Good day, ladies and gentlemen, and thank you for standing by. Welcome to Encana Corporation's Third Quarter 2015 Conference Call. As a reminder, today's call is being recorded. At Please be advised that this conference call may not be recorded or rebroadcast without the expressed consent of Encana Corporation. I would now like to turn the conference call over to Brendan McCracken, Vice President of Investor Relations. Please go ahead, Mr. McCracken.

Thank you, operator. Welcome, everyone, to our third quarter 2015 results conference call. This call is being webcast and the slides are available on our website at encana.com. Before we get started, please take note of the advisory regarding forward-looking statements in the news release and at the end of our webcast slides. Further advisory information is contained in our most recent Annual Information Form and other disclosure documents filed on SEDAR and EDGAR. I also wish to highlight that Encana prepares its financial statements in accordance with U.S. GAAP and reports its financial results in U.S. dollars. So references to dollars means U.S. dollars and the reserves, resources and production information are after royalties, unless otherwise noted. This morning, Doug Suttles, Encana's President and CEO, will provide the highlights of our third quarter results. Mike McAllister, our COO, will then provide some operational highlights, and Sherri Brillon, our CFO will follow up with a discussion of Encana's financial results before we open the call up for Q&As. I will now turn the call over to Doug Suttles. Douglas James Suttles - President, Chief Executive Officer & Director: Thanks, Brendan, and good morning, everyone and thank you for joining us. Encana delivered a solid third quarter performance. We demonstrated high margin production growth from our four core assets and took decisive steps to further focus our portfolio, lower cost and proactively manage our balance sheet. Our strategy of a focused portfolio of top-tier high-margin assets that grow our oil and condensate production is really coming together and showing up in our results. The combination of our focus on efficiency and expanding margins meant that in the third quarter, our upstream operating cash flow was the same as the second quarter even though the WTI price dropped by over $11 a…

We will now begin the question-and-answer session. Your first question comes from the line of Greg Pardy. Your line is open.

Thanks. Thanks, good morning all. Doug, I wanted to come back maybe just to the innovation and the impact on cost and so forth in a minute, but just wanted to ask a few housekeeping questions. The first is how should we be thinking about 4Q CapEx right now, just given the year-to-date spend and the $2.2 billion budget? Douglas James Suttles - President, Chief Executive Officer & Director: Yes, Greg. Thanks for joining us. Thanks for the question. I think that as Sherri indicated, we'll come in at the top end of the guidance I think, and there's really a couple of things driving that. First of all, for example in the Haynesville, we have some non-operating interest there where the operator was proposing wells and giving our divestment. we chose to participate in those wells, and I believe that accounts for about $50 million that wasn't in our original plan and budget. But it's important to note, we'll recover that money in the purchase price proceeds. So it will show up in the capital line but it will be recovered through the proceeds. And then secondly, the other big piece here is a combination of the innovation spend Mike talked about. We have spent more than we originally planned this year. We're going to talk some about that I think probably more before this call is over and then we're going to demonstrate and show some of that out in the field with those who are joining us next week in the Permian. And then lastly, in the Permian itself, we've had as Mike talked about, we've had really strong results this year. We're really, really pleased that it was just basically a year ago today we took over as an operator in the Permian Basin and yes, I think our cost and well performance are right there with the best and I think some of the things we've done, this vertical monitoring well, Mike sort of briefly talked about, is a state-of-the-art item and we like to talk about our R&D center is actually in the field. You got to wear boots and a hard hat to go, because we do this as part of development. But all of that together means we'll be at the upper end of range and it should give us in particularly in the Permian a strong start to 2016.

Okay. Fantastic. So circa $250 million in the fourth quarter or so? Douglas James Suttles - President, Chief Executive Officer & Director: Yes. I think that's in the ballpark. I'd have to just do the math, but.

Okay. Okay. Okay. Perfect. I know Sherri gave some great stuff in terms of I guess how should we be thinking about next year. Can you give us any ideas maybe around CapEx and production or is it just still too soon? Michael G. McAllister - Chief Operating Officer & Executive Vice President: You know, Greg, beyond what I mentioned there at the end, it's a little too soon. We're working that hard right now. I think that we're targeting this 270,000 barrels a day in the fourth quarter, and as we indicated there, the only issue we see is just how TCPL and their NEB program plays out. It did impact us to the tune of about 40 million a day in the third quarter. That's the only risk, and of course that's dry gas we're talking about, so minimum financial impact. But as we look to 2016, I think our mindset is we'd like to make sure we at least maintain that. And then the second thing, I'm very confident our efficiencies will be even better next year than this year. We'll build off the operating performance we've achieved. But we haven't yet set the levels of capital or production. That's yet to come.

