EnCana's Third Quarter Cash flow Up 51 Percent

EnCana Corporation's (TSX & NYSE: ECA) third quarter 2005 total cash flow per share increased 51 percent to US$2.20 per share diluted, or $1.93 billion, compared to the third quarter of 2004. Total operating earnings per share increased 33 percent to 80 cents per share diluted, or $704 million, compared to the third quarter of 2004. Cash flow and operating earnings increased due to stronger natural gas and liquids prices and increased gas sales.

EnCana's third quarter net earnings were 30 cents per share diluted, or $266 million, which included an unrealized after-tax loss of $604 million due to mark-to-market accounting of all hedges and an unrealized foreign exchange after-tax gain of $166 million on translation of Canadian issued U.S. dollar debt. Of the $604 million unrealized hedging loss, about 60 percent relates to EnCana's 2004 acquisition of Tom Brown, Inc. All of the Tom Brown hedge positions expire at the end of 2006. In 2006, 82 percent of EnCana's forecast sales are fully exposed to price upside. Total third quarter revenues net of royalties were $3.38 billion.


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