Encana is a North American E&P juggernaut with an ambitious vision. Having undergone its renaissance in the run-up to the price collapse, the company has emerged with an enviable portfolio centred around the dual-linchpins of the Permian Basin and the Montney. Taken together, these plays will propel production to grow at an average annual rate of 15% out to 2022, ahead of the peer group average of 12%. Critically, our models reckon this growth will be achieved while spending within cash flow from next year. This puts Encana in a strong position to deliver upon both the five-year production and cash flow targets outlined in its November 2017 Investor Day.