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December 2015 Investor Update – Enerplus Corp

Enerplus Corp · Dec 1, 2015 · 41 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. December 2015 Investor Update – Enerplus Corp – slide 1
    ERF: TSX & NYSE Investor Update December 2015
  2. December 2015 Investor Update – Enerplus Corp – slide 2
    Strategy: Sustainable Growth & Income Operational Strong Financial Top Tier Assets Excellence Stewardship Top resource plays in Proven technical expertise Conservative balance North America Disciplined, returnfocused sheet with…
  3. December 2015 Investor Update – Enerplus Corp – slide 3
    Track Record Production (BOE/day) Funds Flow (MM) 120,000 1,000 106,000 859 100,000 800 80,000 600 60,000 400 40,000 20,000 200 0 0 2011 2012 2013 2014 2015E 2011 2012 2013 2014 Other Waterfloods Deep Basin Williston Basin…
  4. December 2015 Investor Update – Enerplus Corp – slide 4
    2015 Guidance: Well Positioned 2015 Guidance and Performance to Date Previous 2015 Revised Year-to-date 2015 Guidance Guidance Actuals Capital Spending 540MM 510MM 404MM Average Production (BOE/d) 100,000 104,000 106,000 106,396…
  5. December 2015 Investor Update – Enerplus Corp – slide 5
    2016 Outlook: Focused on Sustainability Fully Funded 2016 Program: No Debt Build Expected(1) 2016 Guidance(2) Capital Allocation ( million) 510 30 Capital Expenditure 350MM 40 Average Production (BOE/d) 100,000 105,000 120 350…
  6. December 2015 Investor Update – Enerplus Corp – slide 6
    Top Tier Asset Portfolio 2015E Production 19,000 BOE/d 44% Long-life, low decline 56% Large discovered OOIP; 150 future drilling locations and EOR potential Primary, secondary & tertiary recovery potential Liquids Natural Gas 60…
  7. December 2015 Investor Update – Enerplus Corp – slide 7
    Strong Portfolio Optionality Fort Berthold, ND Waterfloods, CDN Deep Basin - Wilrich Marcellus Capital 70% 20% 5% 5% Allocation:(2) 100% 100% 80% 60% 58% IRR (pre-tax) (1) 38% 40% 38% 40% 31% 32% 29% 28% 25% 22%…
  8. December 2015 Investor Update – Enerplus Corp – slide 8
    F&D and Capital Efficiencies: Continued Improvement 2014 recycle ratio of 2.7x Improving efficiencies and F&D costs with majority of spending directed to crude oil projects 2P F&D and FD&A Costs(1) Capital Efficiencies(2) % of…
  9. December 2015 Investor Update – Enerplus Corp – slide 9
    Strong Relative Performance 2014 2P F&D Costs (Including FDC)(1) 2014 Capital Efficiencies(1) /BOE /BOE/day 25 60,000 49,000 22 22 22 21 20 50,000 40,000 20 38,000 36,000 17 17 33,000 32,000 31,000 40,000…
  10. December 2015 Investor Update – Enerplus Corp – slide 10
    Hedging Summary Crude Oil Hedging Summary(1) Natural Gas Hedging Summary(1) % of forecast production 45% 34% 34% 36% 9% 9% hedged(2) 16,000 91 120 4.5 14,000 4.0 78 100 3.5 NYMEX Price Hedged (/Mcf) 12,000 WTI Price…
  11. December 2015 Investor Update – Enerplus Corp – slide 11
    Debt Composition at September 30, 2015 Debt Composition Senior Notes Maturities(1) Bank Credit Facility 800 million (as of Nov 2016) Senior Unsecured Notes - CDN1,116 MM 11 banks in Enerplus bank credit facility Notes are rated NAIC 2…
  12. December 2015 Investor Update – Enerplus Corp – slide 12
    Core Oil Assets
  13. December 2015 Investor Update – Enerplus Corp – slide 13
    Williston Basin Operated Light Oil Assets Williston Basin (North Dakota & Montana) Production (BOE/d) 35,000 Fort Berthold 30,000 Sleeping Giant 25,000 20,000 15,000 10,000 5,000 - 2010 2011 2012 2013 2014 2015E 2P Reserves…
  14. December 2015 Investor Update – Enerplus Corp – slide 14
    Fort Berthold Overview Fort Berthold, North Dakota Key Facts Discovered OOIP(1) 22 35 MMbbls/1280 DSU Discovered OOIP(1) 1.4 billion bbls Net Acreage 74,000 acres Average Working Interest 90% 2P Reserves(2) 123 MMBOE Contingent…
