ECA’s new five-year outlook calls for similar growth for less capex, and suggests a slight shift in capital from Permian to Eagle Ford in the nearer term. With ECA now touting ROCE, FCF and returns, we have reduced our 2019e spending and production forecasts to be more in line with the midpoint of its outlook. Reiteration of its near-term Montney growth outlook was key for us. US$16.00 target and BUY rating maintained.
