Investor Presentaiton

CAPITAL ALLOCATION PRINCIPLES Return of Capital Model Lower Prices Priority #1 - Financial Strength Investment grade credit ratings Manage leverage at mid-cycle prices to ~1.5x net debt to adjusted EBITDA Priority #2 - Dividends* Strong liquidity Priority #3 - Sustain Cash Flow+ Higher Prices Sustain current dividend Maintain scale (cash flow and liquids production) in core areas Priority #4 - Incremental Return of Capital to Shareholders Ongoing share buybacks Dividend increases* as sustainable free cash flow grows Priority #5 - Growth Investment Focused investment to expand free cash flow and generate full-cycle returns *Declaration and payment of future dividends subject to board approval F Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website encana

View entire presentation