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Investor Update April 2016 – Enerplus Corp

Enerplus Corp · Apr 4, 2016 · 38 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. Investor Update April 2016 – Enerplus Corp – slide 1
    ERF: TSX & NYSE Investor Update April 2016
  2. Investor Update April 2016 – Enerplus Corp – slide 2
    Enerplus Key Attributes Profitable Growth & Dividend Income Core growth positions in top resource plays Top Tier North Dakota Bakken/Three Forks and Marcellus Assets Supported by low-decline, high-margin assets with EOR upside…
  3. Investor Update April 2016 – Enerplus Corp – slide 3
    Portfolio Repositioning Continued Optimization and Improved Concentration Improved portfolio focus: fewer, larger positions 3 areas now represent 95% of reserves Cumulative Net A&D Production Proceeds(1) 2P Reserves (BOE/day) (MM)…
  4. Investor Update April 2016 – Enerplus Corp – slide 4
    Top Tier Asset Portfolio Canadian Oil 15,000 17,000 BOE/d 2016E Production Waterfloods Long-life, low decline Large discovered OOIP; 93 future net drilling locations and EOR potential 52% 48% Primary, secondary & tertiary…
  5. Investor Update April 2016 – Enerplus Corp – slide 5
    Track Record Production (BOE/day) Funds Flow (MM) 120,000 1,000 106,524 100,000 800 80,000 600 493 60,000 400 40,000 20,000 200 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Other Waterfloods Williston Basin…
  6. Investor Update April 2016 – Enerplus Corp – slide 6
    F&D and Capital Efficiencies: Continued Improvement 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 spending directed to crude…
  7. Investor Update April 2016 – Enerplus Corp – slide 7
    2016 Guidance: Preserving Financial Flexibility Key priorities: Maintain balance sheet strength 2016 divestment proceeds of 193MM have bolstered balance sheet Preserve value of high quality inventory Should commodity prices recover,…
  8. Investor Update April 2016 – Enerplus Corp – slide 8
    Hedging Summary Crude Oil Hedging Summary(1) Natural Gas Hedging Summary(1) % of forecast production 55% 36% 26% 19% 34% 22% hedged(2) 18,000 70 80 3.00 16,000 70 NYMEX Price Hedged (US/Mcf) 60 WTI Price Hedged (US/bbl)…
  9. Investor Update April 2016 – Enerplus Corp – slide 9
    Debt Composition Debt Composition at December 31, 2015 Updated Senior Notes Maturities(1) Senior Unsecured Notes CDN1,137MM Repurchased US267 million (YTD 2016) at an average discount to par value of 95% Bank Credit Facility 800…
  10. Investor Update April 2016 – Enerplus Corp – slide 10
    Core Oil Assets
  11. Investor Update April 2016 – Enerplus Corp – slide 11
    Williston Basin Light Oil Assets Williston Basin (North Dakota & Montana) Production (BOE/d) (1) 35,000 Fort Berthold 30,000 Sleeping Giant 25,000 20,000 15,000 10,000 5,000 - 2010 2011 2012 2013 2014 2015 2016E 2P Reserves…
  12. Investor Update April 2016 – Enerplus Corp – slide 12
    Fort Berthold Overview Fort Berthold, North Dakota Key Facts Discovered OOIP(1) 22 35 MMbbls/1280 DSU Discovered OOIP(1) 1.4 billion bbls Recovery Factor 15% Net Acreage 74,000 acres 2P Reserves(2) 144 MMBOE Contingent Resources(3)…
  13. Investor Update April 2016 – Enerplus Corp – slide 13
    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…
  14. Investor Update April 2016 – Enerplus Corp – slide 14
    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 236 future drilling locations 8 2nd Bench of Three…
  15. Investor Update April 2016 – Enerplus Corp – slide 15
    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) 1,200 900 300,000…
  16. Investor Update April 2016 – Enerplus Corp – slide 16
    Strong Well Performance Across Acreage Position Well Locations (2014 & 2015) Average Production per Well by Area (2014 & 2015) Cumulative Oil (bbls) 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000…
  17. Investor Update April 2016 – Enerplus Corp – slide 17
    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 NDIC Data All long lateral wells in North Dakota brought…
  18. Investor Update April 2016 – Enerplus Corp – slide 18
    Enerplus Bakken Position: Among the Lowest Breakeven Costs in Lower 48(1) Enerplus 2014 2015 North Dakota wells in Fort Berthold had, on average, among the lowest breakeven costs in the lower 48 and the lowest among all Bakken…
  19. Investor Update April 2016 – Enerplus Corp – slide 19
    Enerplus Bakken Position Compared to Other Oil Plays: Highest IP Rates(1) and Competitive Capital Efficiencies Average Well Results Across Oil Plays by Leading Operator(2) (2014 to 2015) IP30 Capital 5,700 6,100 4,300 5,700 5,900 6,800…
  20. Investor Update April 2016 – Enerplus Corp – slide 20
