EnCana's second quarter cash flow reaches US$1.8 billion, or $2.15 per share - up 22 percent

Natural gas sales increase 5 percent to 3.36 billion cubic feet per day

Second quarter 2006 highlights
------------------------------
- Cash flow of US$2.15 per share diluted, or $1.82 billion
- Operating earnings of 98 cents per share diluted, or $824 million
- Net earnings of $2.55 per share diluted, or $2.16 billion, which
includes:
- A $582 million after-tax gain on the sale of discontinued
operations comprised of
- an $814 million gain on the sale of natural gas storage assets
and
- a $232 million net loss which is related to the recording of
the expected final settlement of the sale of EnCana's Ecuador
interests.
- A $457 million gain due to Canadian federal and Alberta tax rate
changes
- An unrealized $160 million after-tax gain due to mark-to-market
accounting of commodity price hedges
- Natural gas sales increased 5 percent to 3.36 billion cubic feet per
day (Bcf/d)
- Oil and natural gas liquids (NGLs) sales from continuing operations
down 2 percent to 153,470 barrels per day (bbls/d)
- Total natural gas and liquids sales of 4.28 billion cubic feet of gas
equivalent per day (Bcfe/d), down 7 percent, due to divestiture of
Ecuador interests
- Key resource play production up 12 percent
- Advanced market integration strategy with potential downstream
partners for major expansion of in-situ oilsands developments over
the next decade. Announcement expected in third quarter of 2006.
>>

CALGARY, July 25 /CNW/ - EnCana Corporation (TSX & NYSE: ECA) generated
robust cash flow and operating earnings during the second quarter of 2006 due
to substantially increased heavy oil prices plus strong natural gas sales that
benefited from favourable gas price hedges.

"After six months as CEO, I am pleased to report that our sales are on
plan, capital investment, adjusted for the appreciation of the Canadian
dollar, is within guidance and financial results are ahead of target. We
continue to advance our oilsands market integration strategy with potential
partners, which is aimed at helping pave the way for a major expansion of our
bitumen production over the next decade. Our strategy remains constant -
building the net asset value of every EnCana share through disciplined
investment in unconventional resources," said Randy Eresman, EnCana's
President & Chief Executive Officer. "In the past year, production from our
key resource plays is up 12 percent and we are on track to achieve our 2006
guidance by growing sales by about 7 percent this year. So far in 2006, we
have re-invested proceeds from our asset sales to purchase 43.7 million EnCana
shares, representing 5.1 percent of the shares outstanding at the end of
2005."

Gas production to ramp up in second half of 2006
"As expected, our gas sales have been relatively flat for the first half
of the year. However, production is projected to ramp up in the second half
with the start up of two new gas processing plants in northeast British
Columbia and west central Alberta, extensive shallow gas well tie-ins in
southern Alberta and increased drilling in our Jonah field in Wyoming,"
Eresman said. "We continue to use proceeds from our asset sales to return
capital to our shareholders. So far this year, we have purchased 43.7 million
shares, representing 5.1 percent of the shares outstanding at the end of 2005,
as we maintain a disciplined focus on increasing the net asset value of every
EnCana share," Eresman said.

IMPORTANT NOTE: EnCana reports in U.S. dollars unless otherwise noted and
follows U.S. protocols, which report sales and reserves on an after-
royalties basis. EnCana's Ecuador interests and its natural gas liquids
business were sold and are discontinued. The company is reporting its
natural gas storage business as discontinued because EnCana is in the
process of selling it. Total results, which include results from natural
gas liquids business, Ecuador and natural gas storage, are reported in
the company's financial statements included in this news release and in
supplementary documents posted on its website - www.encana.com. The
company's financial statements are prepared in accordance with Canadian
generally accepted accounting principles (GAAP).

Second quarter 2006 highlights
------------------------------
(all year-over-year comparisons are to the second quarter of 2005)

<<
Financial
- Cash flow per share diluted increased 22 percent to $2.15, or
$1.82 billion
- Operating earnings per share increased 34 percent to 98 cents, or
$824 million
- Net earnings of $2.16 billion, or $2.55 per share, compared to
94 cents per share one year earlier
- Return on capital employed of 29 percent
- Purchased 22.4 million EnCana shares at an average price of US$48.64
under the Normal Course Issuer Bid
- Reduced shares outstanding by 4.6 percent, net of share option
exercises, since December 31, 2005
- Risk management measures resulted in a realized after-tax gain of
$108 million

Operating
- Natural gas sales of 3.36 Bcf/d, up 5 percent
- Oil and NGLs sales from continuing operations down 2 percent to
153,470 bbls/d
- Total gas and liquids sales from continuing operations increased
3 percent to 4.28 Bcfe/d
- Total gas and liquids sales of 4.28 Bcfe/d, down 7 percent, due to
divestiture of Ecuador interests
- Key resource play production up 12 percent
- Operating costs in continuing operations of 82 cents per thousand
cubic feet equivalent (Mcfe), compared to 66 cents per Mcfe one year
earlier
- Drilled 558 net wells in continuing operations, compared to 1,017 net
wells one year earlier
- Upstream core capital investment in continuing operations of
$1.6 billion

Strategic events
- EnCana approved two 30,000-barrel-per-day expansions at its Foster
Creek in-situ oilsands project
- First expansion expected to start up late 2008; the second
expected by late 2009
- Foster Creek oilsands production now expected to reach
120,000 bbls/d by the end of 2009
- Continued to advance market integration strategy with potential
downstream partners for major expansion of in-situ oilsands
developments over the next decade. Discussions remain on track
towards an expected announcement in third quarter of 2006
- Completed first phase of sale of natural gas storage business for
approximately $1.3 billion
- Invested about $250 million to increase interest in promising Deep
Bossier natural gas assets in East Texas from 30 to 50 percent

2006 sales guidance affirmed, exchange rate impact updated in corporate
guidance
EnCana affirms its 2006 sales guidance of between 4.35 billion and
4.52 billion cubic feet of gas equivalent per day, which, at the midpoint, is
an increase of 7 percent from 2005 sales. The 2006 sales guidance is comprised
of between 3.42 billion and 3.56 billion cubic feet of gas per day and between
155,000 and 160,000 bbls/d of oil and NGLs. In order to reflect exchange
rates, EnCana has updated its 2006 US$/C$ exchange rate assumption from 85 to
88 cents. Updated guidance is posted on the company's website at encana.com.

-------------------------------------------------------------------------
Financial Summary - Total Consolidated
-------------------------------------------------------------------------
(for the period
ended June 30)
($ millions, except Q2 Q2 % 6 months 6 months %
per share amounts) 2006 2005 change 2006 2005 change
-------------------------------------------------------------------------
Cash flow 1,815 1,572 + 15 3,506 2,985 + 17
Per share diluted 2.15 1.76 + 22 4.10 3.31 + 24
-------------------------------------------------------------------------
Net earnings 2,157 839 n/a 3,631 794 n/a
Per share diluted 2.55 0.94 n/a 4.24 0.88 n/a
-------------------------------------------------------------------------
Operating earnings 824 655 + 26 1,518 1,266 + 20
Per share diluted 0.98 0.73 + 34 1.77 1.41 + 26
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings Reconciliation Summary - Total Consolidated
-------------------------------------------------------------------------
Net earnings from
continuing
operations 1,593 774 n/a 3,065 612 n/a
Net earnings from
discontinued
operations 564 65 n/a 566 182 n/a
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings 2,157 839 n/a 3,631 794 n/a
(Add back losses
& deduct gains)
Unrealized mark-to-
market hedging gain
(loss), after-tax 160 222 n/a 990 (419) n/a

Unrealized foreign
exchange gain (loss)
on translation of
U.S. dollar debt
issued in Canada,
after-tax 134 (38) n/a 131 (53) n/a

Future tax recovery
due to Canada and
Alberta tax rates
reductions 457 - n/a 457 - n/a

Gain on sale of
discontinued
operations(1) 582 - n/a 535 - n/a
-------------------------------------------------------------------------
Operating earnings 824 655 + 26 1,518 1,266 + 20
Per share diluted 0.98 0.73 + 34 1.77 1.41 + 26
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) Includes $814 million gain on natural gas storage sale and
$232 million loss ($279 million loss in first half) on sale of
Ecuador interests in second quarter

-------------------------------------------------------------------------
Sales & Drilling Summary
-------------------------------------------------------------------------
Total Consolidated
-------------------------------------------------------------------------
(for the period
ended June 30) Q2 Q2 % 6 months 6 months %
(After royalties) 2006 2005 change 2006 2005 change
-------------------------------------------------------------------------
Natural Gas sales
(MMcf/d) 3,361 3,212 + 5 3,352 3,179 + 5
-------------------------------------------------------------------------
Natural gas sales
per 1,000 shares
(Mcf) 369 335 + 10 723 653 + 11
-------------------------------------------------------------------------
Oil and NGLs sales
(bbls/d)(2) 153,470 230,284 - 33 183,042 229,978 - 20
-------------------------------------------------------------------------
Oil and NGLs sales
per 1,000 shares
(Mcfe)(2) 101 144 - 30 237 283 - 16
-------------------------------------------------------------------------
Total sales
(MMcfe/d)(2) 4,282 4,594 - 7 4,450 4,559 - 2
-------------------------------------------------------------------------
Total sales per
1,000 shares
(Mcfe)(2) 470 479 - 2 960 936 + 3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net wells drilled 558 1,021 - 45 1,846 2,378 - 22
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Continuing Operations
-------------------------------------------------------------------------
North America
Natural Gas sales
(MMcf/d) 3,361 3,212 + 5 3,352 3,179 + 5
-------------------------------------------------------------------------
North America Oil
and NGLs (bbls/d) 153,470 157,108 - 2 158,105 157,145 + 1
-------------------------------------------------------------------------
Total sales
(MMcfe/d) 4,282 4,155 + 3 4,300 4,122 + 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net wells drilled 558 1,017 - 45 1,840 2,370 - 22
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(2) Sales down due primarily to sale of Ecuador interests, which had
sales of about 73,000 bbls/d in the first half of 2005

Key resource play production up 12 percent in past year
Second quarter 2006 oil and gas production from key North American
resource plays increased 12 percent compared to the second quarter of 2005.
This was driven mainly by increases in gas production from coalbed methane
projects in central and southern Alberta, Bighorn in west-central Alberta,
Cutbank Ridge in northeast British Columbia, Jonah in Wyoming, Piceance in
Colorado and the Barnett Shale play in the Fort Worth basin.

Growth from key North American resource plays

-------------------------------------------------------------------------
Daily Production
Resource -------------------------------------------------------------
Play 2006 2005 2004
-------------------------------------------------------------
(After Full Full
royalties) YTD Q2 Q1 Year Q4 Q3 Q2 Q1 Year
-------------------------------------------------------------------------
Natural Gas
(MMcf/d)
Jonah 456 450 461 435 454 440 416 431 389
Piceance 320 324 316 307 326 302 302 300 261
East Texas 96 93 99 90 98 94 85 82 50
Fort Worth 101 108 93 70 88 66 63 61 27
Greater
Sierra 216 224 208 219 226 225 228 195 230
Cutbank
Ridge 157 173 140 92 125 105 80 56 40
Bighorn 84 95 72 55 56 57 53 56 42
CBM 105 106 104 57 77 62 51 38 17
Shallow
Gas 603 590 615 625 625 616 633 625 592
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Oil (Mbbls/d)
Foster
Creek 35 33 36 29 35 27 24 30 29
Christina
Lake 6 6 6 5 5 6 7 4 4
Pelican
Lake 25 22 29 26 28 27 27 21 19
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total
(MMcfe/d) 2,534 2,528 2,536 2,311 2,479 2,326 2,259 2,176 1,960
-------------------------------------------------------------------------
% change
from Q2
2005 12
-------------------------------------------------------------------------
% change
from prior
period (0.3) 2.3 17.9 6.6 3.0 3.8 7.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Drilling activity in key North American resource plays

-------------------------------------------------------------------------
Net Wells Drilled
Resource -------------------------------------------------------------
Play 2006 2005 2004
-------------------------------------------------------------
Full Full
YTD Q2 Q1 year Q4 Q3 Q2 Q1 Year
-------------------------------------------------------------------------
Natural Gas
Jonah 74 48 26 104 21 25 30 28 70
Piceance 122 59 63 266 55 69 65 77 250
East Texas 36 17 19 84 20 21 22 21 50
Fort Worth 56 27 29 59 20 18 12 9 36
Greater
Sierra 94 34 60 164 25 33 47 59 187
Cutbank
Ridge 62 36 26 135 34 40 38 23 50
Bighorn 38 18 20 51 20 10 10 11 20
CBM 352 19 333 1,084 327 216 219 322 760
Shallow
Gas 396 199 197 1,267 288 341 365 273 1,552
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Oil
Foster
Creek 10 - 10 39 13 14 2 10 11
Christina
Lake 2 - 2 - - - - - 2
Pelican
Lake - - - 52 - 3 33 16 92
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total 1,242 457 785 3,305 823 790 843 849 3,080
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>

Second quarter realized natural gas prices, including hedging,
up 6 percent from one year earlier
EnCana's second quarter realized gas price, including the impact of
financial hedging, averaged $6.50 per thousand cubic feet (Mcf), up 6 percent
from the comparable price of $6.11 per Mcf in the second quarter of 2005.
EnCana's natural gas prices, excluding financial hedging, averaged $5.84 per
Mcf, down 7 percent in the second quarter of 2006 from an average of $6.25 per
Mcf in the same 2005 period. Following the recent warm winter, North American
gas storage levels remain well above long-term averages for this time of year,
a market condition that is expected to put downward pressure on short-term gas
prices. The second quarter benchmark NYMEX index gas price averaged $6.78 per
Mcf, up 1 percent from $6.73 per Mcf in the second quarter of 2005. The second
quarter Canadian benchmark gas price was down 15 percent to C$6.27 per Mcf
while U.S. Rockies benchmark gas prices were 11 percent lower to $5.36 per
Mcf, compared to last year.

About 97 percent of remaining 2006 forecast gas sales has floor price
protection
EnCana has entered into financial contracts, put options and fixed price
agreements, for 97 percent of the company's forecast gas sales during the last
half of 2006 at an average NYMEX price of $7.29 per Mcf. This gas price
hedging strategy helps assure cash flow for the company's capital programs.

Managing transportation risk to gas prices
Natural gas transportation constraints between producing regions in the
U.S. Rockies and Western Canada and consuming regions increase the volatility
in gas prices. To add further certainty of cash flow, EnCana has entered into
basis hedges to reduce this volatility. For the remainder of 2006, EnCana has
hedged 100 percent of its anticipated U.S. Rockies basis differential exposure
at an average of 65 cents per Mcf. In Canada for 2006, EnCana has hedged
34 percent of its anticipated AECO basis differential exposure at an average
of 69 cents per Mcf and has an additional 40 percent of anticipated production
subject to transport and aggregator contracts.

Second quarter realized liquids prices, including hedging, up 82 percent;
world oil prices remain strong
During the second quarter of 2006, increased market reach via new
pipelines to the southern U.S. refining region and strong asphalt demand for
the summer paving season resulted in substantially higher prices for Canadian
heavy oil. Second quarter realized liquids prices, including financial
hedging, increased 82 percent to average $49.01 per barrel, compared to the
same period in 2005. Excluding financial hedging, realized liquids prices
increased 65 percent averaging $52.44 per barrel. In the second quarter, the
West Texas Intermediate (WTI)/Western Canada Select differential averaged
$17.55 per barrel, down 15 percent from $20.72 per barrel in the same 2005
period. Continued unrest in major world oil producing regions has kept global
oil prices strong. During the second quarter of 2006, the benchmark WTI crude
oil price averaged $70.72 per barrel, up 33 percent from the second quarter
2005 of $53.22 per barrel.

Risk management strategy
Detailed risk management positions at June 30, 2006 are presented in
Note 14 to the unaudited second quarter consolidated financial statements. In
the second quarter of 2006, EnCana's financial price risk management measures
resulted in a realized after-tax gain of approximately $108 million, comprised
of a $135 million gain on gas hedges, a $31 million loss on liquids hedges and
a $4 million gain on other hedges.

Corporate developments
-----------------------

Quarterly dividend of 10 cents per share approved
EnCana's board of directors has approved a quarterly dividend of 10 cents
per share, which is payable on September 29, 2006 to common shareholders of
record as of September 15, 2006.

Normal Course Issuer Bid purchases
To date in 2006, EnCana has purchased for cancellation approximately
43.7 million of its shares at an average price of US$47.37 per share under its
current Normal Course Issuer Bid, which allows the company to purchase up to
10 percent of the company's public float at the time of the approval of the
bid - October 2005. The company had 815.8 million shares outstanding at
June 30, 2006.

Ecuador indemnity
-----------------
On February 28, 2006 EnCana completed the sale of its interests in
Ecuador operations for $1.4 billion and recorded a loss on sale of
$47 million. During the second quarter, the Government of Ecuador seized the
Block 15 assets, in relation to which EnCana previously held a 40 percent
economic interest, from the operator. This is an event requiring
indemnification under the terms of EnCana's sale agreement with Andes
Petroleum Company. The purchaser requested payment and EnCana has accrued the
maximum amount, calculated in accordance with the terms of the agreement, of
approximately $265 million, which results in a $232 million net loss being
recorded against net earnings in the second quarter of 2006. At this point
EnCana does not expect that any further significant indemnification payments
relating to any other business matters addressed in the share sale agreement
will be required to be made to the purchaser.

Financial strength
------------------

EnCana maintains a strong balance sheet. At June 30, 2006 the company's
net debt-to-capitalization ratio was 26:74. EnCana's net debt-to-adjusted-
EBITDA multiple, on a trailing 12-month basis, was 0.6 times. These ratios are
below the company's targeted range for net debt-to-capitalization of between
30 and 40 percent and 1.0 to 2.0 times for net debt-to-adjusted-EBITDA.
In the second quarter of 2006, EnCana invested $1,632 million of core
capital. Net divestitures were $803 million, resulting in net capital
investment in total operations of $829 million. EnCana's 2006 capital program
is expected to be funded by cash flow.

<<
-------------------------------------------------------------------------
CONFERENCE CALL TODAY
11 a.m. Mountain Time (1 p.m. Eastern Time)

EnCana will host a conference call and webcast to discuss its second
quarter results today, Tuesday, July 25, 2006, at 11:00 a.m. MT
(1:00 p.m. ET). To participate, please dial (800) 289-0572 (toll-free in
North America) or (913) 981-5543 approximately 10 minutes prior to the
conference call. An archived recording of the call will be available from
approximately 3:00 p.m. MT on July 25 until midnight July 29, 2006 by
dialling (888) 203-1112 or (719) 457-0820 and entering access code
8194693.

