EnCana generates 2008 cash flow of US$9.4 billion, or $12.48 per share, up 13 percent



    
    Operating earnings per share up 9 percent; Proved reserves additions 150%
    of production
    

    CALGARY, Feb. 12 /CNW/ - EnCana Corporation (TSX & NYSE:   ECA) achieved
solid increases in 2008 cash flow and operating earnings as a result of strong
growth in natural gas and oil production and higher prices. Financial results
were enhanced in the fourth quarter by EnCana's favourable natural gas price
hedges. Again in 2008, EnCana achieved strong year-over-year proved reserves
additions.
    "Despite the unprecedented volatility in oil and natural gas prices and a
challenging operating environment in 2008, EnCana delivered strong operational
and financial performance. We met or exceeded all of our targets, including
those for cash flow, production and capital investment. Overall production
grew 6 percent, driven by our key resource plays which increased 13 percent
year-over-year. We added reserves of 2.5 trillion cubic feet of gas
equivalent, replacing 150 percent of production at a very competitive finding
and development cost of US$2.50 per thousand cubic feet of gas equivalent,"
said Randy Eresman, EnCana's President & Chief Executive Officer.
    "EnCana is pursuing a conservative and prudent capital program in 2009
and we have built flexibility into our plans to adjust investment depending on
how the year unfolds. With widespread economic uncertainty, we remain intently
focused on our core business objectives: maintaining financial strength,
generating significant free cash flow, further optimizing our capital
investments and continuing to pay a stable dividend to shareholders -
currently $1.60 per share annualized, which at the current share price results
in a yield of about 3.7 percent.
    "Natural gas and oil prices are expected to remain low at least through
the first quarter of 2009. While we have seen some indication of a softening
in service and supply costs, reductions are likely to be more pronounced in
the latter half of 2009. We are affirming our 2009 corporate guidance. Our
cash flow forecast for the year is underpinned by strong hedges - about two-
thirds of expected natural gas production hedged through October 2009 at an
average price of $9.13 per thousand cubic feet, well above the current spot
price. In addition, we are continually seeking new ways to strengthen our
financial position, including cost-reduction initiatives, project reviews
throughout the year and exploring and implementing operational efficiencies
across our company.
    "EnCana's low-risk, low-cost resource play business model provides
financial resilience and positions the company very well for dealing with the
economic downturn. We can apply an even higher level of scrutiny and fine tune
investments in order to target optimal project returns and long-term value
creation," Eresman said.

    IMPORTANT NOTE: Effective January 2, 2007, EnCana established an
integrated oil business with ConocoPhillips, which resulted in EnCana
contributing its interests in Foster Creek and Christina Lake into an upstream
partnership owned 50-50 by the two companies. Production and wells drilled in
2006 have been adjusted on a pro-forma basis to reflect the integrated oil
transaction. Unless otherwise noted in this news release, EnCana's proved
reserves and production for 2007 and 2008 are reported on a post integrated
oil basis. Per share amounts for cash flow and earnings are on a diluted
basis. EnCana reports in U.S. dollars unless otherwise noted and follows U.S.
protocols, which report production, sales and reserves on an after-royalties
basis. The company's financial statements are prepared in accordance with
Canadian generally accepted accounting principles (GAAP).

    
    2008 Highlights
    ---------------

    Financial - US$

    -   Cash flow increased 13 percent per share to $12.48, or $9.4 billion
    -   Operating earnings were up 9 percent per share to $5.86, or
        $4.4 billion
    -   Net earnings were up 53 percent per share to $7.91, or $5.9 billion,
        primarily due to an after-tax unrealized mark-to-market hedging gain
        of $1.8 billion in 2008 compared to an after-tax loss of $811 million
        in 2007.
    -   Capital investment, excluding acquisitions and divestitures, was up
        17 percent to $7.1 billion
    -   Generated $2.3 billion of free cash flow (as defined in Note 1 on
        page 10), down $112 million from 2007
    -   Operating cash flow nearly doubled to $421 million from the company's
        Foster Creek and Christina Lake upstream projects, whereas lower
        refining margins and higher purchased product costs resulted in a
        $241 million loss in operating cash flow for the downstream business.
        As a result, EnCana's integrated oil business venture with
        ConocoPhillips generated $180 million of operating cash flow
    -   Purchased approximately 4.8 million EnCana shares at an average price
        of $67.13 under the Normal Course Issuer Bid, for a total cost of
        approximately $326 million
    -   Doubled quarterly dividend to 40 cents per share in March 2008, or
        $1.60 per share on an annualized basis
    -   At year end, debt to capitalization was 28 percent and debt to
        adjusted EBITDA was 0.7 times

    Operating - Upstream

    -   Natural gas production increased 8 percent to 3.8 billion cubic feet
        per day (Bcf/d), up 9 percent per share
    -   Increased production from natural gas key resource plays by
        14 percent
    -   Oil and natural gas liquids (NGLs) production was relatively flat at
        about 134,000 barrels per day (bbls/d)
    -   Integrated oil production grew 13 percent to 30,183 bbls/d at Foster
        Creek and Christina Lake
    -   Operating and administrative costs of $1.25 per thousand cubic feet
        equivalent (Mcfe), compared to $1.17 per Mcfe in 2007

    Operating - Downstream

    -   Refined products averaged 448,000 bbls/d (224,000 bbls/d net to
        EnCana)
    -   Refinery crude utilization of 93 percent or 423,000 bbls/d crude
        throughput (211,500 bbls/d net to EnCana)

    Reserves

    -   Total proved reserves increased 5 percent to 19.7 trillion cubic feet
        of gas equivalent (Tcfe)
    -   Added 2.5 Tcfe of proved reserves, compared to production of
        1.7 Tcfe, for a production replacement of 150 percent
    -   Proved natural gas reserves increased 3 percent to 13.7 trillion
        cubic feet (Tcf)
    -   Proved oil and NGLs reserves increased 8 percent to 1.0 billion
        barrels
    -   Proved reserves additions, excluding acquisitions and divestitures,
        included approximately 1.9 Tcf of natural gas reserves and
        130 million bbls of oil and NGLs reserves
    -   Finding and development (F&D) costs were $2.50 per Mcfe
    -   Three-year (2006-2008) F&D costs averaged $2.02 per Mcfe
    -   F&D costs for natural gas and associated liquids were approximately
        $2.90 per Mcfe
    -   Proved reserves life index of approximately 12 years
    -   Reserves replacement costs are outlined on page 7

    Strategic developments

    -   Acquired additional land and mineral interests in the Haynesville
        Shale play in Louisiana and Texas for approximately $1.0 billion
    -   Began construction of a Coker and Refinery Expansion (CORE) project
        at the Wood River refinery in Roxana, Illinois that is expected to
        expand heavy oil processing capacity and increase production of clean
        transportation fuels for the U.S. Midwest market
    -   Signed a contract for the design and construction of the Production
        Field Centre for the Deep Panuke natural gas project offshore Nova
        Scotia
    -   Divested mature conventional oil and natural gas assets in North
        America for approximately $698 million as well as interests in Brazil
        for approximately $164 million, before closing adjustments
    

    Fourth quarter natural gas production grows 4 percent

    EnCana's fourth quarter natural gas production increased 4 percent to 3.9
Bcf/d, compared to the same quarter in 2007. Oil and natural gas liquids
production in the quarter was flat at 136,000 bbls/d. Total production
increased 3 percent to 4.7 Bcfe/d. Fourth quarter cash flow per share
decreased 32 percent to $1.73, or $1.3 billion, and operating earnings per
share decreased 46 percent to $0.60, or $449 million, largely due to a 30
percent drop in heavy oil prices and a 31 percent decrease in the Chicago 3-2-
1 crack spread.

    
    -------------------------------------------------------------------------
                   Financial Summary - Total Consolidated
    -------------------------------------------------------------------------
    (for the period
     ended December 31)
    ($ millions, except     Q4       Q4      %                          %
     per share amounts)    2008     2007   change     2008     2007   change
    -------------------------------------------------------------------------
    Cash flow(1)          1,299    1,934      -33    9,386    8,453      +11
      Per share diluted    1.73     2.56      -32    12.48    11.06      +13
    -------------------------------------------------------------------------
    Operating earnings(1)   449      849      -47    4,405    4,100       +7
      Per share diluted    0.60     1.12      -46     5.86     5.36       +9
    -------------------------------------------------------------------------
    Net earnings          1,077    1,082        -    5,944    3,959      +50
      Per share diluted    1.43     1.43        -     7.91     5.18      +53
    -------------------------------------------------------------------------
    Capital investment    1,925    1,805       +7    7,080    6,035      +17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

            Earnings Reconciliation Summary - Total Consolidated
    -------------------------------------------------------------------------

    Net earnings          1,077    1,082        -    5,944    3,959      +50
    Add back (losses)
     & deduct gains:

    Unrealized
     mark-to-market
     hedging gain (loss),
     after-tax              747     (366)            1,818     (811)

    Non-operating
     foreign exchange
     gain (loss),
     after-tax             (119)     267              (378)     217

    Gain on
     discontinuance,
     after-tax                -       68                99      152

    Future tax recovery
     due to tax rate
     reductions               -      264                 -      301
    -------------------------------------------------------------------------

    Operating earnings(1)   449      849      -47    4,405    4,100       +7
      Per share diluted    0.60     1.12      -46     5.86     5.36       +9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Cash flow and operating earnings are non-GAAP measures as defined in
        Note 1 on Page 10.


    -------------------------------------------------------------------------
    2008 Cash Flow Information
    (for the period ended December 31, $ millions)              Q4      2008
    -------------------------------------------------------------------------
    Cash from operating activities                            2,043    8,855
    Deduct (Add back):
      Net change in other assets and liabilities                 21     (262)
      Net change in non-cash working capital
       from continuing operations                               723     (269)
    -------------------------------------------------------------------------
    Cash flow(1)                                              1,299    9,386
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Cash flow is a non-GAAP measure as defined in Note 1 on Page 10.
    


    Year-over-year increase in net earnings related to unrealized
    mark-to-market accounting gains

    EnCana's net earnings in 2008 increased more than 50 percent to $5.9
billion. Net earnings in 2008 included a $1.8 billion after-tax unrealized
gain, whereas net earnings in 2007 included an $811 million after-tax
unrealized loss, both due to mark-to-market accounting for hedging contracts.
The large unrealized gain in 2008 resulted from a decrease in commodity prices
during the second half of the year. The gain essentially reversed unrealized
mark-to-market losses recognized earlier in the year when natural gas prices
were rising. It is because of these dramatic mark-to-market accounting swings
in net earnings that EnCana focuses on operating earnings, which excludes the
unrealized mark-to-market accounting gains and losses, as a better measure of
earnings performance. Operating earnings in 2008 were up 7 percent compared to
2007, reflecting stronger prices in 2008 and EnCana's 6 percent increase in
daily production.

    
    -------------------------------------------------------------------------
             Production & Drilling Summary - Total Consolidated
    -------------------------------------------------------------------------
    (for the period ended
     December 31)           Q4       Q4      %                          %
    (After royalties)      2008     2007   change     2008     2007   change
    -------------------------------------------------------------------------
    Natural Gas
     production (MMcf/d)  3,858    3,722       +4    3,838    3,566       +8
    -------------------------------------------------------------------------
      Natural gas
       production per
       1,000 shares (Mcf)   473      457       +4    1,873    1,720       +9
    -------------------------------------------------------------------------
    Oil and NGLs
     production (Mbbls/d)   136      136        -      134      134        -
    -------------------------------------------------------------------------
      Oil and NGLs
       production per
       1,000 shares (Mcfe)  100      100        -      391      388       +1
    -------------------------------------------------------------------------
    Total production
     (MMcfe/d)            4,673    4,539       +3    4,639    4,371       +6
    -------------------------------------------------------------------------
      Total production
       per 1,000 shares
       (Mcfe)               573      557       +3    2,264    2,108       +7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Net wells
     drilled              1,047    1,313      -20    3,329    4,484      -26
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Natural gas production growth benefits from a 14 percent increase from
    key resource plays
    

    Natural gas production averaged about 3.8 Bcf/d in 2008, an increase of 8
percent from 2007. Natural gas key resource play production increased 14
percent in 2008 compared with 2007. EnCana's production growth was led by a 21
percent increase in gas production in the U.S. mainly from East Texas, which
continues to benefit from drilling and operational successes and the
incremental volumes from Deep Bossier, where the company doubled its interest
in late 2007. In Canada, production remained flat as increases from drilling
successes in Bighorn, coalbed methane (CBM) and Cutbank Ridge offset natural
declines. Total production growth more than offset a production decrease, on
an annualized basis, of about 40 million cubic feet per day (MMcf/d) due to
freeze-offs, pipeline outages, shut-ins and hurricanes. Production is expected
to remain essentially flat in 2009.

    
    Integrated Oil Division benefits from higher 2008 crude oil prices offset
    by lower refining margins
    

    EnCana's Integrated Oil Division, which includes the company's integrated
oil business venture with ConocoPhillips and production from Athabasca and
Senlac, generated $375 million in operating cash flow, down 75 percent, from
2007. EnCana saw strong financial performance from its Foster Creek and
Christina Lake operations, which benefited from higher heavy oil prices, up
about 60 percent, and a 13 percent increase in production to 30,183 bbls/d.
Operating cash flow for Foster Creek and Christina Lake nearly doubled to $421
million in 2008 compared to $213 million in 2007. The downstream operations
reported a loss of $241 million in operating cash flow, a $1.3 billion
decrease compared to 2007, a year with record crack spreads. Downstream
operating cash flow was reduced as a result of lower refining margins and
higher purchased product costs during the second half of 2008. The Wood River
and Borger refineries are located in markets influenced by U.S. Mid-Continent
and Chicago 3-2-1 crack spreads. In 2008 the Chicago 3-2-1 crack spread
decreased 37 percent to $11.22 per bbl compared to $17.67 per bbl in 2007. The
weaker refining margins were offset, somewhat, by the higher upstream pricing,
which demonstrates the benefit of the company's integration strategy.
    At Foster Creek steaming of Phase 1D and 1E has started and construction
is nearing completion. A ramp up of production is expected to begin at the end
of the first quarter in 2009. Capital costs for the expansions remain on
budget. At Christina Lake construction of the Phase 1C expansion also remains
on schedule and on budget.

