Investor Presentaiton

DISCIPLINED CAPITAL ALLOCATION & FREE CASH FLOW GENERATION 2019 Overview 2019 Initial Capital Allocation · Other Anadarko • Permian Montney • • Expect to generate free cash flow at current commodity prices Expect 2019 capital spend to be lower than combined 2018 ECA+NFX ~3/4 of capital to core growth assets; Permian, Anadarko & Montney Optimizing free cash flow from other assets; Eagle Ford, Williston, and Duvernay • Liquids growth in mid-to-high single digits • Strong hedge position protects cash flow F Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website 8 encana

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