A live audio webcast of the conference call will also be available via
EnCana's website, www.encana.com, under Investor Relations. The webcast
will be archived for approximately 90 days.
-------------------------------------------------------------------------
>>

EnCana Corporation
With an enterprise value of approximately US$46 billion, EnCana is one of
North America's leading natural gas producers, the largest holder of gas and
oil resource lands onshore North America and is a technical and cost leader in
the in-situ recovery of oilsands bitumen. EnCana delivers predictable,
reliable, profitable growth from its portfolio of long-life resource plays
situated in Canada and the United States. Contained in unconventional
reservoirs, resource plays are large contiguous accumulations of hydrocarbons,
located in thick or areally extensive deposits, that typically have lower
geological and commercial development risk, lower average decline rates and
longer producing lives than conventional plays. EnCana common shares trade on
the Toronto and New York stock exchanges under the symbol ECA.

<<
NOTE 1: Non-GAAP measures
This news release contains references to cash flow, total operating
earnings and adjusted EBITDA.
- Total operating earnings is a non-GAAP measure that shows net
earnings excluding non-operating items such as the after-tax impacts
of a gain or loss on the sale of discontinued operations, the after-
tax gain/loss of unrealized mark-to-market accounting for derivative
instruments, the after-tax gain/loss on translation of U.S. dollar
denominated debt issued in Canada and the effect of the reduction in
income tax rates.
- Adjusted EBITDA is a non-GAAP measure that is defined as earnings
from Continuing Operations before gain on disposition, income taxes,
foreign exchange gains or losses, interest net, accretion of asset
retirement obligation, and depreciation, depletion and amortization.
Management believes that the inclusion of total operating earnings
enhances the comparability of the company's underlying financial performance
between periods. The majority of the unrealized gains/losses that relate to
U.S. dollar debt issued in Canada are for debt with maturity dates in excess
of five years. These measures have been described and presented in this news
release in order to provide shareholders and potential investors with
additional information regarding EnCana's liquidity and its ability to
generate funds to finance its operations.
>>

ADVISORY REGARDING RESERVES DATA AND OTHER OIL AND GAS INFORMATION -
EnCana's disclosure of reserves data and other oil and gas information is made
in reliance on an exemption granted to EnCana by Canadian securities
regulatory authorities which permits it to provide such disclosure in
accordance with U.S. disclosure requirements. The information provided by
EnCana may differ from the corresponding information prepared in accordance
with Canadian disclosure standards under National Instrument 51-101 (NI 51-
101). EnCana's reserves quantities represent net proved reserves calculated
using the standards contained in Regulation S-X of the U.S. Securities and
Exchange Commission. Further information about the differences between the
U.S. requirements and the NI 51-101 requirements is set forth under the
heading "Note Regarding Reserves Data and Other Oil and Gas Information" in
EnCana's Annual Information Form.
In this news release, 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). Also, certain natural gas volumes have been
converted to barrels of oil equivalent (BOE) on the same basis. BOE and 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 necessarily represent
value equivalency at the well head.

Unbooked resource potential
EnCana defines unbooked resource potential as quantities of oil and
natural gas on existing landholdings that are not yet classified as proved
reserves, but which EnCana believes may be moved into the proved reserves
category and produced in the future. EnCana employs a probability-weighted
approach in the calculation of these quantities, including statistical
distributions of resource play performance and areal extent. Consequently,
EnCana's unbooked resource potential necessarily includes quantities of
probable and possible reserves and contingent resources, as these terms are
defined in the Canadian Oil and Gas Evaluation Handbook.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - In the interests of
providing EnCana shareholders and potential investors with information
regarding EnCana, including management's assessment of EnCana's and its
subsidiaries' future plans and operations, certain statements contained in
this news release are forward-looking statements or information within the
meaning of applicable securities legislation, collectively referred to herein
as "forward-looking statements." Forward-looking statements in this news
release include, but are not limited to: future economic and operating
performance (including per share growth, cash flow and increase in net asset
value); anticipated life of proved reserves; anticipated unbooked resource
potential; anticipated conversion of unbooked resource potential to proved
reserves; anticipated growth and success of resource plays and the expected
characteristics of resource plays; anticipated bitumen production expansion
including expansions of and production from Foster Creek and the timing
thereof; expected proportion of total production and cash flows contributed by
natural gas; anticipated success of EnCana's market risk mitigation strategy
and its impact on cash flow, upside potential and downside protection;
anticipated purchases pursuant to the Normal Course Issuer Bid; potential
demand for gas; anticipated production in 2006 and beyond; anticipated
drilling; potential capital expenditures and investment; potential oil,
natural gas and NGLs sales in 2006 and beyond; anticipated ability to meet
production, operating cost and sales guidance targets; anticipated costs,
including costs associated with developing unbooked resource potential and
expected costs to develop the company's drilling inventory; the potential for
reduced industry activity in the future and the impact thereof on costs;
anticipated prices for crude oil and natural gas; anticipated indemnity
payments related to the Ecuador divestiture and the potential amount of such
payments; the expected date for receipt of California regulatory approvals in
respect of the sale of the company's remaining gas storage assets, and the
expected gain on the sale of such assets; the expected timing of the sale of
certain offshore Brazil assets; potential risks associated with drilling and
references to potential exploration. Readers 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 risks and
uncertainties include, among other things: volatility of and assumptions
regarding oil and gas prices; assumptions based on the company's current
guidance; fluctuations in currency and interest rates; product supply and
demand; market competition; risks inherent in the company's marketing
operations, including credit risks; imprecision of reserves estimates and
estimates of recoverable quantities of oil, natural gas and liquids from
resource plays and other sources not currently classified as proved reserves;
the company's ability to replace and expand oil and gas reserves; 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
environmental and other regulations or the interpretations of such
regulations; political and economic conditions in the countries in which the
company operates; the risk of war, hostilities, civil insurrection and
instability affecting countries in which the company operates and terrorist
threats; risks associated with existing and potential future lawsuits and
regulatory actions made against the company; 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.
Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, 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 news release are expressly qualified by this cautionary
statement.

<<

Interim Consolidated Financial Statements
(unaudited)
For the period ended June 30, 2006


EnCana Corporation


U.S. DOLLARS



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED STATEMENT OF EARNINGS (unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
($ millions, except --------------------- ---------------------
per share amounts) 2006 2005 2006 2005
-------------------------------------------------------------------------

REVENUES, NET OF
ROYALTIES (Note 3)
Upstream $ 2,749 $ 2,227 $ 5,440 $ 4,333
Market Optimization 825 844 1,541 1,738
Corporate -
Unrealized gain
(loss) on risk
management 230 315 1,493 (647)
-------------------------------------------------------------------------
3,804 3,386 8,474 5,424

EXPENSES (Note 3)
Production and
mineral taxes 51 97 190 184
Transportation
and selling 152 130 304 263
Operating 395 315 807 615
Purchased product 794 821 1,483 1,700
Depreciation,
depletion and
amortization 790 669 1,555 1,348
Administrative 75 66 133 127
Interest, net (Note 6) 83 101 171 201
Accretion of
asset retirement
obligation (Note 10) 12 9 24 18
Foreign exchange
(gain) loss, net (Note 7) (202) 119 (158) 151
Stock-based
compensation -
options - 4 - 8
(Gain) on
dispositions (8) - (17) -
-------------------------------------------------------------------------
2,142 2,331 4,492 4,615
-------------------------------------------------------------------------
NET EARNINGS BEFORE
INCOME TAX 1,662 1,055 3,982 809
Income tax
expense (Note 8) 69 281 917 197
-------------------------------------------------------------------------
NET EARNINGS FROM
CONTINUING
OPERATIONS 1,593 774 3,065 612
NET EARNINGS FROM
DISCONTINUED
OPERATIONS (Note 4) 564 65 566 182
-------------------------------------------------------------------------
NET EARNINGS $ 2,157 $ 839 $ 3,631 $ 794
-------------------------------------------------------------------------
-------------------------------------------------------------------------

NET EARNINGS FROM
CONTINUING OPERATIONS
PER COMMON SHARE (Note 13)
Basic $ 1.92 $ 0.89 $ 3.65 $ 0.69
Diluted $ 1.88 $ 0.87 $ 3.58 $ 0.68
-------------------------------------------------------------------------
-------------------------------------------------------------------------

NET EARNINGS PER
COMMON SHARE (Note 13)
Basic $ 2.60 $ 0.96 $ 4.33 $ 0.90
Diluted $ 2.55 $ 0.94 $ 4.24 $ 0.88
-------------------------------------------------------------------------
-------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF RETAINED EARNINGS (unaudited)

Six Months Ended
June 30,
---------------------
($ millions) 2006 2005
-------------------------------------------------------------------------

RETAINED EARNINGS, BEGINNING OF YEAR $ 9,481 $ 7,935
Net Earnings 3,631 794
Dividends on Common Shares (146) (110)
Charges for Normal Course Issuer Bid (Note 11) (1,700) (1,124)
Charges for Shares Repurchased and Held - (147)
-------------------------------------------------------------------------
RETAINED EARNINGS, END OF PERIOD $ 11,266 $ 7,348
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.


EnCana Corporation Consolidated Financial Statements (prepared in US$)



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED BALANCE SHEET (unaudited)

As at As at
June 30, December 31,
($ millions) 2006 2005
-------------------------------------------------------------------------

ASSETS
Current Assets
Cash and cash equivalents $ 253 $ 105
Accounts receivable and
accrued revenues 1,518 1,851
Risk management (Note 14) 965 495
Inventories 109 103
Assets of discontinued operations (Note 4) 195 1,050
-------------------------------------------------------------------------
3,040 3,604
Property, Plant and Equipment, net (Note 3) 27,855 24,881
Investments and Other Assets 546 496
Risk Management (Note 14) 313 530
Assets of Discontinued Operations (Note 4) - 2,113
Goodwill 2,618 2,524
-------------------------------------------------------------------------
(Note 3) $ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $ 2,292 $ 2,741
Income tax payable 875 392
Risk management (Note 14) 170 1,227
Liabilities of discontinued
operations (Note 4) 363 438
Current portion of long-term debt (Note 9) 73 73
-------------------------------------------------------------------------
3,773 4,871
Long-Term Debt (Note 9) 5,759 6,703
Other Liabilities 87 93
Risk Management (Note 14) 18 102
Asset Retirement Obligation (Note 10) 906 816
Liabilities of Discontinued
Operations (Note 4) - 267
Future Income Taxes 5,764 5,289
-------------------------------------------------------------------------
16,307 18,141
-------------------------------------------------------------------------
Shareholders' Equity
Share capital (Note 11) 4,859 5,131
Paid in surplus 140 133
Retained earnings 11,266 9,481
Foreign currency translation
adjustment 1,800 1,262
-------------------------------------------------------------------------
18,065 16,007
-------------------------------------------------------------------------
$ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
($ millions) 2006 2005 2006 2005
-------------------------------------------------------------------------
OPERATING ACTIVITIES
Net earnings from
continuing operations $ 1,593 $ 774 $ 3,065 $ 612
Depreciation, depletion
and amortization 790 669 1,555 1,348
Future income
taxes (Note 8) (228) (379) 289 (674)
Cash tax on sale
of assets - 591 - 591
Unrealized (gain)
loss on risk
management (Note 14) (230) (314) (1,491) 645
Unrealized foreign
exchange (gain)
loss (143) 105 (83) 123
Accretion of asset
retirement
obligation (Note 10) 12 9 24 18
(Gain) on
dispositions (8) - (17) -
Other 53 47 76 86
-------------------------------------------------------------------------
Cash flow from
continuing
operations 1,839 1,502 3,418 2,749
Cash flow from
discontinued
operations (24) 70 88 236
-------------------------------------------------------------------------
Cash flow 1,815 1,572 3,506 2,985
Net change in
other assets
and liabilities 38 (16) 27 (14)
Net change in
non-cash working
capital from
continuing
operations 1,508 (687) 3,552 (73)
Net change in
non-cash working
capital from
discontinued
operations (1,036) 12 (2,463) (99)
-------------------------------------------------------------------------
2,325 881 4,622 2,799
-------------------------------------------------------------------------

INVESTING ACTIVITIES
Capital
expenditures (Note 3) (1,903) (1,437) (3,864) (2,946)
Proceeds on
disposal of
assets (Note 5) 2 2,406 257 2,459
Cash tax on sale
of assets - (591) - (591)
Net change in
investments and
other (59) (27) 18 (8)
Net change in
non-cash working
capital from
continuing
operations (270) 290 (151) 451
Discontinued
operations 1,064 (62) 2,377 (135)
-------------------------------------------------------------------------
(1,166) 579 (1,363) (770)
-------------------------------------------------------------------------

FINANCING ACTIVITIES
Net (repayment)
of revolving
long-term debt (101) (682) (982) (715)
Repayment of
long-term debt - - - (1)
Issuance of
common shares (Note 11) 49 83 101 184
Purchase of
common shares (Note 11) (1,095) (902) (2,073) (1,662)
Dividends on
common shares (82) (66) (146) (110)
Other (1) (1) (11) (3)
-------------------------------------------------------------------------
(1,230) (1,568) (3,111) (2,307)
-------------------------------------------------------------------------

DEDUCT: FOREIGN
EXCHANGE (GAIN)
ON CASH AND CASH
EQUIVALENTS HELD
IN FOREIGN CURRENCY - (1) - (2)
-------------------------------------------------------------------------

INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS (71) (107) 148 (276)
CASH AND CASH
EQUIVALENTS,
BEGINNING OF PERIOD 324 424 105 593
-------------------------------------------------------------------------
CASH AND CASH
EQUIVALENTS,
END OF PERIOD $ 253 $ 317 $ 253 $ 317
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.



Notes to Consolidated Financial Statements (unaudited)
(All amounts in $ millions unless otherwise specified)

1. BASIS OF PRESENTATION

The interim Consolidated Financial Statements include the accounts of
EnCana Corporation and its subsidiaries ("EnCana" or the "Company"), and
are presented in accordance with Canadian generally accepted accounting
principles. The Company is in the business of exploration for, and
production and marketing of, natural gas, crude oil and natural gas
liquids, as well as natural gas storage, natural gas liquids processing
and power generation operations.

The interim Consolidated Financial Statements have been prepared
following the same accounting policies and methods of computation as the
annual audited Consolidated Financial Statements for the year ended
December 31, 2005, except as noted below. The disclosures provided below
are incremental to those included with the annual audited Consolidated
Financial Statements. The interim Consolidated Financial Statements
should be read in conjunction with the annual audited Consolidated
Financial Statements and the notes thereto for the year ended
December 31, 2005.

2. CHANGE IN ACCOUNTING POLICIES AND PRACTICES

On January 1, 2006, the Company adopted Emerging Issues Task Force
("EITF") Abstract No. 04-13 - Accounting for Purchases and Sales of
Inventory with the Same Counterparty. As of January 1, 2006, purchases
and sales of inventory with the same counterparty that are entered into
in contemplation of each other are recorded on a net basis in the
Consolidated Statement of Earnings. This change has been adopted
prospectively and has no effect on the net earnings of the reported
periods.

3. SEGMENTED INFORMATION

The Company has defined its continuing operations into the following
segments:

- Upstream includes the Company's exploration for, and development and
production of, natural gas, crude oil and natural gas liquids and
other related activities. The majority of the Company's Upstream
operations are located in Canada and the United States. Frontier and
international new venture exploration is mainly focused on
opportunities in Chad, Brazil, the Middle East, Greenland and France.

- Market Optimization is conducted by the Midstream & Marketing
division. The Marketing groups' primary responsibility is the sale of
the Company's proprietary production. The results are included in the
Upstream segment. Correspondingly, the Marketing groups also
undertake market optimization activities which comprise third party
purchases and sales of product that provide operational flexibility
for transportation commitments, product type, delivery points and
customer diversification. These activities are reflected in the
Market Optimization segment.

- Corporate includes unrealized gains or losses recorded on derivative
instruments. Once amounts are settled, the realized gains and losses
are recorded in the operating segment to which the derivative
instrument relates.

Market Optimization purchases substantially all of the Company's North
American Upstream production for sale to third party customers.
Transactions between business segments are based on market values and
eliminated on consolidation. The tables in this note present financial
information on an after eliminations basis.

Operations that have been discontinued are disclosed in Note 4.


Results of Continuing Operations (For the three months ended June 30)

Upstream Market Optimization
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 2,749 $ 2,227 $ 825 $ 844
Expenses
Production and mineral taxes 51 97 - -
Transportation and selling 142 126 10 4
Operating 383 296 13 18
Purchased product - - 794 821
Depreciation, depletion
and amortization 768 648 2 3
-------------------------------------------------------------------------
Segment Income (Loss) $ 1,405 $ 1,060 $ 6 $ (2)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Corporate(*) Consolidated
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 230 $ 315 $ 3,804 $ 3,386
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 152 130
Operating (1) 1 395 315
Purchased product - - 794 821
Depreciation, depletion
and amortization 20 18 790 669
-------------------------------------------------------------------------
Segment Income $ 211 $ 296 1,622 1,354
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Administrative 75 66
Interest, net 83 101
Accretion of asset
retirement obligation 12 9
Foreign exchange loss
(gain), net (202) 119
Stock-based compensation
- options - 4
(Gain) on divestitures (8) -
-------------------------------------------------------------------------
(40) 299
-------------------------------------------------------------------------
Net Earnings Before Income Tax 1,662 1,055
Income tax expense 69 281
-------------------------------------------------------------------------
Net Earnings From Continuing
Operations $ 1,593 $ 774
-------------------------------------------------------------------------
-------------------------------------------------------------------------

(*) For the three months ended June 30, the pre-tax unrealized gain
(loss) on risk management is recorded in the Consolidated Statement
of Earnings as follows (see Note 14):

2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties - Corporate $ 230 $ 315
Operating Expenses and Other - Corporate - (1)
-------------------------------------------------------------------------
Total Unrealized Gain on Risk Management
before-tax - Continuing Operations $ 230 $ 314
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Results of Continuing Operations (For the three months ended June 30)

Canada United States
Upstream --------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 1,911 $ 1,514 $ 766 $ 655
Expenses
Production and mineral taxes 24 29 27 68
Transportation and selling 90 85 52 41
Operating 245 200 75 48
Depreciation, depletion and
amortization 539 469 216 171
-------------------------------------------------------------------------
Segment Income $ 1,013 $ 731 $ 396 $ 327
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 72 $ 58 $ 2,749 $ 2,227
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 142 126
Operating 63 48 383 296
Depreciation, depletion and
amortization 13 8 768 648
-------------------------------------------------------------------------
Segment Income (Loss) $ (4) $ 2 $ 1,405 $ 1,060
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Upstream Geographic and Product Information (Continuing Operations)
(For the three months ended June 30)

Produced Gas Produced Gas
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 1,296 $ 1,184 $ 695 $ 601 $ 1,991 $ 1,785
Expenses
Production
and mineral
taxes 15 21 23 62 38 83
Transportation
and selling 71 71 52 41 123 112
Operating 153 122 75 48 228 170
-------------------------------------------------------------------------
Operating
Cash Flow $ 1,057 $ 970 $ 545 $ 450 $ 1,602 $ 1,420
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Oil & NGLs Oil & NGLs
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues, Net
of Royalties $ 615 $ 330 $ 71 $ 54 $ 686 $ 384
Expenses
Production
and mineral
taxes 9 8 4 6 13 14
Transportation
and selling 19 14 - - 19 14
Operating 92 78 - - 92 78
-------------------------------------------------------------------------
Operating
Cash Flow $ 495 $ 230 $ 67 $ 48 $ 562 $ 278
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other & Total Upstream Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 72 $ 58 $ 2,749 $ 2,227
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 142 126
Operating 63 48 383 296
-------------------------------------------------------------------------
Operating Cash Flow $ 9 $ 10 $ 2,173 $ 1,708
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Results of Continuing Operations (For the six months ended June 30)