    
                Growth from key North American resource plays

    -------------------------------------------------------------------------
                                                  Daily Production
    Resource Play                     ---------------------------------------
                                                         2008
                                      ---------------------------------------
    (After royalties)                   Full
                                        Year     Q4      Q3      Q2      Q1
    -------------------------------------------------------------------------
    Natural gas (MMcf/d)
      Jonah                              603     573     615     630     595
      Piceance                           385     377     407     383     372
      East Texas                         334     408     339     316     273
      Fort Worth                         142     143     148     137     140
      Greater Sierra                     220     228     228     219     205
      Cutbank Ridge(1)                   296     311     322     280     271
      Bighorn(1)                         167     165     185     170     146
      CBM                                304     308     309     303     298
      Shallow Gas                        700     683     691     712     715
    -------------------------------------------------------------------------
    Total natural gas (MMcf/d)         3,151   3,196   3,244   3,150   3,015
    -------------------------------------------------------------------------
    Oil (Mbbls/d)(3)
      Foster Creek                        26      29      27      21      27
      Christina Lake                       4       6       5       4       2
      Pelican Lake                        22      20      22      21      24
      Weyburn(2)                          14      15      14      13      14
    -------------------------------------------------------------------------
    Total oil (Mbbls/d)(3)                66      71      67      59      67
    -------------------------------------------------------------------------
    Total (MMcfe/d)(1)(2)              3,548   3,621   3,648   3,506   3,417
    -------------------------------------------------------------------------
    % change from prior period         +13.0    -0.7    +4.1    +2.6    +2.7
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                              Daily Production
    Resource Play              ----------------------------------------------
                                                2007                    2006
                               ----------------------------------------------
    (After royalties)           Full                                    Full
                                Year     Q4      Q3      Q2      Q1     Year
    -------------------------------------------------------------------------
    Natural gas (MMcf/d)
      Jonah                      557     612     588     523     504     464
      Piceance                   348     351     354     349     334     326
      East Texas                 143     187     144     139     103      99
      Fort Worth                 124     138     128     124     106     101
      Greater Sierra             211     221     220     219     186     213
      Cutbank Ridge(1)           258     283     269     248     232     189
      Bighorn(1)                 126     136     136     122     109      97
      CBM                        259     283     256     245     251     194
      Shallow Gas                726     727     713     729     735     739
    -------------------------------------------------------------------------
    Total natural gas (MMcf/d) 2,752   2,938   2,808   2,698   2,560   2,422
    -------------------------------------------------------------------------
    Oil (Mbbls/d)(3)
      Foster Creek                24      25      26      25      20      18
      Christina Lake               3       2       3       3       3       3
      Pelican Lake                23      24      24      23      23      24
      Weyburn(2)                  15      14      15      15      15      15
    -------------------------------------------------------------------------
    Total oil (Mbbls/d)(3)        65      65      67      65      62      60
    -------------------------------------------------------------------------
    Total (MMcfe/d)(1)(2)      3,141   3,327   3,210   3,088   2,926   2,782
    -------------------------------------------------------------------------
    % change from prior period +12.9    +3.7    +4.0    +5.5    +9.2
    -------------------------------------------------------------------------
    (1) Key resource play production volumes in 2007 and 2006 for Cutbank
        Ridge and Bighorn were restated in the first quarter of 2008 to
        include new areas and zones that qualify for key resource play
        inclusion.
    (2) Key resource play production volumes in 2007 and 2006 were restated
        in the first quarter of 2008 to include Weyburn as a key resource
        play.
    (3) Totals may not add due to rounding.



           Drilling activity in key North American resource plays

    -------------------------------------------------------------------------
                                                 Net Wells Drilled
                                      ---------------------------------------
                                                         2008
    Resource Play                     ---------------------------------------
                                        Full
                                        Year     Q4      Q3      Q2      Q1
    -------------------------------------------------------------------------
    Natural gas
      Jonah                              175      40      43      49      43
      Piceance                           328      70      94      81      83
      East Texas                          78      23      22      22      11
      Fort Worth                          83      21      21      20      21
      Greater Sierra                     106      14      29      27      36
      Cutbank Ridge(1)                    82      17      17      24      24
      Bighorn(1)                          64       5      11      18      30
      CBM                                698     359      78      10     251
      Shallow Gas                      1,195     383     233      83     496
    -------------------------------------------------------------------------
    Total gas wells                    2,809     932     548     334     995
    -------------------------------------------------------------------------
    Oil
      Foster Creek                        20       1       6       1      12
      Christina Lake                       -       -       -       -       -
      Pelican Lake                         -       -       -       -       -
      Weyburn(2)                          21       3       4       5       9
    -------------------------------------------------------------------------
    Total oil wells                       41       4      10       6      21
    -------------------------------------------------------------------------
    Total(1)(2)                        2,850     936     558     340   1,016
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                             Net Wells Drilled
                               ----------------------------------------------
                                                2007                    2006
    Resource Play              ----------------------------------------------
                                Full                                    Full
                                Year     Q4      Q3      Q2      Q1     Year
    -------------------------------------------------------------------------
    Natural gas
      Jonah                      135      23      31      42      39     163
      Piceance                   286      77      72      72      65     220
      East Texas                  35       8       9      11       7      59
      Fort Worth                  75      15      17      29      14      97
      Greater Sierra             109      27      27      32      23     115
      Cutbank Ridge(1)            93      11      23      26      33     134
      Bighorn(1)                  62       6      18      10      28      58
      CBM                      1,079     330     323      18     408     729
      Shallow Gas              1,914     649     608     241     416   1,310
    -------------------------------------------------------------------------
    Total gas wells            3,788   1,146   1,128     481   1,033   2,885
    -------------------------------------------------------------------------
    Oil
      Foster Creek                23       6       8       1       8       3
      Christina Lake               3       -       1       2       -       1
      Pelican Lake                 -       -       -       -       -       -
      Weyburn(2)                  37      10       9       9       9      35
    -------------------------------------------------------------------------
    Total oil wells               63      16      18      12      17      39
    -------------------------------------------------------------------------
    Total(1)(2)                3,851   1,162   1,146     493   1,050   2,924
    -------------------------------------------------------------------------
    (1) Key resource play net wells drilled in 2007 and 2006 for Cutbank
        Ridge and Bighorn were restated in the first quarter of 2008 to
        include new areas and zones that qualify for key resource play
        inclusion.
    (2) Key resource play net wells drilled in 2007 and 2006 were restated in
        the first quarter of 2008 to include Weyburn as a key resource play.


    2008 proved reserves

    Proved reserves grow 5 percent at a finding and development cost of $2.50
    per Mcfe
    

    In 2008, total proved reserves increased 5 percent to 19.7 Tcfe at an
average F&D cost of $2.50 per Mcfe. EnCana added 2.5 Tcfe of proved reserves,
compared to production of 1.7 Tcfe, resulting in a reserve replacement of 150
percent of 2008 production. Cutbank Ridge, Bighorn and East Texas resource
plays contributed to proved reserves additions of 1.9 Tcf of natural gas.
Proved reserves of 387 Bcf were added for the Deep Panuke natural gas project,
for which development is well underway and first production is expected in
late 2010. About 130 million bbls of oil and NGLs were added, about two-thirds
at Foster Creek and Christina Lake, where there were positive reserves
revisions. Despite the low-price environment at year end, these projects had
no reserves writedowns, which reflects the quality of the underlying
reservoirs and EnCana's strong operating performance. EnCana's thermal oil
projects have about 670 million bbls of proved reserves, of which about 80
percent is undeveloped.
    F&D costs for natural gas and associated liquids were approximately $2.90
per Mcfe. When the cost of acquiring non-developed land in 2008 is excluded
from the calculation, F&D costs averaged $2.45 per Mcfe. Natural gas and
associated liquids reserves additions were approximately 2.0 Tcfe with capital
investments of $5.8 billion in 2008, compared to 2007 reserves additions of
about 2.0 Tcfe with capital investments of $4.7 billion. In 2008, F&D costs
for crude oil were approximately $8.35 per bbl, up from about $3.60 per bbl in
2007. Crude oil reserves additions were approximately 123 million bbls and
capital investments were $1 billion in 2008, compared to 2007 reserves
additions of about 233 million bbls and capital investments of $840 million.

    Three-year F&D averages $2.02 per Mcfe

    For the three years 2006-2008, EnCana's F&D costs averaged $2.02 per
Mcfe. For natural gas and associated liquids, F&D costs averaged $2.65 per
Mcfe based on reserves additions of about 5.8 Tcfe and capital investments of
$15.6 billion. For the same period, F&D costs for crude oil averaged $5.30 per
bbl based on reserves additions of about 555 million bbls and capital
investments of $2.9 billion.

    Reserves replacement cost in 2008

    Reserves replacement cost for 2008 was approximately $2.60 per Mcfe,
which includes divestitures of 222 Bcfe for proceeds of $800 million. EnCana's
three-year (2006-2008) reserves replacement cost was approximately $2.55 per
Mcfe.
    All of EnCana's proved reserves are evaluated by independent qualified
reserves evaluators and are presented in compliance with U.S. Securities and
Exchange Commission requirements.

    
    -------------------------------------------------------------------------
                     2008 Proved Reserves Reconciliation
    -------------------------------------------------------------------------
                          Natural gas            Crude oil and         Gas
                             (Bcf)            Natural Gas Liquids     Equiv-
                                                   (MMbbls)          alent(1)
                                                                      (Bcfe)
    -------------------------------------------------------------------------
                     Canada    USA   Total   Canada    USA    Total    Total
    -------------------------------------------------------------------------
    Start of 2008    7,292   6,008  13,300   868.9    58.3    927.2   18,863
    -------------------------------------------------------------------------
    Revisions &
     improved
     recovery          148    (166)    (18)  112.8    (3.6)   109.2      638
    Extensions &
     discoveries     1,311     655   1,966    17.0     3.8     20.8    2,091
    Purchase of
     reserves
     in place           32       7      39     0.2       -      0.2       40
    Sale of
     reserves
     in place         (129)    (75)   (204)   (0.9)   (2.0)    (2.9)    (222)
    Production        (807)   (598) (1,405)  (44.0)   (4.9)   (48.9)  (1,698)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    End of Year      7,847   5,831  13,678   954.0    51.6  1,005.6   19,712
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    % Change            +8      -3      +3     +10     -11       +8       +5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Developed        4,945   3,720   8,665   334.4    33.9    368.3   10,875
    Undeveloped      2,902   2,111   5,013   619.6    17.7    637.3    8,837
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total            7,847   5,831  13,678   954.0    51.6  1,005.6   19,712
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Gas equivalency has been calculated by EnCana. See the Advisory
        Regarding Reserves Data and Other Oil and Gas Information
        accompanying this news release.


    -------------------------------------------------------------------------
                            Proved Reserves Costs
    -------------------------------------------------------------------------
                                             2008     2007     2006  3 Years
    -------------------------------------------------------------------------
    Capital investment ($ millions)
    -------------------------------------------------------------------------
    Finding and development                 6,818    5,587    6,107   18,512
    Acquisitions                              580    2,708      368    3,656
    -------------------------------------------------------------------------
    Finding, development and acquisitions   7,398    8,295    6,475   22,168
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Reserves additions (Bcfe)
    Finding and development                 2,729    3,386    3,064    9,179
    Acquisitions                               40      275       69      384
    -------------------------------------------------------------------------
    Finding, development and acquisitions   2,769    3,661    3,133    9,563
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Proved reserves costs ($/Mcfe)
    Finding and development                  2.50     1.65     1.99     2.02
    Finding, development and acquisitions    2.67     2.27     2.07     2.32
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                       2008 Natural Gas and Oil Prices
    -------------------------------------------------------------------------
                            Q4       Q4      %                          %
                           2008     2007   change     2008     2007   change
    -------------------------------------------------------------------------
    Natural gas
    NYMEX                  6.94     6.97        -     9.04     6.86      +32
    EnCana realized
     gas price(1)          7.18     7.32       -2     7.92     7.22      +10
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Oil and NGLs
    WTI                   59.08    90.50      -35    99.75    72.41      +38
    Western Canadian
     Select (WCS)         39.95    56.85      -30    79.70    49.50      +61
    Differential WTI/WCS  19.13    33.65      -43    20.05    22.91      -12
    EnCana realized
     liquids price(1)     36.16    50.84      -29    71.12    47.00      +51
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    3-2-1 crack spread
     ($/bbl)
    Chicago                6.31     9.17      -31    11.22    17.67      -37
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Realized prices include the impact of financial hedging.
    


    Price risk management

    Risk management positions at December 31, 2008 are presented in Note 18
to the unaudited Interim Consolidated Financial Statements for the fourth
quarter of 2008. In 2008, EnCana's commodity price risk management measures
resulted in realized losses of approximately $219 million after-tax, composed
of a $48 million after-tax loss on gas price and basis hedges and a $171
million after-tax loss on oil price hedges and other hedges.

