Encana has delivered the back to winning strategy that was outlined in November 2013 repositioning a once extensive and multi resource portfolio to drive growth. M&A activity has featured heavily in the turnaround story resulting in a tighter more focused portfolio of four key plays that will drive production and cash flow growth. The transition has not been a smooth one. Despite a multitude of moves to generate cash flow gearing remains high at 34% as at the end of December 2016 albeit US$7.9 billion of (pre tax) impairments since Q1 2014 played a significant role. We expect this to fall if Encana can once again deliver ambitious targets and divest the remaining non core assets in the portfolio.