Learn how Encana's vision, strategy and goals are set in motion with its 2014 guidance.
Information contained in this Encana Corporation ("Encana") website is for information purposes only. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice. In consideration for using Encana's website, the visitor agrees to hold Encana and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website. As visitors access this website on a server in Alberta, Canada, the information contained in this website is deemed to be provided in Alberta and is subject to Alberta law and the laws of Canada applicable therein. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international laws including, without limitation, securities laws and import and export laws.
Disclaimer of Warranties
In addition to the above disclaimers of warranties, Encana hereby expressly disclaims any liability for errors or omissions in the information contained in this website. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. Information that may be or previously disclosed under corporate securities legislation of Canadian, U.S. or other jurisdictions applicable to Encana, e.g. Annual Report, Quarterly Reports, Annual Information Forms or press releases, is not intended in any way to be qualified, amended, modified or supplemented by information available in, through or on this Encana website. Although Encana believes this information to be correct at the time it is posted, Encana does not warrant the accuracy, completeness or currency of this information at all times. All information contained in this website is provided on an as-is and as-available basis without any representations, warranties or endorsements whatsoever.
No warranty of any kind, implied, expressed or statutory, warranty of merchantability and non-infringement of intellectual property rights, third party rights, title, and fitness for any particular purpose or freedom from computer viruses or other contaminating or destructive properties is given in conjunction with the information contained in this website.
Certain statements and graphs in this website contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities legislation. Such statements or information (together "forward-looking statements") are generally identifiable by the forward-looking terminology used such as "anticipate", "believe", "intend", "plan", "expect", "estimate", "budget", "outlook", "forecast", "agreed to" or other similar words. Forward-looking statements in this website include, but are not limited to, any statements as to possible future natural gas, natural gas liquids, crude oil or other commodity prices; future production levels and growth rate; future royalties and tax levels; future capital expenditures, their timing and their allocation to exploration and development activities; future earnings and cash flows; future asset acquisitions or dispositions; corporate guidance, anticipated future proceeds from various joint venture, partnerships and other agreements entered into by the company, including the successful implementation of and other expected benefits to be generated from those agreements, future sources of funding for our capital program; future debt levels; availability of committed credit facilities; development plans or capacity expansions; the expectation of cost reductions, improved margins and more technologically advanced operations; future ability to execute dispositions of assets or businesses; future sources of liquidity, cash flows and their uses; future drilling of new wells; recoverability of reserves or resources; expected supply costs; expected operating costs; estimates on a per share basis; future foreign currency exchange rates, future expenditures and future allowances relating to environmental matters and our ability to comply therewith; dates by which certain areas will be developed or reach expected operating capacity; expected future demand opportunities in transportation, power generation and exports of liquefied natural gas to new markets; and changes in any of the foregoing are forward-looking statements. Statements relating to "reserves" or "resources" are forward-looking statements, as they involve the implied assessment, based on estimates and assumptions that the reserves and resources described exist in the quantities estimated, and can be profitably produced in the future.
You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the company's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: volatility of, and assumptions regarding natural gas and liquids prices, including substantial or extended decline of the same and their adverse effect on the company's operations and financial condition and the value and amount of its reserves; assumptions based upon the company's current guidance; fluctuations in currency and interest rates; risk that the company may not conclude divestitures of certain assets or other transactions or receive amounts contemplated under the transaction agreements (such transactions may include third-party capital investments, farm-outs or partnerships, which Encana may refer to from time to time as "partnerships" or "joint ventures" and the funds received in respect thereof which Encana may refer to from time to time as "proceeds", "deferred purchase price" and/or "carry capital", regardless of the legal form) as a result of various conditions not being met; product supply and demand; market competition; risks inherent in the company's and its subsidiaries' marketing operations, including credit risks; imprecision of reserves estimates and estimates of recoverable quantities of natural gas and liquids from resource plays and other sources not currently classified as proved, probable or possible reserves or economic contingent resources, including future net revenue estimates; marketing margins; potential disruption or unexpected technical difficulties in developing new facilities; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; risks associated with technology; the company's ability to acquire or find additional reserves; hedging activities resulting in realized and unrealized losses; business interruption and casualty losses; risk of the company not operating all of its properties and assets; counterparty risk; risk of downgrade in credit rating and its adverse effects; liability for indemnification obligations to third parties; variability of dividends to be paid; its ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the company's ability to secure adequate product transportation; changes in royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or regulations or the interpretations of such laws or regulations; political and economic conditions in the countries in which the company operates; terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions made against the company; risk arising from price basis differential; risk arising from inability to enter into attractive hedges to protect the company's capital program; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Encana. Although Encana believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive. In addition, assumptions relating to such forward-looking statements generally include Encana's current expectations and projections made in light of, and generally consistent with, its historical experience and its perception of historical trends, including the conversion of resources into reserves and production as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified elsewhere in this website.
Assumptions with respect to forward-looking information regarding expanding Encana's oil and natural gas liquids production and extraction volumes are based on existing expansion of natural gas processing facilities in areas where Encana operates and the continued expansion and development of oil and natural gas liquids production from existing properties within its asset portfolio.
