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OilandGasIndustry:Encana&PennWestBeijing Mu Lihua LiJason.Z.FanBen.Y.FuDingding XuOil and Gas Industry:Encana 1Canadian Oil and GasIndustry Analysis ContentsuIndustryOverviewuOilIndustryuGasIndustryuInterdependencebtOil&GasuRiskManagementCanadian Oil and Gas Industry 2Industry Overview nEnergy Sector(all sources)contributed 5.9%to GDP in 2004.Of the$70.8 billion total energy GDP,crude oil and natural gas industries accounted for 78%;accounts for 2.3%of Canadas GDP.Industry Overview Energy Se3Industry Overview nImportantsegmentofCanadaseconomyintermsofinvestment,tradeandemployment.nEmployment:Directemployment,excludingservicestationsandwholesaletradeinpetroleumproducts,was240,827peoplein2004or1.5%oftotalemploymentinCanada.nInvestment:In2004,newcapitalinvestmentsinenergy-relatedindustriesrepresented19.0%oftotalCanadianinvestmentand4.4%ofGDP.Industry Overview Important4Industry Overview Trade(Exports)n1).SinceoilpricesbottomedoutduringtheAsiancrisisin1998,theshareofenergyinexportshasmorethandoubledfrom7.3%to16.1%.n2).In2004,energyaccountedfor17.5%oftotalmerchandiseexports,andtheenergytradebalancerankedfirstasacontributortoCanadaspositiveoveralltradebalance.Industry Overview 5Industry OverviewTheUnitedStatesisCanadasmajortrademarketforenergyproductsnExports:ExportsforenergyproductsbetweenUSandCanadaaccountsfor99%($66.7billion)ofallCanadianenergyexports.nImports:In2004,Canadaimported$24.5billionofenergyproducts,mainlyfromtheUnitedStates(28%),Norway(19%)andtheUK(12%).Industry Overview The United S6Industry Overview Natural Gas:nCanadaexported63%ofnaturalgas($27.0billion)totheUnitedStatesin2004.nInvolumeterms,Canadaaccountedformorethan84%ofU.S.gasimportsandhada15%shareoftheU.S.market.Oil:nTheUSaccountsfor99%($25.1billion)ofCanadianexportedcrudeoilin2004.nInvolumeterms,Canadiancrudeoilheldaaccountedformorethan16%ofU.S.crudeimportsand14%shareoftheU.S.marketin2004.Industry Overview Natural Ga7Canadian Oil Industry ProductionnIn2004,TotalCanadianproductionofcrudeoilaveraged3.1millionbarrelsperday.ReservenCanadahasthesecond largest oil reserves in the world-179 billion barrels of proven reserve in 2005.nSource:IEACanadian Oil Industry Produ8Canadian Oil IndustryExports:NearlytwothirdsofCanadiancrudeoilisexportedtotheUnitedStates,accountingfor16%oftotalUScrudeimports.Canada is the largest crude oil exporter to the US.Canadian Oil IndustryExports:9Canadian Oil Industry ConsumptionnTotaloildemandinCanadaaveraged2.29millionbarrelsperdayin2004.nThetransportationsectoraccountedforsome56%ofthisdemandwhile26%wasattributedtoindustrialuse.Source:IEACanadian Oil Industry Consu10Canadian Oil Industry Price(Demand&Supply Analysis)n ThegrowthindemandfromemergingmarketsnOil supplycontrolbyOPECmember countriesnConflict in the middle eastnstorms and hurricanesCanadian Oil Industry 11Canadian Gas IndustrynCanada is the worlds third largest producer of natural gas with annual production of 6.4 trillion cubic feet(tcf).Canadian Gas IndustryCanada is12nNaturalgasisthemainsourceofenergyfor51%ofthemanufacturingsectorand39%ofthecommercialsector.nDivision:Industrial sector 58%,residential sector 24%commercial sector 18%.nSource:CGA Canadian Gas IndustryNatural gas is the main source13Canadian Gas Industry Canadian Gas Industry 14Canadian Gas Industry Demand:Natural gas industry