  15. December 2015 Investor Update – Enerplus Corp – slide 15
    Fort Berthold Concentrated Core Position & Room to Run The Core represents ND Acreage Quality ND Drilling Density 10% of the basin Avg Long Laterals Peak Monthly Production By Township Total Wells per Township Lower well density…
  16. December 2015 Investor Update – Enerplus Corp – slide 16
    North Dakota Well Performance vs Peers Acreage position and completion design driving best in basin well performance Average First 6 Months Cumulative Oil Production Per Well All long lateral wells in North Dakota brought on stream…
  17. December 2015 Investor Update – Enerplus Corp – slide 17
    Fort Berthold Improving Capital Efficiencies Reduction in well costs and increase in IP rates driving top quartile capital efficiencies 25,000 20,000 19,500 Cap Efficiency (USK/BOE/day) 17,000 15,500 15,000 11,500…
  18. December 2015 Investor Update – Enerplus Corp – slide 18
    Fort Berthold Well Density Well Density and Prospectivity Enerplus Hognose Successful TF2 Entire acreage prospective for Bakken and 1st Bench Three Forks Enerplus Swallowtail TF2 270 future drilling locations 8 75% are long…
  19. December 2015 Investor Update – Enerplus Corp – slide 19
    Strong Well Performance Across Acreage Position Well Locations (2014 & 2015) Average Production per Well by Area (2014 & 2015) Cumulative Oil (bbls) 120,000 100,000 80,000 60,000 40,000 1200 Mbbl Type Curve 900 Mbbl…
  20. December 2015 Investor Update – Enerplus Corp – slide 20
    Fort Berthold Completions A Step Change in Productivity Significant increase in productivity through completion evolution Fort Berthold Well Results Type Curve Economics(1)(2)(3)(4) Cumulative oil (bbls) EUR (Mbbl) 1,200 900 200,000…
  21. December 2015 Investor Update – Enerplus Corp – slide 21
    Fort Berthold Crude Oil, Gas & NGL Marketing ERF Current Transportation Utilization Regional pipeline and rail loading capacity combined with local refinery demand exceeds regional production by over 70%(1) 52% 48% Enerplus…
  22. December 2015 Investor Update – Enerplus Corp – slide 22
    Low Decline Canadian Waterflood Assets Canadian Waterflood Assets Key Facts Discovered OOIP 1.1 billion bbls Recovery factor(1) 22% 2P Reserves(2) 66 MMBOE Contingent Resources(3) 59 MMBOE Future Net Drilling Locations 153 wells…
  23. December 2015 Investor Update – Enerplus Corp – slide 23
    Waterflood Medicine Hat Glauc C Unit Polymer pilot injection began in May 2012 (5 injectors) Second project to begin in Q4 of 2015 following pilot success (12 injectors) Additional projects currently planned for 2017 and 2018 Med Hat…
  24. December 2015 Investor Update – Enerplus Corp – slide 24
    Core Natural Gas Assets
  25. December 2015 Investor Update – Enerplus Corp – slide 25
    Marcellus NE Pennsylvania Marcellus Acreage, Pennsylvania Key Facts Enerplus Land Net Acreage 52,000 acres Thickness Marcellus Well Average Working Interest 28% 2P Reserves(1) 840 Bcf Contingent Resources(2) 1,400 Bcf Future…
  26. December 2015 Investor Update – Enerplus Corp – slide 26
    Marcellus Well Performance and Economics Marcellus Type Curves Type Curve Economics(1)(2)(3) 4.0 15 Bcf Type Curve EUR (Bcf) 10 15 12 10 Bcf Type Curve IP30 (MMcf/d) 8.3 11.0 3.5 2014 Onstream Actuals YTD 2015 Onstream Actuals 45…
  27. December 2015 Investor Update – Enerplus Corp – slide 27
    Northeast PA Marcellus Pipeline Infrastructure Future Takeaway Capacity In the near-term, production capacity is limited by the amount of available pipeline egress in the region At current rig count, constrained or curtailed…
  28. December 2015 Investor Update – Enerplus Corp – slide 28