Upstream Market Optimization
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 5,440 $ 4,333 $ 1,541 $ 1,738
Expenses
Production and mineral taxes 190 184 - -
Transportation and selling 291 257 13 6
Operating 776 588 31 29
Purchased product - - 1,483 1,700
Depreciation, depletion
and amortization 1,512 1,308 5 5
-------------------------------------------------------------------------
Segment Income (Loss) $ 2,671 $ 1,996 $ 9 $ (2)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Corporate(*) Consolidated
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 1,493 $ (647) $ 8,474 $ 5,424
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 304 263
Operating - (2) 807 615
Purchased product - - 1,483 1,700
Depreciation, depletion
and amortization 38 35 1,555 1,348
-------------------------------------------------------------------------
Segment Income (Loss) $ 1,455 $ (680) 4,135 1,314
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Administrative 133 127
Interest, net 171 201
Accretion of asset
retirement obligation 24 18
Foreign exchange (gain)
loss, net (158) 151
Stock-based compensation -
options - 8
(Gain) on dispositions (17) -
-------------------------------------------------------------------------
153 505
-------------------------------------------------------------------------
Net Earnings Before Income Tax 3,982 809
Income tax expense 917 197
-------------------------------------------------------------------------
Net Earnings From Continuing Operations $ 3,065 $ 612
-------------------------------------------------------------------------
-------------------------------------------------------------------------

(*) For the six months ended June 30, the pre-tax unrealized gain (loss)
on risk management is recorded in the Consolidated Statement of
Earnings as follows (see Note 14):

2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties - Corporate $ 1,493 $ (647)
Operating Expenses and Other - Corporate (2) 2
-------------------------------------------------------------------------
Total Unrealized Gain (Loss) on Risk Management
before-tax - Continuing Operations $ 1,491 $ (645)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Results of Continuing Operations (For the six months ended June 30)

Canada United States
Upstream --------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 3,741 $ 2,940 $ 1,545 $ 1,274
Expenses
Production and mineral taxes 69 51 121 133
Transportation and selling 173 172 118 85
Operating 487 392 143 92
Depreciation, depletion and
amortization 1,065 931 426 359
-------------------------------------------------------------------------
Segment Income $ 1,947 $ 1,394 $ 737 $ 605
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Transportation and selling for the United States includes a one time
payment in the first quarter of 2006 of $14 million to terminate a
long-term physical delivery contract.

Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 154 $ 119 $ 5,440 $ 4,333
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 291 257
Operating 146 104 776 588
Depreciation, depletion
and amortization 21 18 1,512 1,308
-------------------------------------------------------------------------
Segment Income (Loss) $ (13) $ (3) $ 2,671 $ 1,996
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Upstream Geographic and Product Information (Continuing Operations)
(For the six months ended June 30)

Produced Gas
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 2,737 $ 2,317 $ 1,413 $ 1,165 $ 4,150 $ 3,482
Expenses
Production
and mineral
taxes 51 37 112 121 163 158
Transportation
and selling 138 141 118 85 256 226
Operating 306 243 143 92 449 335
-------------------------------------------------------------------------
Operating Cash
Flow $ 2,242 $ 1,896 $ 1,040 $ 867 $ 3,282 $ 2,763
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Transportation and selling for the United States includes a one time
payment in the first quarter of 2006 of $14 million to terminate a
long-term physical delivery contract.

Oil & NGLs
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 1,004 $ 623 $ 132 $ 109 $ 1,136 $ 732
Expenses
Production
and mineral
taxes 18 14 9 12 27 26
Transportation
and selling 35 31 - - 35 31
Operating 181 149 - - 181 149
-------------------------------------------------------------------------
Operating
Cash Flow $ 770 $ 429 $ 123 $ 97 $ 893 $ 526
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 154 $ 119 $ 5,440 $ 4,333
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 291 257
Operating 146 104 776 588
-------------------------------------------------------------------------
Operating Cash Flow $ 8 $ 15 $ 4,183 $ 3,304
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Capital Expenditures (Continuing Operations)

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Upstream Core Capital
Canada $ 953 $ 830 $ 2,302 $ 1,871
United States 633 475 1,170 878
Other Countries 21 16 39 29
-------------------------------------------------------------------------
1,607 1,321 3,511 2,778
-------------------------------------------------------------------------

Upstream Acquisition Capital
Canada 21 20 29 23
United States 250 6 257 15
-------------------------------------------------------------------------
271 26 286 38
-------------------------------------------------------------------------

Market Optimization 9 81 38 115
Corporate 16 9 29 15
-------------------------------------------------------------------------
Total $ 1,903 $ 1,437 $ 3,864 $ 2,946
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Property, Plant and Equipment and Total Assets

Property, Plant
and Equipment Total Assets
-------------------------------------------------
As at As at
-------------------------------------------------
June 30, December 31, June 30, December 31,
2006 2005 2006 2005
-------------------------------------------------------------------------

Upstream $ 27,418 $ 24,247 $ 31,827 $ 28,858
Market Optimization 162 371 413 597
Corporate 275 263 1,937 1,530
Assets of
Discontinued
Operations (Note 4) 195 3,163
-------------------------------------------------------------------------
Total $ 27,855 $ 24,881 $ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

4. DISCONTINUED OPERATIONS

Midstream

On December 13, 2005, EnCana completed the sale of its Midstream natural
gas liquids processing operations for total proceeds of $625 million
(C$720 million). The natural gas liquids processing operations included
various interests in a number of processing and related facilities as
well as a marketing entity. A gain on sale of approximately $370 million,
after-tax, was recorded.

During the fourth quarter of 2005, EnCana decided to divest of its
natural gas storage operations. EnCana's natural gas storage operations
include the 100 percent interest in the AECO storage facility as well as
facilities in the United States. On March 6, 2006, EnCana announced that
it had reached an agreement to sell the gas storage operations for
$1.5 billion. The sale, to a single purchaser, which is subject to
closing conditions and applicable regulatory approvals, is expected to
close in two stages. On May 12, 2006, the first stage of the sale was
closed for proceeds of $1.3 billion. The second stage will close
following receipt of regulatory approvals, expected to be later in 2006.

Ecuador

At December 31, 2004, EnCana decided to divest of its Ecuador operations
and such operations have been accounted for as discontinued operations.
EnCana's Ecuador operations include the 100 percent working interest in
the Tarapoa Block, majority operating interest in Blocks 14, 17 and
Shiripuno, the non-operated economic interest in relation to Block 15 and
the 36.3 percent indirect equity investment in Oleoducto de Crudos
Pesados (OCP) Ltd. ("OCP"), which is the owner of a crude oil pipeline in
Ecuador that ships crude oil from the producing areas of Ecuador to an
export marine terminal. The Company is a shipper on the OCP Pipeline and
pays commercial rates for tariffs. The majority of the Company's crude
oil produced in Ecuador is sold to a single marketing company. Payments
are secured by letters of credit from a major financial institution which
has a high quality investment grade credit rating.

In accordance with Canadian generally accepted accounting principles,
depletion, depreciation and amortization expense has not been recorded in
the Consolidated Statement of Earnings for discontinued operations.

On February 28, 2006, EnCana completed the sale of its interest in its
Ecuador operations for $1.4 billion before indemnifications which are
discussed further in this note.

Consolidated Statement of Earnings

The following table presents the effect of the discontinued operations in
the Consolidated Statement of Earnings:

For the three months ended June 30,
-------------------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------
2006 2005 2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of Royalties $ - $ 241 $ - $ - $ 28 $ 195 $ 28 $ 436
-------------------------------------------------------------------------

Expenses
Production and
mineral taxes - 30 - - - - - 30
Transportation
and selling - 16 - - - 1 - 17
Operating - 34 - - 10 58 10 92
Purchased
product - - - - - 112 - 112
Depreciation,
depletion and
amortization - - - - - 6 - 6
Administrative - - - - - - - -
Interest, net - - - - - - - -
Accretion of
asset retirement
obligation - 1 - - - - - 1
Foreign exchange
(gain) loss, net - 1 (1) (3) 9 - 8 (2)
(Gain) loss on
discontinuance 232 - - - (768) - (536) -
-------------------------------------------------------------------------
232 82 (1) (3) (749) 177 (518) 256
-------------------------------------------------------------------------
Net Earnings
(Loss) Before
Income Tax (232) 159 1 3 777 18 546 180
Income tax
expense
(recovery) - 108 2 1 (20) 6 (18) 115
-------------------------------------------------------------------------
Net Earnings
(Loss) From
Discontinued
Operations $(232) $ 51 $ (1) $ 2 $ 797 $ 12 $ 564 $ 65
-------------------------------------------------------------------------
-------------------------------------------------------------------------


For the six months ended June 30,
-------------------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------
2006 2005 2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties(*) $ 200 $ 432 $ - $ - $ 463 $ 818 $ 663 $1,250
-------------------------------------------------------------------------

Expenses
Production and
mineral taxes 23 52 - - - - 23 52
Transportation
and selling 10 31 - - - 4 10 35
Operating 25 62 - - 29 130 54 192
Purchased
product - - - - 354 596 354 596
Depreciation,
depletion and
amortization 84 - - - - 13 84 13
Administrative - - - - - - - -
Interest, net (2) - - - - - (2) -
Accretion of
asset retirement
obligation - 1 - - - - - 1
Foreign exchange
(gain) loss, net 1 1 - (3) 9 (1) 10 (3)
(Gain) loss on
discontinuance 279 - - - (768) - (489) -
-------------------------------------------------------------------------
420 147 - (3) (376) 742 44 886
-------------------------------------------------------------------------
Net Earnings
(Loss) Before
Income Tax (220) 285 - 3 839 76 619 364
Income tax
expense
(recovery) 59 154 2 1 (8) 27 53 182
-------------------------------------------------------------------------
Net Earnings
(Loss) From
Discontinued
Operations $(279) $ 131 $ (2) $ 2 $ 847 $ 49 $ 566 $ 182
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Revenues, net of royalties in Ecuador include realized losses of
$1 million related to derivative financial instruments. In 2005,
revenues, net of royalties included realized losses of $55 million
and unrealized mark-to-market gains of $11 million.


Consolidated Balance Sheet

The impact of the discontinued operations in the Consolidated Balance
Sheet is as follows:

As at
-------------------------------------------
June 30, 2006
-------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------------------------
Assets
Cash and cash equivalents $ - $ 6 $ (13) $ (7)
Accounts receivable
and accrued revenues - - 22 22
Risk management - - 2 2
Inventories - - 19 19
-------------------------------------------------------------------------
- 6 30 36
Property, plant and
equipment, net 1 - 158 159
Investments and other assets - - - -
Goodwill - - - -
-------------------------------------------------------------------------
$ 1 $ 6 $ 188 $ 195
-------------------------------------------------------------------------
Liabilities
Accounts payable and
accrued liabilities $ 265 $ 27 $ 15 $ 307
Income tax payable - 7 27 34
Risk management - - - -
-------------------------------------------------------------------------
265 34 42 341
Asset retirement obligation - - - -
Future income taxes - - 22 22
-------------------------------------------------------------------------
265 34 64 363
-------------------------------------------------------------------------
Net Assets of Discontinued
Operations $ (264) $ (28) $ 124 $ (168)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


As at
-------------------------------------------
December 31, 2005
-------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 207 $ 8 $ (7) $ 208
Accounts receivable
and accrued revenues 137 - 271 408
Risk management - - 21 21
Inventories 23 - 390 413
-------------------------------------------------------------------------
367 8 675 1,050
Property, plant and
equipment, net 1,166 - 520 1,686
Investments and other assets 360 - - 360
Goodwill - - 67 67
-------------------------------------------------------------------------
$ 1,893 $ 8 $ 1,262 $ 3,163
-------------------------------------------------------------------------
Liabilities
Accounts payable and
accrued liabilities $ 91 $ 27 $ 49 $ 167
Income tax payable 184 6 40 230
Risk management - - 41 41
-------------------------------------------------------------------------
275 33 130 438
Asset retirement obligation 21 - - 21
Future income taxes 162 (2) 86 246
-------------------------------------------------------------------------
458 31 216 705
-------------------------------------------------------------------------
Net Assets of Discontinued
Operations $ 1,435 $ (23) $ 1,046 $ 2,458
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Contingencies

EnCana has agreed to indemnify the purchaser of its Ecuador interests
against losses that may arise in certain circumstances which are defined
in the share sale agreements. The obligation to indemnify will arise
should losses exceed amounts specified in the sale agreements and is
limited to maximum amounts which are set forth in the share sale
agreements.

During the second quarter, the Government of Ecuador seized the Block 15
assets, in which EnCana previously held a 40 percent economic interest,
from the operator which is an event requiring indemnification under terms
of EnCana's sale agreement with Andes Petroleum Company. The purchaser
requested payment and EnCana has accrued the maximum amount, calculated
in accordance with the terms of the agreements, of approximately
$265 million. At this point EnCana does not expect that any further
significant indemnification payments relating to any other business
matters addressed in the share sale agreements will be required to be
made to the purchaser.

5. DIVESTITURES

Total proceeds received on sale of assets and investments was
$257 million (2005 - $2,459 million) as described below:

Upstream

In 2006, the Company has completed the disposition of mature
conventional oil and natural gas assets for proceeds of $13 million
(2005 - $408 million).

In May 2005, the Company completed the sale of its Gulf of Mexico assets
for approximately $2.1 billion resulting in net proceeds of approximately
$1.5 billion after deducting $591 million in tax plus other adjustments.
In accordance with full cost accounting for oil and gas activities,
proceeds were credited to property, plant and equipment.

Market Optimization

In February 2006, the Company sold its investment in Entrega Gas Pipeline
LLC for approximately $244 million.

6. INTEREST, NET

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Interest Expense -
Long-Term Debt $ 87 $ 105 $ 181 $ 206
Interest Expense - Other 5 3 10 7
Interest Income (9) (7) (20) (12)
-------------------------------------------------------------------------
$ 83 $ 101 $ 171 $ 201
-------------------------------------------------------------------------
-------------------------------------------------------------------------

7. FOREIGN EXCHANGE (GAIN) LOSS, NET

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Unrealized Foreign Exchange
(Gain) Loss on Translation
of U.S. Dollar Debt Issued
in Canada $ (163) $ 47 $ (159) $ 65
Other Foreign Exchange
(Gain) Loss (39) 72 1 86
-------------------------------------------------------------------------
$ (202) $ 119 $ (158) $ 151
-------------------------------------------------------------------------
-------------------------------------------------------------------------

8. INCOME TAXES

The provision for income taxes is as follows:

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Current
Canada $ 281 $ 110 $ 589 $ 282
United States 13 559 36 591
Other 3 (9) 3 (2)
-------------------------------------------------------------------------
Total Current Tax 297 660 628 871
-------------------------------------------------------------------------

Future (228) (379) 289 (674)
-------------------------------------------------------------------------
$ 69 $ 281 $ 917 $ 197
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Current income tax in the United States for the six months ended June 30,
2005 relates to income tax on the sale of the Gulf of Mexico assets.

The following table reconciles income taxes calculated at the Canadian
statutory rate with the actual income taxes:

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Net Earnings Before Income
Tax $ 1,662 $ 1,055 $ 3,982 $ 809
Canadian Statutory Rate 34.8% 37.9% 34.8% 37.9%
-------------------------------------------------------------------------
Expected Income Tax 578 399 1,384 307

Effect on Taxes Resulting
from:
Non-deductible Canadian
crown payments 21 44 52 86
Canadian resource allowance 1 (42) (19) (90)
Canadian resource allowance
on unrealized risk management
losses 1 (5) 1 13
Statutory and other rate
differences (1) (67) (17) (80)
Effect of tax rate
changes(*) (457) - (457) -
Non-taxable capital (gains)
losses (32) 11 (33) 16
Tax basis retained on
dispositions - (68) - (68)
Large corporations tax (1) - - 4
Other (41) 9 6 9
-------------------------------------------------------------------------
$ 69 $ 281 $ 917 $ 197
-------------------------------------------------------------------------
Effective Tax Rate 4.2% 26.6% 23.0% 24.4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) During the second quarter, the Canadian federal and Alberta
governments substantively enacted income tax rate reductions.

9. LONG-TERM DEBT

As at As at
June 30, December 31,
2006 2005
-------------------------------------------------------------------------

Canadian Dollar Denominated Debt
Revolving credit and term loan borrowings $ 443 $ 1,425
Unsecured notes 830 793
-------------------------------------------------------------------------
1,273 2,218
-------------------------------------------------------------------------

U.S. Dollar Denominated Debt
Revolving credit and term loan borrowings - -
Unsecured notes 4,494 4,494
-------------------------------------------------------------------------
4,494 4,494
-------------------------------------------------------------------------

Increase in Value of Debt Acquired(*) 65 64
Current Portion of Long-Term Debt (73) (73)
-------------------------------------------------------------------------
$ 5,759 $ 6,703
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Certain of the notes and debentures of EnCana were acquired in
business combinations and were accounted for at their fair value at
the dates of acquisition. The difference between the fair value and
the principal amount of the debt is being amortized over the
remaining life of the outstanding debt acquired, approximately
21 years.

10. ASSET RETIREMENT OBLIGATION

The following table presents the reconciliation of the beginning and
ending aggregate carrying amount of the obligation associated with the
retirement of oil and gas properties:

As at As at
June 30, December 31,
2006 2005
-------------------------------------------------------------------------

Asset Retirement Obligation, Beginning of Year $ 816 $ 611
Liabilities Incurred 37 77
Liabilities Settled (26) (42)
Liabilities Disposed - (23)
Change in Estimated Future Cash Flows 16 135
Accretion Expense 24 37
Other 39 21
-------------------------------------------------------------------------
Asset Retirement Obligation, End of Period $ 906 $ 816
-------------------------------------------------------------------------
-------------------------------------------------------------------------

11. SHARE CAPITAL

June 30, 2006 December 31, 2005
-----------------------------------------
(millions) Number Amount Number Amount
-------------------------------------------------------------------------

Common Shares Outstanding,
Beginning of Year 854.9 $ 5,131 900.6 $ 5,299
Common Shares Issued under
Option Plans 4.6 101 15.0 294
Common Shares Repurchased (43.7) (373) (60.7) (462)
-------------------------------------------------------------------------
Common Shares Outstanding,
End of Period 815.8 $ 4,859 854.9 $ 5,131
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Information related to common shares and stock options has been restated
to reflect the effect of the common share split approved in April 2005.