meets 31%of Canadas total energy demand,employs over 50,000 Canadians.nHalf between Eastern and Western Canada.Alberta leads the west in consumption while Ontario leads the east.nNatural gas is the source of heating for 48%of Canadian homes.More efficient facility:natural gas water heater,natural gas clothes dryer and so on.Canadian Gas Industry Demand15Canadian Gas IndustrynExports:n Canada is 2nd largest exporter in world n About 50%or$20 billion worth of all natural gas produced in Canada is exported to the United States.Canadian Gas IndustryExports:16Interdependence of Natural Gas&Oil sandsnInterdependence of Natural Gas&Oil sandsnOilsandsoperationsrequiresignificantamountsofnaturalgas.Contrarytomanyindustrialoperations,oilsandsdemandfornaturalgascontinuestoincreasedespitehighernaturalgasprices.Interdependence of Natural Gas17Correlation between oil and natural gas pricesCorrelation between oil and na18Global Oil Demand&Forecast nExpected to grow by more than 50%in the next 20 years n More than 50%are consumed by the transportation sectornEmerging Asia,especially China is expected to more than double its demand in the next 20 yearsGlobal Oil Demand&Forecast 19Global Natural Gas Demand and Forecast Global Natural Gas Demand and 20RiskExposuresFinancial/CommodityCredit/LiquidityOperationalEnvironmental/LegalGeneral Business Risk ExposuresFinancial/Commo21Risk Management nMajor Elements for risk management in oil&gas industry:nEnergyFuturestradedinCOMEXnFXFuturestradedinCMEnOTCForwardcontracts(oil,gas,etc)nInterestrateandFXSWAPSnOptions:Costless CollarRisk Management Major Eleme22Risk Management Costless CollarnAcollarisaspreadcomprisingalong(short)callandashort(long)put,bothout-of-the-money andforthesameexpiration.nACostlessCollariswherebuyingandsellingrespectivelytherelatedCallandPutareusedtofinancetheCollar.nAcollarisusuallysetupwithoptions,swaps,orbyotheragreements.Risk Management 23Risk Management SwapnIngeneral,Swapistheexchangeofoneassetorliabilityforasimilarassetorliabilityforthepurposeoflengtheningorshorteningmaturities,orraisingorloweringcouponrates,tomaximizerevenueorminimizefinancingcosts.ninterestrateswap:Anexchangeofinterestpaymentsonaspecificprincipalamount.Thisisacounterpartyagreement,andsocanbestandardizedtotherequirementsofthepartiesinvolved.Aninterestrateswapusuallyinvolvesjusttwoparties,butoccasionallyinvolvesmore.Risk Management 24EncananAgendanHistoryandBackgroundnManagementTeamnCompanyOverviewnBusinessStrategynFinancialAnalysisnRiskManagementnOutlookEncanaAgenda25 History and Background nIn 2002,merger agreement was reached between two energy companies:nAlbertaEnergy(AEC)nPanCanadianEnergy(PCE)nAlberta Energy is created by the government of Alberta in 1975nBy1993AlbertagovernmentsoldtheentireownershiptomakeAECasthepublicownedcompanynBy1995,AECputitsgrowthstrategyonoilandgasaftersellingoffallotherresourceinvestment.nBy2001,AEChasbecomethelargestnaturalgasproducerandalsolargestindependentoperatorofgasstorage.History and Background I26History and Backgroundn PanCanadian was created by Canadian Pacific and gas company in 1958nPanCanadianrootsgobacktotheconstructionofthenationfirsttranscontinentalrailwaysnCanadianPacificRailwaysmadenaturalgasdiscoveryin1883andlatercreateCanadianPacificandgascompanyin1958whichlatercreatePanCanadianin1973nIn2000,PanCanadianlaunchesoneofthecontinentlargestCO2misciblefloodprojectatWeybury,SaskatchewannIn 