrastructure Exploration Assemble Land Base Pilot Understand Technical Commercial…
  39. November 2011 Investor Presentation – Encana Corp – slide 39
    0 20 40 60 80 100 Peak Rate (%) New Plays Commercial Assets Harvest Assets Cutbank Ridge - Montney Cutbank Ridge - Montney Horseshoe Canyon CBM Horseshoe Canyon CBM Bighorn Bighorn Horn River ? Two Island Lake Horn River ? Two…
  40. November 2011 Investor Presentation – Encana Corp – slide 40
    High Quality Asset Base Reserves and Economic Contingent Resources (ECR) (Tcfe) Reserves: P1 is proved, P2 is probable, P3 is possible Economic contingent resources: C1 is low estimate, C1+C2 is best estimate, C1+C2+C3 is high…
  41. November 2011 Investor Presentation – Encana Corp – slide 41
    C3 19.8 C2 16.7 C1 20.0 P3 Possible 4.1 P2 Probable 8.7 P1 Proved 14.3 Growing Proved Reserves Increasing Certainty & Decreasing Risk 2010 Reserves & Economic Contingent Resources (Tcfe) Technical: 90% 50% 10%…
  42. November 2011 Investor Presentation – Encana Corp – slide 42
    0 1 2 3 4 5 6 Other Greater Sierra* Jonah Bighorn CBM Texas Horn River Piceance Cutbank Ridge* Haynesville 1P (Proved) Reserves Evaluated by Independent Qualified Reserves Evaluators as of December 31, 2010. *Cutbank Ridge…
  43. November 2011 Investor Presentation – Encana Corp – slide 43
    Comprehensive Disclosure of Reserves & Resources Largest Reserves and Resource Life in Encana?s History Total 14.3 8.7 4.1 20.0 16.7 19.8 Other 4 1.3 0.8 0.4 1.1 0.2 0.2 Jonah 2.0 0.8 0.6 0.2 0.3 0.4 Texas 1.6 0.3 0.3 2.1 0.5 0.7…
  44. November 2011 Investor Presentation – Encana Corp – slide 44
    Encana Corporation 1P Proved Reserves & 1C Economic Contingent Resources Surface locations Proved Developed (PD) wells Proved Undeveloped (PUD) locations Contingent locations Shale fairway Shale fairway 1P 1P 1P 1P 1P 1P 1C…
  45. November 2011 Investor Presentation – Encana Corp – slide 45
    Reserves and Contingent Resources Definitions Characterization of Petroleum Initially in Place (PIIP) Reserve ? Resource Description Petroleum Resource Management System SPE ? PRMS Deve lopme nt not viable On produc tion P lay…
  46. November 2011 Investor Presentation – Encana Corp – slide 46
    High Value Inventory 35,000 1,800 2,600 1,800 5,400 1,500 800 900 2,700 1,200 15,900 2P+2C Inventory (net wells) USA Division Canadian Division Other(4) 993 1,200 61 1.00 - 3.50(3) Haynesville 350 1,300 100 3.50 - 4.00…
  47. November 2011 Investor Presentation – Encana Corp – slide 47
    Source: Company Data, Energy eTrack Estimates MMcf/d Leading North American Natural Gas Company Q2 2011 North American Natural Gas Production 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 XOM ECA DVN CHK COP APC BP…
  48. November 2011 Investor Presentation – Encana Corp – slide 48
    $0.30 $1.00 $0.50 to 2.00 7 6 5 4 3 2 1 0 9% IRR After Tax incl. G&A Increment from 9% to 15% Land costs First Mover Advantage Encana Point Forward vs. Industry Full Cycle Supply Costs $US/MMBtu Encana Point Forward Supply Cost*…
  49. November 2011 Investor Presentation – Encana Corp – slide 49
    Encana Corporation Highly Economic Development Portfolio 2011F Development Program Illustrative, based on capital weighted average of development portfolio. Including $0.30 G&A. *Based on March 31, 2011 NYMEX forward strip, excludes…
  50. November 2011 Investor Presentation – Encana Corp – slide 50
    Planning Range 90% Confidence Range Encana?s Portfolio Focused on Lowest Supply Costs Rates of Return at Various NYMEX Natural Gas Prices Illustrative, based on capital weighted average of portfolio. Including $0.30/MMBtu G&A ?…
  51. November 2011 Investor Presentation – Encana Corp – slide 51
    *Supply Cost is defined as the flat NYMEX natural gas price that yields a risked IRR of 9% after tax and does not include land costs. Operating Efficiency Development Program ? Forecast Metrics Supply Cost* ($/MMBtu) ~3.70 Production…
  52. November 2011 Investor Presentation – Encana Corp – slide 52
    Encana DD&A & ROCE Canadian and U.S. GAAP Reconciliation* 1.75 2.64 1% 5% 107 11 105 573 (582) 107 374 481 YTD Sept 30, 2011 U.S. GAAP 17% -22% 16% Canadian GAAP/IFRS 20% 8% 6% Return on average capital employed (ROCE)…
  53. November 2011 Investor Presentation – Encana Corp – slide 53