Okay. Perfect. And then just to come back to the innovation then. You've made some significant strides in reducing D&C costs and so on. How much is left and how does innovation play into that? Douglas James Suttles - President, Chief Executive Officer & Director: Yes, well I'll hand that over to Mike, but I think what's fascinating and when you look at it, clearly there's been some help from service cost reductions this year. I think our belief is plus or minus those have probably gotten to where they need to go, that fact even in a few places we started to see some cost come up a little bit as some of these companies are trying to make sure they have a sustainable contract price. But what we have seen is, for instance, days per well continue to come down. I expect that will continue into next year. And then some of these very innovative ideas like multi rigs on a pad, multi frac spreads on a pad, we actually drilled out plugs on one pad in the Permian and had four coiled tubings units working simultaneously on one pad. That not only reduces cycle time, it also actually reduces cost because of some of those support services. But maybe Mike, you'd like to add some other thoughts on how you see the performance moving into next year. Michael G. McAllister - Chief Operating Officer & Executive Vice President: Yes. You bet there, Doug. Hi there, Greg. Yes, we continuously focus on basically every well. Once we kind of set that standard, we say okay, what can we do to improve more. And each team member has sort of ideas in terms of let's try this in terms of casing design improvements. We're looking at basically every time a drill bit comes out of the well, we're looking at how do we make that drill bit last longer for the next well. And of course, our fit-for-purpose rigs, which we put into the Permian this year, walking rigs and doing pad drilling, we're able to drive our costs down from $8.4 million per well when we started down to $6.4 million just in Q3 in less than a year. So it's just an ongoing continuous improvement focus by the team, and it's relentless. And one of the other things that I really loved is that we share these innovations across the corporation real time with our chief organization. It's pretty exciting and it's got the organization really juiced up.

Great. Thanks very much for that.

Your next question comes from the line of Menno Hulshof. Your line is open.

Thanks and good morning. So it looks like you didn't drill any wells in the Montney in Q3, but did bring on nine wells with another – I believe it's seven to be brought on in Q4. So with this in mind, can you just comment on the frac log in each of the four core plays and whether those numbers have been going up or down over the last several quarters? Douglas James Suttles - President, Chief Executive Officer & Director: Yes. First, let me just, Menno, just mention on the Montney. Mike touched on this. What's happened in Montney is pretty incredible. I mean, this just shows how innovation never sleeps, if you really get it right in your organization. I mean, we've been in the play for more than a decade and we've probably seen more improvement in performance in the last year than we've probably seen in an entire decade, which just shows the potential. Effectively what's happened is our well productivity has improved so dramatically, we didn't actually need to drill additional wells. And in fact wells we had drilled, we didn't even complete because we had our facilities full. And in fact, I think, Mike and Sherri both kind of talked about how we had capital that we expected to spend in the Montney this year that we didn't spend because we didn't need it to keep our facilities full. And, of course, the other big piece here now is the liquids content. I mean, we're continuing to be amazed that we don't get more questions about these Montney gas wells that are producing 500 barrels to 1,000 barrels of condensate a day. Those are pretty incredible numbers. They actually sound like Eagle Ford numbers or something, but Mike maybe you want to run through sort of where we are on completions and drill bit uncompleted as we enter the year. Michael G. McAllister - Chief Operating Officer & Executive Vice President: Yes. As we move ourselves to the end of the year, we're looking at about carry-in wells about 45 wells in going into the end of the year. Douglas James Suttles - President, Chief Executive Officer & Director: Yes.

