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4Q 2017 Results Conference Call – Encana Corp

Encana Corp · Feb 15, 2018 · 19 slides

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Slides

  1. 4Q 2017 Results Conference Call – Encana Corp – slide 1
    ENCANA CORPORATION Q4 and Year End 2017 Results Conference Call February 15, 2018
  2. 4Q 2017 Results Conference Call – Encana Corp – slide 2
    QUALITY CORPORATE RETURNS Encana today: Great portfolio with large inventory Strong balance sheet Disciplined capital allocation Leading growth cash flow, margin and liquids production Culture of innovation and execution 3…
  3. 4Q 2017 Results Conference Call – Encana Corp – slide 3
    STRONG AND CONSISTENT EXECUTION Execution is on track across the portfolio Core assets delivered 31% Q4 2016 to Q4 2017 production growth Cash flow margin grew by 81% to 11.75/BOE in 2017 Innovation underpinning execution Cube…
  4. 4Q 2017 Results Conference Call – Encana Corp – slide 4
    2017 DELIVERS OUTSTANDING RESULTS Financial Highlights Significant margin and cash flow growth in 2017 FY 2016 Q4 2017 FY 2017 Net Earnings (Loss) (MM) (944) (229) 827 Strong full year earnings driven by profitable growth in - per…
  5. 4Q 2017 Results Conference Call – Encana Corp – slide 5
    CASH FLOW AND PRODUCTION GROWING 30% 2018 Guidance Capital balanced with expected cash flow 2018F Guidance Total production is 95% from core assets Annual production growth of 30% excluding dispositions Capital Investment ( billion)…
  6. 4Q 2017 Results Conference Call – Encana Corp – slide 6
    MARGIN EXPANSION CONTINUES Profitable Growth Cash Flow Margin Expansion (/BOE) Cash flow margin continues to grow 2017 cash flow margin up 81% versus 2016 Liquids mix Higher realized pricing Lower operating and corporate costs 2018…
  7. 4Q 2017 Results Conference Call – Encana Corp – slide 7
    AN OPERATOR INVESTORS CAN COUNT ON 2017 Operational Highlights Strong operational performance Q4 2017 FY 2017 2017 Guide Initial Q4/16-Q4/17 core asset production guidance of 20% Capital Investment (MM) 509 1,796 1,600 1,800…
  8. 4Q 2017 Results Conference Call – Encana Corp – slide 8
    2018 OPERATIONS Continuing Strong Execution Annual growth 30% within cash flow Montney liquids growth with additional Q4/18 capacity Permian growing 30% over 2017 All core assets generating free operating cash flow Activity at peak…
  9. 4Q 2017 Results Conference Call – Encana Corp – slide 9
    CUBE DEVELOPMENT Improved Resource Recovery & Efficiency Higher recovery from stacked pay reservoirs Cube Development Maximizing Recovery from the Stack Generating effective draw down within cube Highly efficient, agile development…
  10. 4Q 2017 Results Conference Call – Encana Corp – slide 10
    INNOVATION IN ACTION Evolution in Completion Design Fueling Growth Advanced completion design is focused on creating Eagle Ford Innovations Doubling Productivity better wells for lower costs 250 Cumulative Production 2015 200…
  11. 4Q 2017 Results Conference Call – Encana Corp – slide 11
    PERMIAN CONTINUES STRONG EXECUTION Targeting 30% Annual Growth Permian Cube Performance 175 Finished 2017 ahead of plan with Q4 production of 82MBOE/d Abbie Laine Q1 2017 Cumulative Production (MBOE)* RAB 2 Q2 2017 150 Davidson…
  12. 4Q 2017 Results Conference Call – Encana Corp – slide 12
    MONTNEY DELIVERING CONDENSATE GROWTH Significant Margin Expansion Margin Expansion Driving Cash Flow Growth Margin expansion driven by liquids growth 12.00 Liquids more than doubled from Q4/16 to Q4/17 and are Operating Margin…
  13. 4Q 2017 Results Conference Call – Encana Corp – slide 13
    MONTNEY CASH FLOW GROWTH High Quality Condensate Play Montney growth has been self-funded Montney Free Operating Cash Flow in 2018 & 2019 Transition to liquids and increase in scale driving 1,400 margin expansion 2018 significant…
  14. 4Q 2017 Results Conference Call – Encana Corp – slide 14
    EAGLE FORD & DUVERNAY Quality Assets Generating Free Operating Cash Flow Duvernay Completions Innovation Leads to 25% Uplift in IP90 Completions design continues to drive productivity 300 improvements and expand inventory…
  15. 4Q 2017 Results Conference Call – Encana Corp – slide 15
    MARKET ACCESS & RISK MITIGATION Expanding Margins & Increasing Resilience Attractive product market exposure Canadian condensate selling at WTI Texas oil exposed to Houston and LLS pricing Expanding margins by optimizing realized…
  16. 4Q 2017 Results Conference Call – Encana Corp – slide 16
    Diversified Market Exposure in Western Canada Portfolio Approach to Price Risk Management 100% firm capacity on Nova Gas 500 MMcf/d AECO basis hedged Transmission at (0.88/Mcf) to Henry Hub System (NGTL) 500 MMcf/d firm…
  17. 4Q 2017 Results Conference Call – Encana Corp – slide 17
    MARGIN GROWTH DRIVEN BY LIQUIDS Premium Liquids Markets and Diversified Gas Markets 70% revenue from liquids 70% Revenue from Liquids (2018F 2020F) Oil and condensate priced at WTI accounts for 100% 65% of revenue 90% Non- Canadian…
  18. 4Q 2017 Results Conference Call – Encana Corp – slide 18
    FOCUSED ON SHAREHOLDER RETURNS 3 Billion of Free Cash Flow Over Five Year Plan 400 million share repurchase program to be initiated in Q1 2018(a) 3 billion of cumulative free cash flow (2018-2022F)* Balance sheet discipline Creates…
  19. 4Q 2017 Results Conference Call – Encana Corp – slide 19
    QUALITY CORPORATE RETURNS Strong finish to a strong year Quality growth within cash flow Updated 5-year plan with 3 billion of free cash flow Direct return to shareholders with 400MM buyback(a) Non-GAAP measures defined in…

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