- Non-GAAP Cash Flow is a non-GAAP measure defined as cash from operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital investment, excluding net acquisitions and divestitures.
- Return on Capital Employed (ROCE) is a non-GAAP measure defined as Adjusted Operating Earnings divided by Capital Employed. Adjusted Operating Earnings is defined as non-GAAP Operating Earnings (Loss) plus after-tax interest expense. Capital Employed is defined as average net debt plus average shareholders' equity. Non-GAAP Operating Earnings (Loss) is a non-GAAP measure defined as net earnings (loss) excluding non-recurring or non-cash items that management believes reduces the comparability of the company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, restructuring charges, non-operating foreign exchange gains/losses, gains/losses on divestitures and gains on debt retirement. Income taxes may include valuation allowances and the provision related to the pre-tax items listed, as well as income taxes related to divestitures and adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate.
Risks and uncertainties that may affect these business outcomes include: commodity price volatility; ability to generate cash flow; unexpected technical difficulties; ability to secure adequate transportation and potential curtailments; risks inherent in Encana's corporate guidance and five-year plan; access to sources of liquidity; failure to achieve cost and efficiency initiatives; imprecision of reserves estimates and recoverable quantities, including future net revenue estimates; and other risks and uncertainties impacting Encana's business, as described in its most recent Annual Report on Form 10-K and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.Although Encana believes the expectations represented by such FLS are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. FLS are made as of the date of this news release and, except as required by law, Encana undertakes no obligation to update publicly or revise any FLS. The FLS contained in this news release are expressly qualified by these cautionary statements. Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
|Investor contact: Brendan McCrackenVice-President, Investor Relations (403) 645-2978 Patti PosadowskiSr. Advisor, Investor Relations (403) 645-2252||Media contact: Simon ScottVice-President, Communications (403) 645-2526 Jay AverillDirector, Media Relations (403) 645-4747|