Okay. Thank you. And then very quickly on the East Coast to Deep Panuke, is the decision to start that back up being driven by a specific gas price, and if so what would that number look like given weak pricing right now? Douglas James Suttles - President, Chief Executive Officer & Director: Yes, Menno, we actually have started up Deep Panuke. So if you've got anything of an operating background, if you shut a platform down from six months, you do have your fingers a bit crossed when you turn it back on that it will run well, but the team did a fantastic job. It's back up and running. What it's really tied to is weather, but in this case there were some compressor outages on the East Coast which caused gas prices to run in that Boston market, so we decided to bring it on a bit early, but they're pretty volatile this time of the year. When the weather is warmer, the price drops pretty dramatically and when it's cooler, it goes up. But in what we can do, we nominate gas 24 hours at a time, so we can actually take the production up and down depending on what we see the market-to-market need is, but it is up and running. I think we brought that up here in the last two weeks.

Okay. Thanks, Doug. That's it for me.

Your next question comes from the line of Benny Wong. Your line open. Benny C. K . Wong - Morgan Stanley & Co. LLC: Good morning. Thanks. Would you be able to provide a little more color around the activity with accelerated Permian spend in fourth quarter. And how should we think about, how does it impact how we think about next year? Does this mean it's going to be lower CapEx relative to before the announcement or more on the higher volumes side? Thanks. Douglas James Suttles - President, Chief Executive Officer & Director: Yes, Benny, I think two things have happened in the Permian drawing this capital forward; one is, as Mike talked about, our performance has been very strong, so we're drilling wells faster. I think our fastest well now is about 14 days. So we're drilling wells considerably faster. And then our original plan basically had is not completing wells in the fourth quarter and that those completions will happen in the first quarter of next year. When we looked at the performance, we looked at some of the cost savings we've seen elsewhere in the portfolio, we decided to continue with the completion activity in the fourth quarter and continue some drilling activity. But because it's happening late in the quarter and we do have these multi-well pads and things we have talked about before, it takes about two weeks to six weeks for our Permian wells to get to their peak rate. That's a combination of how they clean up in this managed pressure flow back we do or some people call it a slow back. All of that means most of the production is going to show up in 1Q has very little impact on 4Q. But what it should mean is we continue to maintain strong performance in the Permian and continue the growth as we enter 2016. Benny C. K . Wong - Morgan Stanley & Co. LLC: Great. Thanks for that. And just are you able to provide current volumes across the core plays that you guys are seeing today? Douglas James Suttles - President, Chief Executive Officer & Director: Yes. Don't have that right at hand here, but we can just follow-up with you later. Benny C. K . Wong - Morgan Stanley & Co. LLC: Sounds good. That's all my questions. Thanks.

Your next question comes from the line of Jeffrey Campbell. Your line is open.

Good morning, and congratulations on the quarter. First question was, I thought the Duvernay cost reductions appear to be industry leading and I was wondering with these results, is that affecting your thinking about capital allocation for the play going into 2016? Douglas James Suttles - President, Chief Executive Officer & Director: Yes. Jeffrey, the Duvernay, what's interesting right now is we repeated our $10 million per well – a well costs now twice. So we're really confident about that number and, of course, as we're thinking about 2016, we're going to try to drive that even farther down. But what controls the near-term growth in the Duvernay is gas plant capacity. We're building another gas plant as we speak. It will come on late 1Q. We've actually got four rigs at the moment running in the Duvernay, which is designed to fill up that capacity as it comes online. We have taken a decision to defer the start of the next gas plant until we see the results of the Alberta government's reviews there going on. But that won't affect 2016, but it will mean the growth will be a little slower because we'll take that decision after we see the outcome of their current reviews, but we'll have growth in the next year as we fill up this new capacity we're currently building.

Okay. Thank you. Slide seven shows continued Duvernay savings on water management. Water is also a very important resource in the Permian. I was just wondering are you attempting to recreate any of your Duvernay water innovation as you build out the Permian? Douglas James Suttles - President, Chief Executive Officer & Director: It's a great question and we are looking at that and we are probably in 2016 going to do some infrastructure around produced water and how we gather and dispose of that. Trucking costs are a big issue for water no matter where you are, and that's what these systems really do save. But we're studying that hard and I think our 2016 capital plan will have some water infrastructure in the Permian, but the ultimate design we haven't landed on yet, and this is another area where maybe potentially enterprises within the Midstream space decide to play role.