    
    Two-thirds of expected 2009 gas production hedged during first 10 months
    of 2009
    

    EnCana has hedged about 2.6 Bcf/d of expected gas production through
October 2009 at an average NYMEX equivalent price of $9.13 per Mcf. This price
hedging strategy helps reduce uncertainty in cash flow during periods of
commodity price volatility. EnCana's risk management policy targets hedging,
when appropriate, of up to 50 percent of production from the upcoming year and
up to 25 percent of production from the two successive years. EnCana will
continue to look for opportunities in 2009 to hedge additional volumes at
prices and terms consistent with the company's policy.
    EnCana has also hedged 100 percent of its expected U.S. Rockies basis
exposure through 2011 using a combination of downstream transportation and
basis hedges, including some hedges that are based on a percentage of NYMEX
prices and some hedges that move basis risk to alternative markets downstream.

    Corporate developments

    In May, EnCana announced a plan to split into two independent companies -
one a pure-play North American unconventional natural gas company and the
other a fully integrated oil company with in-situ oil properties and
refineries. Preparations were undertaken in order to complete the transaction
in early 2009. Uncertainty in the global financial markets caused EnCana to
delay its plans until clear signs of stabilization return. In the meantime,
EnCana is continuing to prepare documentation and maintain support systems in
anticipation of the proposed transaction.

    Quarterly dividend of 40 cents per share declared

    EnCana's Board of Directors has declared a quarterly dividend of 40 cents
per share payable on March 31, 2009 to common shareholders of record as of
March 16, 2009. Based on the February 11, 2009 closing share price on the New
York Stock Exchange of $43.10, this represents an annualized yield of about
3.7 percent.

    Normal Course Issuer Bid

    In 2008, EnCana purchased 4.8 million of its shares, or less than 1
percent, of the outstanding shares at an average price of $67.13 per share
under the company's Normal Course Issuer Bid program, prior to the May
announcement of EnCana's intention to split into two independent companies, at
which time it suspended purchases under the NCIB. The average diluted shares
for the year were 751.8 million and the shares outstanding at year end were
750.4 million. In November 2008, EnCana renewed its Normal Course Issuer Bid
program. Under the renewed bid, EnCana may purchase for cancellation up to
approximately 75 million of its common shares, representing approximately 10
percent of the common shares outstanding on October 31, 2008, through market
purchases. Upon completion of the proposed split transaction and subject to
market conditions prevailing at that time, EnCana intends to resume purchases
of common shares under the program.

    Financial strength

    EnCana has a very strong balance sheet, with more than 80 percent of
EnCana's outstanding debt comprised of long-term, fixed-rate debt with an
average remaining term of more than 14 years. Long-term debt maturities in
2009 are $250 million and $200 million in 2010. At December 31, 2008, EnCana
had $2.6 billion in unused committed credit facilities. EnCana targets a debt
to capitalization ratio between 30 and 40 percent. At December 31, 2008, the
company's debt to capitalization ratio was 28 percent and debt to adjusted
EBITDA, on a trailing 12-month basis, was 0.7 times. The company expects to
continue to be in the lower end of its managed ranges through 2009.

    NOTE: EnCana changed its debt metric calculation to focus on long-term
debt rather than net debt. This new calculation excludes the impact of
fluctuations related to mark-to-market accounting. The company believes this
debt to capitalization ratio, in which debt is defined as the current and
long-term portions of long-term debt, provides a more conservative measure of
liquidity and is a better reflection of the company's financial position.

    In 2008, EnCana invested $7.1 billion in capital, excluding acquisitions
and divestitures, on continued development of its key resource plays and
expansion of the company's downstream heavy oil processing capacity through
its venture with ConocoPhillips. Acquisitions in 2008 were $1.2 billion,
mainly in the U.S., and largely due to investments in Haynesville properties.
Proceeds from divestitures were $0.9 billion. Depending on market conditions
in 2009, EnCana may divest between $500 million and $1 billion of assets.

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

    EnCana will host a conference call today Thursday, February 12, 2009
    starting at 11:00 a.m. MT (1:00 p.m. ET). To participate, please dial
    (800) 731-5319 (toll-free in North America) or (416) 644-3422
    approximately 10 minutes prior to the conference call. An archived
    recording of the call will be available from approximately 2:00 p.m. MT
    on February 12 until midnight February 19, 2009 by dialling
    (877) 289-8525 or (416) 640-1917 and entering access code 21297063.

    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.
    -------------------------------------------------------------------------


    NOTE 1: Non-GAAP measures

    This news release contains references to non-GAAP measures as follows:

    -   Cash flow is a non-GAAP measure defined as cash from operating
        activities excluding net change in other assets and liabilities and
        net change in non-cash working capital from continuing operations,
        both of which are defined on the Consolidated Statement of Cash
        Flows, in this news release and interim financial statements.
    -   Operating earnings is a non-GAAP measure that shows net earnings
        excluding non-operating items such as the after-tax impacts of a
        gain/loss on discontinuance, 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 from
        Canada and the partnership contribution receivable, the after-tax
        foreign exchange gain/loss on settlement of intercompany
        transactions, future income tax on foreign exchange related to U.S.
        dollar intercompany debt recognized for tax purposes only and the
        effect of changes in statutory income tax rates. Management believes
        that these excluded items reduce the comparability of the company's
        underlying financial performance between periods. The majority of the
        U.S. dollar debt issued from Canada has maturity dates in excess of
        five years.
    -   Free cash flow is a non-GAAP measure that EnCana defines as cash flow
        in excess of capital investment, excluding net acquisitions and
        divestitures, and is used to determine the funds available for other
        investing and/or financing activities.
    -   Capitalization is a non-GAAP measure defined as debt plus
        shareholders' equity. Debt to capitalization and debt to adjusted
        EBITDA are two ratios which management uses to steward the company's
        overall debt position as measures of the company's overall financial
        strength.
    -   Adjusted EBITDA is a non-GAAP measure defined as net earnings from
        continuing operations before gains or losses on divestitures, income
        taxes, foreign exchange gains or losses, interest net, accretion of
        asset retirement obligation, and depreciation, depletion and
        amortization.
    

    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.

    EnCana Corporation

    With an enterprise value of approximately $40 billion, EnCana is a
leading North American unconventional natural gas and integrated oil company.
By partnering with employees, community organizations and other businesses,
EnCana contributes to the strength and sustainability of the communities where
it operates. EnCana common shares trade on the Toronto and New York stock
exchanges under the symbol ECA.

    RESERVES COST DEFINITIONS - Production replacement is calculated by
dividing reserves additions by production in the same period. Reserves
additions over a given period, in this case 2008, are calculated by summing
one or more of revisions and improved recovery, extensions and discoveries,
acquisitions and divestitures. Reserves replacement cost is calculated by
dividing total capital invested in finding, development and acquisitions net
of divestitures by reserves additions in the same period. Finding and
development cost is calculated by dividing total capital invested in finding
and development activities by additions to proved reserves, before
acquisitions and divestitures, which is the sum of revisions, extensions and
discoveries. Finding, development and acquisition cost is calculated by
dividing total capital invested in finding, development and acquisition
activities by additions to proved reserves, before divestitures, which is the
sum of revisions, extensions, discoveries and acquisitions. Proved reserves
added in 2008 included both developed and undeveloped quantities. Additions to
EnCana's proved undeveloped reserves were consistent with EnCana's resource
play focus. The company estimates that approximately 70 percent of its proved
undeveloped reserves will be developed within the next four years. 2008
finding, development and acquisition capital includes investment in long lead
time projects. EnCana uses the aforementioned metrics as indicators of
relative performance, along with a number of other measures. Many performance
measures exist, all measures have limitations and historical measures are not
necessarily indicative of future performance.

    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 represent value
equivalency at the well head.

    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, debt to capitalization ratio, debt to
adjusted EBITDA multiple, sustainable growth and returns, cash flow, free cash
flow, cash flow per share and increases in net asset value); anticipated
ability to meet the company's guidance forecasts; anticipated life of proved
reserves; anticipated growth and success of resource plays and the expected
characteristics of resource plays; the anticipated production, timing thereof,
and expenditures associated with the Deep Panuke project; planned expansion of
in-situ oil production; anticipated crude oil and natural gas prices,
including basis differentials for various regions; anticipated expansion and
production at Foster Creek and Christina Lake; anticipated divestitures; the
proposed corporate reorganization transaction, the timing thereof and the
conditions for proceeding with the transaction; potential dividends;
anticipated success of EnCana's market risk mitigation strategy; anticipated
purchases pursuant to the Normal Course Issuer Bid, the timing thereof and the
source of funding therefor; potential demand for natural gas; anticipated oil
production in 2009 and beyond; anticipated drilling; potential capital
expenditures and investment; potential oil, natural gas and NGLs production in
2009 and beyond; anticipated costs and inflationary pressures; 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 assumptions,
risks and uncertainties include, among other things: volatility of and
assumptions regarding oil and gas prices; assumptions based upon the company's
current guidance; risks associated with the timing and the ability to obtain
any necessary approvals, waivers, consents, court orders and other
requirements necessary or desirable to permit or facilitate the proposed
corporate reorganization transaction (including regulatory and shareholder
approvals); the risk that any applicable conditions of the proposed corporate
reorganization transaction may not be satisfied; 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 ability of the company and ConocoPhillips to successfully
manage and operate the integrated North American oil business and the ability
of the parties to obtain necessary regulatory approvals; refining and
marketing margins; potential disruption or unexpected technical difficulties
in developing new products and manufacturing processes; potential failure of
new products to achieve acceptance in the market; unexpected cost increases or
technical difficulties in constructing or modifying manufacturing or refining
facilities; unexpected difficulties in manufacturing, transporting or refining
synthetic crude oil; risks associated with technology; 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 royalty, tax, environmental and
other laws or regulations or the interpretations of such laws or 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.
    Forward-looking information respecting anticipated 2009 cash flow and
free cash flow for EnCana is based upon achieving average production of oil
and gas for 2009 of approximately 4.6 Bcfe/d, average commodity prices for
2009 based on a WTI price of $55 - $75/bbl for oil, a NYMEX price of $5.50 -
$7.50/Mcf for natural gas, an average U.S./Canadian dollar foreign exchange
rate of $0.75 - $0.85, an average Chicago 3-2-1 crack spread for 2009 of $5 -
$10/bbl for refining margins, and an average number of outstanding shares for
EnCana of approximately 750 million. Forward-looking information respecting
the rescheduling of the proposed corporate reorganization transaction is based
upon the assumption that financial and other markets will stabilize.
Assumptions relating to forward-looking statements generally include EnCana's
current expectations and projections made by the company in light of, and
generally consistent with, its historical experience and its perception of
historical trends, as well as expectations regarding rates of advancement and
innovation, generally consistent with and informed by its past experience, all
of which are subject to the risk factors identified elsewhere in this news
release.
    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.

    
    EnCana Corporation


    Interim Consolidated Financial Statements
    (unaudited)
    For the period ended December 31, 2008

    (U.S. Dollars)



    CONSOLIDATED STATEMENT OF EARNINGS (unaudited)

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
    ($ millions, except           -------------------    --------------------
    per share amounts)              2008        2007        2008        2007
    -------------------------------------------------------------------------

    REVENUES, NET OF
     ROYALTIES (Note 5)       $    6,359  $    5,875  $   30,064  $   21,700

    EXPENSES (Note 5)
      Production and mineral
       taxes                          72          63         478         291
      Transportation and
       selling                       422         352       1,704       1,264
      Operating                      549         632       2,475       2,278
      Purchased product            2,466       2,704      11,186       8,583
      Depreciation, depletion
       and amortization              996       1,086       4,223       3,816
      Administrative                  74         121         473         384
      Interest, net (Note 8)         158         131         586         428
      Accretion of asset
       retirement
       obligation (Note 13)           18          18          79          64
      Foreign exchange (gain)
       loss, net (Note 9)            253        (233)        423        (164)
      (Gain) loss on
       divestitures (Note 7)           1          22        (140)        (65)
    -------------------------------------------------------------------------
                                   5,009       4,896      21,487      16,879
    -------------------------------------------------------------------------
    NET EARNINGS BEFORE
     INCOME TAX                    1,350         979       8,577       4,821
      Income tax
       expense (Note 10)             273         (28)      2,633         937
    -------------------------------------------------------------------------
    NET EARNINGS FROM
     CONTINUING OPERATIONS         1,077       1,007       5,944       3,884
    NET EARNINGS FROM
     DISCONTINUED
     OPERATIONS (Note 6)               -          75           -          75
    -------------------------------------------------------------------------
    NET EARNINGS              $    1,077  $    1,082  $    5,944  $    3,959
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    NET EARNINGS FROM
     CONTINUING
     OPERATIONS (Note 17)
     PER COMMON SHARE
      Basic                   $     1.44  $     1.34  $     7.92  $     5.13
      Diluted                 $     1.43  $     1.33  $     7.91  $     5.08
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    NET EARNINGS PER
     COMMON SHARE (Note 17)
      Basic                   $     1.44  $     1.44  $     7.92  $     5.23
      Diluted                 $     1.43  $     1.43  $     7.91  $     5.18
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    See accompanying Notes to Consolidated Financial Statements.