    Fort Berthold Improving Capital Efficiencies Reduction in Well Costs and Increase in IP Rates Driving Top Quartile Capital Efficiencies 25,000 IP30 Cap Efficiency (USK/BOE/day)(1) 20,000 19,500 17,000 15,500 15,000…
  21. Investor Update April 2016 – Enerplus Corp – slide 21
    Fort Berthold Crude Oil, Gas & NGL Marketing ERF Transportation Split With regional pipeline capacity now exceeding 750,000 bbls/d, less than 500,000 bbls/d of regional production must utilize rail for egress(1) 56% 44% Enerplus…
  22. Investor Update April 2016 – Enerplus Corp – slide 22
    Low Decline Canadian Waterflood Assets Canadian Waterflood Assets Key Facts Discovered OOIP 1.1 billion bbls Recovery factor(1) 23% 2P Reserves(2) 67 MMBOE Contingent Resources(3) 35 MMBOE Future Net Drilling Locations 93 wells (30…
  23. Investor Update April 2016 – Enerplus Corp – slide 23
    Waterflood Medicine Hat Glauc C Unit Polymer pilot injection began in May 2012 (5 injectors) 2nd polymer project injection began in Q4 2015 (12 injectors) Additional projects currently planned for 2017 and 2018 Med Hat Glauc C - Net…
  24. Investor Update April 2016 – Enerplus Corp – slide 24
    Core Natural Gas Assets
  25. Investor Update April 2016 – Enerplus Corp – slide 25
    Marcellus NE Pennsylvania Marcellus Acreage, Pennsylvania Key Facts Enerplus Land Net Acreage 47,000 acres Thickness Marcellus Well 2P Reserves(1) 841 Bcf Contingent Resources(2) 803 Bcf Future Net Drilling Locations 128 wells…
  26. Investor Update April 2016 – Enerplus Corp – slide 26
    Marcellus Well Performance and Economics Marcellus Type Curves Type Curve Economics(1)(2)(3) 5.0 EUR (Bcf) 10 15 15 Bcf Type Curve IP30 (MMcf/d) 8.3 11.0 4.5 10 Bcf Type Curve 12 IRR Pretax (%) 7% 18% 2014 Onstream Actuals 31…
  27. Investor Update April 2016 – Enerplus Corp – slide 27
    Northeast PA Marcellus Pipeline Infrastructure Future Takeaway Capacity NE PA Marcellus Incremental Production and Takeaway Capacity 5 rigs 2016, 10 rigs 2017, and 20 rigs 2018; 15 wells per rig per year In the near-term, production…
  28. Investor Update April 2016 – Enerplus Corp – slide 28
    Marcellus Sales and Transport Commitments Q4 2015 Actual Sales Out of Basin Sales/Transport: TGP Z4 300 Long-term must-take sales and existing Spot: 39% transport commitments for up to 85 MMcf/d for rest of 2016 increasing to 135…
  29. Investor Update April 2016 – Enerplus Corp – slide 29
    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…
  30. Investor Update April 2016 – Enerplus Corp – slide 30
    Supplemental Information
  31. Investor Update April 2016 – Enerplus Corp – slide 31
    2016 Guidance 2016 Guidance 2016 Guidance(1) Capital Spending 200MM Average Production (BOE/d) 90,000 94,000 Average Liquids (bbls/d) 43,000 45,000 Operating Costs 9.50/BOE Transportation Expense 3.30/BOE Cash G&A 2.10/BOE…
  32. Investor Update April 2016 – Enerplus Corp – slide 32
    Crude Oil Hedging Summary Q1 2016 Q2 2016 2H 2016 Hedge position as % of 26% forecasted 36% production(1) 45% 55% Hedged 64% 74% Unhedged Volume Price Volume Price Volume Price (bbl/d) (US/bbl) (bbl/d) (US/bbl) (bbl/d)…
  33. Investor Update April 2016 – Enerplus Corp – slide 33
    Natural Gas Hedging Summary Jan - Mar 2016 Apr - Oct 2016 Nov - Dec 2016 Hedge position as % of 19% 22% forecasted 34% production(1) Hedged 66% Unhedged 81% 78% Volume Price Volume Price Volume Price (Mcf/d) (US/Mcf) (Mcf/d)…
  34. Investor Update April 2016 – Enerplus Corp – slide 34
    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 66 0.32 Change of 0.50/Mcf NYMEX natural gas 44 0.21 Change…
  35. Investor Update April 2016 – 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. Investor Update April 2016 – Enerplus Corp – slide 36
    Northeast Pennsylvania Pipeline Projects 7.8 Bcf/day of Projects Planned Incremental Takeaway Project Pipeline Owner Destination In Service (MMcf/day) Transco - Leidy Southeast Transco Williams 525 Southeast Q1 2016 Algonquin…
  37. Investor Update April 2016 – Enerplus Corp – slide 37
    Enerplus Board of Directors Elliott Pew, Chairman of the Board Mr. Pew has over thirty five years of diverse experience in the oil and gas industry, most recently as Co-Founder and Chief Operating Officer for Common Resources, a private…
  38. Investor Update April 2016 – Enerplus Corp – slide 38
    Enerplus Board of Directors continued Robert B. Hodgins, Director Mr. Hodgins has been an independent businessman since November 2004. Prior to that, Mr. Hodgins served as the Chief Financial Officer of Pengrowth Energy Trust (a TSX and…

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