Okay. If I could ask one last quick one with regard to the well spacing in the Permian. I was just wondering is the effort attempting to prove a specific spacing pattern that you've already decided on or is this a pattern that's going to emerge from the data? Douglas James Suttles - President, Chief Executive Officer & Director: Yes. You know what we've done there is, so I'm an engineer, so the techie side he is going to come out a little bit here. But we drilled this vertical well with incredible real-time monitoring unit, which we've actually looked at both frac design and frac interference and well spacing both vertically and laterally. And we've learned a ton from that. I'll be really honest, we're not going to share that very openly because we spent real money to learn it. We have shared that with a few operators where we do data trades with. So in other words, they bring information to us, we bring it to them. But what it means is, is we have I think much greater insight into where we think spacing and frac design is headed. We're planning what we call a mega pad next year, which will test this in real time. And we'll probably talk more about that as we talk about 2016 a bit later.

Okay. We'll look forward to that. Thank you.

Your next question comes from the line of Mike Dunn. Your line is open.

Good morning, everyone. Just wondering maybe if one of you could explain for me, the note 22 in your financials on your commitments and contingencies, there's about $6.3 billion for transportation and processing commitments. And I'm wondering how much of that relates to assets outside of your four core plays. I'm trying to get a sense of I guess how your transportation expense on your gas might be evolving post Haynesville sale as we go into 2016. Thanks. Douglas James Suttles - President, Chief Executive Officer & Director: Yes Mike, for a whole bunch of reasons, you actually can see in our supplemental that we actually have, we have some detail on our future commitments over time, but we don't break those out for a lot of reasons, including competitive reasons. What you will see is in fact if you look back in time, we've been reducing commitments pretty substantially over the last three years, two and a half, three years. You see that also in the results of our Haynesville sale. And actually we are talking about in the four plays where we see our transportation and processing headed. But we don't intend to break those commitments out specifically.

Okay. Thanks, Doug. That's all from me. Douglas James Suttles - President, Chief Executive Officer & Director: Yeah.

Your next question comes from the line of Brian Singer. Your line is open. Brian A. Singer - Goldman Sachs & Co.: Thank you. Good morning. Douglas James Suttles - President, Chief Executive Officer & Director: Good morning. Brian A. Singer - Goldman Sachs & Co.: You've announced a couple of significant asset sales over the last quarter, and wanted to see where you see the restructuring process, what additional opportunities if any you see for further narrowing the focus. And if you're satisfied with the exposure you have to the big plays or whether you would look for acquisition opportunities. Douglas James Suttles - President, Chief Executive Officer & Director: Yeah, Brian, this is usually where I say something like is this just between you and me. But directionally what we've been doing, I think Sherri briefly mentioned this in her remarks, that the first thing to note about portfolio is it's been driven by strategy. So, we launched two years ago. We talked about a much more focused portfolio and more balance between liquids and gas. And that's driven a lot of the portfolio changes both the divestments and the acquisitions in there. And along the way, of course, we've substantially reduced our debt. And I think it's sometimes surprising to think in 2015 with low oil and gas prices and because of our hedge position coming into the year, we've been living in a $50 world all this year. It's not a world we have to prepare for. It's one we've already been living in. And because of all of that, what you see is, is we've actually grown our quarter four or will by next quarter or the fourth quarter here, 35% since the fourth quarter of last year and reduced our net debt by about…

Your final question comes from the line of Terence Chung. Your line is open.

Thanks. Thanks for taking my question guys. So, my question here is on the Permian. We're seeing a trend here with Permian, some of the Permian competitors drilling longer laterals. Is this something like you guys are moving towards as well? And can you maybe provide some commentary on the progress to-date and how much of your acreage may be opened to this extension? Douglas James Suttles - President, Chief Executive Officer & Director: Yeah, Terence. I think what you'll find in all these plays and if you look at what we do across all of ours is, we basically try to drill the longest laterals we can, because they are the most efficient way to develop that. I think we have three wells over 9,000 feet now. Some of this is dictated by your land position and one of the things we do, others do as well is between small acquisitions and trades, you try to actually get where you can drill the longest laterals possible. So, I would expect as the play continues to develop and mature, you will see lateral lengths continue to grow. I think our type well today, we talk about 7,500 feet, I think not too long ago was 7,100 feet. So, you can start to see that trend actually showing up and even what we describe as the type well.

Perfect. Thanks, Doug.

At this time, we have completed the question-and answer session. And I will turn the call back to Mr. McCracken.

Thank you, ladies and gentlemen. Our call is now complete.