    CONSOLIDATED STATEMENT OF RETAINED EARNINGS (unaudited)

                                                         Twelve Months Ended
                                                              December 31,
                                                         --------------------
    ($ millions)                                            2008        2007
    -------------------------------------------------------------------------

    RETAINED EARNINGS, BEGINNING OF YEAR              $   13,082  $   11,344
    Net Earnings                                           5,944       3,959
    Dividends on Common Shares                            (1,199)       (603)
    Charges for Normal Course Issuer Bid (Note 14)          (243)     (1,618)
    -------------------------------------------------------------------------
    RETAINED EARNINGS, END OF YEAR                    $   17,584  $   13,082
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                  -------------------    --------------------
    ($ millions)                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    NET EARNINGS              $    1,077  $    1,082  $    5,944  $    3,959
    OTHER COMPREHENSIVE
     INCOME, NET OF TAX
      Foreign Currency
       Translation Adjustment     (1,448)       (110)     (2,230)      1,688
    -------------------------------------------------------------------------
    COMPREHENSIVE INCOME      $     (371) $      972  $    3,714  $    5,647
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CONSOLIDATED STATEMENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME
    (unaudited)

                                                         Twelve Months Ended
                                                              December 31,
                                                         --------------------
    ($ millions)                                            2008        2007
    -------------------------------------------------------------------------

    ACCUMULATED OTHER COMPREHENSIVE INCOME,
     BEGINNING OF YEAR                                $    3,063  $    1,375
    Foreign Currency Translation Adjustment               (2,230)      1,688
    -------------------------------------------------------------------------
    ACCUMULATED OTHER COMPREHENSIVE INCOME,
     END OF YEAR                                      $      833  $    3,063
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    See accompanying Notes to Consolidated Financial Statements.



    CONSOLIDATED BALANCE SHEET (unaudited)
                                                           As at       As at
                                                        December    December
    ($ millions)                                        31, 2008    31, 2007
    -------------------------------------------------------------------------

    ASSETS
      Current Assets
        Cash and cash equivalents                     $      383  $      553
        Accounts receivable and accrued revenues           1,568       2,381
        Current portion of partnership
         contribution receivable                             313         297
        Risk management (Note 18)                          2,818         385
        Inventories (Note 11)                                520         828
    -------------------------------------------------------------------------
                                                           5,602       4,444
      Property, Plant and Equipment, net (Note 5)         35,424      35,865
      Investments and Other Assets                           727         607
      Partnership Contribution Receivable                  2,834       3,147
      Risk Management (Note 18)                              234          18
      Goodwill                                             2,426       2,893
    -------------------------------------------------------------------------
    (Note 5)                                          $   47,247  $   46,974
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
      Current Liabilities
        Accounts payable and accrued
         liabilities                                  $    2,871  $    3,982
        Income tax payable                                   424       1,150
        Current portion of partnership
         contribution payable                                306         288
        Risk management (Note 18)                             43         207
        Current portion of long-term debt (Note 12)          250         703
    -------------------------------------------------------------------------
                                                           3,894       6,330
      Long-Term Debt (Note 12)                             8,755       8,840
      Other Liabilities                                      576         242
      Partnership Contribution Payable                     2,857       3,163
      Risk Management (Note 18)                                7          29
      Asset Retirement Obligation (Note 13)                1,265       1,458
      Future Income Taxes                                  6,919       6,208
    -------------------------------------------------------------------------
                                                          24,273      26,270
    -------------------------------------------------------------------------
      Shareholders' Equity
        Share capital (Note 14)                            4,557       4,479
        Paid in surplus                                        -          80
        Retained earnings                                 17,584      13,082
        Accumulated other comprehensive income               833       3,063
      Total Shareholders' Equity                          22,974      20,704
    -------------------------------------------------------------------------
                                                      $   47,247  $   46,974
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    See accompanying Notes to Consolidated Financial Statements.



    CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                  -------------------    --------------------
    ($ millions)                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
      Net earnings from
       continuing operations  $    1,077  $    1,007  $    5,944  $    3,884
      Depreciation, depletion
       and amortization              996       1,086       4,223       3,816
      Future income
       taxes (Note 10)               155        (608)      1,646        (617)
      Cash tax on sale
       of assets (Note 10)             -           -          25           -
      Unrealized (gain)
       loss on risk
       management (Note 18)       (1,090)        569      (2,729)      1,235
      Unrealized foreign
       exchange (gain) loss          268         (52)        417          41
      Accretion of asset
       retirement
       obligation (Note 13)           18          18          79          64
      (Gain) loss on
       divestitures (Note 7)           1          22        (140)        (65)
      Other                         (126)       (108)        (79)         95
      Net change in other
       assets and liabilities         21         (21)       (262)        (16)
      Net change in non-cash
       working capital from
       continuing operations         723         280        (269)         (8)
    -------------------------------------------------------------------------
      Cash From Operating
       Activities                  2,043       2,193       8,855       8,429
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
      Capital
       expenditures (Note 5)      (1,885)     (4,408)     (8,254)     (8,737)
      Proceeds from
       divestitures (Note 7)         311         (24)        904         481
      Cash tax on
       sale of assets (Note 10)        -           -         (25)          -
      Net change in
       investments and other        (101)        (31)       (267)         (5)
      Net change in non-cash
       working capital from
       continuing operations          18         120          89          86
    -------------------------------------------------------------------------
      Cash (Used in)
       Investing Activities       (1,657)     (4,343)     (7,553)     (8,175)
    -------------------------------------------------------------------------

    FINANCING ACTIVITIES
      Net issuance (repayment)
       of revolving long-term
       debt                         (304)      1,090         (53)        181
      Issuance of
       long-term debt (Note 12)        -       1,485         723       2,409
      Repayment of long-term debt      -        (257)       (664)       (257)
      Issuance of
       common shares (Note 14)         2          18          80         176
      Purchase of
       common shares (Note 14)         -           -        (326)     (2,025)
      Dividends on
       common shares                (300)       (150)     (1,199)       (603)
      Other                            -           1           -           -
    -------------------------------------------------------------------------
      Cash From (Used in)
       Financing Activities         (602)      2,187      (1,439)       (119)
    -------------------------------------------------------------------------
    FOREIGN EXCHANGE GAIN (LOSS)
     ON CASH AND CASH EQUIVALENTS
     HELD IN FOREIGN CURRENCY        (23)          1         (33)         16
    -------------------------------------------------------------------------

    INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS           (239)         38        (170)        151
    CASH AND CASH EQUIVALENTS,
     BEGINNING OF PERIOD             622         515         553         402
    -------------------------------------------------------------------------
    CASH AND CASH EQUIVALENTS,
     END OF PERIOD            $      383  $      553  $      383  $      553
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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. EnCana's operations are in the business of the exploration
    for, the development of, and the production and marketing of natural gas,
    crude oil and natural gas liquids ("NGLs"), refining operations 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, 2007, 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, 2007.

    2.  CHANGES IN ACCOUNTING POLICIES AND PRACTICES

    As disclosed in the December 31, 2007 annual audited Consolidated
    Financial Statements, on January 1, 2008, the Company adopted
    the following Canadian Institute of Chartered Accountants ("CICA")
    Handbook Sections:

    -   "Inventories", Section 3031. The new standard replaces the previous
        inventories standard and requires inventory to be valued on a first-
        in, first-out or weighted average cost basis, which is consistent
        with EnCana's former accounting policy. The new standard allows
        the reversal of previous write-downs to net realizable value when
        there is a subsequent increase in the value of inventories. The
        adoption of this standard has had no material impact on EnCana's
        Consolidated Financial Statements.

    -   "Financial Instruments - Presentation", Section 3863 and "Financial
        Instruments - Disclosures", Section 3862. The new disclosure standard
        increases EnCana's disclosure regarding the nature and extent of the
        risks associated with financial instruments and how those risks are
        managed (See Note 18). The new presentation standard carries forward
        the former presentation requirements.

    -   "Capital Disclosures", Section 1535. The new standard requires EnCana
        to disclose its objectives, policies and processes for managing its
        capital structure (See Note 15).

    3.  RECENT ACCOUNTING PRONOUNCEMENTS

    As of January 1, 2009, EnCana will be required to adopt the CICA Handbook
    Section 3064, "Goodwill and Intangible Assets", which will replace the
    existing Goodwill and Intangible Assets standard. The new standard
    revises the requirement for recognition, measurement, presentation and
    disclosure of intangible assets. The adoption of this standard should not
    have a material impact on EnCana's Consolidated Financial Statements.

    In February 2008, the CICA's Accounting Standards Board confirmed that
    International Financial Reporting Standards ("IFRS") will replace
    Canadian generally accepted accounting principles in 2011 for profit-
    oriented Canadian publicly accountable enterprises. EnCana will
    be required to report its results in accordance with IFRS beginning in
    2011. The Company has developed a changeover plan to complete
    the transition to IFRS by January 1, 2011, including the preparation of
    required comparative information.

    The key elements of EnCana's changeover plan include:

    -   determine appropriate changes to accounting policies and required
        amendments to financial disclosures;
    -   identify and implement changes in associated processes and
        information systems;
    -   comply with internal control requirements;
    -   communicate collateral impacts to internal business groups; and
    -   educate and train internal and external stakeholders.

    The Company is currently analyzing accounting policy alternatives and
    identifying implementation options for the corresponding process changes.
    EnCana will update its IFRS changeover plan to reflect new and amended
    accounting standards issued by the International Accounting Standards
    Board. As IFRS is expected to change prior to 2011, the impact of IFRS on
    the Company's consolidated financial statements is not reasonably
    determinable at this time.

    4.  PROPOSED CORPORATE REORGANIZATION

    On May 11, 2008, EnCana announced its plans to split into two independent
    energy companies - one a North American natural gas company and the other
    a fully integrated oil company with in-situ oil properties and refineries
    supplemented by reliable production from various natural gas and crude
    oil resource plays.

    The proposed corporate reorganization (the "Arrangement") would be
    implemented through a court approved Plan of Arrangement and is subject
    to shareholder approval. The Arrangement would result in two publicly
    traded entities with the names of Cenovus Energy Inc.("Cenovus") and
    EnCana Corporation. Each EnCana shareholder would receive one share of
    each entity in exchange for each EnCana Common Share held. On October 15,
    2008, EnCana announced the proposed Arrangement would be delayed until
    the global debt and equity markets regain stability.

    5.  SEGMENTED INFORMATION

    The Company's reportable segments are as follows:

    -   Canada includes the Company's exploration for, and development and
        production of natural gas, crude oil and NGLs and other related
        activities within the Canadian cost centre.

    -   USA includes the Company's exploration for, and development and
        production of natural gas, NGLs and other related activities within
        the United States cost centre.

    -   Downstream Refining is focused on the refining of crude oil into
        petroleum and chemical products at two refineries located in
        the United States. The refineries are jointly owned with
        ConocoPhillips.

    -   Market Optimization is primarily responsible for the sale of the
        Company's proprietary production. These results are included in
        the Canada and USA segments. Market optimization activities include
        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 and Other mainly includes unrealized gains or losses
        recorded on derivative financial instruments. Once amounts
        are settled, the realized gains and losses are recorded in the
        operating segment to which the derivative instrument relates.

    Market Optimization markets substantially all of the Company's upstream
    production to third-party customers. Transactions between segments are
    based on market values and eliminated on consolidation. The tables in
    this note present financial information on an after eliminations basis.

    EnCana has updated its segmented reporting to present the upstream
    Canadian and United States cost centres and Downstream Refining
    as separate reportable segments. This results in EnCana presenting the
    Canadian portion of the Integrated Oil Division as part of the
    Canada segment. Previously, this was aggregated and presented in the
    Integrated Oil segment. Prior periods have been restated to reflect the
    new presentation.

    EnCana has a decentralized decision making and reporting structure.
    Accordingly, the Company is organized into Divisions as follows:

    -   Canadian Plains Division includes natural gas production and crude
        oil development and production assets located in eastern Alberta and
        Saskatchewan.

    -   Canadian Foothills Division includes natural gas development and
        production assets located in western Alberta and British Columbia as
        well as the Company's Canadian offshore assets.

    -   USA Division includes the assets located in the United States and
        comprises the USA segment described above.

    -   Integrated Oil Division is the combined total of Integrated Oil -
        Canada and Downstream Refining. Integrated Oil - Canada includes the
        Company's exploration for, and development and production of bitumen
        using in-situ recovery methods. Integrated Oil - Canada is composed
        of EnCana's interests in the FCCL Oil Sands Partnership jointly owned
        with ConocoPhillips, the Athabasca natural gas assets and other
        bitumen interests.

    Operations that have been discontinued are disclosed in Note 6.

