ECA has a strong base ECA has a strong base here and it should only get stronger going forward as long as oil stays at around $50 or better. They are well versed in the natural gas business and have adjusted to the lower price environment well (2015 is over 50% hedged at 4.29 - probably closer to 80% hedged when you take deep panuke out of the picture). With oil in the Permian and Eagle Ford, it is early days for ECA which means that they will be increasing production supstantially , lowering costs and drilling profitable locations. Any improvements in oil and gas prices will have much more positive leverage for ECA than other players.
JMO
https://seekingalpha.com/pr/12625416-encana-reports-strong-performance-in-2014-reduces-2015-capital