Normal Course Issuer Bid

To June 30, 2006, the Company purchased 43.7 million Common Shares for
total consideration of approximately $2,073 million. Of the amount paid,
$373 million was charged to Share capital and $1,700 million was charged
to Retained earnings.

EnCana has obtained regulatory approval each year under Canadian
securities laws to purchase Common Shares under four consecutive Normal
Course Issuer Bids ("Bids") which commenced in October 2002 and may
continue until October 30, 2006. EnCana is entitled to purchase, for
cancellation, up to approximately 85.6 million Common Shares under the
renewed Bid which commenced on October 31, 2005 and will terminate no
later than October 30, 2006.

Stock Options

The Company has stock-based compensation plans that allow employees and
directors to purchase Common Shares of the Company. Option exercise
prices approximate the market price for the Common Shares on the date the
options were issued. Options granted under the plans are generally fully
exercisable after three years and expire five years after the grant date.
Options granted under predecessor and/or related company replacement
plans expire up to ten years from the date the options were granted.

The following tables summarize the information about options to purchase
Common Shares that do not have Tandem Share Appreciation Rights
("TSAR's") attached to them at June 30, 2006. Information related to
TSAR's is included in Note 12.

Weighted
Stock Average
Options Exercise
(millions) Price (C$)
-------------------------------------------------------------------------

Outstanding, Beginning of Year 20.7 23.36
Exercised (4.6) 23.64
Forfeited (0.3) 23.81
-------------------------------------------------------------------------
Outstanding, End of Period 15.8 23.27
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Exercisable, End of Period 15.4 23.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Outstanding Options Exercisable Options
-----------------------------------------------------------

Weighted
Number of Average Weighted Number of Weighted
Range of Options Remaining Average Options Average
Exercise Outstanding Contractual Exercise Outstanding Exercise
Price (C$) (millions) Life (years) Price (C$) (millions) Price (C$)
-------------------------------------------------------------------------

11.00 to 22.99 1.4 2.0 15.22 1.4 15.05
23.00 to 23.49 0.3 1.6 23.23 0.2 23.25
23.50 to 23.99 5.9 1.8 23.89 5.8 23.89
24.00 to 24.49 7.7 0.9 24.17 7.7 24.17
24.50 to 25.99 0.5 2.2 25.23 0.3 25.23
-------------------------------------------------------------------------
15.8 1.4 23.27 15.4 23.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------

At June 30, 2006 the balance in Paid in surplus relates to Stock-Based
Compensation programs.

12. COMPENSATION PLANS

The tables below outline certain information related to EnCana's
compensation plans at June 30, 2006. Additional information is contained
in Note 15 of the Company's annual audited Consolidated Financial
Statements for the year ended December 31, 2005.

A) Pensions

The following table summarizes the net benefit plan expense:

Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Current Service Cost $ 4 $ 2 $ 7 $ 4
Interest Cost 4 3 8 6
Expected Return on Plan Assets (4) (3) (8) (6)
Expected Actuarial Loss on
Accrued Benefit Obligation 2 - 3 1
Expected Amortization of Past
Service Costs - - 1 1
Amortization of Transitional
Obligation (1) 1 (1) -
Expense for Defined
Contribution Plan 6 5 11 10
-------------------------------------------------------------------------
Net Benefit Plan Expense $ 11 $ 8 $ 21 $ 16
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, contributions of $6 million have been
made to the defined benefit pension plans.

B) Share Appreciation Rights ("SAR's")

The following table summarizes the information about SAR's at June 30,
2006:

Weighted
Average
Outstanding Exercise
SAR's Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 246,739 23.13
Exercised (242,739) 23.18
-------------------------------------------------------------------------
Outstanding, End of Period 4,000 20.25
-------------------------------------------------------------------------
Exercisable, End of Period 4,000 20.25
-------------------------------------------------------------------------
-------------------------------------------------------------------------

U.S. Dollar Denominated (US$)
Outstanding, Beginning of Year 319,511 14.33
Exercised (253,875) 14.94
-------------------------------------------------------------------------
Outstanding, End of Period 65,636 11.96
-------------------------------------------------------------------------
Exercisable, End of Period 65,636 11.96
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana has not recorded any
compensation costs related to the outstanding SAR's (2005 - $10 million).

C) Tandem Share Appreciation Rights ("TSAR's")

The following table summarizes the information about Tandem SAR's at
June 30, 2006:

Weighted
Average
Outstanding Exercise
TSAR's Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 8,403,967 38.41
Granted 10,676,500 48.63
Exercised - SAR's (344,212) 35.01
Exercised - Options (16,044) 32.47
Forfeited (471,892) 40.81
-------------------------------------------------------------------------
Outstanding, End of Period 18,248,319 44.40
-------------------------------------------------------------------------
Exercisable, End of Period 2,067,199 36.33
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded compensation costs of
$58 million related to the outstanding TSAR's (2005 - $31 million).

D) Deferred Share Units ("DSU's")

The following table summarizes the information about DSU's at June 30,
2006:

Outstanding Average
DSU's Share Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 836,561 26.81
Granted, Directors 70,000 56.71
Exercised (52,562) 27.92
Units, in Lieu of Dividends 5,748 56.85
-------------------------------------------------------------------------
Outstanding, End of Period 859,747 29.38
-------------------------------------------------------------------------
Exercisable, End of Period 859,747 29.38
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded compensation costs of
$8 million related to the outstanding DSU's (2005 - $13 million).

E) Performance Share Units ("PSU's")

The following table summarizes the information about PSU's at June 30,
2006:

Outstanding Average
PSU's Share Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 4,704,348 30.65
Granted 18,540 29.66
Exercised (239,794) 23.26
Forfeited (200,818) 30.45
-------------------------------------------------------------------------
Outstanding, End of Period 4,282,276 31.08
-------------------------------------------------------------------------
-------------------------------------------------------------------------

U.S. Dollar Denominated (US$)
Outstanding, Beginning of Year 739,649 25.22
Granted 2,367 25.53
Forfeited (80,876) 22.50
-------------------------------------------------------------------------
Outstanding, End of Period 661,140 25.56
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded a reduction to
compensation costs of $1 million related to the outstanding PSU's
(2005 - $33 million).

At June 30, 2006, EnCana has approximately 5.5 million Common Shares held
in trust for issuance upon vesting of the PSU's.

13. PER SHARE AMOUNTS

The following table summarizes the Common Shares used in calculating
Net Earnings per Common Share:

Three Months Ended Six Months Ended
------------------------------------------------------
March 31, June 30, June 30,
------------------------------------------------------
(millions) 2006 2006 2005 2006 2005
-------------------------------------------------------------------------
Weighted Average Common
Shares Outstanding
- Basic 847.9 829.6 872.0 838.7 881.8
Effect of Dilutive
Securities 16.9 15.5 19.9 16.7 18.9
-------------------------------------------------------------------------
Weighted Average Common
Shares Outstanding
- Diluted 864.8 845.1 891.9 855.4 900.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------

14. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

As a means of managing commodity price volatility, EnCana entered into
various financial instrument agreements and physical contracts. The
following information presents all positions for financial instruments.

Realized and Unrealized (Loss) Gain on Risk Management Activities

The following tables summarize the gains and losses on risk management
activities:

Realized Gain (Loss)
-------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 160 $ (114) $ (46) $ (133)
Operating Expenses and Other 2 5 3 10
-------------------------------------------------------------------------
Gain (Loss) on Risk Management
- Continuing Operations 162 (109) (43) (123)
Gain (Loss) on Risk Management
- Discontinued Operations 3 (32) 4 (56)
-------------------------------------------------------------------------
$ 165 $ (141) $ (39) $ (179)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Unrealized Gain (Loss)
-------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 230 $ 315 $ 1,493 $ (647)
Operating Expenses and Other - (1) (2) 2
-------------------------------------------------------------------------
Gain (Loss) on Risk Management
- Continuing Operations 230 314 1,491 (645)
Gain (Loss) on Risk Management
- Discontinued Operations (1) 31 22 1
-------------------------------------------------------------------------
$ 229 $ 345 $ 1,513 $ (644)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Amounts Recognized on Transition

Upon initial adoption of the current accounting policy for risk
management instruments on January 1, 2004, the fair value of all
outstanding financial instruments that were not considered accounting
hedges was recorded in the Consolidated Balance Sheet with an offsetting
net deferred loss amount (the "transition amount"). The transition amount
is recognized into net earnings over the life of the related contracts.
Changes in fair value after that time are recorded in the Consolidated
Balance Sheet with an associated unrealized gain or loss recorded in net
earnings.

At June 30, 2006, a net unrealized gain remains to be recognized over the
next three years as follows:

Unrealized
Gain
-------------------------------------------------------------------------
2006
Three months ended September 30, 2006 $ 7
Three months ended December 31, 2006 6
-------------------------------------------------------------------------
Total remaining to be recognized in 2006 $ 13
-------------------------------------------------------------------------
-------------------------------------------------------------------------

2007 $ 15
2008 1
-------------------------------------------------------------------------
Total to be recognized $ 29
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Fair Value of Outstanding Risk Management Positions

The following table presents a reconciliation of the change in the
unrealized amounts from January 1, 2006 to June 30, 2006:

Total
Fair Unrealized
Transition Market Gain
Amount Value (Loss)
-------------------------------------------------------------------------

Fair Value of Contracts,
Beginning of Year $ (40) $ (640) $ -
Change in Fair Value of Contracts in
Place at Beginning of Year and
Contracts Entered into During 2006 - 1,463 1,463
Fair Value of Contracts in Place at
Transition Expired During 2006 11 - 11
Fair Value of Contracts Realized
During 2006 - 39 39
-------------------------------------------------------------------------
Fair Value of Contracts Outstanding $ (29) $ 862 $ 1,513
Unamortized Premiums Paid on Options 230
-------------------------------------------------------------------------
Fair Value of Contracts and Premiums
Paid, End of Period $ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Amounts Allocated to Continuing
Operations $ (29) $ 1,090 $ 1,491
Amounts Allocated to Discontinued
Operations - 2 22
-------------------------------------------------------------------------
$ (29) $ 1,092 $ 1,513
-------------------------------------------------------------------------
-------------------------------------------------------------------------

At June 30, 2006, the remaining net deferred amounts recognized on
transition and the risk management amounts are recorded in the
Consolidated Balance Sheet as follows:

As at
June 30, 2006
-------------------------------------------------------------------------

Remaining Deferred Amounts Recognized on Transition
Accounts receivable and accrued revenues $ 1
Accounts payable and accrued liabilities 22
Other liabilities 8
-------------------------------------------------------------------------
Net Deferred Gain - Continuing Operations $ 29
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Risk Management
Current asset $ 965
Long-term asset 313
Current liability 170
Long-term liability 18
-------------------------------------------------------------------------
Net Risk Management Asset - Continuing Operations 1,090
Net Risk Management Asset - Discontinued Operations 2
-------------------------------------------------------------------------
$ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

A summary of all unrealized estimated fair value financial positions is
as follows:

As at
June 30, 2006
-------------------------------------------------------------------------

Commodity Price Risk
Natural gas $ 1,153
Crude oil (68)
Credit Derivatives (1)
Interest Rate Risk 6
-------------------------------------------------------------------------
Total Fair Value Positions - Continuing Operations 1,090
Total Fair Value Positions - Discontinued Operations 2
-------------------------------------------------------------------------
$ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Information with respect to credit derivatives and interest rate risk
contracts in place at December 31, 2005 is disclosed in Note 16 to the
Company's annual audited Consolidated Financial Statements. No
significant new contracts have been entered into as at June 30, 2006.

Natural Gas

At June 30, 2006, the Company's gas risk management activities from
financial contracts had an unrealized gain of $985 million and a fair
market value position of $1,155 million. The contracts were as follows:

Notional Fair
Volumes Market
(MMcf/d) Term Average Price Value
-------------------------------------------------------------------------

Sales Contracts
Fixed Price Contracts
NYMEX Fixed Price 515 2006 5.65 US$/Mcf $ (133)
Colorado Interstate Gas
(CIG) 100 2006 4.44 US$/Mcf (23)
Houston Ship Channel
(HSC) 90 2006 5.08 US$/Mcf (22)
Other 91 2006 5.07 US$/Mcf (16)
NYMEX Fixed Price 260 2007 7.86 US$/Mcf (117)
Other 8 2007 8.97 US$/Mcf -
Options
Purchased NYMEX Put
Options 2,693 2006 7.77 US$/Mcf 530
Purchased NYMEX Put
Options 240 2007 6.00 US$/Mcf 3
Basis Contracts
Fixed NYMEX to AECO Basis 789 2006 (0.69) US$/Mcf 71
Fixed NYMEX to Rockies
Basis 322 2006 (0.60) US$/Mcf 46
Fixed NYMEX to CIG Basis 297 2006 (0.83) US$/Mcf 31
Other 170 2006 (0.34) US$/Mcf 12
Fixed NYMEX to AECO Basis 747 2007 (0.72) US$/Mcf 166
Fixed NYMEX to Rockies
Basis 538 2007 (0.65) US$/Mcf 205
Fixed NYMEX to CIG Basis 390 2007 (0.76) US$/Mcf 135
Fixed Rockies to CIG Basis 12 2007 (0.10) US$/Mcf -
Fixed NYMEX to AECO Basis 191 2008 (0.78) US$/Mcf 22
Fixed NYMEX to Rockies
Basis 162 2008 (0.59) US$/Mcf 48
Fixed NYMEX to Rockies
Basis (NYMEX Adjusted) 100 2008 17% of NYMEX US$/Mcf (1)
Fixed NYMEX to CIG Basis 40 2008-2009 (0.68) US$/Mcf 20

Purchase Contracts
Fixed Price Contracts
Waha Purchase 23 2006 5.32 US$/Mcf 4
-------------------------------------------------------------------------
981
Other Financial Positions(*) 4
-------------------------------------------------------------------------
Total Unrealized Gain on
Financial Contracts 985
Unamortized Premiums Paid
on Options 170
-------------------------------------------------------------------------
Total Fair Value Positions $1,155
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Total Fair Value Positions
- Continuing Operations $1,153
Total Fair Value Positions
- Discontinued Operations 2
-------------------------------------------------------------------------
Total Fair Value Positions $1,155
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Other financial positions are part of the ongoing operations of the
Company's proprietary production management activities.

Crude Oil
At June 30, 2006, the Company's oil risk management activities from
financial contracts had an unrealized loss of $(128) million and a fair
market value position of $(68) million. The contracts were as follows:

Notional Fair
Volumes Market
(bbls/d) Term Average Price Value
-------------------------------------------------------------------------

Fixed WTI NYMEX Price 15,000 2006 34.56 US$/bbl $ (111)
Unwind WTI NYMEX Fixed
Price (1,300) 2006 52.75 US$/bbl 5
Purchased WTI NYMEX Put
Options 59,000 2006 50.44 US$/bbl (16)
Purchased WTI NYMEX Call
Options (13,700) 2006 61.24 US$/bbl 27
Purchased WTI NYMEX Put
Options 43,000 2007 44.44 US$/bbl (29)
-------------------------------------------------------------------------
(124)
Other Financial Positions(*) (4)
-------------------------------------------------------------------------
Total Unrealized Loss on
Financial Contracts (128)
Unamortized Premiums
Paid on Options 60
-------------------------------------------------------------------------
Total Fair Value Positions $ (68)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Total Fair Value Positions
- Continuing Operations $ (68)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Other financial positions are part of the ongoing operations of the
Company's proprietary production management.

15. CONTINGENCIES

Legal Proceedings

The Company is involved in various legal claims associated with the
normal course of operations. The Company believes it has made adequate
provision for such legal claims.

Discontinued Merchant Energy Operations

California

As disclosed previously, in July 2003, the Company's indirect wholly
owned U.S. marketing subsidiary, WD Energy Services Inc. ("WD"),
concluded a settlement with the U.S. Commodity Futures Trading Commission
("CFTC") of a previously disclosed CFTC investigation whereby WD agreed
to pay a civil monetary penalty in the amount of $20 million without
admitting or denying the findings in the CFTC's order.

EnCana Corporation and WD are defendants in a lawsuit filed by E. & J.
Gallo Winery in the United States District Court in California, further
described below. The Gallo lawsuit claims damages in excess of
$30 million. California law allows for the possibility that the amount of
damages assessed could be tripled.

Along with other energy companies, EnCana Corporation and WD are
defendants in several other lawsuits relating to sales of natural gas in
California from 1999 to 2002 (some of which are class actions and some of
which are brought by individual parties on their own behalf). As is
customary, these lawsuits do not specify the precise amount of damages
claimed. The Gallo and other California lawsuits contain allegations that
the defendants engaged in a conspiracy with unnamed competitors in the
natural gas and derivatives market in California in violation of U.S. and
California anti-trust and unfair competition laws.

In the Gallo action, the decision dealing with the issue of whether the
scope of the Federal Energy Regulatory Commission's exclusive
jurisdiction over natural gas prices precludes the plaintiffs from
maintaining their claims is on appeal to the United States Court of
Appeals for the Ninth Circuit. The Gallo lawsuit is stayed pending this
appeal.

Without admitting any liability in the lawsuits, WD has agreed to pay
$20.5 million to settle the class action lawsuits that were consolidated
in San Diego Superior Court subject to final documentation and approval
by the San Diego Superior Court. The individual parties who had brought
their own actions are not parties to this settlement. WD has also agreed
to pay $2.4 million to settle the class action lawsuits filed in the
United States District Court in California, without admitting any
liability in the lawsuits, subject to final documentation and approval by
the United States District Court.

New York

WD was a defendant in a consolidated class action lawsuit filed in the
United States District Court in New York. The consolidated New York
lawsuit claims that the defendants' alleged manipulation of natural gas
price indices affected natural gas futures and option contracts traded on
the NYMEX from 2000 to 2002. EnCana Corporation was dismissed from the
New York lawsuit, leaving WD and several other companies unrelated to
EnCana Corporation as the remaining defendants. Without admitting any
liability in the lawsuit, WD agreed to pay $8.2 million to settle the
New York class action lawsuit. Final documentation and approval by the
New York District Court have been obtained and WD has paid the stated
settlement amount.

Based on the aforementioned settlements, a total of $31 million has been
accrued. EnCana Corporation and WD intend to vigorously defend against
the remaining outstanding claims; however, the Company cannot predict the
outcome of these proceedings or any future proceedings against the
Company, whether these proceedings would lead to monetary damages which
could have a material adverse effect on the Company's financial position,
or whether there will be other proceedings arising out of these
allegations.Second quarter 2006 highlights
------------------------------
- Cash flow of US$2.15 per share diluted, or $1.82 billion
- Operating earnings of 98 cents per share diluted, or $824 million
- Net earnings of $2.55 per share diluted, or $2.16 billion, which
includes:
- A $582 million after-tax gain on the sale of discontinued
operations comprised of
- an $814 million gain on the sale of natural gas storage assets
and
- a $232 million net loss which is related to the recording of
the expected final settlement of the sale of EnCana's Ecuador
interests.
- A $457 million gain due to Canadian federal and Alberta tax rate
changes
- An unrealized $160 million after-tax gain due to mark-to-market
accounting of commodity price hedges
- Natural gas sales increased 5 percent to 3.36 billion cubic feet per
day (Bcf/d)
- Oil and natural gas liquids (NGLs) sales from continuing operations
down 2 percent to 153,470 barrels per day (bbls/d)
- Total natural gas and liquids sales of 4.28 billion cubic feet of gas
equivalent per day (Bcfe/d), down 7 percent, due to divestiture of
Ecuador interests
- Key resource play production up 12 percent
- Advanced market integration strategy with potential downstream
partners for major expansion of in-situ oilsands developments over
the next decade. Announcement expected in third quarter of 2006.
>>

CALGARY, July 25 /CNW/ - EnCana Corporation (TSX & NYSE: ECA) generated
robust cash flow and operating earnings during the second quarter of 2006 due
to substantially increased heavy oil prices plus strong natural gas sales that
benefited from favourable gas price hedges.