    Results of Continuing Operations (For the three months ended December 31)

    Segment and Geographic Information

                                                                Downstream
                              Canada              USA            Refining
    -------------------------------------------------------------------------
                           2008     2007     2008     2007     2008     2007
    -------------------------------------------------------------------------

    Revenues, Net of
     Royalties          $ 1,961  $ 2,220  $ 1,273  $ 1,178  $ 1,497  $ 2,206
    Expenses
      Production and
       mineral taxes         13       16       59       47        -        -
      Transportation
       and selling          287      265      135       87        -        -
      Operating             280      338      136      154      117      111
      Purchased product     (25)     (27)       -        -    1,960    1,915
    -------------------------------------------------------------------------
                          1,406    1,628      943      890     (580)     180
      Depreciation,
       depletion and
       amortization         481      634      438      330       50       44
    -------------------------------------------------------------------------
    Segment Income
     (Loss)             $   925  $   994  $   505  $   560  $  (630) $   136
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                              Market           Corporate
                           Optimization         & Other        Consolidated
    -------------------------------------------------------------------------
                           2008     2007     2008     2007     2008     2007
    -------------------------------------------------------------------------

    Revenues, Net of
     Royalties          $   543  $   837  $ 1,085  $  (566) $ 6,359  $ 5,875
    Expenses
      Production and
       mineral taxes          -        -        -        -       72       63
      Transportation
       and selling            -        -        -        -      422      352
      Operating              18        9       (2)      20      549      632
      Purchased product     531      816        -        -    2,466    2,704
    -------------------------------------------------------------------------
                             (6)      12    1,087     (586)   2,850    2,124
      Depreciation,
       depletion and
       amortization           3        6       24       72      996    1,086
    -------------------------------------------------------------------------
    Segment Income
     (Loss)             $    (9) $     6  $ 1,063  $  (658) $ 1,854  $ 1,038
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Administrative                                             74      121
      Interest, net                                             158      131
      Accretion of asset
       retirement obligation                                     18       18
      Foreign exchange (gain)
       loss, net                                                253     (233)
      (Gain) loss on divestitures                                 1       22
    -------------------------------------------------------------------------
                                                                504       59
    -------------------------------------------------------------------------
    Net Earnings Before Income Tax                            1,350      979
      Income tax expense                                        273      (28)
    -------------------------------------------------------------------------
    Net Earnings From Continuing Operations                 $ 1,077  $ 1,007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Results of Continuing Operations  (For the three months ended
     December 31)

    Product and Divisional Information

                                          Canada Segment
    -------------------------------------------------------------------------
                        Canadian      Canadian     Integrated
                         Plains       Foothills   Oil - Canada      Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net of
     Royalties       $  789 $  964 $  923 $1,017 $  249 $  239 $1,961 $2,220
    Expenses
      Production and
       mineral taxes     10     11      3      5      -      -     13     16
      Transportation
       and selling       62     97     72     52    153    116    287    265
      Operating          99    128    131    152     50     58    280    338
      Purchased
       product            -      -      -      -    (25)   (27)   (25)   (27)
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $  618 $  728 $  717 $  808 $   71 $   92 $1,406 $1,628
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Canadian Plains Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $  506 $  567 $  280 $  393 $    3 $    4 $  789 $  964
    Expenses
      Production and
       mineral taxes      4      3      6      8      -      -     10     11
      Transportation
       and selling       16     21     46     76      -      -     62     97
      Operating          50     65     48     62      1      1     99    128
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $  436 $  478 $  180 $  247 $    2 $    3 $  618 $  728
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Canadian Foothills Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $  829 $  880 $   84 $  122 $   10 $   15 $  923 $1,017
    Expenses
      Production and
       mineral taxes      2      4      1      1      -      -      3      5
      Transportation
       and selling       43     50      3      2     26      -     72     52
      Operating         117    137      9     10      5      5    131    152
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $  667 $  689 $   71 $  109 $  (21)$   10 $  717 $  808
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          USA Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $1,180 $1,011 $   54 $   99 $   39 $   68 $1,273 $1,178
    Expenses
      Production and
       mineral taxes     54     40      5      7      -      -     59     47
      Transportation
       and selling      135     87      -      -      -      -    135     87
      Operating          86     95      -      -     50     59    136    154
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $  905 $  789 $   49 $   92 $  (11)$    9 $  943 $  890
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Integrated Oil Division
    -------------------------------------------------------------------------
                                     Downstream
                         Oil(*)       Refining       Other(*)       Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $  219 $  186 $1,497 $2,206 $   30 $   53 $1,746 $2,445
    Expenses
      Production and
       mineral taxes      -      -      -      -      -      -      -      -
      Transportation
       and selling      146    108      -      -      7      8    153    116
      Operating          37     36    117    111     13     22    167    169
      Purchased
       product            -      -  1,960  1,915    (25)   (27) 1,935  1,888
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $   36 $   42 $ (580)$  180 $   35 $   50 $ (509)$  272
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)Oil and Other comprise Integrated Oil - Canada. Other includes
       production of natural gas and bitumen from the Athabasca and Senlac
       properties.



    Results of Continuing Operations (For the twelve months ended
     December 31)

    Segment and Geographic Information

                                                                Downstream
                              Canada             USA             Refining
    -------------------------------------------------------------------------
                           2008     2007     2008     2007     2008     2007
    -------------------------------------------------------------------------

    Revenues, Net of
     Royalties         $ 10,050 $  8,308 $  5,629 $  4,372 $  9,011 $  7,315
    Expenses
      Production and
       mineral taxes        108      102      370      189        -        -
      Transportation
       and selling        1,202      947      502      307        -        -
      Operating           1,333    1,204      618      595      492      428
      Purchased product    (151)     (88)       -        -    8,760    5,813
    -------------------------------------------------------------------------
                          7,558    6,143    4,139    3,281     (241)   1,074
      Depreciation,
       depletion and
       amortization       2,198    2,298    1,691    1,181      188      159
    -------------------------------------------------------------------------
    Segment Income
     (Loss)            $  5,360 $  3,845 $  2,448 $  2,100 $   (429)$    915
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                              Market           Corporate
                           Optimization         & Other        Consolidated
    -------------------------------------------------------------------------
                           2008     2007     2008     2007     2008     2007
    -------------------------------------------------------------------------

    Revenues, Net of
     Royalties         $  2,655 $  2,944 $  2,719 $ (1,239)$ 30,064 $ 21,700
    Expenses
      Production and
       mineral taxes          -        -        -        -      478      291
      Transportation
       and selling            -       10        -        -    1,704    1,264
      Operating              45       37      (13)      14    2,475    2,278
      Purchased product   2,577    2,858        -        -   11,186    8,583
    -------------------------------------------------------------------------
                             33       39    2,732   (1,253)  14,221    9,284
      Depreciation,
       depletion and
       amortization          15       17      131      161    4,223    3,816
    -------------------------------------------------------------------------
    Segment Income
     (Loss)            $     18 $     22 $  2,601 $ (1,414)   9,998    5,468
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Administrative                                            473      384
      Interest, net                                             586      428
      Accretion of asset
       retirement
       obligation                                                79       64
      Foreign exchange
       (gain) loss, net                                         423     (164)
      (Gain) loss on divestitures                              (140)     (65)
    -------------------------------------------------------------------------
                                                              1,421      647
    -------------------------------------------------------------------------
    Net Earnings Before
     Income Tax                                               8,577    4,821
      Income tax expense                                      2,633      937
    -------------------------------------------------------------------------
    Net Earnings From
     Continuing Operations                                 $  5,944 $  3,884
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Results of Continuing Operations (For the twelve months ended
     December 31)

    Product and Divisional Information

                                          Canada Segment
    -------------------------------------------------------------------------
                        Canadian      Canadian     Integrated
                         Plains       Foothills   Oil - Canada      Total
    -------------------------------------------------------------------------
                      2008   2007   2008   2007   2008   2007    2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties   $4,418 $3,652 $4,355 $3,679 $1,277 $  977 $10,050 $8,308
    Expenses
      Production
       and mineral
       taxes            74     63     33     39      1      -     108    102
      Transportation
       and selling     392    345    239    201    571    401   1,202    947
      Operating        484    440    609    535    240    229   1,333  1,204
      Purchased
       product           -      -      -      -   (151)   (88)   (151)   (88)
    -------------------------------------------------------------------------
    Operating
     Cash Flow      $3,468 $2,804 $3,474 $2,904 $  616 $  435  $7,558 $6,143
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Canadian Plains Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $2,301 $2,186 $2,106 $1,453 $   11 $   13 $4,418 $3,652
    Expenses
      Production and
       mineral taxes     36     34     38     29      -      -     74     63
      Transportation
       and selling       71     82    321    263      -      -    392    345
      Operating         241    221    239    215      4      4    484    440
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $1,953 $1,849 $1,508 $  946 $    7 $    9 $3,468 $2,804
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Canadian Foothills Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $3,720 $3,232 $  578 $  390 $   57 $   57 $4,355 $3,679
    Expenses
      Production
       and mineral
       taxes             28     36      5      3      -      -     33     39
      Transportation
       and selling      201    192     12      9     26      -    239    201
      Operating         549    482     39     33     21     20    609    535
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $2,942 $2,522 $  522 $  345 $   10 $   37 $3,474 $2,904
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          USA Division
    -------------------------------------------------------------------------
                           Gas       Oil & NGLs       Other         Total
    -------------------------------------------------------------------------
                       2008   2007   2008   2007   2008   2007   2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties    $4,934 $3,765 $  407 $  309 $  288 $  298 $5,629 $4,372
    Expenses
      Production and
       mineral taxes    334    167     36     22      -      -    370    189
      Transportation
       and selling      502    307      -      -      -      -    502    307
      Operating         352    323      -      -    266    272    618    595
    -------------------------------------------------------------------------
    Operating
     Cash Flow       $3,746 $2,968 $  371 $  287 $   22 $   26 $4,139 $3,281
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                          Integrated Oil Division
    -------------------------------------------------------------------------
                                     Downstream
                         Oil(*)       Refining      Other(*)        Total
    -------------------------------------------------------------------------
                      2008   2007   2008   2007   2008   2007    2008   2007
    -------------------------------------------------------------------------

    Revenues, Net
     of Royalties   $1,117 $  738 $9,011 $7,315 $  160 $  239 $10,288 $8,292
    Expenses
      Production
       and mineral
       taxes             -      -      -      -      1      -       1      -
      Transportation
       and selling     526    366      -      -     45     35     571    401
      Operating        170    159    492    428     70     70     732    657
      Purchased
       product           -      -  8,760  5,813   (151)   (88)  8,609  5,725
    -------------------------------------------------------------------------
    Operating
     Cash Flow      $  421 $  213 $ (241)$1,074 $  195 $  222 $   375 $1,509
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)Oil and Other comprise Integrated Oil - Canada. Other includes
       production of natural gas and bitumen from the Athabasca and Senlac
       properties.



    Capital Expenditures (Continuing Operations)

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                  -------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Capital
      Canadian Plains            $   254     $   288     $   847     $   846
      Canadian Foothills             463         625       2,299       2,439
      Integrated Oil - Canada        162         194         656         451
    -------------------------------------------------------------------------
      Canada                         879       1,107       3,802       3,736
      USA                            815         606       2,615       1,919
      Downstream Refining            168          53         478         220
      Market Optimization              6           1          17           6
      Corporate & Other               57          38         168         154
    -------------------------------------------------------------------------
                                   1,925       1,805       7,080       6,035
    -------------------------------------------------------------------------

    Acquisition Capital
      Canadian Foothills              31           8         151          75
      Integrated Oil - Canada          -           -           -          14
    -------------------------------------------------------------------------
      Canada                          31           8         151          89
      USA                            (71)      2,595       1,023       2,613
    -------------------------------------------------------------------------
                                     (40)      2,603       1,174       2,702
    -------------------------------------------------------------------------
    Total                        $ 1,885     $ 4,408     $ 8,254     $ 8,737
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    On September 25, 2008, EnCana acquired certain land and property in
    Louisiana for approximately $101 million before closing adjustments. The
    purchase was facilitated by an unrelated party, Brown Haynesville
    Leasehold LLC ("Brown Haynesville"), which holds the majority of the
    assets in trust for the Company in anticipation of a qualifying like kind
    exchange for U.S. tax purposes.

    On July 23, 2008, EnCana acquired certain land and mineral interests in
    Louisiana for approximately $457 million before closing adjustments. The
    purchase was facilitated by an unrelated party, Brown Southwest Minerals
    LLC ("Brown Southwest"), which holds the majority of the assets in trust
    for the Company in anticipation of a qualifying like kind exchange for
    U.S. tax purposes. On November 12, 2008, an unrelated party exercised an
    option to purchase certain interests as part of the above acquisition
    for approximately $157 million, reducing the qualifying like kind
    exchange to approximately $300 million.

    Pursuant to the agreements with Brown Haynesville and Brown Southwest,
    EnCana operates the properties, receives all the revenue and pays all of
    the expenses associated with the properties. The arrangements with Brown
    Haynesville and Brown Southwest will be completed on March 24, 2009 and
    January 19, 2009 respectively and the assets will be transferred to
    EnCana at that time. EnCana has determined that each relationship with
    Brown Haynesville and Brown Southwest represents an interest in a
    Variable Interest Entity("VIE") and that EnCana is the primary
    beneficiary of the VIE. EnCana has consolidated Brown Haynesville and
    Brown Southwest from the dates of acquisition.

    On November 20, 2007, EnCana acquired certain natural gas and land
    interests in Texas for approximately $2.55 billion before closing
    adjustments. The purchase was facilitated by an unrelated party, Brown
    Kilgore Properties LLC ("Brown Kilgore"), which held the majority of the
    assets in trust for the Company in anticipation of a qualifying like kind
    exchange for U.S. tax purposes. The relationship with Brown Kilgore
    represented an interest in a VIE from November 20, 2007 to May 18, 2008.
    During this period, EnCana was the primary beneficiary of the VIE and
    consolidated Brown Kilgore. On May 18, 2008, when the arrangement with
    Brown Kilgore was completed, the assets were transferred to EnCana.

    Property, Plant and Equipment and Total Assets by Segment

                                 Property, Plant
                                  and Equipment             Total Assets
                             ------------------------------------------------
                                       As at                    As at
                             ------------------------------------------------
                                December    December    December    December
                                31, 2008    31, 2007    31, 2008    31, 2007
    -------------------------------------------------------------------------

    Canada                     $  17,105   $  19,519   $  23,441   $  27,014
    USA                           13,541      11,879      14,635      12,948
    Downstream Refining            4,032       3,706       4,637       4,887
    Market Optimization              140         171         429         478
    Corporate & Other                606         590       4,105       1,647
    -------------------------------------------------------------------------
    Total                      $  35,424   $  35,865   $  47,247   $  46,974
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    On February 9, 2007, EnCana announced that it had completed the next
    phase in the development of The Bow office project with the sale of
    project assets and has entered into a 25 year lease agreement with a
    third party developer. As at December 31, 2008, Corporate and Other
    Property, Plant and Equipment and Total Assets includes EnCana's accrual
    to date of $252 million (2007 - $147 million) related to this office
    project as an asset under construction.

