ENCANA CORPORATION. Permian Basin. Jeff Balmer, PhD. Vice-President & General Manager, Southern Operations

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1 ENCANA CORPORATION Permian Basin Jeff Balmer, PhD Vice-President & General Manager, Southern Operations

2 PERMIAN BASIN Premier North American Basin Developing the cube Critical to creating value at industrial scale Reservoir & above-ground benefits Natural extension of our experience & capabilities Type curves increased IP30s & IP180s up by ~20% Innovation and technology driving performance Managing risk Execution efficiency offsetting inflation Just-in-time water infrastructure ensures availability & avoids over-capitalization Sophisticated supply-chain & logistics Market access secure Stacked pay & completions upside New benches & advanced completions Coring up acreage boosts long lateral inventory *Estimated inventory based on ft spacing 2

3 ENCANA S PERMIAN ACREAGE Core Position in Midland Basin Martin Howard In the Permian, execution efficiency at industrial scale is going to be critical Industry leader in driving efficiency at scale Cowden Pad Multi-Spread Operations Midland Glasscock Active ECA Rigs Encana Land Basin Core Upton Reagan 3

4 Gross Operated Production (BOE/d) ENCANA IS THE 2 nd LARGEST PRODUCER Core Midland Basin Producers at a Glance Encana Gross Production vs Peers Midland Basin 80, Texas 60,000 Midland 40,000 20,000 0 PXD ECA FANG XOM CXO EGN RSPP OXY END CVX CPE LPI QEP APA PE Encana Land Basin Core 30 miles Source: IHS., production from Glasscock, Howard, Midland and Martin 4

5 CUBE DEVELOPMENT ABOVE-GROUND BENEFITS Development at Industrial Scale Highly efficient, agile development Multi-well pads Multi-well Pads Higher utilization of services & infrastructure Multiple drilling rigs and frac spreads on a pad Rapid cycle times Accelerated learnings Integrated supply chain Leveraging economies of scale Centralized planning and logistics Water Management Reliable market access Cube Development Above Ground Benefits Multi-rig, Multispread Reoccupied facilities Integrated Supply Chain 5

6 CUBE DEVELOPMENT ABOVE-GROUND BENEFITS Practical Infrastructure Solutions Re-occupied infrastructure Multiple wells sharing infrastructure yields scale efficiency Continued high utilization of wellsite facilities through re-occupation Reliable market access Pipe based gathering through Medallion Provides access diversity of markets RAB Davidson Re-occupied Facilities 6

7 CUBE DEVELOPMENT ABOVE-GROUND BENEFITS Effective Water Management Improves capital efficiency and de-risks supply 3 frac spreads per hub Simple and effective catch basin design Water hubs pay out in less than 12 months Mitigates risk of water supply restrictions County-by-County solution Recent Howard County water infrastructure transaction minimizes infrastructure investment Water provider can service broader market for a lower fee Reducing all-in water costs by ~$1/bbl On track to average 25% recycled water use in 2017 Expect to average 40% in 2018 D&C cost savings up to $300k/well LOE savings up to ~$0.80/BOE Martin County Central Water Resource Hub 7

8 INNOVATION SUCCESS Identifying Optimal Completion Design and Geometry Applying advanced completions to highdensity, stacked development Key principles: Tight cluster spacing and optimal hydraulics maximize fracture surface area Clean, non-guar based fluids lead to better fracture conductivity Fine grained proppant maximizes fracture complexity Improved recovery from stacked pay reservoir Effective draw-down within cube Continued evolution and data-driven refinement 8

9 Average Cumulative Production/well (MBOE)* CUBE DEVELOPMENT RESULTS Boosting Permian Productivity Accelerated learning Each pad producing stronger wells Abbie Laine outperforming RAB Davidson Phase 1 by 22% after 180 days RAB Davidson 2 outperforming RAB Davidson Phase 1 by 28% after 170 days 45 ECA cube wells on production Abbie Laine and RAB Davidson Phase 2 continue to lead industry RAB Davidson Phase 1 among the best results 20 additional cube wells scheduled to be on production early Q4 Industry dataset is all wells at >10 total wells per section ~930 wells, 17 operators, 7 counties *Well results normalized to 7500' lateral Large Scale Development Performance Comparison ECA leading performance in large scale development Days Abbie Laine RAB Davidson Phase 1 Peer Large Pads RAB Davidson Phase 2 9