2002,Gwyn Morgan and David OBrien announced the merger agreement between AEC and PanCanadian.nEachAECSharewasconvertedto1.472PanCanadianShare.nOnApril8,EncanabegantradingontheTSXandNYSEunderthesymbolECA.Itsenterprisevaluenowisaround52billion.History and Background PanCana27Management teamnGwyn Morgan,President&CEOnEducation:NorthernAlbertaInstituteofTechnologyandUniversityofWyomingnKeyarchitectofthecompanyNorthAmericasresourceplaystrategynMorethan25yearsofexperiencenServedasChiefofOperatingOfficerbeforeelectedasCEOinJanuary1,2006nJohn D.Watson,Executive Vice-President&Chief Financial OfficernEducation:HeholdsaBAfromConcordiaUniversityinMontreal,anMBAfromQueensUniversity.nResponsibleforEnCanascapitalmarkets,financialreporting,financialcompliance,financialriskmanagementandinternalaudit,aswellasthetaxandtreasuryfunctionsnBeeninEnCanafor30yearsManagement team28Management teamnJohnD.WatsonplanstostepdownonFebruary28,2006,followingcompletionofthe2005year-endfinancialstatements.WatsonwillremainwiththecompanyasAdvisortotheChiefFinancialOfficeruntiltheendof2006.nBrianC.FergusonCAbecameExecutiveVice-President&ChieffinancialOfficeronMarch1,2006.nBrian Ferguson,Executive Vice President&CFOnEducation:UniversityofAlbertaandUniversityofWesternOntarionMemberofCICA,CICAsriskmanagementandgovernanceboardnMorethan22yearsofexperienceManagement team29Company OverviewnPrimarygoalnTargetnStrategicFocusnCompetitiveAdvantageCompany OverviewPrimary goal30Company OverviewnPrimarygoalnContinuetoincreasenetassetvaluepersharebybalancingcapitalinvestmentbetween:nDisciplineddevelopmentofresourcesplaynSharebuybackCompany OverviewPrimary goal31Company OverviewnTargetnAn average 10%annual sales growth per sharenStrategic FocusnNorth American natural gasnCanadian in-situ oilsandsCompany OverviewTarget32Company OverviewnCompetitive AdvantagesnLarge land base with huge undeveloped resources nLeading technical competenciesn30 years of experiences with unconventional reservoir developmentnLow operating costnHigh working interest and infrastructure controlCompany OverviewCompetitive Ad33Company OverviewnMissionEnergyforPeoplenVisionEnCanawillbetheworldsHighPerformanceBenchmarkindependentoilandgascompany.nOur Shared PrincipleStrongcharacter,ethicalBehaviour,highperformance,greatexpectation,dynamicdiscipline.Company OverviewMission34Business StrategiesnEnCana operates two continuing businesses:nUpstream:exploration,developmentandproductionofnaturalgas,crudeoil,andnaturalgasliquids(“NGLs”)andotherrelatedactivities.nMarketOptimization:includesactivitiestoenhancethesaleofUpstreamsproduction.Business StrategiesEnCana oper35Consolidated Financial ResultsConsolidated Financial Results36Cash flowCash flow 37Cash FlownThe increase resulted from:nAverageNorthAmericannaturalgaspricesnNorthAmericannaturalgassalesvolumesincreasednAverageNorthAmericanliquidsprices,excludingfinancialCash FlowThe increase resulted38Cash FlownThe increase in cash flow was partially reduced by:nOperatingexpensesincreasednInterestexpenseincreasednThecurrenttaxprovisionincreasedCash FlowThe increase in cash 39Net earningsnEnCanas 2005 total net earnings were$3,426 million compared with$3,513 million in 2004:nNet earnings from discontinued operations decreased from$823 million to$597 million nEnCanas 