"After six months as CEO, I am pleased to report that our sales are on
plan, capital investment, adjusted for the appreciation of the Canadian
dollar, is within guidance and financial results are ahead of target. We
continue to advance our oilsands market integration strategy with potential
partners, which is aimed at helping pave the way for a major expansion of our
bitumen production over the next decade. Our strategy remains constant -
building the net asset value of every EnCana share through disciplined
investment in unconventional resources," said Randy Eresman, EnCana's
President & Chief Executive Officer. "In the past year, production from our
key resource plays is up 12 percent and we are on track to achieve our 2006
guidance by growing sales by about 7 percent this year. So far in 2006, we
have re-invested proceeds from our asset sales to purchase 43.7 million EnCana
shares, representing 5.1 percent of the shares outstanding at the end of
2005."

Gas production to ramp up in second half of 2006
"As expected, our gas sales have been relatively flat for the first half
of the year. However, production is projected to ramp up in the second half
with the start up of two new gas processing plants in northeast British
Columbia and west central Alberta, extensive shallow gas well tie-ins in
southern Alberta and increased drilling in our Jonah field in Wyoming,"
Eresman said. "We continue to use proceeds from our asset sales to return
capital to our shareholders. So far this year, we have purchased 43.7 million
shares, representing 5.1 percent of the shares outstanding at the end of 2005,
as we maintain a disciplined focus on increasing the net asset value of every
EnCana share," Eresman said.

IMPORTANT NOTE: EnCana reports in U.S. dollars unless otherwise noted and
follows U.S. protocols, which report sales and reserves on an after-
royalties basis. EnCana's Ecuador interests and its natural gas liquids
business were sold and are discontinued. The company is reporting its
natural gas storage business as discontinued because EnCana is in the
process of selling it. Total results, which include results from natural
gas liquids business, Ecuador and natural gas storage, are reported in
the company's financial statements included in this news release and in
supplementary documents posted on its website - www.encana.com. The
company's financial statements are prepared in accordance with Canadian
generally accepted accounting principles (GAAP).

Second quarter 2006 highlights
------------------------------
(all year-over-year comparisons are to the second quarter of 2005)

<<
Financial
- Cash flow per share diluted increased 22 percent to $2.15, or
$1.82 billion
- Operating earnings per share increased 34 percent to 98 cents, or
$824 million
- Net earnings of $2.16 billion, or $2.55 per share, compared to
94 cents per share one year earlier
- Return on capital employed of 29 percent
- Purchased 22.4 million EnCana shares at an average price of US$48.64
under the Normal Course Issuer Bid
- Reduced shares outstanding by 4.6 percent, net of share option
exercises, since December 31, 2005
- Risk management measures resulted in a realized after-tax gain of
$108 million

Operating
- Natural gas sales of 3.36 Bcf/d, up 5 percent
- Oil and NGLs sales from continuing operations down 2 percent to
153,470 bbls/d
- Total gas and liquids sales from continuing operations increased
3 percent to 4.28 Bcfe/d
- Total gas and liquids sales of 4.28 Bcfe/d, down 7 percent, due to
divestiture of Ecuador interests
- Key resource play production up 12 percent
- Operating costs in continuing operations of 82 cents per thousand
cubic feet equivalent (Mcfe), compared to 66 cents per Mcfe one year
earlier
- Drilled 558 net wells in continuing operations, compared to 1,017 net
wells one year earlier
- Upstream core capital investment in continuing operations of
$1.6 billion

Strategic events
- EnCana approved two 30,000-barrel-per-day expansions at its Foster
Creek in-situ oilsands project
- First expansion expected to start up late 2008; the second
expected by late 2009
- Foster Creek oilsands production now expected to reach
120,000 bbls/d by the end of 2009
- Continued to advance market integration strategy with potential
downstream partners for major expansion of in-situ oilsands
developments over the next decade. Discussions remain on track
towards an expected announcement in third quarter of 2006
- Completed first phase of sale of natural gas storage business for
approximately $1.3 billion
- Invested about $250 million to increase interest in promising Deep
Bossier natural gas assets in East Texas from 30 to 50 percent

2006 sales guidance affirmed, exchange rate impact updated in corporate
guidance
EnCana affirms its 2006 sales guidance of between 4.35 billion and
4.52 billion cubic feet of gas equivalent per day, which, at the midpoint, is
an increase of 7 percent from 2005 sales. The 2006 sales guidance is comprised
of between 3.42 billion and 3.56 billion cubic feet of gas per day and between
155,000 and 160,000 bbls/d of oil and NGLs. In order to reflect exchange
rates, EnCana has updated its 2006 US$/C$ exchange rate assumption from 85 to
88 cents. Updated guidance is posted on the company's website at encana.com.

-------------------------------------------------------------------------
Financial Summary - Total Consolidated
-------------------------------------------------------------------------
(for the period
ended June 30)
($ millions, except Q2 Q2 % 6 months 6 months %
per share amounts) 2006 2005 change 2006 2005 change
-------------------------------------------------------------------------
Cash flow 1,815 1,572 + 15 3,506 2,985 + 17
Per share diluted 2.15 1.76 + 22 4.10 3.31 + 24
-------------------------------------------------------------------------
Net earnings 2,157 839 n/a 3,631 794 n/a
Per share diluted 2.55 0.94 n/a 4.24 0.88 n/a
-------------------------------------------------------------------------
Operating earnings 824 655 + 26 1,518 1,266 + 20
Per share diluted 0.98 0.73 + 34 1.77 1.41 + 26
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings Reconciliation Summary - Total Consolidated
-------------------------------------------------------------------------
Net earnings from
continuing
operations 1,593 774 n/a 3,065 612 n/a
Net earnings from
discontinued
operations 564 65 n/a 566 182 n/a
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings 2,157 839 n/a 3,631 794 n/a
(Add back losses
& deduct gains)
Unrealized mark-to-
market hedging gain
(loss), after-tax 160 222 n/a 990 (419) n/a

Unrealized foreign
exchange gain (loss)
on translation of
U.S. dollar debt
issued in Canada,
after-tax 134 (38) n/a 131 (53) n/a

Future tax recovery
due to Canada and
Alberta tax rates
reductions 457 - n/a 457 - n/a

Gain on sale of
discontinued
operations(1) 582 - n/a 535 - n/a
-------------------------------------------------------------------------
Operating earnings 824 655 + 26 1,518 1,266 + 20
Per share diluted 0.98 0.73 + 34 1.77 1.41 + 26
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) Includes $814 million gain on natural gas storage sale and
$232 million loss ($279 million loss in first half) on sale of
Ecuador interests in second quarter

-------------------------------------------------------------------------
Sales & Drilling Summary
-------------------------------------------------------------------------
Total Consolidated
-------------------------------------------------------------------------
(for the period
ended June 30) Q2 Q2 % 6 months 6 months %
(After royalties) 2006 2005 change 2006 2005 change
-------------------------------------------------------------------------
Natural Gas sales
(MMcf/d) 3,361 3,212 + 5 3,352 3,179 + 5
-------------------------------------------------------------------------
Natural gas sales
per 1,000 shares
(Mcf) 369 335 + 10 723 653 + 11
-------------------------------------------------------------------------
Oil and NGLs sales
(bbls/d)(2) 153,470 230,284 - 33 183,042 229,978 - 20
-------------------------------------------------------------------------
Oil and NGLs sales
per 1,000 shares
(Mcfe)(2) 101 144 - 30 237 283 - 16
-------------------------------------------------------------------------
Total sales
(MMcfe/d)(2) 4,282 4,594 - 7 4,450 4,559 - 2
-------------------------------------------------------------------------
Total sales per
1,000 shares
(Mcfe)(2) 470 479 - 2 960 936 + 3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net wells drilled 558 1,021 - 45 1,846 2,378 - 22
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Continuing Operations
-------------------------------------------------------------------------
North America
Natural Gas sales
(MMcf/d) 3,361 3,212 + 5 3,352 3,179 + 5
-------------------------------------------------------------------------
North America Oil
and NGLs (bbls/d) 153,470 157,108 - 2 158,105 157,145 + 1
-------------------------------------------------------------------------
Total sales
(MMcfe/d) 4,282 4,155 + 3 4,300 4,122 + 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net wells drilled 558 1,017 - 45 1,840 2,370 - 22
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(2) Sales down due primarily to sale of Ecuador interests, which had
sales of about 73,000 bbls/d in the first half of 2005

Key resource play production up 12 percent in past year
Second quarter 2006 oil and gas production from key North American
resource plays increased 12 percent compared to the second quarter of 2005.
This was driven mainly by increases in gas production from coalbed methane
projects in central and southern Alberta, Bighorn in west-central Alberta,
Cutbank Ridge in northeast British Columbia, Jonah in Wyoming, Piceance in
Colorado and the Barnett Shale play in the Fort Worth basin.

Growth from key North American resource plays

-------------------------------------------------------------------------
Daily Production
Resource -------------------------------------------------------------
Play 2006 2005 2004
-------------------------------------------------------------
(After Full Full
royalties) YTD Q2 Q1 Year Q4 Q3 Q2 Q1 Year
-------------------------------------------------------------------------
Natural Gas
(MMcf/d)
Jonah 456 450 461 435 454 440 416 431 389
Piceance 320 324 316 307 326 302 302 300 261
East Texas 96 93 99 90 98 94 85 82 50
Fort Worth 101 108 93 70 88 66 63 61 27
Greater
Sierra 216 224 208 219 226 225 228 195 230
Cutbank
Ridge 157 173 140 92 125 105 80 56 40
Bighorn 84 95 72 55 56 57 53 56 42
CBM 105 106 104 57 77 62 51 38 17
Shallow
Gas 603 590 615 625 625 616 633 625 592
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Oil (Mbbls/d)
Foster
Creek 35 33 36 29 35 27 24 30 29
Christina
Lake 6 6 6 5 5 6 7 4 4
Pelican
Lake 25 22 29 26 28 27 27 21 19
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total
(MMcfe/d) 2,534 2,528 2,536 2,311 2,479 2,326 2,259 2,176 1,960
-------------------------------------------------------------------------
% change
from Q2
2005 12
-------------------------------------------------------------------------
% change
from prior
period (0.3) 2.3 17.9 6.6 3.0 3.8 7.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Drilling activity in key North American resource plays

-------------------------------------------------------------------------
Net Wells Drilled
Resource -------------------------------------------------------------
Play 2006 2005 2004
-------------------------------------------------------------
Full Full
YTD Q2 Q1 year Q4 Q3 Q2 Q1 Year
-------------------------------------------------------------------------
Natural Gas
Jonah 74 48 26 104 21 25 30 28 70
Piceance 122 59 63 266 55 69 65 77 250
East Texas 36 17 19 84 20 21 22 21 50
Fort Worth 56 27 29 59 20 18 12 9 36
Greater
Sierra 94 34 60 164 25 33 47 59 187
Cutbank
Ridge 62 36 26 135 34 40 38 23 50
Bighorn 38 18 20 51 20 10 10 11 20
CBM 352 19 333 1,084 327 216 219 322 760
Shallow
Gas 396 199 197 1,267 288 341 365 273 1,552
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Oil
Foster
Creek 10 - 10 39 13 14 2 10 11
Christina
Lake 2 - 2 - - - - - 2
Pelican
Lake - - - 52 - 3 33 16 92
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total 1,242 457 785 3,305 823 790 843 849 3,080
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>

Second quarter realized natural gas prices, including hedging,
up 6 percent from one year earlier
EnCana's second quarter realized gas price, including the impact of
financial hedging, averaged $6.50 per thousand cubic feet (Mcf), up 6 percent
from the comparable price of $6.11 per Mcf in the second quarter of 2005.
EnCana's natural gas prices, excluding financial hedging, averaged $5.84 per
Mcf, down 7 percent in the second quarter of 2006 from an average of $6.25 per
Mcf in the same 2005 period. Following the recent warm winter, North American
gas storage levels remain well above long-term averages for this time of year,
a market condition that is expected to put downward pressure on short-term gas
prices. The second quarter benchmark NYMEX index gas price averaged $6.78 per
Mcf, up 1 percent from $6.73 per Mcf in the second quarter of 2005. The second
quarter Canadian benchmark gas price was down 15 percent to C$6.27 per Mcf
while U.S. Rockies benchmark gas prices were 11 percent lower to $5.36 per
Mcf, compared to last year.

About 97 percent of remaining 2006 forecast gas sales has floor price
protection
EnCana has entered into financial contracts, put options and fixed price
agreements, for 97 percent of the company's forecast gas sales during the last
half of 2006 at an average NYMEX price of $7.29 per Mcf. This gas price
hedging strategy helps assure cash flow for the company's capital programs.

Managing transportation risk to gas prices
Natural gas transportation constraints between producing regions in the
U.S. Rockies and Western Canada and consuming regions increase the volatility
in gas prices. To add further certainty of cash flow, EnCana has entered into
basis hedges to reduce this volatility. For the remainder of 2006, EnCana has
hedged 100 percent of its anticipated U.S. Rockies basis differential exposure
at an average of 65 cents per Mcf. In Canada for 2006, EnCana has hedged
34 percent of its anticipated AECO basis differential exposure at an average
of 69 cents per Mcf and has an additional 40 percent of anticipated production
subject to transport and aggregator contracts.

Second quarter realized liquids prices, including hedging, up 82 percent;
world oil prices remain strong
During the second quarter of 2006, increased market reach via new
pipelines to the southern U.S. refining region and strong asphalt demand for
the summer paving season resulted in substantially higher prices for Canadian
heavy oil. Second quarter realized liquids prices, including financial
hedging, increased 82 percent to average $49.01 per barrel, compared to the
same period in 2005. Excluding financial hedging, realized liquids prices
increased 65 percent averaging $52.44 per barrel. In the second quarter, the
West Texas Intermediate (WTI)/Western Canada Select differential averaged
$17.55 per barrel, down 15 percent from $20.72 per barrel in the same 2005
period. Continued unrest in major world oil producing regions has kept global
oil prices strong. During the second quarter of 2006, the benchmark WTI crude
oil price averaged $70.72 per barrel, up 33 percent from the second quarter
2005 of $53.22 per barrel.

Risk management strategy
Detailed risk management positions at June 30, 2006 are presented in
Note 14 to the unaudited second quarter consolidated financial statements. In
the second quarter of 2006, EnCana's financial price risk management measures
resulted in a realized after-tax gain of approximately $108 million, comprised
of a $135 million gain on gas hedges, a $31 million loss on liquids hedges and
a $4 million gain on other hedges.

Corporate developments
-----------------------

Quarterly dividend of 10 cents per share approved
EnCana's board of directors has approved a quarterly dividend of 10 cents
per share, which is payable on September 29, 2006 to common shareholders of
record as of September 15, 2006.

Normal Course Issuer Bid purchases
To date in 2006, EnCana has purchased for cancellation approximately
43.7 million of its shares at an average price of US$47.37 per share under its
current Normal Course Issuer Bid, which allows the company to purchase up to
10 percent of the company's public float at the time of the approval of the
bid - October 2005. The company had 815.8 million shares outstanding at
June 30, 2006.

Ecuador indemnity
-----------------
On February 28, 2006 EnCana completed the sale of its interests in
Ecuador operations for $1.4 billion and recorded a loss on sale of
$47 million. During the second quarter, the Government of Ecuador seized the
Block 15 assets, in relation to which EnCana previously held a 40 percent
economic interest, from the operator. This is an event requiring
indemnification under the terms of EnCana's sale agreement with Andes
Petroleum Company. The purchaser requested payment and EnCana has accrued the
maximum amount, calculated in accordance with the terms of the agreement, of
approximately $265 million, which results in a $232 million net loss being
recorded against net earnings in the second quarter of 2006. At this point
EnCana does not expect that any further significant indemnification payments
relating to any other business matters addressed in the share sale agreement
will be required to be made to the purchaser.

Financial strength
------------------

EnCana maintains a strong balance sheet. At June 30, 2006 the company's
net debt-to-capitalization ratio was 26:74. EnCana's net debt-to-adjusted-
EBITDA multiple, on a trailing 12-month basis, was 0.6 times. These ratios are
below the company's targeted range for net debt-to-capitalization of between
30 and 40 percent and 1.0 to 2.0 times for net debt-to-adjusted-EBITDA.
In the second quarter of 2006, EnCana invested $1,632 million of core
capital. Net divestitures were $803 million, resulting in net capital
investment in total operations of $829 million. EnCana's 2006 capital program
is expected to be funded by cash flow.

<<
-------------------------------------------------------------------------
CONFERENCE CALL TODAY
11 a.m. Mountain Time (1 p.m. Eastern Time)

EnCana will host a conference call and webcast to discuss its second
quarter results today, Tuesday, July 25, 2006, at 11:00 a.m. MT
(1:00 p.m. ET). To participate, please dial (800) 289-0572 (toll-free in
North America) or (913) 981-5543 approximately 10 minutes prior to the
conference call. An archived recording of the call will be available from
approximately 3:00 p.m. MT on July 25 until midnight July 29, 2006 by
dialling (888) 203-1112 or (719) 457-0820 and entering access code
8194693.

A live audio webcast of the conference call will also be available via
EnCana's website, www.encana.com, under Investor Relations. The webcast
will be archived for approximately 90 days.
-------------------------------------------------------------------------
>>

EnCana Corporation
With an enterprise value of approximately US$46 billion, EnCana is one of
North America's leading natural gas producers, the largest holder of gas and
oil resource lands onshore North America and is a technical and cost leader in
the in-situ recovery of oilsands bitumen. EnCana delivers predictable,
reliable, profitable growth from its portfolio of long-life resource plays
situated in Canada and the United States. Contained in unconventional
reservoirs, resource plays are large contiguous accumulations of hydrocarbons,
located in thick or areally extensive deposits, that typically have lower
geological and commercial development risk, lower average decline rates and
longer producing lives than conventional plays. EnCana common shares trade on
the Toronto and New York stock exchanges under the symbol ECA.