Furthermore, the forward-looking statements contained in this website are made as of the date hereof, and, except as required by law, Encana does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this website are expressly qualified by this cautionary statement.
Encana Disclosure Policies
National Instrument 51-101 of the Canadian Securities Administrators imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities. Prior to 2011, Encana relied upon an exemption from NI 51-101 granted by Canadian securities regulatory authorities to permit it to provide disclosure relating to reserves and other oil and gas information in accordance with U.S. disclosure requirements. Subsequent to the expiry of that exemption, Encana has provided and continues to provide disclosure which complies with the annual disclosure requirements of NI 51-101 in its annual information form ("AIF"). The Canadian protocol disclosure is contained in Appendix A and under "Narrative Description of the Business" in the AIF. Encana has obtained an exemption dated January 4, 2011 from certain requirements of NI 51-101 to permit it to provide certain disclosure prepared in accordance with U.S. disclosure requirements, in addition to the Canadian protocol disclosure. That disclosure is primarily set forth in Appendix D of the AIF. A description of the primary differences between the disclosure requirements under the Canadian standards and the disclosure requirements under the U.S. standards is set forth under the heading "Reserves and Other Oil and Gas Information" in the AIF.
The estimates of economic contingent resources contained in this website are based on definitions contained in the Canadian Oil and Gas Evaluation Handbook. Contingent resources do not constitute, and should not be confused with, reserves. Contingent resources are defined as those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic contingent resources are those contingent resources that are currently economically recoverable. In examining economic viability, the same fiscal conditions have been applied as in the estimation of reserves. There is a range of uncertainty of estimated recoverable volumes. A low estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate, which under probabilistic methodology reflects a 90% confidence level. A best estimate is considered to be a realistic estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate, which under probabilistic methodology reflects a 50% confidence level. A high estimate is considered to be an optimistic estimate. It is unlikely that the actual remaining quantities recovered will exceed the high estimate, which under probabilistic methodology reflects a 10% confidence level. There is no certainty that it will be commercially viable to produce any portion of the volumes currently classified as economic contingent resources. The primary contingencies which currently prevent the classification of Encana's disclosed economic contingent resources as reserves are the lack of a reasonable expectation that all internal and external approvals will be forthcoming and the lack of a documented intent to develop the resources within a reasonable time frame. Other commercial considerations that may preclude the classification of contingent resources as reserves include factors such as legal, environmental, political and regulatory matters or a lack of markets.
The estimates of various classes of reserves (proved, probable, possible) and of contingent resources (low, best, high) in this website represent arithmetic sums of multiple estimates of such classes for different properties, which statistical principles indicate may be misleading as to volumes that may actually be recovered. You should give attention to the estimates of individual classes of reserves and contingent resources and appreciate the differing probabilities of recovery associated with each class. In this website, certain crude oil and NGLs volumes have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head. Encana uses the terms resource play, total petroleum initially-in-place, natural gas-in-place and crude oil-in-place. Resource play is a term used by Encana to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place ("PIIP") is defined by the Society of Petroleum Engineers - Petroleum Resources Management System ("SPE-PRMS") as that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to "total resources"). Natural gas-in-place ("NGIP") and crude oil-in-place ("COIP") are defined in the same manner, with the substitution of "natural gas" and "crude oil" where appropriate for the word "petroleum".
In this website, Encana has provided information with respect to certain of its Resource Plays and emerging opportunities which is "analogous information" as defined in NI 51-101. This analogous information includes estimates of PIIP, NGIP or COIP, all as defined in the Canadian Oil & Gas Evaluation Handbook ("COGEH") or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Encana's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Encana believes that the provision of this analogous information is relevant to Encana's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question.
In this website, there may be references to 30-day initial production and short-term rates. 30-day initial production and short-term rates are not necessarily indicative of long-term performance or of ultimate recovery.
In this website, certain oil and natural gas liquids volumes may have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Exclusion of Liability
In no event shall Encana be liable for any damages, including without limitation, direct or indirect, special, incidental or consequential damages, loss of profits, opportunities or information arising in connection with the Encana website or with any linked website even if Encana is made aware of the possibility of such damages, losses, claims or expenses.
Trademark and Copyright
All material and information found in this website is protected under the copyright and trademark laws of Canada and other applicable jurisdictions.
The display of trademarks, tradenames or design marks in this website does not imply that a license of any kind has been granted to any other party.
Any unauthorized use regarding publication, copying or modification of information on this website, including trademarks, tradenames and design marks, may violate applicable legislation and may result in legal action.
Links to Third Party Sites
This website contains links to third party sites. These links have been provided solely as a convenience for users of this website and do not constitute an endorsement by Encana of the content of such third party sites. Links to this website may also be provided from other sites either known or unknown to Encana. Access to any other website linked to or from this website is at your own risk. Encana has not reviewed and is not responsible for the content of any third party sites linked to or from this website and does not make any representations regarding the privacy practices, content or accuracy of materials on such third party sites.
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References to Encana
For convenience, references in this website to "Encana", the "Company", "us", "we" and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Encana and the assets, activities and initiatives thereof.
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