    On January 4, 2008, EnCana signed the contract for the design and
    construction of the Production Field Centre ("PFC") for the Deep Panuke
    project. As at December 31, 2008, Canada Property, Plant, and Equipment
    and Total Assets includes EnCana's accrual to date of $199 million
    related to this offshore facility as an asset under construction.

    Corresponding liabilities for these projects are included in Other
    Liabilities in the Consolidated Balance Sheet. There is no effect on the
    Company's net earnings or cash flows related to the capitalization of The
    Bow office project or the Deep Panuke PFC.

    6.  DISCONTINUED OPERATIONS

    Midstream
    The $75 million gain on discontinuance in 2007 was the result of an
    expired clause included in the December 2005 sale of the Company's
    Midstream natural gas liquids processing operations. The clause provided
    potential market price support for the facilities and was accrued for in
    2005.

    7.  DIVESTITURES

    Proceeds received on the sale of assets and investments were $904 million
    (2007 - $481 million). The significant items are described below.

    Canada
    In 2008, the Company completed the divestiture of mature conventional oil
    and natural gas assets for proceeds of $39 million (2007 - nil) in
    Canadian Plains and $400 million (2007 - $213 million) in Canadian
    Foothills.

    In May 2007, the Company completed the sale of its assets in the
    Mackenzie Delta and Beaufort Sea for proceeds of $159 million, which were
    credited to property, plant and equipment in the Canadian cost centre and
    reported in Canadian Foothills.

    USA
    In 2008, the Company completed the divestiture of mature conventional
    natural gas assets for proceeds of $251 million (2007 - $10 million).

    Corporate and Other
    In September 2008, the Company completed the sale of its interests in
    Brazil for net proceeds of $164 million, before closing ajdustments,
    resulting in a gain on sale of $124 million. After recording income tax
    of $25 million, EnCana recorded an after-tax gain of $99 million.

    In August 2007, the Company closed the sale of its Australia assets for
    proceeds of $31 million resulting in a gain on sale of $30 million. After
    recording income tax of $5 million, EnCana recorded an after-tax gain of
    $25 million.

    In February 2007, the Company sold The Bow office project assets for
    proceeds of approximately $57 million, representing its investment at the
    date of sale. Refer to Note 5 for further discussion of The Bow office
    project assets.

    In January 2007, the Company completed the sale of its interests in Chad,
    properties that were in the pre-production stage, for proceeds of $208
    million which resulted in a gain on sale of $59 million.

    8. INTEREST, NET

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                ---------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Interest Expense -
     Long-Term Debt              $   130     $   129     $   556     $   460
    Interest Expense - Other(*)       80          66         246         244
    Interest Income(*)               (52)        (64)       (216)       (276)
    -------------------------------------------------------------------------
                                 $   158     $   131     $   586     $   428
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)Interest Expense - Other and Interest Income are primarily due to the
       Partnership Contribution Payable and Receivable, respectively.

    9.  FOREIGN EXCHANGE (GAIN) LOSS, NET

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                ---------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Unrealized Foreign Exchange
     (Gain) Loss on:
      Translation of U.S. dollar
       debt issued from Canada   $   663     $   (75)  $   1,033    $   (683)
      Translation of U.S. dollar
       partnership contribution
       receivable issued from
       Canada                       (390)         22        (608)        617
    Other Foreign Exchange
     (Gain) Loss                     (20)       (180)         (2)        (98)
    -------------------------------------------------------------------------
                                 $   253    $   (233)    $   423    $   (164)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    10. INCOME TAXES
    The provision for income taxes is as follows:

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                ---------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Current
      Canada                     $   102     $   415     $   548     $   900
      United States                   11         163         396         647
      Other Countries                  5           2          43           7
    -------------------------------------------------------------------------
    Total Current Tax                118         580         987       1,554
    -------------------------------------------------------------------------

    Future                           155        (344)      1,646        (316)
    Future Tax Rate Reductions         -        (264)          -        (301)
    -------------------------------------------------------------------------
                                 $   273     $   (28)   $  2,633     $   937
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Included in current tax for 2008 is $25 million related to the sale of
    assets in Brazil (2007 - nil).

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

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                ---------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Net Earnings Before
     Income Tax                $   1,350     $   979   $   8,577   $   4,821
    Canadian Statutory Rate         29.7%       32.3%       29.7%       32.3%
    -------------------------------------------------------------------------
    Expected Income Tax              400         316       2,544       1,557

    Effect on Taxes Resulting
     from:
      Statutory and other
       rate differences              (30)         40         167          76
      Effect of tax rate changes(*)    -        (264)          -        (301)
      Effect of legislative changes    -          52           -        (179)
      Non-taxable downstream
       partnership (income) loss      16         (30)          6         (70)
      International financing        (76)        (17)       (309)        (62)
      Foreign exchange (gains)
       losses not included in net
       earnings                      (92)          -          49           -
      Non-taxable capital (gains)
       losses                         54         (80)         84        (124)
      Other                            1         (45)         92          40
    -------------------------------------------------------------------------
                                 $   273     $   (28)  $   2,633     $   937
    -------------------------------------------------------------------------
    Effective Tax Rate              20.2%       (2.9%)      30.7%       19.4%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)The Canadian federal government, during the second quarter of 2007,
       enacted income tax rate changes.

    11. INVENTORIES

                                                           As at       As at
                                                        December    December
                                                        31, 2008    31, 2007
    -------------------------------------------------------------------------

    Product
      Canada                                            $    46      $    65
      USA                                                     8            2
      Downstream Refining                                   323          570
      Market Optimization                                   127          180
    Parts and Supplies                                       16           11
    -------------------------------------------------------------------------
                                                        $   520      $   828
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    As a result of a significant decline in commodity prices in the latter
    half of 2008, EnCana has written down its product inventory by
    $152 million from cost to net realizable value.

    The total amount of inventories recognized as an expense during the year,
    including the write-down, was $8,749 million (2007 - $5,752 million).

    12. LONG-TERM DEBT

                                                           As at       As at
                                                        December    December
                                                        31, 2008    31, 2007
    -------------------------------------------------------------------------

    Canadian Dollar Denominated Debt
      Revolving credit and term loan borrowings       $    1,410  $    1,506
      Unsecured notes                                      1,020       1,138
    -------------------------------------------------------------------------
                                                           2,430       2,644
    -------------------------------------------------------------------------

    U.S. Dollar Denominated Debt
      Revolving credit and term loan borrowings              247         495
      Unsecured notes                                      6,350       6,421
    -------------------------------------------------------------------------
                                                           6,597       6,916
    -------------------------------------------------------------------------

    Increase in Value of Debt Acquired(*)                     49          66
    Debt Discounts and Financing Costs                       (71)        (83)
    Current Portion of Long-Term Debt                       (250)       (703)
    -------------------------------------------------------------------------
                                                      $    8,755  $    8,840
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)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
       20 years.

    On January 18, 2008, EnCana completed a public offering in Canada of
    senior unsecured medium term notes in the aggregate principal amount of
    C$750 million. The notes have a coupon rate of 5.80 percent and mature on
    January 18, 2018.

    13. 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 assets and refining facilities:

                                                           As at       As at
                                                        December    December
                                                        31, 2008    31, 2007
    -------------------------------------------------------------------------

    Asset Retirement Obligation, Beginning of Year     $   1,458   $   1,051
    Liabilities Incurred                                      54          89
    Liabilities Settled                                     (115)       (100)
    Liabilities Divested                                     (38)          -
    Change in Estimated Future Cash Flows                     54         184
    Accretion Expense                                         79          64
    Foreign Currency Translation                            (227)        163
    Other                                                      -           7
    -------------------------------------------------------------------------
    Asset Retirement Obligation, End of Year           $   1,265   $   1,458
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    14. SHARE CAPITAL

                                   December 31, 2008       December 31, 2007
                                ---------------------------------------------
    (millions)                    Number      Amount      Number      Amount
    -------------------------------------------------------------------------
    Common Shares Outstanding,
     Beginning of Year             750.2  $    4,479       777.9  $    4,587
    Common Shares Issued under
     Option Plans                    3.0          80         8.3         176
    Stock-Based Compensation           -          11           -          17
    Common Shares Purchased         (2.8)        (13)      (36.0)       (301)
    -------------------------------------------------------------------------
    Common Shares Outstanding,
     End of Year                   750.4  $    4,557       750.2  $    4,479
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Normal Course Issuer Bid

    EnCana has received regulatory approval each year under Canadian
    securities laws to purchase Common Shares under seven consecutive Normal
    Course Issuer Bids ("Bids"). EnCana is entitled to purchase, for
    cancellation, up to approximately 75.0 million Common Shares under the
    renewed Bid which commenced on November 13, 2008 and terminates on
    November 12, 2009.

    In 2008, the Company purchased 4.8 million Common Shares for total
    consideration of approximately $326 million. Of the amount paid, $29
    million was charged to Share capital and $297 million was charged to
    Retained earnings. Included in the Common Shares Purchased in 2008 are
    2.0 million Common Shares distributed, valued at $16 million, from the
    EnCana Employee Benefit Plan Trust that vested under EnCana's Performance
    Share Unit Plan (See Note 16). For these Common Shares distributed, there
    was a $54 million adjustment to Retained earnings with a reduction to
    Paid in surplus of $70 million.

    In 2007, the Company purchased 38.9 million Common Shares for total
    consideration of approximately $2,025 million. Of the amount paid, $325
    million was charged to Share capital and $1,700 million was charged to
    Retained earnings. Included in the Common Shares Purchased in 2007 are
    2.9 million Common Shares distributed, valued at $24 million, from the
    EnCana Employee Benefit Plan Trust that vested under EnCana's Performance
    Share Unit Plan (See Note 16). For these Common Shares distributed, there
    was an $82 million adjustment to Retained earnings with a reduction to
    Paid in surplus of $106 million.

    Stock Options

    EnCana has stock-based compensation plans that allow employees to
    purchase Common Shares of the Company. Option exercise prices approximate
    the market price for the Common Shares on the date the options were
    granted. Options granted under the plans are generally fully exercisable
    after three years and expire five years after the date granted. Options
    granted under predecessor and/or related company replacement plans expire
    up to 10 years from the date the options were granted.

    The following tables summarize the information related to options to
    purchase Common Shares that do not have Tandem Share Appreciation Rights
    ("TSARs") attached to them at December 31, 2008. Information related to
    TSARs is included in Note 16.

                                                                   Weighted
                                                        Stock       Average
                                                      Options      Exercise
                                                    (millions)    Price (C$)
    -------------------------------------------------------------------------
    Outstanding, Beginning of Year                        3.4         21.82
    Exercised                                            (2.9)        23.68
    -------------------------------------------------------------------------
    Outstanding, End of Year                              0.5         11.62
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Exercisable, End of Year                              0.5         11.62
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                             Outstanding Options        Exercisable Options
                  -----------------------------------------------------------
                                   Weighted
                     Number of      Average   Weighted   Number of  Weighted
                       Options    Remaining    Average     Options   Average
                   Outstanding  Contractual   Exercise Outstanding  Exercise
                     (millions) Life (years) Price (C$) (millions) Price (C$)
    Range of Exercise
     Price (C$)
    -------------------------------------------------------------------------
    11.00 to 14.50         0.5         0.9      11.62        0.5      11.62
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    At December 31, 2007, the balance in Paid in surplus related to
    stock-based compensation programs.

    15. CAPITAL STRUCTURE

    The Company's capital structure is comprised of Shareholders' Equity plus
    Long-Term Debt. The Company's objectives when managing its capital
    structure are to:

        i)  maintain financial flexibility to preserve EnCana's access to
            capital markets and its ability to meet its financial
            obligations; and
        ii) finance internally generated growth as well as potential
            acquisitions.

    The Company monitors its capital structure and short-term financing
    requirements using non-GAAP financial metrics consisting of Debt to
    Capitalization and Debt to Adjusted Earnings Before Interest, Taxes,
    Depreciation and Amortization ("EBITDA"). These metrics are used to
    steward the Company's overall debt position as measures of the Company's
    overall financial strength.

    To provide a more conservative measure of liquidity, the Company has
    changed its calculation of these metrics as follows: Net Debt to
    Capitalization has been changed to Debt to Capitalization and Net Debt to
    Adjusted EBITDA has been changed to Debt to Adjusted EBITDA. Debt is
    defined as the current and long-term portions of Long-Term Debt.
    Previously, Net Debt was defined as Long-Term Debt plus Current
    Liabilities less Current Assets. The Company believes this presentation
    is more comparable between periods by excluding the impact of unrealized
    mark-to-market accounting gains and losses on working capital.

    EnCana targets a Debt to Capitalization ratio of between 30 and 40
    percent. At December 31, 2008, EnCana's Debt to Capitalization ratio was
    28 percent (December 31, 2007 - 32 percent) calculated as follows:

                                                              As at
                                                   --------------------------
                                                    December 31, December 31,
                                                           2008         2007
    -------------------------------------------------------------------------
    Debt                                             $    9,005   $    9,543
    Total Shareholders' Equity                           22,974       20,704
    -------------------------------------------------------------------------
    Total Capitalization                             $   31,979   $   30,247
    -------------------------------------------------------------------------
    Debt to Capitalization ratio                             28%          32%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Without giving effect to the change in calculation as described above,
    EnCana's Net Debt to Capitalization ratio would have been 23 percent at
    December 31, 2008 (December 31, 2007 - 34 percent).