<<
NOTE 1: Non-GAAP measures
This news release contains references to cash flow, total operating
earnings and adjusted EBITDA.
- Total operating earnings is a non-GAAP measure that shows net
earnings excluding non-operating items such as the after-tax impacts
of a gain or loss on the sale of discontinued operations, the after-
tax gain/loss of unrealized mark-to-market accounting for derivative
instruments, the after-tax gain/loss on translation of U.S. dollar
denominated debt issued in Canada and the effect of the reduction in
income tax rates.
- Adjusted EBITDA is a non-GAAP measure that is defined as earnings
from Continuing Operations before gain on disposition, income taxes,
foreign exchange gains or losses, interest net, accretion of asset
retirement obligation, and depreciation, depletion and amortization.
Management believes that the inclusion of total operating earnings
enhances the comparability of the company's underlying financial performance
between periods. The majority of the unrealized gains/losses that relate to
U.S. dollar debt issued in Canada are for debt with maturity dates in excess
of five years. These measures have been described and presented in this news
release in order to provide shareholders and potential investors with
additional information regarding EnCana's liquidity and its ability to
generate funds to finance its operations.
>>

ADVISORY REGARDING RESERVES DATA AND OTHER OIL AND GAS INFORMATION -
EnCana's disclosure of reserves data and other oil and gas information is made
in reliance on an exemption granted to EnCana by Canadian securities
regulatory authorities which permits it to provide such disclosure in
accordance with U.S. disclosure requirements. The information provided by
EnCana may differ from the corresponding information prepared in accordance
with Canadian disclosure standards under National Instrument 51-101 (NI 51-
101). EnCana's reserves quantities represent net proved reserves calculated
using the standards contained in Regulation S-X of the U.S. Securities and
Exchange Commission. Further information about the differences between the
U.S. requirements and the NI 51-101 requirements is set forth under the
heading "Note Regarding Reserves Data and Other Oil and Gas Information" in
EnCana's Annual Information Form.
In this news release, 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). Also, certain natural gas volumes have been
converted to barrels of oil equivalent (BOE) on the same basis. BOE and 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 necessarily represent
value equivalency at the well head.

Unbooked resource potential
EnCana defines unbooked resource potential as quantities of oil and
natural gas on existing landholdings that are not yet classified as proved
reserves, but which EnCana believes may be moved into the proved reserves
category and produced in the future. EnCana employs a probability-weighted
approach in the calculation of these quantities, including statistical
distributions of resource play performance and areal extent. Consequently,
EnCana's unbooked resource potential necessarily includes quantities of
probable and possible reserves and contingent resources, as these terms are
defined in the Canadian Oil and Gas Evaluation Handbook.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - In the interests of
providing EnCana shareholders and potential investors with information
regarding EnCana, including management's assessment of EnCana's and its
subsidiaries' future plans and operations, certain statements contained in
this news release are forward-looking statements or information within the
meaning of applicable securities legislation, collectively referred to herein
as "forward-looking statements." Forward-looking statements in this news
release include, but are not limited to: future economic and operating
performance (including per share growth, cash flow and increase in net asset
value); anticipated life of proved reserves; anticipated unbooked resource
potential; anticipated conversion of unbooked resource potential to proved
reserves; anticipated growth and success of resource plays and the expected
characteristics of resource plays; anticipated bitumen production expansion
including expansions of and production from Foster Creek and the timing
thereof; expected proportion of total production and cash flows contributed by
natural gas; anticipated success of EnCana's market risk mitigation strategy
and its impact on cash flow, upside potential and downside protection;
anticipated purchases pursuant to the Normal Course Issuer Bid; potential
demand for gas; anticipated production in 2006 and beyond; anticipated
drilling; potential capital expenditures and investment; potential oil,
natural gas and NGLs sales in 2006 and beyond; anticipated ability to meet
production, operating cost and sales guidance targets; anticipated costs,
including costs associated with developing unbooked resource potential and
expected costs to develop the company's drilling inventory; the potential for
reduced industry activity in the future and the impact thereof on costs;
anticipated prices for crude oil and natural gas; anticipated indemnity
payments related to the Ecuador divestiture and the potential amount of such
payments; the expected date for receipt of California regulatory approvals in
respect of the sale of the company's remaining gas storage assets, and the
expected gain on the sale of such assets; the expected timing of the sale of
certain offshore Brazil assets; potential risks associated with drilling and
references to potential exploration. Readers 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 risks and
uncertainties include, among other things: volatility of and assumptions
regarding oil and gas prices; assumptions based on the company's current
guidance; fluctuations in currency and interest rates; product supply and
demand; market competition; risks inherent in the company's marketing
operations, including credit risks; imprecision of reserves estimates and
estimates of recoverable quantities of oil, natural gas and liquids from
resource plays and other sources not currently classified as proved reserves;
the company's ability to replace and expand oil and gas reserves; 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
environmental and other regulations or the interpretations of such
regulations; political and economic conditions in the countries in which the
company operates; the risk of war, hostilities, civil insurrection and
instability affecting countries in which the company operates and terrorist
threats; risks associated with existing and potential future lawsuits and
regulatory actions made against the company; 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.
Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, 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 news release are expressly qualified by this cautionary
statement.

<<

Interim Consolidated Financial Statements
(unaudited)
For the period ended June 30, 2006


EnCana Corporation


U.S. DOLLARS



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED STATEMENT OF EARNINGS (unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
($ millions, except --------------------- ---------------------
per share amounts) 2006 2005 2006 2005
-------------------------------------------------------------------------

REVENUES, NET OF
ROYALTIES (Note 3)
Upstream $ 2,749 $ 2,227 $ 5,440 $ 4,333
Market Optimization 825 844 1,541 1,738
Corporate -
Unrealized gain
(loss) on risk
management 230 315 1,493 (647)
-------------------------------------------------------------------------
3,804 3,386 8,474 5,424

EXPENSES (Note 3)
Production and
mineral taxes 51 97 190 184
Transportation
and selling 152 130 304 263
Operating 395 315 807 615
Purchased product 794 821 1,483 1,700
Depreciation,
depletion and
amortization 790 669 1,555 1,348
Administrative 75 66 133 127
Interest, net (Note 6) 83 101 171 201
Accretion of
asset retirement
obligation (Note 10) 12 9 24 18
Foreign exchange
(gain) loss, net (Note 7) (202) 119 (158) 151
Stock-based
compensation -
options - 4 - 8
(Gain) on
dispositions (8) - (17) -
-------------------------------------------------------------------------
2,142 2,331 4,492 4,615
-------------------------------------------------------------------------
NET EARNINGS BEFORE
INCOME TAX 1,662 1,055 3,982 809
Income tax
expense (Note 8) 69 281 917 197
-------------------------------------------------------------------------
NET EARNINGS FROM
CONTINUING
OPERATIONS 1,593 774 3,065 612
NET EARNINGS FROM
DISCONTINUED
OPERATIONS (Note 4) 564 65 566 182
-------------------------------------------------------------------------
NET EARNINGS $ 2,157 $ 839 $ 3,631 $ 794
-------------------------------------------------------------------------
-------------------------------------------------------------------------

NET EARNINGS FROM
CONTINUING OPERATIONS
PER COMMON SHARE (Note 13)
Basic $ 1.92 $ 0.89 $ 3.65 $ 0.69
Diluted $ 1.88 $ 0.87 $ 3.58 $ 0.68
-------------------------------------------------------------------------
-------------------------------------------------------------------------

NET EARNINGS PER
COMMON SHARE (Note 13)
Basic $ 2.60 $ 0.96 $ 4.33 $ 0.90
Diluted $ 2.55 $ 0.94 $ 4.24 $ 0.88
-------------------------------------------------------------------------
-------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF RETAINED EARNINGS (unaudited)

Six Months Ended
June 30,
---------------------
($ millions) 2006 2005
-------------------------------------------------------------------------

RETAINED EARNINGS, BEGINNING OF YEAR $ 9,481 $ 7,935
Net Earnings 3,631 794
Dividends on Common Shares (146) (110)
Charges for Normal Course Issuer Bid (Note 11) (1,700) (1,124)
Charges for Shares Repurchased and Held - (147)
-------------------------------------------------------------------------
RETAINED EARNINGS, END OF PERIOD $ 11,266 $ 7,348
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.


EnCana Corporation Consolidated Financial Statements (prepared in US$)



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED BALANCE SHEET (unaudited)

As at As at
June 30, December 31,
($ millions) 2006 2005
-------------------------------------------------------------------------

ASSETS
Current Assets
Cash and cash equivalents $ 253 $ 105
Accounts receivable and
accrued revenues 1,518 1,851
Risk management (Note 14) 965 495
Inventories 109 103
Assets of discontinued operations (Note 4) 195 1,050
-------------------------------------------------------------------------
3,040 3,604
Property, Plant and Equipment, net (Note 3) 27,855 24,881
Investments and Other Assets 546 496
Risk Management (Note 14) 313 530
Assets of Discontinued Operations (Note 4) - 2,113
Goodwill 2,618 2,524
-------------------------------------------------------------------------
(Note 3) $ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $ 2,292 $ 2,741
Income tax payable 875 392
Risk management (Note 14) 170 1,227
Liabilities of discontinued
operations (Note 4) 363 438
Current portion of long-term debt (Note 9) 73 73
-------------------------------------------------------------------------
3,773 4,871
Long-Term Debt (Note 9) 5,759 6,703
Other Liabilities 87 93
Risk Management (Note 14) 18 102
Asset Retirement Obligation (Note 10) 906 816
Liabilities of Discontinued
Operations (Note 4) - 267
Future Income Taxes 5,764 5,289
-------------------------------------------------------------------------
16,307 18,141
-------------------------------------------------------------------------
Shareholders' Equity
Share capital (Note 11) 4,859 5,131
Paid in surplus 140 133
Retained earnings 11,266 9,481
Foreign currency translation
adjustment 1,800 1,262
-------------------------------------------------------------------------
18,065 16,007
-------------------------------------------------------------------------
$ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.



Second quarter report
for the period ended June 30, 2006

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
($ millions) 2006 2005 2006 2005
-------------------------------------------------------------------------
OPERATING ACTIVITIES
Net earnings from
continuing operations $ 1,593 $ 774 $ 3,065 $ 612
Depreciation, depletion
and amortization 790 669 1,555 1,348
Future income
taxes (Note 8) (228) (379) 289 (674)
Cash tax on sale
of assets - 591 - 591
Unrealized (gain)
loss on risk
management (Note 14) (230) (314) (1,491) 645
Unrealized foreign
exchange (gain)
loss (143) 105 (83) 123
Accretion of asset
retirement
obligation (Note 10) 12 9 24 18
(Gain) on
dispositions (8) - (17) -
Other 53 47 76 86
-------------------------------------------------------------------------
Cash flow from
continuing
operations 1,839 1,502 3,418 2,749
Cash flow from
discontinued
operations (24) 70 88 236
-------------------------------------------------------------------------
Cash flow 1,815 1,572 3,506 2,985
Net change in
other assets
and liabilities 38 (16) 27 (14)
Net change in
non-cash working
capital from
continuing
operations 1,508 (687) 3,552 (73)
Net change in
non-cash working
capital from
discontinued
operations (1,036) 12 (2,463) (99)
-------------------------------------------------------------------------
2,325 881 4,622 2,799
-------------------------------------------------------------------------

INVESTING ACTIVITIES
Capital
expenditures (Note 3) (1,903) (1,437) (3,864) (2,946)
Proceeds on
disposal of
assets (Note 5) 2 2,406 257 2,459
Cash tax on sale
of assets - (591) - (591)
Net change in
investments and
other (59) (27) 18 (8)
Net change in
non-cash working
capital from
continuing
operations (270) 290 (151) 451
Discontinued
operations 1,064 (62) 2,377 (135)
-------------------------------------------------------------------------
(1,166) 579 (1,363) (770)
-------------------------------------------------------------------------

FINANCING ACTIVITIES
Net (repayment)
of revolving
long-term debt (101) (682) (982) (715)
Repayment of
long-term debt - - - (1)
Issuance of
common shares (Note 11) 49 83 101 184
Purchase of
common shares (Note 11) (1,095) (902) (2,073) (1,662)
Dividends on
common shares (82) (66) (146) (110)
Other (1) (1) (11) (3)
-------------------------------------------------------------------------
(1,230) (1,568) (3,111) (2,307)
-------------------------------------------------------------------------

DEDUCT: FOREIGN
EXCHANGE (GAIN)
ON CASH AND CASH
EQUIVALENTS HELD
IN FOREIGN CURRENCY - (1) - (2)
-------------------------------------------------------------------------

INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS (71) (107) 148 (276)
CASH AND CASH
EQUIVALENTS,
BEGINNING OF PERIOD 324 424 105 593
-------------------------------------------------------------------------
CASH AND CASH
EQUIVALENTS,
END OF PERIOD $ 253 $ 317 $ 253 $ 317
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying Notes to Consolidated Financial Statements.



Notes to Consolidated Financial Statements (unaudited)
(All amounts in $ millions unless otherwise specified)

1. BASIS OF PRESENTATION

The interim Consolidated Financial Statements include the accounts of
EnCana Corporation and its subsidiaries ("EnCana" or the "Company"), and
are presented in accordance with Canadian generally accepted accounting
principles. The Company is in the business of exploration for, and
production and marketing of, natural gas, crude oil and natural gas
liquids, as well as natural gas storage, natural gas liquids processing
and power generation operations.

The interim Consolidated Financial Statements have been prepared
following the same accounting policies and methods of computation as the
annual audited Consolidated Financial Statements for the year ended
December 31, 2005, except as noted below. The disclosures provided below
are incremental to those included with the annual audited Consolidated
Financial Statements. The interim Consolidated Financial Statements
should be read in conjunction with the annual audited Consolidated
Financial Statements and the notes thereto for the year ended
December 31, 2005.

2. CHANGE IN ACCOUNTING POLICIES AND PRACTICES

On January 1, 2006, the Company adopted Emerging Issues Task Force
("EITF") Abstract No. 04-13 - Accounting for Purchases and Sales of
Inventory with the Same Counterparty. As of January 1, 2006, purchases
and sales of inventory with the same counterparty that are entered into
in contemplation of each other are recorded on a net basis in the
Consolidated Statement of Earnings. This change has been adopted
prospectively and has no effect on the net earnings of the reported
periods.

3. SEGMENTED INFORMATION

The Company has defined its continuing operations into the following
segments:

- Upstream includes the Company's exploration for, and development and
production of, natural gas, crude oil and natural gas liquids and
other related activities. The majority of the Company's Upstream
operations are located in Canada and the United States. Frontier and
international new venture exploration is mainly focused on
opportunities in Chad, Brazil, the Middle East, Greenland and France.

- Market Optimization is conducted by the Midstream & Marketing
division. The Marketing groups' primary responsibility is the sale of
the Company's proprietary production. The results are included in the
Upstream segment. Correspondingly, the Marketing groups also
undertake market optimization activities which comprise third party
purchases and sales of product that provide operational flexibility
for transportation commitments, product type, delivery points and
customer diversification. These activities are reflected in the
Market Optimization segment.

- Corporate includes unrealized gains or losses recorded on derivative
instruments. Once amounts are settled, the realized gains and losses
are recorded in the operating segment to which the derivative
instrument relates.

Market Optimization purchases substantially all of the Company's North
American Upstream production for sale to third party customers.
Transactions between business segments are based on market values and
eliminated on consolidation. The tables in this note present financial
information on an after eliminations basis.

Operations that have been discontinued are disclosed in Note 4.


Results of Continuing Operations (For the three months ended June 30)

Upstream Market Optimization
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 2,749 $ 2,227 $ 825 $ 844
Expenses
Production and mineral taxes 51 97 - -
Transportation and selling 142 126 10 4
Operating 383 296 13 18
Purchased product - - 794 821
Depreciation, depletion
and amortization 768 648 2 3
-------------------------------------------------------------------------
Segment Income (Loss) $ 1,405 $ 1,060 $ 6 $ (2)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Corporate(*) Consolidated
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 230 $ 315 $ 3,804 $ 3,386
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 152 130
Operating (1) 1 395 315
Purchased product - - 794 821
Depreciation, depletion
and amortization 20 18 790 669
-------------------------------------------------------------------------
Segment Income $ 211 $ 296 1,622 1,354
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Administrative 75 66
Interest, net 83 101
Accretion of asset
retirement obligation 12 9
Foreign exchange loss
(gain), net (202) 119
Stock-based compensation
- options - 4
(Gain) on divestitures (8) -
-------------------------------------------------------------------------
(40) 299
-------------------------------------------------------------------------
Net Earnings Before Income Tax 1,662 1,055
Income tax expense 69 281
-------------------------------------------------------------------------
Net Earnings From Continuing
Operations $ 1,593 $ 774
-------------------------------------------------------------------------
-------------------------------------------------------------------------

(*) For the three months ended June 30, the pre-tax unrealized gain
(loss) on risk management is recorded in the Consolidated Statement
of Earnings as follows (see Note 14):

2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties - Corporate $ 230 $ 315
Operating Expenses and Other - Corporate - (1)
-------------------------------------------------------------------------
Total Unrealized Gain on Risk Management
before-tax - Continuing Operations $ 230 $ 314
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Results of Continuing Operations (For the three months ended June 30)

Canada United States
Upstream --------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 1,911 $ 1,514 $ 766 $ 655
Expenses
Production and mineral taxes 24 29 27 68
Transportation and selling 90 85 52 41
Operating 245 200 75 48
Depreciation, depletion and
amortization 539 469 216 171
-------------------------------------------------------------------------
Segment Income $ 1,013 $ 731 $ 396 $ 327
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 72 $ 58 $ 2,749 $ 2,227
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 142 126
Operating 63 48 383 296
Depreciation, depletion and
amortization 13 8 768 648
-------------------------------------------------------------------------
Segment Income (Loss) $ (4) $ 2 $ 1,405 $ 1,060
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Upstream Geographic and Product Information (Continuing Operations)
(For the three months ended June 30)

Produced Gas Produced Gas
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 1,296 $ 1,184 $ 695 $ 601 $ 1,991 $ 1,785
Expenses
Production
and mineral
taxes 15 21 23 62 38 83
Transportation
and selling 71 71 52 41 123 112
Operating 153 122 75 48 228 170
-------------------------------------------------------------------------
Operating
Cash Flow $ 1,057 $ 970 $ 545 $ 450 $ 1,602 $ 1,420
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Oil & NGLs Oil & NGLs
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues, Net
of Royalties $ 615 $ 330 $ 71 $ 54 $ 686 $ 384
Expenses
Production
and mineral
taxes 9 8 4 6 13 14
Transportation
and selling 19 14 - - 19 14
Operating 92 78 - - 92 78
-------------------------------------------------------------------------
Operating
Cash Flow $ 495 $ 230 $ 67 $ 48 $ 562 $ 278
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other & Total Upstream Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 72 $ 58 $ 2,749 $ 2,227
Expenses
Production and mineral taxes - - 51 97
Transportation and selling - - 142 126
Operating 63 48 383 296
-------------------------------------------------------------------------
Operating Cash Flow $ 9 $ 10 $ 2,173 $ 1,708
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Results of Continuing Operations (For the six months ended June 30)

Upstream Market Optimization
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 5,440 $ 4,333 $ 1,541 $ 1,738
Expenses
Production and mineral taxes 190 184 - -
Transportation and selling 291 257 13 6
Operating 776 588 31 29
Purchased product - - 1,483 1,700
Depreciation, depletion
and amortization 1,512 1,308 5 5
-------------------------------------------------------------------------
Segment Income (Loss) $ 2,671 $ 1,996 $ 9 $ (2)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Corporate(*) Consolidated
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 1,493 $ (647) $ 8,474 $ 5,424
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 304 263
Operating - (2) 807 615
Purchased product - - 1,483 1,700
Depreciation, depletion
and amortization 38 35 1,555 1,348
-------------------------------------------------------------------------
Segment Income (Loss) $ 1,455 $ (680) 4,135 1,314
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Administrative 133 127
Interest, net 171 201
Accretion of asset
retirement obligation 24 18
Foreign exchange (gain)
loss, net (158) 151
Stock-based compensation -
options - 8
(Gain) on dispositions (17) -
-------------------------------------------------------------------------
153 505
-------------------------------------------------------------------------
Net Earnings Before Income Tax 3,982 809
Income tax expense 917 197
-------------------------------------------------------------------------
Net Earnings From Continuing Operations $ 3,065 $ 612
-------------------------------------------------------------------------
-------------------------------------------------------------------------

(*) For the six months ended June 30, the pre-tax unrealized gain (loss)
on risk management is recorded in the Consolidated Statement of
Earnings as follows (see Note 14):

2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties - Corporate $ 1,493 $ (647)
Operating Expenses and Other - Corporate (2) 2
-------------------------------------------------------------------------
Total Unrealized Gain (Loss) on Risk Management
before-tax - Continuing Operations $ 1,491 $ (645)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Results of Continuing Operations (For the six months ended June 30)

Canada United States
Upstream --------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 3,741 $ 2,940 $ 1,545 $ 1,274
Expenses
Production and mineral taxes 69 51 121 133
Transportation and selling 173 172 118 85
Operating 487 392 143 92
Depreciation, depletion and
amortization 1,065 931 426 359
-------------------------------------------------------------------------
Segment Income $ 1,947 $ 1,394 $ 737 $ 605
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Transportation and selling for the United States includes a one time
payment in the first quarter of 2006 of $14 million to terminate a
long-term physical delivery contract.

Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 154 $ 119 $ 5,440 $ 4,333
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 291 257
Operating 146 104 776 588
Depreciation, depletion
and amortization 21 18 1,512 1,308
-------------------------------------------------------------------------
Segment Income (Loss) $ (13) $ (3) $ 2,671 $ 1,996
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Upstream Geographic and Product Information (Continuing Operations)
(For the six months ended June 30)

Produced Gas
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 2,737 $ 2,317 $ 1,413 $ 1,165 $ 4,150 $ 3,482
Expenses
Production
and mineral
taxes 51 37 112 121 163 158
Transportation
and selling 138 141 118 85 256 226
Operating 306 243 143 92 449 335
-------------------------------------------------------------------------
Operating Cash
Flow $ 2,242 $ 1,896 $ 1,040 $ 867 $ 3,282 $ 2,763
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Transportation and selling for the United States includes a one time
payment in the first quarter of 2006 of $14 million to terminate a
long-term physical delivery contract.

Oil & NGLs
-----------------------------------------------------------
Canada United States Total
-----------------------------------------------------------
2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties $ 1,004 $ 623 $ 132 $ 109 $ 1,136 $ 732
Expenses
Production
and mineral
taxes 18 14 9 12 27 26
Transportation
and selling 35 31 - - 35 31
Operating 181 149 - - 181 149
-------------------------------------------------------------------------
Operating
Cash Flow $ 770 $ 429 $ 123 $ 97 $ 893 $ 526
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Other Total Upstream
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 154 $ 119 $ 5,440 $ 4,333
Expenses
Production and mineral taxes - - 190 184
Transportation and selling - - 291 257
Operating 146 104 776 588
-------------------------------------------------------------------------
Operating Cash Flow $ 8 $ 15 $ 4,183 $ 3,304
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Capital Expenditures (Continuing Operations)

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Upstream Core Capital
Canada $ 953 $ 830 $ 2,302 $ 1,871
United States 633 475 1,170 878
Other Countries 21 16 39 29
-------------------------------------------------------------------------
1,607 1,321 3,511 2,778
-------------------------------------------------------------------------

Upstream Acquisition Capital
Canada 21 20 29 23
United States 250 6 257 15
-------------------------------------------------------------------------
271 26 286 38
-------------------------------------------------------------------------

Market Optimization 9 81 38 115
Corporate 16 9 29 15
-------------------------------------------------------------------------
Total $ 1,903 $ 1,437 $ 3,864 $ 2,946
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Property, Plant and Equipment and Total Assets

Property, Plant
and Equipment Total Assets
-------------------------------------------------
As at As at
-------------------------------------------------
June 30, December 31, June 30, December 31,
2006 2005 2006 2005
-------------------------------------------------------------------------

Upstream $ 27,418 $ 24,247 $ 31,827 $ 28,858
Market Optimization 162 371 413 597
Corporate 275 263 1,937 1,530
Assets of
Discontinued
Operations (Note 4) 195 3,163
-------------------------------------------------------------------------
Total $ 27,855 $ 24,881 $ 34,372 $ 34,148
-------------------------------------------------------------------------
-------------------------------------------------------------------------

4. DISCONTINUED OPERATIONS

Midstream

On December 13, 2005, EnCana completed the sale of its Midstream natural
gas liquids processing operations for total proceeds of $625 million
(C$720 million). The natural gas liquids processing operations included
various interests in a number of processing and related facilities as
well as a marketing entity. A gain on sale of approximately $370 million,
after-tax, was recorded.

During the fourth quarter of 2005, EnCana decided to divest of its
natural gas storage operations. EnCana's natural gas storage operations
include the 100 percent interest in the AECO storage facility as well as
facilities in the United States. On March 6, 2006, EnCana announced that
it had reached an agreement to sell the gas storage operations for
$1.5 billion. The sale, to a single purchaser, which is subject to
closing conditions and applicable regulatory approvals, is expected to
close in two stages. On May 12, 2006, the first stage of the sale was
closed for proceeds of $1.3 billion. The second stage will close
following receipt of regulatory approvals, expected to be later in 2006.

Ecuador

At December 31, 2004, EnCana decided to divest of its Ecuador operations
and such operations have been accounted for as discontinued operations.
EnCana's Ecuador operations include the 100 percent working interest in
the Tarapoa Block, majority operating interest in Blocks 14, 17 and
Shiripuno, the non-operated economic interest in relation to Block 15 and
the 36.3 percent indirect equity investment in Oleoducto de Crudos
Pesados (OCP) Ltd. ("OCP"), which is the owner of a crude oil pipeline in
Ecuador that ships crude oil from the producing areas of Ecuador to an
export marine terminal. The Company is a shipper on the OCP Pipeline and
pays commercial rates for tariffs. The majority of the Company's crude
oil produced in Ecuador is sold to a single marketing company. Payments
are secured by letters of credit from a major financial institution which
has a high quality investment grade credit rating.

In accordance with Canadian generally accepted accounting principles,
depletion, depreciation and amortization expense has not been recorded in
the Consolidated Statement of Earnings for discontinued operations.

On February 28, 2006, EnCana completed the sale of its interest in its
Ecuador operations for $1.4 billion before indemnifications which are
discussed further in this note.

Consolidated Statement of Earnings

The following table presents the effect of the discontinued operations in
the Consolidated Statement of Earnings:

For the three months ended June 30,
-------------------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------
2006 2005 2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of Royalties $ - $ 241 $ - $ - $ 28 $ 195 $ 28 $ 436
-------------------------------------------------------------------------

Expenses
Production and
mineral taxes - 30 - - - - - 30
Transportation
and selling - 16 - - - 1 - 17
Operating - 34 - - 10 58 10 92
Purchased
product - - - - - 112 - 112
Depreciation,
depletion and
amortization - - - - - 6 - 6
Administrative - - - - - - - -
Interest, net - - - - - - - -
Accretion of
asset retirement
obligation - 1 - - - - - 1
Foreign exchange
(gain) loss, net - 1 (1) (3) 9 - 8 (2)
(Gain) loss on
discontinuance 232 - - - (768) - (536) -
-------------------------------------------------------------------------
232 82 (1) (3) (749) 177 (518) 256
-------------------------------------------------------------------------
Net Earnings
(Loss) Before
Income Tax (232) 159 1 3 777 18 546 180
Income tax
expense
(recovery) - 108 2 1 (20) 6 (18) 115
-------------------------------------------------------------------------
Net Earnings
(Loss) From
Discontinued
Operations $(232) $ 51 $ (1) $ 2 $ 797 $ 12 $ 564 $ 65
-------------------------------------------------------------------------
-------------------------------------------------------------------------


For the six months ended June 30,
-------------------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------
2006 2005 2006 2005 2006 2005 2006 2005
-------------------------------------------------------------------------
Revenues,
Net of
Royalties(*) $ 200 $ 432 $ - $ - $ 463 $ 818 $ 663 $1,250
-------------------------------------------------------------------------

Expenses
Production and
mineral taxes 23 52 - - - - 23 52
Transportation
and selling 10 31 - - - 4 10 35
Operating 25 62 - - 29 130 54 192
Purchased
product - - - - 354 596 354 596
Depreciation,
depletion and
amortization 84 - - - - 13 84 13
Administrative - - - - - - - -
Interest, net (2) - - - - - (2) -
Accretion of
asset retirement
obligation - 1 - - - - - 1
Foreign exchange
(gain) loss, net 1 1 - (3) 9 (1) 10 (3)
(Gain) loss on
discontinuance 279 - - - (768) - (489) -
-------------------------------------------------------------------------
420 147 - (3) (376) 742 44 886
-------------------------------------------------------------------------
Net Earnings
(Loss) Before
Income Tax (220) 285 - 3 839 76 619 364
Income tax
expense
(recovery) 59 154 2 1 (8) 27 53 182
-------------------------------------------------------------------------
Net Earnings
(Loss) From
Discontinued
Operations $(279) $ 131 $ (2) $ 2 $ 847 $ 49 $ 566 $ 182
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Revenues, net of royalties in Ecuador include realized losses of
$1 million related to derivative financial instruments. In 2005,
revenues, net of royalties included realized losses of $55 million
and unrealized mark-to-market gains of $11 million.


Consolidated Balance Sheet

The impact of the discontinued operations in the Consolidated Balance
Sheet is as follows:

As at
-------------------------------------------
June 30, 2006
-------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------------------------
Assets
Cash and cash equivalents $ - $ 6 $ (13) $ (7)
Accounts receivable
and accrued revenues - - 22 22
Risk management - - 2 2
Inventories - - 19 19
-------------------------------------------------------------------------
- 6 30 36
Property, plant and
equipment, net 1 - 158 159
Investments and other assets - - - -
Goodwill - - - -
-------------------------------------------------------------------------
$ 1 $ 6 $ 188 $ 195
-------------------------------------------------------------------------
Liabilities
Accounts payable and
accrued liabilities $ 265 $ 27 $ 15 $ 307
Income tax payable - 7 27 34
Risk management - - - -
-------------------------------------------------------------------------
265 34 42 341
Asset retirement obligation - - - -
Future income taxes - - 22 22
-------------------------------------------------------------------------
265 34 64 363
-------------------------------------------------------------------------
Net Assets of Discontinued
Operations $ (264) $ (28) $ 124 $ (168)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


As at
-------------------------------------------
December 31, 2005
-------------------------------------------
United
Ecuador Kingdom Midstream Total
-------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 207 $ 8 $ (7) $ 208
Accounts receivable
and accrued revenues 137 - 271 408
Risk management - - 21 21
Inventories 23 - 390 413
-------------------------------------------------------------------------
367 8 675 1,050
Property, plant and
equipment, net 1,166 - 520 1,686
Investments and other assets 360 - - 360
Goodwill - - 67 67
-------------------------------------------------------------------------
$ 1,893 $ 8 $ 1,262 $ 3,163
-------------------------------------------------------------------------
Liabilities
Accounts payable and
accrued liabilities $ 91 $ 27 $ 49 $ 167
Income tax payable 184 6 40 230
Risk management - - 41 41
-------------------------------------------------------------------------
275 33 130 438
Asset retirement obligation 21 - - 21
Future income taxes 162 (2) 86 246
-------------------------------------------------------------------------
458 31 216 705
-------------------------------------------------------------------------
Net Assets of Discontinued
Operations $ 1,435 $ (23) $ 1,046 $ 2,458
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Contingencies

EnCana has agreed to indemnify the purchaser of its Ecuador interests
against losses that may arise in certain circumstances which are defined
in the share sale agreements. The obligation to indemnify will arise
should losses exceed amounts specified in the sale agreements and is
limited to maximum amounts which are set forth in the share sale
agreements.

During the second quarter, the Government of Ecuador seized the Block 15
assets, in which EnCana previously held a 40 percent economic interest,
from the operator which is an event requiring indemnification under terms
of EnCana's sale agreement with Andes Petroleum Company. The purchaser
requested payment and EnCana has accrued the maximum amount, calculated
in accordance with the terms of the agreements, of approximately
$265 million. At this point EnCana does not expect that any further
significant indemnification payments relating to any other business
matters addressed in the share sale agreements will be required to be
made to the purchaser.

5. DIVESTITURES

Total proceeds received on sale of assets and investments was
$257 million (2005 - $2,459 million) as described below:

Upstream

In 2006, the Company has completed the disposition of mature
conventional oil and natural gas assets for proceeds of $13 million
(2005 - $408 million).

In May 2005, the Company completed the sale of its Gulf of Mexico assets
for approximately $2.1 billion resulting in net proceeds of approximately
$1.5 billion after deducting $591 million in tax plus other adjustments.
In accordance with full cost accounting for oil and gas activities,
proceeds were credited to property, plant and equipment.

Market Optimization

In February 2006, the Company sold its investment in Entrega Gas Pipeline
LLC for approximately $244 million.

6. INTEREST, NET

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Interest Expense -
Long-Term Debt $ 87 $ 105 $ 181 $ 206
Interest Expense - Other 5 3 10 7
Interest Income (9) (7) (20) (12)
-------------------------------------------------------------------------
$ 83 $ 101 $ 171 $ 201
-------------------------------------------------------------------------
-------------------------------------------------------------------------

7. FOREIGN EXCHANGE (GAIN) LOSS, NET

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Unrealized Foreign Exchange
(Gain) Loss on Translation
of U.S. Dollar Debt Issued
in Canada $ (163) $ 47 $ (159) $ 65
Other Foreign Exchange
(Gain) Loss (39) 72 1 86
-------------------------------------------------------------------------
$ (202) $ 119 $ (158) $ 151
-------------------------------------------------------------------------
-------------------------------------------------------------------------

8. INCOME TAXES

The provision for income taxes is as follows:

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Current
Canada $ 281 $ 110 $ 589 $ 282
United States 13 559 36 591
Other 3 (9) 3 (2)
-------------------------------------------------------------------------
Total Current Tax 297 660 628 871
-------------------------------------------------------------------------

Future (228) (379) 289 (674)
-------------------------------------------------------------------------
$ 69 $ 281 $ 917 $ 197
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Current income tax in the United States for the six months ended June 30,
2005 relates to income tax on the sale of the Gulf of Mexico assets.

The following table reconciles income taxes calculated at the Canadian
statutory rate with the actual income taxes:

Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Net Earnings Before Income
Tax $ 1,662 $ 1,055 $ 3,982 $ 809
Canadian Statutory Rate 34.8% 37.9% 34.8% 37.9%
-------------------------------------------------------------------------
Expected Income Tax 578 399 1,384 307

Effect on Taxes Resulting
from:
Non-deductible Canadian
crown payments 21 44 52 86
Canadian resource allowance 1 (42) (19) (90)
Canadian resource allowance
on unrealized risk management
losses 1 (5) 1 13
Statutory and other rate
differences (1) (67) (17) (80)
Effect of tax rate
changes(*) (457) - (457) -
Non-taxable capital (gains)
losses (32) 11 (33) 16
Tax basis retained on
dispositions - (68) - (68)
Large corporations tax (1) - - 4
Other (41) 9 6 9
-------------------------------------------------------------------------
$ 69 $ 281 $ 917 $ 197
-------------------------------------------------------------------------
Effective Tax Rate 4.2% 26.6% 23.0% 24.4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) During the second quarter, the Canadian federal and Alberta
governments substantively enacted income tax rate reductions.

9. LONG-TERM DEBT

As at As at
June 30, December 31,
2006 2005
-------------------------------------------------------------------------

Canadian Dollar Denominated Debt
Revolving credit and term loan borrowings $ 443 $ 1,425
Unsecured notes 830 793
-------------------------------------------------------------------------
1,273 2,218
-------------------------------------------------------------------------

U.S. Dollar Denominated Debt
Revolving credit and term loan borrowings - -
Unsecured notes 4,494 4,494
-------------------------------------------------------------------------
4,494 4,494
-------------------------------------------------------------------------

Increase in Value of Debt Acquired(*) 65 64
Current Portion of Long-Term Debt (73) (73)
-------------------------------------------------------------------------
$ 5,759 $ 6,703
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Certain of the notes and debentures of EnCana were acquired in
business combinations and were accounted for at their fair value at
the dates of acquisition. The difference between the fair value and
the principal amount of the debt is being amortized over the
remaining life of the outstanding debt acquired, approximately
21 years.

10. ASSET RETIREMENT OBLIGATION

The following table presents the reconciliation of the beginning and
ending aggregate carrying amount of the obligation associated with the
retirement of oil and gas properties:

As at As at
June 30, December 31,
2006 2005
-------------------------------------------------------------------------

Asset Retirement Obligation, Beginning of Year $ 816 $ 611
Liabilities Incurred 37 77
Liabilities Settled (26) (42)
Liabilities Disposed - (23)
Change in Estimated Future Cash Flows 16 135
Accretion Expense 24 37
Other 39 21
-------------------------------------------------------------------------
Asset Retirement Obligation, End of Period $ 906 $ 816
-------------------------------------------------------------------------
-------------------------------------------------------------------------

11. SHARE CAPITAL

June 30, 2006 December 31, 2005
-----------------------------------------
(millions) Number Amount Number Amount
-------------------------------------------------------------------------

Common Shares Outstanding,
Beginning of Year 854.9 $ 5,131 900.6 $ 5,299
Common Shares Issued under
Option Plans 4.6 101 15.0 294
Common Shares Repurchased (43.7) (373) (60.7) (462)
-------------------------------------------------------------------------
Common Shares Outstanding,
End of Period 815.8 $ 4,859 854.9 $ 5,131
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Information related to common shares and stock options has been restated
to reflect the effect of the common share split approved in April 2005.

Normal Course Issuer Bid

To June 30, 2006, the Company purchased 43.7 million Common Shares for
total consideration of approximately $2,073 million. Of the amount paid,
$373 million was charged to Share capital and $1,700 million was charged
to Retained earnings.

