Exploration & Production | Quarterly / Earnings Reports
Enerplus: North American Q2 Results 'Ahead of Expectations'
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Enerplus Corporation has reported that results for the second quarter of 2013 are ahead of expectations.
Highlights:Funds flow increased by almost 20% during the quarter compared to the first quarter of 2013, and 40% compared to the second quarter last year, to approximately $205 million, driven by higher production and a significant improvement in our netback as a result of higher realized commodity prices.
Our adjusted payout ratio decreased to 89% in the quarter. On a year-to-date basis, our adjusted payout ratio is approximately 106% before considering the proceeds of our divestment activities and reflects the improved sustainability of our business.
Operations in both Canada and the U.S. continued to perform ahead of our expectations. Daily production was up 10% over the second…
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