2005 net earnings from continuing operations were$2,829 million,an increase of 35 percent compared with 2004Net earningsEnCanas 2005 tota40Market OptimizationMarket Optimization41Stock OptionsnExercisepricesapproximatethemarketpricefortheCommonSharesnFullyexercisableafterthreeyearsandexpireafterfiveyearsnExpireuptotenyearsifitisgrantedunderpredecessorand/orrelatedcompanyreplacementplansStock OptionsExercise prices a42 Stock Option Summary Stock Option Summary43Risk ExposurenFinancial risks nOperational risksnEnvironmental,health,safety and security risksnReputational risksRisk Exposure Financial risks 44Risk Management PhilosophynEnCana partially mitigates its exposure to financial risks through the use of various financial instruments and physical contracts.nEnCana does not use derivative financial instruments for speculative purposes.Risk Management Philosophy EnC45Derivative Financial InstrumentsnForward Foreign ExchangenSwaps Interest Rate Natural Gas Foreign ExchangenOption Natural Gas Crude OilDerivative Financial Instrumen46Commodity Price RiskNatural gas price risknSwapsFixtheAECOandRockiespricedifferentialfromtheNYMEXpricenCollarsandotheroptionsCompanysproprietaryproductionmanagementCrude oil price risknFixedpriceswapsandcalloptionsParticipationathigherWTIlevels Commodity Price RiskNatural g47Gains and Losses on Risk Management ActivitiesNaturalGasGains and Losses on Risk Manag48Gains and Losses on Risk Management ActivitiesCrude OilGains and Losses on Risk Manag49Interest Rates risknMixofbothfixedandfloatingratedebtPartiallymitigatesitsexposuretointerestratechangesnInterestrateswapManagethefixed/floatingratedebtportfoliomix.Interest Rates risk Mix of50Gains and Losses on Risk Management ActivitiesInterest Rate RiskGains and Losses on Risk Manag51Foreign exchange risknForward exchange contract MitigatingtheexposuretofluctuationsintheU.S.toCanadianexchangerateHedgesitsforeigncurrencyexposuresonforeigncurrencydenominatedlong-termdebtHedgeanticipatedsalestocustomersintheUnitedStatesnMix of both U.S.dollar and Canadian dollar debt OffsettheexposuretothefluctuationsintheU.S./CanadiandollarexchangeratenCross currency swapsManagingtheU.S./CanadiandollardebtmixForeign exchange riskForward e52CREDIT RISK&OPERATIONALRISKS nThis credit exposure is mitigated through the use of Board-approved credit policies LimittransactionstocounterpartiesofinvestmentgradecreditqualityandtransactionsthatarefullycollateralizednEnCana mitigates operational risk through a number of policies and processes.ProjectsareevaluatedonafullyriskedbasisLookbackandLearningprocessMaintainingacomprehensiveinsuranceprogramCREDIT RISK&OPERATIONAL RISK53Other RisksnRegulatory environment risk TheKyotoprotocolcommitsCanadatoreducinggreenhousegasemissionsto6percentbelow1990levelsovertheperiod20082012.nReputation risksEnCanatakesapro-activeapproachtotheidentificationandmanagementofissuesthataffecttheCompanysreputationandhasestablishedconsistentandclearprocedures,guidelinesandresponsibilityforidentifyingandmanagingtheseissues.Other Risks54Sensitivity analysisSensitivity analysis 55Out