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Encana Annual Report Summary

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Encana Annual Report Summary H TAKE A CLOSERH H C we’re a high-performance H company driven by LO H K a culture of innovation H H H H A VISION FOR GROWING THE COMMON SENSE SHAREHOLDER VALUE / 12 CLEAN AND AFFORDABLE ALTERNATIVE / 31 ANSWERING THE TOUGH QUESTIONS Q & A WITH ENHANCING SKILLS AND SHERRI BRILLON / 18 IMPROVINGC ECONOMIES / 39 PIONEERING A MODEL OUR COMMITMENT WHERE INNOVATION AND TO RESPONSIBLE EFFICIENCY MEET / 22 DEVELOPMENT / 42 /10 Encana Corporation VOL/ two ISSUE / one Annual Report 2010 www.encana.com TSX: ECA - NYSE: ECA TAKE A CLOSER LOOK AT OUR TAKE A CLOSER LOOK AT THE RESOURCE POTENTIAL BENEFITS OF NATURAL GAS 14.3 $4.05 65% 10 0 TCFE TOTAL PROVED RESERVES MCF 2010 CORPORATE AVERAGE LESS CO2 EMISSIONS THAN COAL YEARS OF CURRENT SUPPLY IN NORTH SUPPLY COST * PER KILOWATT HOUR AMERICA AT CURRENT CONSUMPTION RATES OPPORTUNITY- RICH We are rising to the challenge of sustaining THE CLEANEST- AN ABUNDANT • increased total proved reserves LOW-COST FOCUS by 12 percent from 2009 • goal to lower supply cost to our business success and increasing BURNING FOSSIL FUEL RESOURCE approximately $3 per Mcf over the • 25 percent less CO emissions • a secure, made-in-North America • additional 20.0 Tcfe 1C 2 than oil energy solution (low estimate) economic next 3 to 5 years the value of every Encana share in a low contingent resources • maximizing operational efficiencies • particulates from combustion 90 percent lower than oil and • 11.7 million total net acres and cost savings achieved through natural gas price environment through resource play hub approach 99 percent lower than coal • over 20 years of drilling capital discipline, risk management and opportunities • continual assessment and high- REDUCED grade of asset portfolio through acquisition and divestiture program by applying technology, efficiency and EMISSIONS • leveraging third-party capital to BY CONVERTING LARGE TRUCKING FLEETS lower our costs, increase capital innovation to our resource play hub TO NATURAL GAS 37,000 efficiencies and bring forth value NET DRILLING LOCATIONS (BEST ESTIMATE) recognition sooner through production model. 1/3 FUELING A TRANSPORT increased development activity LESS EXPENSIVE THAN GASOLINE • large geographically-diverse, PARADIGM AT THE PUMP high-quality portfolio of With our enormous resource potential in many of North America’s most prolific • Canadian federal report recommends resource plays AFFORDABLE expanded natural gas use • pursuing additional value and natural gas resource plays, we will continue to grow the reserves and productive NATURAL GAS across medium- and heavy-duty enhanced project returns from capacity of our diverse and abundant portfolio of opportunities. • 15 to 30 percent less expensive transportation sectors liquids-rich production than diesel • Colorado state grants supporting TEN Our goal is to be the highest-growth, lowest-cost senior natural gas producer infrastructure to accelerate market NATURAL GAS-POWERED DRILLING for compressed natural gas RIGS DEPLOYED in North America. By accelerating production growth from our high-quality, CAPITAL DISCIPLINE low-cost resource base, establishing joint venture investments and building • strong investment grade CULTURE OF INNOVATION demand for natural gas, we are pursuing the greatest value proposition credit rating $ • multi-discipline, knowledge-sharing • healthy balance sheet, with debt for our shareholders. teams refining resource play hubs to capitalization at less than 450 across key and emerging plays I invite you to take a closer look. 40 percent and a debt to adjusted BILLION VALUE ADDED TO CANADIAN • pioneered use of cost-saving EBITDA at less than 2.0x AND U.S. ECONOMIES* 2024 fit-for-purpose drilling equipment • approximately one-half of 2011 A DOMESTIC RESOURCE THE YEAR NATURAL GAS IS FORECAST TO BE • strategic pad site design for THE LEADING SOURCE OF ENERGY (ALBERTA daily production hedged to provide • up to 35,000 jobs created with every concurrent drilling, completion, Randy Eresman ELECTRIC INDUSTRY MARKET STUDY) greater cash flow certainty 1 percent increase in North American production and midstream President & CEO natural gas production operations Encana Corporation CLEAN ENERGY FOR THE • commenced construction on five • estimated $160 billion improvement POWER INDUSTRY in foreign trade balance if natural gas natural gas fueling stations • Colorado legislation designed to displaces foreign oil for transportation replace coal with natural gas in aging generation units * IHS Global Insight: September 2009 – The Contributions of the Natural Gas Industry to the * Supply cost is defined as the flat NYMEX natural gas price that yields a risked internal rate U.S. National and State Economies; February 2010 – The Contributions of the Natural Gas of return of 9 percent after tax: does not include land costs. Industry to the Canadian National and Provincial Economies A VISION FOR