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Encana Corporation | September 2016 Corporate Presentation | Doug Suttles | Page 7 of 11 | November 23, 2024

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3 5 Q2 HIGHLIGHTS Strong Operational Execution Q1 2016 Q2 2016 Upstream Operating Cash Flow* Excluding Hedging ($MM) 103 204 Upstream Operating Cash Flow* Including Hedging ($MM) 280 330 Transportation & Processing ($/BOE) 7.07 6.80 Operating ($/BOE) 4.35 3.63 PMOT ($/BOE) 0.65 0.89 Total Cash Flow ($MM) 102 182 - $ per share, diluted 0.12 0.21 Operating Earnings (Loss) ($MM) (130) 89 - $ per share, diluted (0.15) 0.10 Capital Investment ($MM) 359 215 Net Debt** ($MM) 5,180 5,397 Natural Gas (MMcf/d) 1,516 1,418 Total Liquids (Mbbls/d) 130.8 132.0 Total Production (MBOE/d) 383.4 368.3 Core Four Production (MBOE/d) 269.1 268.3 • Q2 upstream operating cash flow excluding hedge up ~100% versus Q1 • Significant reduction in cash costs – REX renegotiation & optimized utilization – LOE task force delivering savings • Highly disciplined capital allocation – 95% YTD capex focused on core four assets • Strong operational performance – Continue to capture capital efficiencies – Core four scale maintained – Core four production 73% of total production *Upstream operating cash flow is defined as revenues, net of royalties, less production and mineral and other taxes, transportation and processing and operating expenses for each of the respective Canadian and USA operations. **Net debt is defined as debt less cash and cash equivalents. 6 BUILDING ON OUR TRACK RECORD Delivering Cost Savings • Expect to achieve an additional $100 MM in savings – LOE cost reduction task force reducing operating expense – Renegotiated contracts lowering T&P expense • Clean G&A* run rate ~$45 MM/quarter • Clean interest on debt run rate ~ $75 MM/quarter – Interest expense reduced as a result of recent debt redemptions and retirements • Full year impact of savings to be realized in 2017 0 20 40 60 80 100 '12 Avg '13 Avg '14 Avg '15 Avg Q1 2016 Q2 2016 '16 Guidance $MM *Excluding restructuring and long-term incentive costs. ** Excluding one time payments. (Quarterly averages) - 4 8 12 16 1H15 2H15 Q1 2016 Q2 2016 '16 Guidance $/BOE T&P Opex* PMOT Quarterly G&A* Expense Annual Per Unit Costs 0 20 40 60 80 100 120 140 '12 Avg '13 Avg '14 Avg '15 Avg Q1 2016 Q2 2016 2016F $MM Quarterly Interest Expense**