LooknVolatilityincrudeoilpricesisexpectedtocontinuethroughout2006asaresultofmarketuncertaintiesoversupplyandrefiningdisruptionsontheU.S.GulfCoastnContinueddemandgrowthinChina,OPECactions,demanddestructionfromhighenergypricesandtheoverallstateoftheworldeconomies.nNaturalgaspricesareprimarilydrivenbyNorthAmericansupplyanddemand,withweatherbeingthekeyfactorintheshortterm.nNorthAmericanconventionalgassupplyhaspeakedinthepasttwoyearsandEnCanabelievesthatunconventionalresourceplayscanoffsetconventionalgasproductiondeclines.Out LookVolatility in crude oi56PENN WESTEnergy TrustPENN WESTEnergy Trust57IntroductionnPennWestEnergyTrustisthelargestconventionaloilandnaturalgasproducingincometrustinNorthAmerica.PennWestsproductionaveraged129,915boeperdayatDecember31,2006,ofwhichjustunderhalfwasnaturalgas.nBasedinCalgary,Alberta,PennWestoperatesinthreecoreareasthroughouttheWesternCanadaSedimentaryBasin.PennWestisanactivelymanagedtrustwithalargeanddiversifiedassetportfolio,experiencedandspecializedtechnicalteams,andanextensiveinventoryofinternalopportunities.IntroductionPenn West Energy T58nPennWestisanactivelymanagedtrustthatreinvestsasubstantialproportionofoperatingcashflowtopursuenewvaluethroughdevelopmentofitsassetbase.nTheTrustconductsasubstantialcapitalprogramfundedbyretainingaproportionofcashflow.Inaddition,PennWestsextensiveundevelopedlands(3.7millionnetacresattheendofDecember31,2006)createasourceofadditionalvaluethroughlandmonetization,farm-outsandexplorationjointventures.IntroductionPenn West is an actively manag59IntroductionnPennWestsmanagementteamiscommittedtoastrategyofdistributionsstabilityandmaximizingvalueforunitholdersoverthelongterm.Themanagementteamhasa15-yeartrackrecordofoperationalandfinancialsuccess.Thisincludesaccretiveacquisitionsandconsistentfinancialdiscipline.nIn2006,PennWesthadabudgeted$400-500millioncapitalprogramtopursuecapitalefficientopportunitiesthatleveredexistingTrustinfrastructureincluding:fieldoptimization,suspendedwellreactivations,plantconsolidation,wellstimulationsandrecompletions,andlowriskinfilldrilling,downspacingandhorizontaldrilling.Introduction60AdvantagesnLargeScalenFinancialStrength(includingaccesstocapitalandstrongbalancesheet)nHighqualitydiversifiedproducingassetsnExtensivemanagementteamexperiencenDepthinemployeeknowledgebothinthefieldandheadofficeAdvantagesLarge Scale61AsthelargestconventionaloilandnaturalgasproducingtrustinNorthAmerica,PennWesthasahighqualitybaseofproductionandlonglifereservesdiversifiedbygeography,size,capitalintensity,commodityandplaytype.PennWestslargescalemitigatesrisksandcontributestostabilityandsustainability.99,807 boe/day360 mm boeAVERAGEDAILYPROVEDPRODUCTION+PROBABLERESERVESBigEnergyAs the largest conventional oi62PennWestisanactivelymanagedtrustthatreinvestsasubstantialproportionofoperatingcashflowtopursuenewvaluethroughdevelopmentofitsassetbase.ThatmeansPennWestspeoplearekeytomaintainingandaddingvalueforunitholders.327381HeadOfficeStaffFieldStaffBigPeoplePenn West is an actively manag63PennWestshighqualityassetbasegeneratesthecashflowsneededfortheTrusttomeetitsdistributionstarget.Distributionsperunithaveincreasedby30percentsincetheTrustsinception,toarateof$0.34perunit,effectiveforourFebruary2006distribution.36.2%$0.342005ReturnonMonthlydistributionCapitalemployedPerunitBigValuePenn Wests high quality asset64Asanexplorationandproductioncompany,PennWestPetroleumLtd.deliveredgrowthinproduction,reserves,cashflowandsharepricetocreateshareholdervalue.Asanenergytrust,PennWestfocusesonmaintainingvalueforunitholdersoverthelongterm.Performancemeanssustainableproduction,reserves,cashflowanddistributions.BigPerformanceAs