GROWING SHAREHOLDER VALUE / 12 ANSWERING THE TOUGH QUESTIONS Q & A WITH SHERRI BRILLON / 18 Being a good neighbour in the communities where we work responding to feedback. Recent community surveys indicated and live is more than just a best practice – it stems from our over 80 percent of residents believe our landowner respect PIONEERING A MODEL knowledge that actions speak louder than words. Our social program, Courtesy Matters, is working. Take a closer look. licence to operate depends on working with stakeholders WHEREWe areINNOVATION Encana. AND in a transparent, honest and respectful way by listening and EFFICIENCY MEET / 22 Learn more about natural gas and Encana at www.encana.com take a closer look DIVERSIFYING TOTAL COMPANY OUR RESOURCES / NORTH AMERICA / KEY RESOURCE PLAYS 1P / 14.3 1C / 20.0 / 3,321 / 11,736 / 25,000 GREATER SIERRA (includes Horn River) BC / CANADA 1P / 1.3 1C / 3.5 JONAH 236 / 1,809 / 1,100 WY / UNITED STATES 1P / 2.0 1C / 0.2 CUTBANK RIDGE 559 / 120 / 700 (includes Montney) AB / BC / CANADA PICEANCE 1P / 1.8 1C / 4.6 CO / UNITED STATES 401 / 1,133 / 1,700 1P / 1.6 1C / 1.4 458 / 840 / 1,800 BIGHORN AB / CANADA FORT WORTH 1P / 1.0 1C / 0.6 TX / UNITED STATES 239 / 488 / 600 1P / 0.9 1C / 0.7 124 / 55 / 700 COALBED METHANE AB / CANADA EAST TEXAS 1P / 1.9 1C / 1.7 TX / UNITED STATES 317 / 2,100 / 15,300 1P / 0.7 1C / 1.4 348 / 230 / 300 1P / Proved Reserves (Tcfe) ( ) 1C / Economic Contingent Resources Tcfe HAYNESVILLE / 2010 Average Production (MMcfe/d) TX / LA / UNITED STATES / Net Acres (Thousands) / Drilling Inventory Net Wells (based on 1P + 1C) 1P / 1.8 1C / 4.8 303 / 350 / 1,500 As at December 31, 2010 Despite a year of challenging prices, 2010 CHAIRMAN’S MESSAGE /8 Resource play hubs are an innovative and marked great progress towards Encana’s pursuit efficient production model tailor-made to of becoming North America’s leading, high- Encana is committed to attaining the reduce natural gas production costs and growth, low-cost senior natural gas producer. highest standards of transparent reporting environmental impact. and accountability. CEO’S MESSAGE /4 A CULTURE OF INNOVATION /21 With its enormous inventory of low-cost, undeveloped resources, Encana believes it can be the highest-growth, lowest-cost senior natural gas producer in North America. WHY INVEST IN ENCANA /12 2 Encana Corporation / Annual Report 2010 CES OUR LEADING ES HNOLOGY TECHNOLOGY EC T LEADING DIVERSIFYING OUR R “We like Encana’s management and employees’ strong technical and economic focus throughout the process of finding and developing hydrocarbons. The benefits show up in early entries to the best North American gas plays, Encana’s low cost structure, and focus on maximizing its asset value.” Andrew Fairbanks Director, Canadian Energy Research Bank of America Merrill Lynch improved drilling practices improved completions practices downward step-change in production costs Encana continues to solidify its presence in several of the most exciting shale TH and tight gas plays in North America: the Haynesville in Louisiana and Texas, W Horn River in British Columbia and Montney in Alberta and British Columbia. GRO E DRIVING FUTURE GROWTH UTUR DRIVING F HORN RIVER SHALE / BC 350,000 With more than 250,000 net 693,000 NET ACRES NET ACRES acres in the Horn River, Encana believes it has an industry-leading 303 position in this play. Without 274 MMcfe/d 2010 AVEragE MMcfe/d 2010 AVEragE Daily ProduCtion any land retention concerns, Daily ProduCtion the company can immediately 1,500 begin optimization work with 1,600 WEll inVEntory (1P + 1C) resource play hub operations and WEll inVEntory (1P + 1C) infrastructure development. HAYNESVILLE Shale / TX / LA MONTNEY TIGHT GAS / BC / AB Having completed the majority Since entering the Montney eight of its land retention program in 264,000 years ago, Encana has improved 2010, Encana holds 350,000 net NET ACRES cost structures by leveraging acres in the heart of this exciting technology and optimizing the play. In 2011, it is expected 29 development process. With that the majority of Haynesville MMcfe/d 2010 AVEragE Daily 2010 average supply costs of ProduCtion development activity will focus on approximately $3 per Mcf, the maximizing natural gas recovery by Montney is one of Encana’s most establishing resource play hubs. 600 economic plays and its evolution WEll inVEntory (1P + 1C) is an excellent analogy for what Encana expects to achieve throughout its portfolio. As at December 31, 2010 VAST HIGH-QUALITY PORTFOLIO LIO UALITY -Q Encana has built one of the largest, low-cost, contiguous land positions in many of North America’s best resource plays. HIGH T S BIghorN / AB Greater SIerra / BC initiated the evaluation phase of the A V PORTFO This tight gas, multi-zone stacked The focus in Greater Sierra is Niobrara formation, a thick shale cretaceous play produces primarily development of the Jean Marie predominant throughout the basin. sweet, liquids-rich natural gas. formation and Horn River Basin.
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