10 Oil Production IP180/1,000ft (bbls/d) WELL PRODUCTIVITY Encana Wells Outpacing Peer Results 75 Producers with high density stack development Peer 1 Peer 2 ECA Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Data sourced from IHS, includes Midland Basin data from 2014 onward. Peers include APA, AREX, CPE, CVX, CXO, EGN, END, EPE, FANG, LPI, OXY, PXD, QEP, RSPP, SM and XOM 10

11 MM$/1000 Measured Depth (ft) PERMIAN CAPITAL EFFICIENCY Leading Operator D&C well costs held flat countering inflation 20% increase in service cost offset with efficiencies Performing amongst the top operators on days and cost Managing shallow flow zones with 3 string design 52% reduction in drilling days Limiter approach to maximize footage per day High performance water based mud Advanced survey tools and mud motors 0 5,000 10,000 15,000 20, Drilling Days vs Depth Days Normalized D&C Cost/1,000 vs Peers** 2014 Average 2015 Average 2016 Average 2017 Average YTD Pacesetter Peer 1 ECA Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 *Normalized to 7,500. **Data sourced from latest peer IR presentations. Peers include APA, CPE, FANG, LPI, OXY, PE, PXD, QEP, and SM 11

12 Cumulative Production (MBOE) WOLFCAMP Midland/Upton County Midland/Upton WCA/WCB Type Curve IP180 = 800 BOE/d EUR = 1,100 MBOE D&C = $5.6 MM (incl. advanced completions scope) Lateral Length = 7, Advanced Completion Pad Average Pre-2017 Wells 2017 Wells 2017 UPDATED Type Curve 2017 ORIGINAL Type Curve Producing Days WCA WCB WCC ECA Leases Type Well Metrics ECA Net Atax IRR (%) 35-47% Operating Margin ($/BOE) $30 All metrics based on $50/bbl WTI, $3.00/MMBtu NYMEX 12

13 Cummulative Production (MBOE) LOWER SPRABERRY Martin, Midland/Upton, Glasscock Martin Lower Spraberry Type Curve IP180 = 650 BOE/d EUR = 1,020 MBOE D&C = $5.4 MM (incl. advanced completions scope) Lateral Length = 7,500 ft Producing Days 2017 Average Well 2017 UPDATED Type Curve Type Well Metrics ECA Net Atax IRR (%) 39-54% Operating Margin ($/BOE) $30 All metrics based on $50/bbl WTI, $3.00/MMBtu NYMEX 13

14 EXPANDING MARGINS Reducing Operating Costs Improving efficiencies Company-wide effort Accountability at the operator level Working smarter >80% of produced water on pipe >70% of production on remote monitoring and control Negotiating the best price $/BOE $12 $10 $8 $6 Permian Direct Operating Cost Reductions ~30% Improvement in operating costs $4 $2 $ F 14

15 MIDSTREAM AND MARKETING OVERVIEW Permian Permian Gathering system links production to pipeline hubs Midland Crane Colorado City Pipelines connect to Cushing and Gulf Coast Majority of oil production gathered via pipeline with access to multiple physical markets Firm gas gathering and NGL processing with access to Waha and Mt. Bellvieu markets Permian: Proximity to market and environment of responsive infrastructure development Secured capacity on Enterprise (Echo Pipeline) adds market diversity and reduces physical risk (2018) Secured firm, low-cost pipeline capacity to Gulf Coast refining/export markets (Enterprise Echo Pipeline 2018) No take or pay commitments 15

16 MBOE/d PERMIAN 5 Year Growth Profile Five Year Production Profile >50% of Encana s capital directed to the Permian in 2018 Permian production expected to grow 3x 5 year CAGR 25% Quality inventory with scale No infrastructure or midstream limitations Minimal vertical program F 2018F 2019F 2020F 2021F 2022F 16

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