    EnCana targets a Debt to Adjusted EBITDA of 1.0 to 2.0 times. At December
    31, 2008, Debt to Adjusted EBITDA was 0.7x (December 31, 2007 - 1.1x)
    calculated on a trailing twelve-month basis as follows:

                                                              As at
                                                   --------------------------
                                                    December 31, December 31,
                                                           2008         2007
    -------------------------------------------------------------------------
    Debt                                             $    9,005   $    9,543
    -------------------------------------------------------------------------
    Net Earnings from Continuing Operations          $    5,944   $    3,884
    Add (deduct):
      Interest, net                                         586          428
      Income tax expense                                  2,633          937
      Depreciation, depletion and amortization            4,223        3,816
      Accretion of asset retirement obligation               79           64
      Foreign exchange (gain) loss, net                     423         (164)
      (Gain) loss on divestitures                          (140)         (65)
    -------------------------------------------------------------------------
    Adjusted EBITDA                                  $   13,748   $    8,900
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Debt to Adjusted EBITDA                                 0.7x         1.1x
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Without giving effect to the change in calculation as described above,
    EnCana's Net Debt to Adjusted EBITDA would have been 0.5x at December 31,
    2008 (December 31, 2007 - 1.2x).

    EnCana has a long-standing practice of maintaining capital discipline,
    managing its capital structure and adjusting its capital structure
    according to market conditions to maintain flexibility while achieving
    the objectives stated above. To manage the capital structure, the Company
    may adjust capital spending, adjust dividends paid to shareholders,
    purchase shares for cancellation pursuant to normal course issuer bids,
    issue new shares, issue new debt or repay existing debt.

    The Company's capital management objectives, evaluation measures,
    definitions and targets have remained unchanged over the periods
    presented, except as noted above. EnCana is subject to certain financial
    covenants in its credit facility agreements and is in compliance with all
    financial covenants.

    16. COMPENSATION PLANS

    The tables below outline certain information related to EnCana's
    compensation plans at December 31, 2008. Additional information is
    contained in Note 17 of the Company's annual audited Consolidated
    Financial Statements for the year ended December 31, 2007.

    A)  Pensions

    The following table summarizes the net benefit plan expense:

                                  Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                ---------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Current Service Cost           $   3       $   5       $  15       $  16
    Interest Cost                      5           5          21          19
    Expected Return on Plan Assets    (5)         (5)        (19)        (19)
    Amortization of Net Actuarial
     Losses                            1           1           4           4
    Expected Amortization of Past
     Service Costs                     1           1           2           2
    Amortization of Transitional
     Obligation                       (1)         (1)         (2)         (2)
    Expense for Defined
     Contribution Plan                14           9          44          34
    -------------------------------------------------------------------------
    Net Benefit Plan Expense       $  18       $  15       $  65       $  54
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, contributions of $8 million have
    been made to the defined benefit pension plans (2007 - $8 million).

    B)  Tandem Share Appreciation Rights ("TSARs")

    The following table summarizes the information related to the TSARs at
    December 31, 2008:


                                                                    Weighted
                                                Outstanding          Average
                                                      TSARs   Exercise Price
    -------------------------------------------------------------------------

    Canadian Dollar Denominated (C$)
    Outstanding, Beginning of Year               18,854,141            48.44
    Granted                                       4,420,272            70.11
    Exercised - SARs                             (3,173,443)           43.68
    Exercised - Options                             (82,936)           42.00
    Forfeited                                      (606,095)           55.27
    -------------------------------------------------------------------------
    Outstanding, End of Year                     19,411,939            53.97
    -------------------------------------------------------------------------
    Exercisable, End of Year                      8,452,111            46.45
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana recorded a reduction of
    compensation costs of $47 million related to the outstanding TSARs (2007
    - costs of $225 million).

    C) Performance Tandem Share Appreciation Rights ("Performance TSARs")

    The following table summarizes the information related to the Performance
    TSARs at December 31, 2008:

                                                                    Weighted
                                                                     Average
                                                     Outstanding    Exercise
                                                           TSARs       Price
    -------------------------------------------------------------------------

    Canadian Dollar Denominated (C$)
    Outstanding, Beginning of Year                     6,930,925       56.09
    Granted                                            7,058,538       69.40
    Exercised - SARs                                    (287,299)      56.09
    Exercised - Options                                   (5,123)      56.09
    Forfeited                                           (717,316)      59.65
    -------------------------------------------------------------------------
    Outstanding, End of Year                          12,979,725       63.13
    -------------------------------------------------------------------------
    Exercisable, End of Year                           1,461,276       56.09
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana recorded a reduction of
    compensation costs of $6 million related to the outstanding Performance
    TSARs (2007 - costs of $21 million).

    D) Share Appreciation Rights ("SARs")

    In 2008, EnCana granted SARs to certain employees which entitles the
    employee to receive a cash payment equal to the excess of the market
    price of EnCana's Common Shares at the time of exercise over the grant
    price. SARs are exercisable at 30 percent of the number granted after
    one year, an additional 30 percent of the number granted after two years
    and are fully exercisable after three years and expire five years after
    the grant date.

    The following table summarizes the information related
    to the SARs at December 31, 2008:

                                                                    Weighted
                                                                     Average
                                                     Outstanding    Exercise
                                                            SARs       Price
    -------------------------------------------------------------------------

    Canadian Dollar Denominated (C$)
    Outstanding, Beginning of Year                             -           -
    Granted                                            1,314,115       72.07
    Forfeited                                            (29,050)      69.42
    -------------------------------------------------------------------------
    Outstanding, End of Year                           1,285,065       72.13
    -------------------------------------------------------------------------
    Exercisable, End of Year                                   -           -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana has not recorded any
    compensation costs related to the outstanding SARs.


    E) Performance Share Appreciation Rights ("Performance SARs")

    In 2008, EnCana granted Performance SARs to certain employees which
    entitles the employee to receive a cash payment equal to the excess of
    the market price of EnCana's Common Shares at the time of exercise over
    the grant price. Performance SARs vest and expire under the same terms
    and service conditions as SARs and are also subject to EnCana attaining
    prescribed performance relative to pre-determined key measures.
    Performance SARs that do not vest when eligible are forfeited.

    The following table summarizes the information related to the Performance
    SARs at December 31, 2008:

                                                                    Weighted
                                                                     Average
                                                     Outstanding    Exercise
                                                            SARs       Price
    -------------------------------------------------------------------------

    Canadian Dollar Denominated (C$)
    Outstanding, Beginning of Year                             -           -
    Granted                                            1,677,030       69.40
    Forfeited                                            (56,100)      69.40
    -------------------------------------------------------------------------
    Outstanding, End of Year                           1,620,930       69.40
    -------------------------------------------------------------------------
    Exercisable, End of Year                                   -           -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana has not recorded any
    compensation costs related to the outstanding Performance SARs.

    F) Deferred Share Units ("DSUs")

    The following table summarizes the information related to the DSUs at
    December 31, 2008:

                                                                 Outstanding
                                                                        DSUs
    -------------------------------------------------------------------------

    Canadian Dollar Denominated
    Outstanding, Beginning of Year                                   589,174
    Granted                                                           85,792
    Redeemed                                                         (34,008)
    Units, in Lieu of Dividends                                       15,883
    -------------------------------------------------------------------------
    Outstanding, End of Year                                         656,841
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana recorded compensation costs
    of $2 million related to the outstanding DSUs (2007 - $14 million).

    G) Performance Share Units ("PSUs")

    The following table summarizes the information related to the PSUs at
    December 31, 2008:
                                                                     Average
                                                     Outstanding       Share
                                                            PSUs       Price
    -------------------------------------------------------------------------

    Canadian Dollar Denominated (C$)
    Outstanding, Beginning of Year                     1,685,036       38.79
    Granted                                              408,686       70.77
    Distributed                                       (2,042,541)      45.34
    Forfeited                                            (51,181)      38.32
    -------------------------------------------------------------------------
    Outstanding, End of Year                                   -           -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2008, EnCana recorded compensation costs
    of $1 million related to the outstanding PSUs (2007 - $43 million).

    17. PER SHARE AMOUNTS

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

                                                    Three Months Ended
                                          -----------------------------------
                                              March         June   September
                                                 31,          30,         30,
                                          -----------------------------------
    (millions)                                  2008        2008     2008
    -------------------------------------------------------------------------

    Weighted Average Common Shares
     Outstanding - Basic                       749.5       750.2       750.3
    Effect of Dilutive Securities                3.5         1.1         1.0
    -------------------------------------------------------------------------
    Weighted Average Common Shares
     Outstanding - Diluted                     753.0       751.3       751.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                 Three Months Ended     Twelve Months Ended
                                ---------------------------------------------
                                        December 31,            December 31,
                                ---------------------------------------------
    (millions)                     2008        2007        2008        2007
    -------------------------------------------------------------------------
    Weighted Average Common Shares
     Outstanding - Basic          750.3       749.8       750.1        756.8
    Effect of Dilutive Securities   1.0         5.3         1.7          7.8
    -------------------------------------------------------------------------
    Weighted Average Common Shares
     Outstanding - Diluted        751.3       755.1       751.8        764.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

    EnCana's financial assets and liabilities are comprised of cash and cash
    equivalents, accounts receivable and accrued revenues, accounts payable
    and accrued liabilities, the partnership contribution receivable and
    payable, risk management assets and liabilities, and long-term debt.
    Risk management assets and liabilities arise from the use of derivative
    financial instruments.  Fair values of financial assets and liabilities,
    summarized information related to risk management positions, and
    discussion of risks associated with financial assets and liabilities are
    presented as follows.

    A) Fair Value of Financial Assets and Liabilities

    The fair values of cash and cash equivalents, accounts receivable and
    accrued revenues, and accounts payable and accrued liabilities
    approximate their carrying amount due to the short-term maturity of those
    instruments.

    The fair values of the partnership contribution receivable and
    partnership contribution payable approximate their carrying amount due to
    the specific nature of these instruments in relation to the creation of
    the integrated oil joint venture. Further information about these notes
    is disclosed in Note 10 to the Company's annual audited Consolidated
    Financial Statements for the year ended December 31, 2007.

    Risk management assets and liabilities are recorded at their estimated
    fair value based on the mark-to-market method of accounting, using quoted
    market prices or, in their absence, third-party market indications and
    forecasts.

    Long-term debt is carried at amortized cost using the effective interest
    method of amortization. The estimated fair values of long-term
    borrowings have been determined based on market information where
    available, or by discounting future payments of interest and principal at
    estimated interest rates expected to be available to the Company at
    period end.

    The fair value of financial assets and liabilities were as follows:

                                                 As at                 As at
                                     December 31, 2008     December 31, 2007
                                  -------------------------------------------
                                   Carrying       Fair   Carrying       Fair
                                     Amount      Value     Amount      Value
    -------------------------------------------------------------------------
    Financial Assets
      Held-for-Trading:
        Cash and cash equivalents    $  383     $  383     $  553     $  553
        Risk management assets(*)     3,052      3,052        403        403
      Loans and Receivables:
        Accounts receivable and
         accrued revenues             1,568      1,568      2,381      2,381
        Partnership contribution
         receivable(*)                3,147      3,147      3,444      3,444
    Financial Liabilities
      Held-for-Trading:
        Risk management
         liabilities(*)              $   50     $   50     $  236     $  236
      Other Financial Liabilities:
        Accounts payable and
         accrued liabilities          2,871      2,871      3,982      3,982
        Long-term debt(*)             9,005      8,242      9,543      9,763
        Partnership contribution
         payable(*)                   3,163      3,163      3,451      3,451
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Including current portion.


    B) Risk Management Assets and Liabilities

    Net Risk Management Position                           As at       As at
                                                        December    December
                                                              31,         31,
                                                            2008        2007
    -------------------------------------------------------------------------

    Risk Management
      Current asset                                      $ 2,818      $  385
      Long-term asset                                        234          18
    -------------------------------------------------------------------------
                                                           3,052         403
    -------------------------------------------------------------------------

    Risk Management
      Current liability                                       43         207
      Long-term liability                                      7          29
    -------------------------------------------------------------------------
                                                              50         236
    -------------------------------------------------------------------------
    Net Risk Management Asset (Liability)                $ 3,002      $  167
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Summary of Unrealized Risk Management Positions

                          As at December 31, 2008    As at December 31, 2007
                        -----------------------------------------------------
                               Risk Management            Risk Management
                        -----------------------------------------------------
                          Asset  Liability    Net    Asset  Liability    Net
    -------------------------------------------------------------------------

    Commodity Prices
      Natural gas        $2,941   $   10   $2,931   $  375   $   29   $  346
      Crude oil              92       40       52        6      205     (199)
      Power                  19        -       19       19        -       19
    Interest Rates            -        -        -        2        -        2
    Credit                    -        -        -        1        2       (1)
    -------------------------------------------------------------------------
    Total Fair Value     $3,052   $   50   $3,002   $  403   $  236   $  167
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Net Fair Value Methodologies Used to Calculate Unrealized Risk Management
    Positions

                                                           As at       As at
                                                        December    December
                                                              31,         31,
                                                            2008        2007
    -------------------------------------------------------------------------

    Prices actively quoted                                $2,055      $  105
    Prices sourced from observable data or market
     corroboration                                           947          62
    -------------------------------------------------------------------------
    Total Fair Value                                      $3,002      $  167
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Prices actively quoted refers to the fair value of contracts valued using
    quoted prices in an active market. Prices sourced from observable data or
    market corroboration refers to the fair value of contracts valued in part
    using active quotes and in part using observable, market-corroborated
    data.