    Marcellus Sale Price Mix Q3 2015 Regional firm, must-take contracts of 135 MMcf/day in place through TGP Z4 300 Q1 2016 (includes 10 MMcf/day of Spot: 45% pipeline capacity), falling to 55 MMcf/day in Q2 2016 Transco Leidy Transco…
  29. December 2015 Investor Update – Enerplus Corp – slide 29
    Core Canadian Natural Gas Deep Basin Deep Basin Acreage Core growth area in the Wilrich Deep Basin Fairway 74,000 net acres of high working interest land in the Pine Creek Stacked Mannville Stacked Mannville 74,000 net acres of…
  30. December 2015 Investor Update – Enerplus Corp – slide 30
    Deep BasinWilrich Contiguous Land Blocks in Highly Prospective Regions Key Facts Key Properties Edson, Ansell, Minehead, Hanlan North Ansell Net Acreage 50,000 acres - 2-well pad drilled in Q4 2014 with partners 2P Reserves(1) 70…
  31. December 2015 Investor Update – Enerplus Corp – slide 31
    Wilrich Activity and Economics Operated Cumulative Production Type Curve Economics(1)(2)(3) EUR (Bcf) 6 MMcf IP30 (MMcf/day) 7.3 700 6 Bcf Type Curve 2015 Average NPV 10% (MM) 3.6 600 2011-2014 Average IRR Pretax (%) 32% 500 Payout…
  32. December 2015 Investor Update – Enerplus Corp – slide 32
    Our Competitive Advantage Top-tier assets Demonstrated track record of delivering profitable growth in production, reserves and funds flow Strong operational capability with disciplined capital allocation and focus on improving…
  33. December 2015 Investor Update – Enerplus Corp – slide 33
    Supplemental Information
  34. December 2015 Investor Update – Enerplus Corp – slide 34
    Fort Berthold Townships First 6 Months Oil Production(1) Enerplus wells drilled without high volume completions Enerplus wells drilled with high volume completions First 6 Calendar Month Oil Production (bbls) 40% improvement…
  35. December 2015 Investor Update – Enerplus Corp – slide 35
    Fort Berthold Well Density Schematic 6 / 7 Well Density(1) 8 Well Density(1) TF 2 & 3 Upside(2) No Lower Three Forks Lower Three Forks TF3 & Additional Stand-Alone Locations Productive TF Wells 1) Assumes 15% recovery factor 2)…
  36. December 2015 Investor Update – Enerplus Corp – slide 36
    Northeast Pennsylvania Pipeline Projects More than 8 Bcf/day of projects planned Incremental Takeaway Project Pipeline Owner Destination In Service (MMcf/day) Columbia East Side Expansion TCO Columbia 310 NE Q4 2015 Niagara Expansion…
  37. December 2015 Investor Update – Enerplus Corp – slide 37
    Crude Oil Hedging Summary Q4 2015 1H 2016 2H 2016 Hedge position as % of 34% 34% forecasted production(1) 45% 55% Hedged 66% 66% Unhedged Volume Price Volume Price Volume Price (bbl/d) (/bbl) (bbl/d) (/bbl) (bbl/d) (/bbl)…
  38. December 2015 Investor Update – Enerplus Corp – slide 38
    Natural Gas Hedging Summary Q4 2015 1H 2016 2H 2016 Hedge position as % of 9% 9% forecasted 36% production(1) Hedged 64% Unhedged 91% 91% Volume Price Volume Price Volume Price (Mcf/d) (/Mcf) (Mcf/d) (/Mcf) (Mcf/d) (/Mcf) Swaps…
  39. December 2015 Investor Update – Enerplus Corp – slide 39
    2016 Funds Flow Sensitivities Est. effect on 2016 Est. effect on 2016 Funds Flow Funds Flow per Share 2016 Sensitivities ( Million) (/share) Change of 5.00/bbl WTI crude oil 52 0.25 Change of 0.50/Mcf NYMEX natural gas 64 0.31 Change…
  40. December 2015 Investor Update – Enerplus Corp – slide 40
    Enerplus Share Ownership Investor Composition(1) Geographic Composition Total Retail Total Institutional 56% 44% 1% 5% 19% 24% 43% 52% 56% U.S. Institutional Retail Canada U.S. Europe & Other Canadian Institutional…
  41. December 2015 Investor Update – Enerplus Corp – slide 41
    Endnotes Economic assumptions, differentials and capital by play, or project Scenario 1: WTI 70/bbl; NYMEX 3.75/Mcf; FX Rate US/CDN 1.175 Differentials (US) 2016 2017 2018 + Capital (MM) Fort Berthold -9.50/bbl -9.50/bbl -7.50/bbl…

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