Enerplus Overview TSX, NYSE ERF Market Cap C3.6 billion Canadian Oil Waterfloods Net Debt(1) C0.4 billion Production(2): 10,336 BOE/d Enterprise Value C4.0 billion Key Messages Williston Basin Robust light oil growth out of North…
Q1 2018 - Highlights 85,100 BOE/d (41,500 bbl/d liquids) in Q1 Production Growth underway: Q2 liquids expected to average 48,000 to 50,000 bbl/d Well positioned relative to 2018 guidance (including 30% growth in North Dakota)…
Executing Profitable Growth Driving High-Return Crude Oil Production Growth Plan grounded in returns Liquids Production Growth based capital allocation Mbbl/day 20% 60 CAGR(1) Underpinned by high-return 50 drilling inventory in…
2018 Capital Allocation Disciplined Focus on Value and Returns Capital program and dividends 2018E Capital Allocation(1) funded within cash flow C535-585 Million At US50-55/bbl WTI and US3.00/Mcf NYMEX 5% 100MM in excess cash flow…
Cash Margin Expansion Lower Costs and Tighter Differentials Driving Margin Expansion Strong cost focus and divestment of higher cost assets driving cost structure reductions Narrowing Bakken and Marcellus differentials supporting…
Cash Margin Expansion Significant Improvement Driven by Structural Changes Structural improvements to Enerplus cost structure and pricing realizations have helped increase its unhedged cash margin(1) by 12/BOE Liquids production…
Balance Sheet Strength Financial Position Among the Strongest In Peer Group Enerplus is committed to maintaining a strong balance sheet Net Debt / 2018E Cash Flow Source: BMO comps at strip pricing April 25, 2018(1) 9.0x 8.0x 7.0x…
Reserves Strong Organic Replacement at Competitive Costs Replaced 189% of 2P Organic Reserves Replacement(1) 2P Finding & Development Costs (/boe)(2) 2017 production 189% 414% in North Dakota 9.68 8.44 132% in Marcellus 126% 108%…
Williston Basin North Dakota & Montana - Light Oil Assets Fort Berthold, ND Acreage concentrated in the core Low well density vs surrounding acreage Two operated rigs in 2018 Q1 2018 production: 30,372 BOE/d Fort Berthold…
Fort Berthold, North Dakota Bakken / Three Forks Tier 1 Acreage Position Key Details Net Acreage (operated) 65,600 acres Average WI (%) 84% Q1 2018 Production (BOE/day) 30,372 % Crude Oil, NGL & Gas (at Q1) 83%, 9%, 8% 2P Reserves…
Fort Berthold Efficiencies Focused on Continuous Improvement Continued improvement in drilling efficiencies and more pad development is driving 30% increase in wells drilled year-over-year Meaningful production growth forecast in…
Enerplus Completion Evolution High Intensity Completions Driving Strong Well Results Early adopters of higher intensity completions Completion design guided by economic returns and capital efficiency Enerplus Operated Well…
Top Decile Well Productivity Consistently Strong Performance Enerplus continues to deliver consistent, top decile performance Avg. First 3-Months Oil Production(1)(2) Well Economics(3) Barrels per day per 1,000 lateral (2016-2017…
Fort Berthold Significant Running Room Low existing well density Large remaining opportunity set is well defined Gross Locations(1) Wells Drilled & Future Drilling Locations 800 10 wells/ DSU 700 600 7 wells/ DSU 500 500 400 4…
Industry Bakken Oil Production & Takeaway Capacity Pipeline takeaway and refining exceeds existing basin production by over 200,000 bbls/day Forecasting US(3.50)/bbl differential to WTI for 2018 North Dakota Production and Takeaway…
Marcellus Core Acreage Position in NE Pennsylvania Key Details Net Acreage 36,200 acres Average WI (%) 11% Q1 2018 Production (MMcf/day) 208 % Natural Gas (at Q1) 100% 2P Reserves (Bcf)(1) 918 Contingent Resources (Bcf)(2) 738…
Marcellus Well Results Continued Strong Performance Well performance continuing to track at or above type curve expectations Average Cumulative Gas Production(1) Bcf 10 Lateral Lat. length Length…
Marcellus Basis Improvement to Drive an Increase in Free Cash Flow Low cost operations consistently delivering free cash flow, with further margin expansion expected in 2018 Marcellus Capital Spending & Marcellus Cash Margin…
Marcellus/Utica Pipeline Projects Meaningful Expansion Projects Will Debottleneck the Region Combined 5.5 Bcf/d of additional pipeline projects expected in-service across Northeast Pennsylvania and Southwest Marcellus/Utica during Q2…
Marcellus Marketing Portfolio Marcellus Marketing Portfolio Expected Pricing Exposure(1) MMcf/d Based on Q12018 production volumes 250 Thousands ERF Q1 2018 Gross Marcellus Production TZ6 Non-NY Gulf Coast 200 Other Leidy…
Canadian Oil Waterflood Portfolio Large Oil in Place, Low Decline Production High netback, free cash flow generating assets Activity focused on waterflood optimization and expansion, and ongoing polymer flooding Discovered OOIP(1)…
Canadian Oil Waterflood Portfolio High-Margin, Stable Production Free Cash Flow Generation - Waterflood Portfolio(1)(2) Portfolio optimized to focus C Million, Cumulative Free Cash Flow from Retained Assets (Unhedged) on highest…
Why Invest in Enerplus Key Messages Robust light oil growth out of North Dakota Differentiated margin expansion Fully funded plan; free cash flow under strip prices Balance sheet among the strongest in peer group…
Supplemental Information
2018 Guidance(1) 2018 Capital Spending C535 - 585 million Q2 2018 Crude Oil & NGL Production 48,000 50,000 bbls/d Annual Average Production 86,000 - 91,000 BOE/d Annual Average Crude Oil & NGL Production 46,000 - 50,000 bbls/d…
Reducing Leverage and Abandonment Liabilities Net debt reduced 75% since YE 2015(1) Senior notes outstanding: 688 MM(2) and cash of 396 MM Divestment activity has reduced ARO by 60% since YE 2014 Debt, net of cash (1)(2) Asset…
Loading...