    0% 1% 2% 3% 4% ECA TLM CHK DVN EOG APA APC 0% 1% 2% 3% 4% 5% ECA S&P/TSX Utilities S&P/TSX Energy S&P/TSX Comp S&P/TSX 60 CAD 5-yr bond CAD 1- mth T-Bill Attractive Dividend, Strong Yield Q3 2011 Quarterly…
  54. November 2011 Investor Presentation – Encana Corp – slide 54
    APA EOG DVN ECA TLM NXY APC SWN CHK S&P Moody?s Indicates ratings below investment grade AAA Aaa AA+ Aa1 AA Aa2 AA- Aa3 A+ A1 A A2 A- A3 BBB+ Baa1 BBB Baa2 BBB- Baa3 BB+ Ba1 BB Ba2 BB- Ba3 B+ B1 B B2 Credit Rating…
  55. November 2011 Investor Presentation – Encana Corp – slide 55
    0% 10% 20% 30% 40% 50% 60% APA SWN DVN TLM EOG ECA NXY APC CHK HK .0x 1.0x 2.0x 3.0x 4.0x SWN APA TLM NXY EOG DVN APC ECA CHK HK Total Debt to Adjusted EBITDA Capital Discipline ? Q2, 2011 Total Debt to Capitalization…
  56. November 2011 Investor Presentation – Encana Corp – slide 56
    Strong Execution Q3 2011 Results ? Total production of 3.5 Bcfe/d ? Natural gas production of 3.4 Bcf/d ? Cash flow of $1.2 billion ($1.57/share diluted) ? Operating earnings of $171 million ($0.23/share diluted) ? Annual…
  57. November 2011 Investor Presentation – Encana Corp – slide 57
    ? Listed on Dow Jones Sustainability Index ? Silver class distinction in Sustainability Yearbook 2011 ? The only recognized North American oil and gas producer on the Dow Jones Sustainability World Index ? Corporate Knights Global 100…
  58. November 2011 Investor Presentation – Encana Corp – slide 58
    Committed to Responsible Development ? Encana?s commitment ? People ? Safety ? Environment ? Engagement ? Community Investment ? Encana actively working with regulators to: ? Increase transparency ? Improve public education ?…
  59. November 2011 Investor Presentation – Encana Corp – slide 59
    ? Safe operations ? Maintain license to operate ? Advance oil plays ? Accelerate development through third party funding ? Advance innovation and technology ? Establish long-term strategic partnerships with service providers…
  60. November 2011 Investor Presentation – Encana Corp – slide 60
    Encana Acreage: 350,000 net Haynesville Advancing Resource Play Hub Development ? 21 JV rigs drilling ? 2 JV completion fleets ? Drill depth: 11,000-14,000 feet ? NGIP: 175-225 Bcf/section ? 2015F production: > 1Bcfe/d ? 2011F…
  61. November 2011 Investor Presentation – Encana Corp – slide 61
    Haynesville Resource Play Hub Realized Efficiency Gains ? Increased operational efficiency ? Pad drilling; skiddable rigs ? Centralized completion process ? Fit-for-purpose equipment ? Repeatable execution ? Reduced location foot…
  62. November 2011 Investor Presentation – Encana Corp – slide 62
    Haynesville Resource Play Hub Longer Laterals Encana Leading the Way ? First cross unit permits granted in the state of Louisiana - May 2011 ? 7,500 foot laterals planned ? Spud planned for August 2011 ? 13% additional recovery…
  63. November 2011 Investor Presentation – Encana Corp – slide 63
    Mid Bossier Shale Capturing Value ? Mid Bossier estimated productivity established across extensive acreage position: ? 100 to 200 Bcf/sec NGIP ? High quality shale as good as Haynesville ? ~24 wells for 2011F ? 150,000 to…
  64. November 2011 Investor Presentation – Encana Corp – slide 64
    Haynesville Enhancing Value ? Completions & Well Density Step Change in Development ? Well performance improvement driven by continuous completions evolution ? 2010 wells outperforming 2009 vintage ? 2011 wells with a 38% increase…
  65. November 2011 Investor Presentation – Encana Corp – slide 65
    Strategic Focus ? Operate safely with minimal environmental impact ? Deliver high return growth ? Leverage technology advancements and operational efficiencies to lower capital costs ? Actively manage portfolio to maximize value…
  66. November 2011 Investor Presentation – Encana Corp – slide 66
    Jean Marie Exploitation Design ? Multi-well pad ? Multi-lateral horizontal drilling ? Natural gas while drilling ? Concurrent operations 100 1,000 10,000 1 5 9 13 17 21 25 29 33 Months 0 200 400 600 800 1000 Singles (n =…
  67. November 2011 Investor Presentation – Encana Corp – slide 67
    The Evolution of the Horn River Advancing Resource Play Hub Design and Development ? One pad accesses 4 sections ? 8 acres/interval 2010 2011F Future Spacing ? One pad accesses 6 sections ? 14 acres/interval ? One pad accesses…