an exploration and product65BigFuturePenn Wests asset base is diversified by commodity,geographical region and risk profile.Cash flow maximizing oil and natural gas properties are balanced by longer life properties with lower declines.Penn Wests extensive inventory of internal opportunities includes short term exploitation and optimization,medium term development drilling,and long-term enhanced recovery and oil sands projects.9.9ye a r s 4.1mi l l ion ne t a c re sReserve Life Undeveloped landBig FuturePenn Wests asset ba66FinancialProfileFinancial Profile67StrongBalanceSheetStrong Balance Sheet68OperationalProfileOperational Profile69PropertyOverviewProperty Overview70StrongProductionBaseStrong Production Base71RiskAnalysisnTheTrustisexposedtonormalmarketrisksinherentintheoilandnaturalgasbusiness,includingcreditrisk,commoditypricerisk,interestrateriskandforeigncurrencyrisk.nTheTrust,fromtimetotime,attemptstominimizeexposuretotheserisksusingfinancialinstruments.Risk AnalysisThe Trust is expo72RiskAnalysis-CreditRisknCreditriskistheriskoflossifpurchasersorcounterpartiesdonotfulfilltheircontractualobligations.nAlloftheTrustsreceivablesarewithcustomersintheoilandnaturalgasindustryandaresubjecttonormalindustrycreditrisk.nInordertolimittheriskofnonperformanceofcounterpartiestoderivativeinstruments,theTrusttransactsonlywithfinancialinstitutionswithhighcreditratingsandobtainssecurityincertaincircumstances.Risk Analysis-Credit RiskCredi73RiskAnalysis-CommodityPriceRisknCommoditypriceriskistheTrustsmostsignificantexposure.nCrudeoilpricesareinfluencedbyworldwidefactorssuchasOPECactions,supplyanddemandfundamentals,andpoliticalevents.nNaturalgaspricesaregenerallyinfluencedbyoilpricesandNorthAmericannaturalgassupplyanddemandfactors.nPursuanttopolicy,theTrustmay,fromtimetotime,managetheserisksthroughtheuseofcostlesscollarsorotherfinancialinstrumentsuptoamaximumof50percentofsalesvolumes.nTheTrustmaintainsanactivehedgingprogram.OtherfinancialinstrumentsincludeAlbertaelectricitycontractswithpositivemark-to-marketvalues.Risk Analysis-Commodity Price74RiskAnalysis-InterestRateRisknTheTrustmaintainsitsdebtinfloating-ratebankfacilities,resultinginexposuretofluctuationsinshort-terminterestrates.nFromtimetotime,theTrustmayincreasethecertaintyoffutureinterestratesbyusingfinancialinstrumentstoswapfloatinginterestratesforfixedratesortocollarinterestrates.nTheTrusthadnofinancialinstrumentsinplaceatDecember31,2005thataffecteditsfutureinterestrateexposure.Risk Analysis-Interest Rate Ri75RiskAnalysis-ForeignExchangeRateRisknPricesreceivedforsalesofcrudeoilandcertainbankloansarereferencedto,ordenominatedin,USdollars.nAccordingly,realizedoilprices,interestcostsanddebtlevelsmaybeimpactedbyCAD/USDexchangerates.nWhenconsideredappropriate,theTrustmayusefinancialinstrumentstofixorcollarfutureexchangerates.nAtDecember31,2005theTrusthadnofinancialinstrumentsoutstandingrelatedtoforeignexchangerates.Risk Analysis-Foreign Exchange76RiskAnalysis-BusinessRisknTheTrustsexploration,development,productionandassetacquisition/dispositionactivitiesareconductedintheWesternCanadaSedimentaryBasinandinvolveanumberofbusinessrisks.nTheserisksincludetheuncertaintyofreplacingannualproductionandfindingnewreservesonaneconomicbasis,thepotentialinstabilityofcommodi
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