    Net Fair Value of Commodity Price Positions at December 31, 2008

                                  Notional                              Fair
                                   Volumes    Term   Average Price     Value
    -------------------------------------------------------------------------

    Natural Gas Contracts
    Fixed Price Contracts

      NYMEX Fixed Price       1,648 MMcf/d    2009    9.28 US$/Mcf    $1,981
      NYMEX Fixed Price          35 MMcf/d    2010    9.21 US$/Mcf        23

    Purchased Options

      NYMEX Call              (150) MMcf/d    2009   11.67 US$/Mcf       (22)
      NYMEX Put                 516 MMcf/d    2009    9.10 US$/Mcf       536

    Basis Contracts

      Canada                     71 MMcf/d    2009                         -
      United States             917 MMcf/d    2009                       111
      Canada and
       United States(*)                    2010-2013                     193
    -------------------------------------------------------------------------
                                                                       2,822
    Other Financial Positions(xx)                                         (1)
    -------------------------------------------------------------------------
    Total Unrealized Gain
     on Financial Contracts                                            2,821
    Premiums Paid on
     Unexpired Options                                                   110
    -------------------------------------------------------------------------
    Natural Gas Fair
     Value Position                                                   $2,931
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*)  EnCana has entered into swaps to protect against widening natural
         gas price differentials between production areas, including Canada,
         the U.S. Rockies and Texas, and various sales points. These basis
         swaps are priced using both fixed prices and basis prices determined
         as a percentage of NYMEX.
    (xx) Other financial positions are part of the ongoing operations of the
         Company's proprietary production management.

                                                                  Fair Value
    -------------------------------------------------------------------------
    Crude Oil Contracts
    Crude Oil Fair Value Position(*)                               $      52
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (*)The Crude Oil financial positions are part of the ongoing operations
       of the Company's proprietary production and condensate management and
       its share of downstream refining positions.

                                                                  Fair Value
    -------------------------------------------------------------------------
    Power Purchase Contracts
    Power Fair Value Position                                      $      19
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net Earnings Impact of Realized and Unrealized Gains (Losses) on Risk
    Management Positions

                                              Realized Gain (Loss)
                                  -------------------------------------------
                                     Three Months Ended   Twelve Months Ended
                                         December 31,          December 31,
                                  -------------------------------------------
                                       2008       2007       2008       2007
    -------------------------------------------------------------------------
    Revenues, Net of Royalties    $     646  $     408  $    (309) $   1,601
    Operating Expenses and Other         30         (1)        28          3
    -------------------------------------------------------------------------
    Gain (Loss) on Risk
     Management                   $     676  $     407  $    (281) $   1,604
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                              Unrealized Gain (Loss)
                                  -------------------------------------------
                                     Three Months Ended   Twelve Months Ended
                                         December 31,          December 31,
                                  -------------------------------------------
                                       2008       2007       2008       2007
    -------------------------------------------------------------------------
    Revenues, Net of Royalties    $   1,084  $    (566) $   2,717  $  (1,239)
    Operating Expenses and Other          6         (3)        12          4
    -------------------------------------------------------------------------
    Gain (Loss) on Risk
     Management                   $   1,090  $    (569) $   2,729  $  (1,235)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Reconciliation of Unrealized Risk Management Positions from January 1 to
    December 31, 2008

                                                       2008             2007
                                             --------------------------------
                                                            Total      Total
                                                       Unrealized Unrealized
                                                  Fair       Gain       Gain
                                                 Value      (Loss)     (Loss)
    -------------------------------------------------------------------------
    Fair Value of Contracts, Beginning
     of Year                                 $     167
    Change in Fair Value of Contracts in
     Place at Beginning of Year and Contracts
     Entered into During the Year                2,448  $   2,448  $     353
    Fair Value of Contracts in Place at
     Transition that Expired During the Year         -          -         16
    Foreign Exchange Loss on Canadian
     Dollar Contracts                               (4)         -          -
    Fair Value of Contracts Realized During
     the Year                                      281        281     (1,604)
    -------------------------------------------------------------------------
    Fair Value of Contracts Outstanding      $   2,892  $   2,729  $  (1,235)
    Premiums Paid on Unexpired Options             110
    -------------------------------------------------------------------------
    Fair Value of Contracts and Premiums
     Paid, End of Year                       $   3,002
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Commodity Price Sensitivities

    The following table summarizes the sensitivity of the fair value of the
    Company's risk management positions to fluctuations in commodity prices,
    with all other variables held constant. When assessing the potential
    impact of these commodity price changes, the Company believes 10%
    volatility is a reasonable measure. Fluctuations in commodity prices
    could have resulted in unrealized gains (losses) impacting net earnings
    as at December 31, 2008 as follows:



                                                     Favorable    Unfavorable
                                                    10% Change     10% Change
    -------------------------------------------------------------------------
    Natural gas price                                $     424     $    (418)
    Crude oil price                                          7            (7)
    Power price                                              9            (9)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    C) Risks Associated with Financial Assets and Liabilities

    The Company is exposed to financial risks arising from its financial
    assets and liabilities. Financial risks include market risks (such as
    commodity prices, foreign exchange and interest rates), credit risk and
    liquidity risk. The fair value or future cash flows of financial assets
    or liabilities may fluctuate due to movement in market prices and the
    exposure to credit and liquidity risks.

    Commodity Price Risk

    Commodity price risk arises from the effect that fluctuations of future
    commodity prices may have on the fair value or future cash flows of
    financial assets and liabilities. To partially mitigate exposure to
    commodity price risk, the Company has entered into various financial
    derivative instruments. The use of these derivative instruments is
    governed under formal policies and is subject to limits established by
    the Board of Directors. The Company's policy is to not use derivative
    financial instruments for speculative purposes.

    Natural Gas - To partially mitigate the natural gas commodity price risk,
    the Company has entered into option contracts and swaps, which fix the
    NYMEX prices. To help protect against widening natural gas price
    differentials in various production areas, EnCana has entered into swaps
    to manage the price differentials between these production areas and
    various sales points.

    Crude Oil - The Company has partially mitigated its exposure to commodity
    price risk on its condensate supply with fixed price swaps.

    Power - The Company has in place two Canadian dollar denominated
    derivative contracts, which commenced January 1, 2007 for a period of 11
    years, to manage its electricity consumption costs.

    Credit Risk

    Credit risk arises from the potential the Company may incur a loss if a
    counterparty to a financial instrument fails to meet its obligation in
    accordance with agreed terms. This credit risk exposure is mitigated
    through the use of Board-approved credit policies governing the Company's
    credit portfolio and with credit practices that limit transactions
    according to counterparties' credit quality. All foreign currency
    agreements are with major financial institutions in Canada and the United
    States or with counterparties having investment grade credit ratings. A
    substantial portion of the Company's accounts receivable are with
    customers in the oil and gas industry and are subject to normal industry
    credit risks. As at December 31, 2008, over 95% of EnCana's accounts
    receivable and financial derivative credit exposures are with investment
    grade counterparties.

    At December 31, 2008, EnCana had 2 counterparties whose net settlement
    position individually account for more than 10 percent of the fair value
    of the outstanding in-the-money net financial instrument contracts by
    counterparty. The maximum credit risk exposure associated with accounts
    receivable and accrued revenues, risk management assets and the
    partnership contribution receivable is the total carrying value.

    Liquidity Risk

    Liquidity risk is the risk the Company will encounter difficulties in
    meeting a demand to fund its financial liabilities as they come due. The
    Company manages its liquidity risk through cash and debt management. As
    disclosed in Note 15, EnCana targets a Debt to Capitalization ratio
    between 30 and 40 percent and a Debt to Adjusted EBITDA of 1.0 to 2.0
    times to steward the Company's overall debt position.

    In managing liquidity risk, the Company has access to a wide range of
    funding at competitive rates through commercial paper, capital markets
    and banks. As at December 31, 2008, EnCana had available unused committed
    bank credit facilities in the amount of $2.6 billion and unused capacity
    under shelf prospectuses, the availability of which is dependent on
    market conditions, for $5.0 billion. The Company believes it has
    sufficient funding through the use of these facilities to meet
    foreseeable borrowing requirements.

    EnCana maintains investment grade credit ratings on its senior unsecured
    debt. On May 12, 2008, following the announcement of the proposed
    Arrangement (See Note 4), Standard & Poor's Ratings Service assigned a
    rating of A- and placed the Company on "CreditWatch Negative", DBRS
    Limited assigned a rating of A(low) and placed the Company "Under Review
    with Developing Implications", and Moody's Investors Service assigned a
    rating of Baa2 and changed the outlook to "Stable" from "Positive".

    The timing of cash outflows relating to financial liabilities are
    outlined in the table below:

                       Less Than      1 - 3      4 - 5
                          1 Year      Years      Years Thereafter      Total
    -------------------------------------------------------------------------

    Accounts Payable
     and Accrued
     Liabilities       $   2,871  $       -  $       -  $       -  $   2,871
    Risk Management
     Liabilities              43          7          -          -         50
    Long-Term Debt(*)        727      1,589      3,344     10,392     16,052
    Partnership
     Contribution
     Payable(*)              489        978        978      1,588      4,033
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (*)Principal and interest, including current portion.

    Included in EnCana's total long-term debt obligations of $16,052 million
    at December 31, 2008 are $1,657 million in principal obligations related
    to Bankers' Acceptances, Commercial Paper and LIBOR loans. These amounts
    are fully supported and Management expects that they will continue to be
    supported by revolving credit and term loan facilities that have no
    repayment requirements within the next year. The revolving credit and
    term loan facilities are fully revolving for a period of up to five
    years. Based on the current maturity dates of the credit facilities,
    these amounts are included in cash outflows for the period disclosed as
    4 - 5 Years. Further information on Long-term Debt is contained in
    Note 12.

    Foreign Exchange Risk

    Foreign exchange risk arises from changes in foreign exchange rates that
    may affect the fair value or future cash flows of the Company's financial
    assets or liabilities. As EnCana operates primarily in North America,
    fluctuations in the exchange rate between the U.S./Canadian dollar can
    have a significant effect on the Company's reported results. EnCana's
    functional currency is Canadian dollars, however, the Company reports its
    results in U.S. dollars as most of its revenue is closely tied to the
    U.S. dollar and to facilitate a more direct comparison to other North
    American oil and gas companies. As the effects of foreign exchange
    fluctuations are embedded in the Company's results, the total effect of
    foreign exchange fluctuations are not separately identifiable.

    To mitigate the exposure to the fluctuating U.S./Canadian exchange rate,
    EnCana maintains a mix of both U.S. dollar and Canadian dollar debt.

    As disclosed in Note 9, EnCana's foreign exchange (gain) loss is
    primarily comprised of unrealized foreign exchange gains and losses on
    the translation of U.S. dollar debt issued from Canada and the
    translation of the U.S. dollar partnership contribution receivable issued
    from Canada. At December 31, 2008, EnCana had $5,350 million in U.S.
    dollar debt issued from Canada ($5,421 million at December 31, 2007) and
    $3,147 million related to the U.S. dollar partnership contribution
    receivable ($3,444 million at December 31, 2007). A $0.01 change in the
    U.S. to Canadian dollar exchange rate would have resulted in an
    $18 million change in foreign exchange (gain) loss at December 31, 2008.

    Interest Rate Risk

    Interest rate risk arises from changes in market interest rates that may
    affect the fair value or future cash flows from the Company's financial
    assets or liabilities. The Company partially mitigates its exposure to
    interest rate changes by maintaining a mix of both fixed and floating
    rate debt.

    At December 31, 2008, the increase or decrease in net earnings for each
    one percent change in interest rates on floating rate debt amounts to
    $12 million (2007 - $14 million).

    19. 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

    During the period between 2003 and 2005, EnCana and its indirect wholly
    owned U.S. marketing subsidiary, WD Energy Services Inc. ("WD"), along
    with other energy companies, were named as defendants in several
    lawsuits, some of which were class action lawsuits, relating to sales of
    natural gas from 1999 to 2002. The lawsuits allege that the defendants
    engaged in a conspiracy with unnamed competitors in the natural gas
    markets in California in violation of U.S. and California anti-trust and
    unfair competition laws.

    Without admitting any liability in the lawsuits, WD agreed to settle all
    of the class action lawsuits in both state and federal court for payment
    of $20.5 million and $2.4 million, respectively. Also, as previously
    disclosed, without admitting any liability whatsoever, WD concluded
    settlements with the U.S. Commodity Futures Trading Commission ("CFTC")
    for $20 million and of a previously disclosed consolidated class action
    lawsuit in the United States District Court in New York for $8.2 million.
    Also, without admitting any liability whatsoever, WD concluded
    settlements with a group of individual plaintiffs for $23 million.

    The remaining lawsuit was commenced by E. & J. Gallo Winery ("Gallo").
    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.

    The Company and WD intend to vigorously defend against this outstanding
    claim; 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.

    20. RECLASSIFICATION

    Certain information provided for prior periods has been reclassified to
    conform to the presentation adopted in 2008.
    





For further information:

For further information: Further information on EnCana Corporation is
available on the company's website, www.encana.com, or by contacting: Investor
contact: EnCana Corporate Communications, Paul Gagne, Vice-President, Investor
Relations, (403) 645-4737; Ryder McRitchie, Manager, Investor Relations, (403)
645-2007; Susan Grey, Manager, Investor Relations, (403) 645-4751; Media
contact: Alan Boras, Manager, Media Relations, (403) 645-4747

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Encana Corporation

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