  68. November 2011 Investor Presentation – Encana Corp – slide 68
    Installing an ESP 69 3 Debolt Source Wells 31,000 ~ 50,000 bbls/d Water Treatment Plant Debolt Disposal Well Horn River 63-K Pad 10,000 bbls Water Storage 100,000 bbls/d Debolt Water ? Zero Emissions Process Reducing…
  69. November 2011 Investor Presentation – Encana Corp – slide 69
    Debolt Water Resource Debolt WPV. CI=1m. Volume calculated for HRB inside heavy line. G. Raham NAHANNI MUSKWA OTTER PARK EVIE FORT SIMPSON BANFF DEBOLT EXSHAW PEKISKO SPIRIT RIVER HORN RIVER Stratigraphic Chart 750 m 2500…
  70. November 2011 Investor Presentation – Encana Corp – slide 70
    Resthaven Falher F Hz Future Development Kakwa and Red Rock Horizontal Well Performance 10 100 1,000 10,000 0 100 200 300 400 500 600 700 800 Cum Gas (MMcf/interval) Rate (Mcf/d per interval) 300 to 700 MMcf per Interval or 4.5…
  71. November 2011 Investor Presentation – Encana Corp – slide 71
    $2.95 $3.20 $1.98 $1.80 $0.09 $0.97 $0.05 $0.04 $0.16 $0.09 2010 Efficiencies New Frac Technology Increased Fracs 2011 Target Enhanced Liquids Recovery Increased Fracs Resource Play Hub Efficiencies Long-Term Target ?…
  72. November 2011 Investor Presentation – Encana Corp – slide 72
    Montney Resource Play Hub ? Wells per hub: 8 ? 12 ? Completions per hub: 100 ? 200 ? up to 17 stages/well ? ~11 acres/stage average ? Laterals ~200 ? 300m apart ? Hz lateral length: ~2,000 ? 3,000m ? Completions placed ~150m apart…
  73. November 2011 Investor Presentation – Encana Corp – slide 73
    CBM Development Strategy Pad Drilling ? 2011F type well: ? Shifting strategy to PAD style drilling with potential per well savings of 30% resulting in a supply cost of $3.00/MMBtu ? Capturing the Gas in the Box ? All Horseshoe…
  74. November 2011 Investor Presentation – Encana Corp – slide 74
    3 2 Subsea ? Install individual well tieback flow lines , umbilicals, control systems, protection structures ? Flowlines and umbilicals to be trenched and buried 3 Export Pipeline ? Install export pipeline to shore ? Onshore 3…
  75. November 2011 Investor Presentation – Encana Corp – slide 75
    Leaving the Dry Dock Positioning over Transport Vessel Ready to Sail to Nova Scotia Towing to Transport Vessel Deep Panuke Project First Natural Gas Production Forecast: Q1 2012 Photos courtesy of SBM Offshore
  76. November 2011 Investor Presentation – Encana Corp – slide 76
    3 Natural Gas Opportunity Abundant, Affordable & Beneficial Attributes North American natural gas supply (& demand) could increase by approximately 25 Bcf/d 64 70 62 57 2 0 20 40 60 80 100 120 Coal Natural Gas Oil LNG…
  77. November 2011 Investor Presentation – Encana Corp – slide 77
    Natural Gas Demand Advocacy in Canada & USA Economic and Environmental Benefits of Natural Gas ? Trade Organization Leadership ? Member of ANGA, CNGI, NGVA, CNGVA, CNGVC, WNGIC ? Formed Clean American Transportation Alliance (ANGA &…
  78. November 2011 Investor Presentation – Encana Corp – slide 78
    Natural Gas Challenges & Opportunities ? The natural gas industry must be advocates for increased usage of clean natural gas in North America ? Expanded use for power generation ? Develop a natural gas for transportation fuel…
  79. November 2011 Investor Presentation – Encana Corp – slide 79
    2011F ENCANA CORPORATE GUIDANCE US$, US Protocols June 21, 2011 2011F Cash Flow ($ billions, except per share amounts) Total Cash Flow(1)(2)(3) 4.0 - 4.3 - per common share, diluted ($/share) 5.40 - 5.90 Upstream Operating Cash…
  80. November 2011 Investor Presentation – Encana Corp – slide 80
    2011F Encana Corporate Guidance cont\'d?. 2011F Operating Costs (annual average) Total Operating and Administrative Costs ($/Mcfe) 1.15 - 1.20 Other DD&A, Upstream ($/Mcfe) 2.60 - 2.65 Sensitivities(3) ($ millions) $0.50/Mcf…
  81. November 2011 Investor Presentation – Encana Corp – slide 81
    2011F Key Resource Play Information October 20, 2011 Production Capital Wells Planned (MMcfe/d) ($MM) (#) Jonah 280 500 70 Piceance 525 450 165 Texas 340 375 60 Haynesville 505 980 85 Greater Sierra(1) 350 260 30 Cutbank…

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