EnCana has obtained regulatory approval each year under Canadian
securities laws to purchase Common Shares under four consecutive Normal
Course Issuer Bids ("Bids") which commenced in October 2002 and may
continue until October 30, 2006. EnCana is entitled to purchase, for
cancellation, up to approximately 85.6 million Common Shares under the
renewed Bid which commenced on October 31, 2005 and will terminate no
later than October 30, 2006.

Stock Options

The Company has stock-based compensation plans that allow employees and
directors to purchase Common Shares of the Company. Option exercise
prices approximate the market price for the Common Shares on the date the
options were issued. Options granted under the plans are generally fully
exercisable after three years and expire five years after the grant date.
Options granted under predecessor and/or related company replacement
plans expire up to ten years from the date the options were granted.

The following tables summarize the information about options to purchase
Common Shares that do not have Tandem Share Appreciation Rights
("TSAR's") attached to them at June 30, 2006. Information related to
TSAR's is included in Note 12.

Weighted
Stock Average
Options Exercise
(millions) Price (C$)
-------------------------------------------------------------------------

Outstanding, Beginning of Year 20.7 23.36
Exercised (4.6) 23.64
Forfeited (0.3) 23.81
-------------------------------------------------------------------------
Outstanding, End of Period 15.8 23.27
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Exercisable, End of Period 15.4 23.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Outstanding Options Exercisable Options
-----------------------------------------------------------

Weighted
Number of Average Weighted Number of Weighted
Range of Options Remaining Average Options Average
Exercise Outstanding Contractual Exercise Outstanding Exercise
Price (C$) (millions) Life (years) Price (C$) (millions) Price (C$)
-------------------------------------------------------------------------

11.00 to 22.99 1.4 2.0 15.22 1.4 15.05
23.00 to 23.49 0.3 1.6 23.23 0.2 23.25
23.50 to 23.99 5.9 1.8 23.89 5.8 23.89
24.00 to 24.49 7.7 0.9 24.17 7.7 24.17
24.50 to 25.99 0.5 2.2 25.23 0.3 25.23
-------------------------------------------------------------------------
15.8 1.4 23.27 15.4 23.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------

At June 30, 2006 the balance in Paid in surplus relates to Stock-Based
Compensation programs.

12. COMPENSATION PLANS

The tables below outline certain information related to EnCana's
compensation plans at June 30, 2006. Additional information is contained
in Note 15 of the Company's annual audited Consolidated Financial
Statements for the year ended December 31, 2005.

A) Pensions

The following table summarizes the net benefit plan expense:

Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Current Service Cost $ 4 $ 2 $ 7 $ 4
Interest Cost 4 3 8 6
Expected Return on Plan Assets (4) (3) (8) (6)
Expected Actuarial Loss on
Accrued Benefit Obligation 2 - 3 1
Expected Amortization of Past
Service Costs - - 1 1
Amortization of Transitional
Obligation (1) 1 (1) -
Expense for Defined
Contribution Plan 6 5 11 10
-------------------------------------------------------------------------
Net Benefit Plan Expense $ 11 $ 8 $ 21 $ 16
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, contributions of $6 million have been
made to the defined benefit pension plans.

B) Share Appreciation Rights ("SAR's")

The following table summarizes the information about SAR's at June 30,
2006:

Weighted
Average
Outstanding Exercise
SAR's Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 246,739 23.13
Exercised (242,739) 23.18
-------------------------------------------------------------------------
Outstanding, End of Period 4,000 20.25
-------------------------------------------------------------------------
Exercisable, End of Period 4,000 20.25
-------------------------------------------------------------------------
-------------------------------------------------------------------------

U.S. Dollar Denominated (US$)
Outstanding, Beginning of Year 319,511 14.33
Exercised (253,875) 14.94
-------------------------------------------------------------------------
Outstanding, End of Period 65,636 11.96
-------------------------------------------------------------------------
Exercisable, End of Period 65,636 11.96
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana has not recorded any
compensation costs related to the outstanding SAR's (2005 - $10 million).

C) Tandem Share Appreciation Rights ("TSAR's")

The following table summarizes the information about Tandem SAR's at
June 30, 2006:

Weighted
Average
Outstanding Exercise
TSAR's Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 8,403,967 38.41
Granted 10,676,500 48.63
Exercised - SAR's (344,212) 35.01
Exercised - Options (16,044) 32.47
Forfeited (471,892) 40.81
-------------------------------------------------------------------------
Outstanding, End of Period 18,248,319 44.40
-------------------------------------------------------------------------
Exercisable, End of Period 2,067,199 36.33
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded compensation costs of
$58 million related to the outstanding TSAR's (2005 - $31 million).

D) Deferred Share Units ("DSU's")

The following table summarizes the information about DSU's at June 30,
2006:

Outstanding Average
DSU's Share Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 836,561 26.81
Granted, Directors 70,000 56.71
Exercised (52,562) 27.92
Units, in Lieu of Dividends 5,748 56.85
-------------------------------------------------------------------------
Outstanding, End of Period 859,747 29.38
-------------------------------------------------------------------------
Exercisable, End of Period 859,747 29.38
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded compensation costs of
$8 million related to the outstanding DSU's (2005 - $13 million).

E) Performance Share Units ("PSU's")

The following table summarizes the information about PSU's at June 30,
2006:

Outstanding Average
PSU's Share Price
-------------------------------------------------------------------------

Canadian Dollar Denominated (C$)
Outstanding, Beginning of Year 4,704,348 30.65
Granted 18,540 29.66
Exercised (239,794) 23.26
Forfeited (200,818) 30.45
-------------------------------------------------------------------------
Outstanding, End of Period 4,282,276 31.08
-------------------------------------------------------------------------
-------------------------------------------------------------------------

U.S. Dollar Denominated (US$)
Outstanding, Beginning of Year 739,649 25.22
Granted 2,367 25.53
Forfeited (80,876) 22.50
-------------------------------------------------------------------------
Outstanding, End of Period 661,140 25.56
-------------------------------------------------------------------------
-------------------------------------------------------------------------

For the period ended June 30, 2006, EnCana recorded a reduction to
compensation costs of $1 million related to the outstanding PSU's
(2005 - $33 million).

At June 30, 2006, EnCana has approximately 5.5 million Common Shares held
in trust for issuance upon vesting of the PSU's.

13. PER SHARE AMOUNTS

The following table summarizes the Common Shares used in calculating
Net Earnings per Common Share:

Three Months Ended Six Months Ended
------------------------------------------------------
March 31, June 30, June 30,
------------------------------------------------------
(millions) 2006 2006 2005 2006 2005
-------------------------------------------------------------------------
Weighted Average Common
Shares Outstanding
- Basic 847.9 829.6 872.0 838.7 881.8
Effect of Dilutive
Securities 16.9 15.5 19.9 16.7 18.9
-------------------------------------------------------------------------
Weighted Average Common
Shares Outstanding
- Diluted 864.8 845.1 891.9 855.4 900.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------

14. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

As a means of managing commodity price volatility, EnCana entered into
various financial instrument agreements and physical contracts. The
following information presents all positions for financial instruments.

Realized and Unrealized (Loss) Gain on Risk Management Activities

The following tables summarize the gains and losses on risk management
activities:

Realized Gain (Loss)
-------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 160 $ (114) $ (46) $ (133)
Operating Expenses and Other 2 5 3 10
-------------------------------------------------------------------------
Gain (Loss) on Risk Management
- Continuing Operations 162 (109) (43) (123)
Gain (Loss) on Risk Management
- Discontinued Operations 3 (32) 4 (56)
-------------------------------------------------------------------------
$ 165 $ (141) $ (39) $ (179)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Unrealized Gain (Loss)
-------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------
June 30, June 30,
-------------------------------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Revenues, Net of Royalties $ 230 $ 315 $ 1,493 $ (647)
Operating Expenses and Other - (1) (2) 2
-------------------------------------------------------------------------
Gain (Loss) on Risk Management
- Continuing Operations 230 314 1,491 (645)
Gain (Loss) on Risk Management
- Discontinued Operations (1) 31 22 1
-------------------------------------------------------------------------
$ 229 $ 345 $ 1,513 $ (644)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Amounts Recognized on Transition

Upon initial adoption of the current accounting policy for risk
management instruments on January 1, 2004, the fair value of all
outstanding financial instruments that were not considered accounting
hedges was recorded in the Consolidated Balance Sheet with an offsetting
net deferred loss amount (the "transition amount"). The transition amount
is recognized into net earnings over the life of the related contracts.
Changes in fair value after that time are recorded in the Consolidated
Balance Sheet with an associated unrealized gain or loss recorded in net
earnings.

At June 30, 2006, a net unrealized gain remains to be recognized over the
next three years as follows:

Unrealized
Gain
-------------------------------------------------------------------------
2006
Three months ended September 30, 2006 $ 7
Three months ended December 31, 2006 6
-------------------------------------------------------------------------
Total remaining to be recognized in 2006 $ 13
-------------------------------------------------------------------------
-------------------------------------------------------------------------

2007 $ 15
2008 1
-------------------------------------------------------------------------
Total to be recognized $ 29
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Fair Value of Outstanding Risk Management Positions

The following table presents a reconciliation of the change in the
unrealized amounts from January 1, 2006 to June 30, 2006:

Total
Fair Unrealized
Transition Market Gain
Amount Value (Loss)
-------------------------------------------------------------------------

Fair Value of Contracts,
Beginning of Year $ (40) $ (640) $ -
Change in Fair Value of Contracts in
Place at Beginning of Year and
Contracts Entered into During 2006 - 1,463 1,463
Fair Value of Contracts in Place at
Transition Expired During 2006 11 - 11
Fair Value of Contracts Realized
During 2006 - 39 39
-------------------------------------------------------------------------
Fair Value of Contracts Outstanding $ (29) $ 862 $ 1,513
Unamortized Premiums Paid on Options 230
-------------------------------------------------------------------------
Fair Value of Contracts and Premiums
Paid, End of Period $ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Amounts Allocated to Continuing
Operations $ (29) $ 1,090 $ 1,491
Amounts Allocated to Discontinued
Operations - 2 22
-------------------------------------------------------------------------
$ (29) $ 1,092 $ 1,513
-------------------------------------------------------------------------
-------------------------------------------------------------------------

At June 30, 2006, the remaining net deferred amounts recognized on
transition and the risk management amounts are recorded in the
Consolidated Balance Sheet as follows:

As at
June 30, 2006
-------------------------------------------------------------------------

Remaining Deferred Amounts Recognized on Transition
Accounts receivable and accrued revenues $ 1
Accounts payable and accrued liabilities 22
Other liabilities 8
-------------------------------------------------------------------------
Net Deferred Gain - Continuing Operations $ 29
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Risk Management
Current asset $ 965
Long-term asset 313
Current liability 170
Long-term liability 18
-------------------------------------------------------------------------
Net Risk Management Asset - Continuing Operations 1,090
Net Risk Management Asset - Discontinued Operations 2
-------------------------------------------------------------------------
$ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

A summary of all unrealized estimated fair value financial positions is
as follows:

As at
June 30, 2006
-------------------------------------------------------------------------

Commodity Price Risk
Natural gas $ 1,153
Crude oil (68)
Credit Derivatives (1)
Interest Rate Risk 6
-------------------------------------------------------------------------
Total Fair Value Positions - Continuing Operations 1,090
Total Fair Value Positions - Discontinued Operations 2
-------------------------------------------------------------------------
$ 1,092
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Information with respect to credit derivatives and interest rate risk
contracts in place at December 31, 2005 is disclosed in Note 16 to the
Company's annual audited Consolidated Financial Statements. No
significant new contracts have been entered into as at June 30, 2006.

Natural Gas

At June 30, 2006, the Company's gas risk management activities from
financial contracts had an unrealized gain of $985 million and a fair
market value position of $1,155 million. The contracts were as follows:

Notional Fair
Volumes Market
(MMcf/d) Term Average Price Value
-------------------------------------------------------------------------

Sales Contracts
Fixed Price Contracts
NYMEX Fixed Price 515 2006 5.65 US$/Mcf $ (133)
Colorado Interstate Gas
(CIG) 100 2006 4.44 US$/Mcf (23)
Houston Ship Channel
(HSC) 90 2006 5.08 US$/Mcf (22)
Other 91 2006 5.07 US$/Mcf (16)
NYMEX Fixed Price 260 2007 7.86 US$/Mcf (117)
Other 8 2007 8.97 US$/Mcf -
Options
Purchased NYMEX Put
Options 2,693 2006 7.77 US$/Mcf 530
Purchased NYMEX Put
Options 240 2007 6.00 US$/Mcf 3
Basis Contracts
Fixed NYMEX to AECO Basis 789 2006 (0.69) US$/Mcf 71
Fixed NYMEX to Rockies
Basis 322 2006 (0.60) US$/Mcf 46
Fixed NYMEX to CIG Basis 297 2006 (0.83) US$/Mcf 31
Other 170 2006 (0.34) US$/Mcf 12
Fixed NYMEX to AECO Basis 747 2007 (0.72) US$/Mcf 166
Fixed NYMEX to Rockies
Basis 538 2007 (0.65) US$/Mcf 205
Fixed NYMEX to CIG Basis 390 2007 (0.76) US$/Mcf 135
Fixed Rockies to CIG Basis 12 2007 (0.10) US$/Mcf -
Fixed NYMEX to AECO Basis 191 2008 (0.78) US$/Mcf 22
Fixed NYMEX to Rockies
Basis 162 2008 (0.59) US$/Mcf 48
Fixed NYMEX to Rockies
Basis (NYMEX Adjusted) 100 2008 17% of NYMEX US$/Mcf (1)
Fixed NYMEX to CIG Basis 40 2008-2009 (0.68) US$/Mcf 20

Purchase Contracts
Fixed Price Contracts
Waha Purchase 23 2006 5.32 US$/Mcf 4
-------------------------------------------------------------------------
981
Other Financial Positions(*) 4
-------------------------------------------------------------------------
Total Unrealized Gain on
Financial Contracts 985
Unamortized Premiums Paid
on Options 170
-------------------------------------------------------------------------
Total Fair Value Positions $1,155
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Total Fair Value Positions
- Continuing Operations $1,153
Total Fair Value Positions
- Discontinued Operations 2
-------------------------------------------------------------------------
Total Fair Value Positions $1,155
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Other financial positions are part of the ongoing operations of the
Company's proprietary production management activities.

Crude Oil
At June 30, 2006, the Company's oil risk management activities from
financial contracts had an unrealized loss of $(128) million and a fair
market value position of $(68) million. The contracts were as follows:

Notional Fair
Volumes Market
(bbls/d) Term Average Price Value
-------------------------------------------------------------------------

Fixed WTI NYMEX Price 15,000 2006 34.56 US$/bbl $ (111)
Unwind WTI NYMEX Fixed
Price (1,300) 2006 52.75 US$/bbl 5
Purchased WTI NYMEX Put
Options 59,000 2006 50.44 US$/bbl (16)
Purchased WTI NYMEX Call
Options (13,700) 2006 61.24 US$/bbl 27
Purchased WTI NYMEX Put
Options 43,000 2007 44.44 US$/bbl (29)
-------------------------------------------------------------------------
(124)
Other Financial Positions(*) (4)
-------------------------------------------------------------------------
Total Unrealized Loss on
Financial Contracts (128)
Unamortized Premiums
Paid on Options 60
-------------------------------------------------------------------------
Total Fair Value Positions $ (68)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Total Fair Value Positions
- Continuing Operations $ (68)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(*) Other financial positions are part of the ongoing operations of the
Company's proprietary production management.

15. CONTINGENCIES

Legal Proceedings

The Company is involved in various legal claims associated with the
normal course of operations. The Company believes it has made adequate
provision for such legal claims.

Discontinued Merchant Energy Operations

California

As disclosed previously, in July 2003, the Company's indirect wholly
owned U.S. marketing subsidiary, WD Energy Services Inc. ("WD"),
concluded a settlement with the U.S. Commodity Futures Trading Commission
("CFTC") of a previously disclosed CFTC investigation whereby WD agreed
to pay a civil monetary penalty in the amount of $20 million without
admitting or denying the findings in the CFTC's order.

EnCana Corporation and WD are defendants in a lawsuit filed by E. & J.
Gallo Winery in the United States District Court in California, further
described below. The Gallo lawsuit claims damages in excess of
$30 million. California law allows for the possibility that the amount of
damages assessed could be tripled.

Along with other energy companies, EnCana Corporation and WD are
defendants in several other lawsuits relating to sales of natural gas in
California from 1999 to 2002 (some of which are class actions and some of
which are brought by individual parties on their own behalf). As is
customary, these lawsuits do not specify the precise amount of damages
claimed. The Gallo and other California lawsuits contain allegations that
the defendants engaged in a conspiracy with unnamed competitors in the
natural gas and derivatives market in California in violation of U.S. and
California anti-trust and unfair competition laws.

In the Gallo action, the decision dealing with the issue of whether the
scope of the Federal Energy Regulatory Commission's exclusive
jurisdiction over natural gas prices precludes the plaintiffs from
maintaining their claims is on appeal to the United States Court of
Appeals for the Ninth Circuit. The Gallo lawsuit is stayed pending this
appeal.

Without admitting any liability in the lawsuits, WD has agreed to pay
$20.5 million to settle the class action lawsuits that were consolidated
in San Diego Superior Court subject to final documentation and approval
by the San Diego Superior Court. The individual parties who had brought
their own actions are not parties to this settlement. WD has also agreed
to pay $2.4 million to settle the class action lawsuits filed in the
United States District Court in California, without admitting any
liability in the lawsuits, subject to final documentation and approval by
the United States District Court.

New York

WD was a defendant in a consolidated class action lawsuit filed in the
United States District Court in New York. The consolidated New York
lawsuit claims that the defendants' alleged manipulation of natural gas
price indices affected natural gas futures and option contracts traded on
the NYMEX from 2000 to 2002. EnCana Corporation was dismissed from the
New York lawsuit, leaving WD and several other companies unrelated to
EnCana Corporation as the remaining defendants. Without admitting any
liability in the lawsuit, WD agreed to pay $8.2 million to settle the
New York class action lawsuit. Final documentation and approval by the
New York District Court have been obtained and WD has paid the stated
settlement amount.

Based on the aforementioned settlements, a total of $31 million has been
accrued. EnCana Corporation and WD intend to vigorously defend against
the remaining outstanding claims; however, the Company cannot predict the
outcome of these proceedings or any future proceedings against the
Company, whether these proceedings would lead to monetary damages which
could have a material adverse effect on the Company's financial position,
or whether there will be other proceedings arising out of these
allegations.

Investor contact:
EnCana Corporate Development
Sheila McIntosh
Vice-President, Investor Relations
403-645-2194

Ryder McRitchie
Manager, Investor Relations
403-645-2007

Paul Gagne
Manager, Investor Relations
403-645-4737

Media contact:
Alan Boras
Manager, Media Relations
403-645-4747

investor.relations@encana.com

ECA stock price

TSX $14.27 Can 0

NYSE $11.11 USD 0

As of 2017-12-15 16:03. Minimum 15 minute delay