Enerplus Overview TSX, NYSE ERF Market Cap C3.0 billion Canadian Oil Waterfloods Net Debt(1) C0.4 billion Production(2): 9,700 BOE/d Enterprise Value C3.4 billion Key Messages Williston Basin Concentrated position in the Bakken…
Outlook Through 2021 Focused on Returns, Competitive Oil Growth and Free Cash Flow Growth outlook underpinned by Light Oil Production Growth North Dakota development Liquids Production (Mbbl/d) 2019E liquids production 80 growth…
2019 Capital Allocation Focused on High-Return North Dakota Growth Budget focused on high- 2019 Capital Allocation C millions(1) return drilling inventory in North Dakota North Dakota: 80% Marcellus: 7.5% Capital spending plan 42…
Sustainable Production Growth Competitive Oil Growth and Strong Free Cash Flow Potential Double-digit liquids production per share growth Balanced budget at US50/bbl WTI; free cash flow at higher prices Continuing share repurchases…
2018 Highlights Light Oil Growth, Capital Discipline and Return of Capital Delivered 22% liquids production growth high end of the guidance range No significant change to capital plan Returned over 100 million to shareholders…
Strengthened Corporate Price Differentials Strong Realizations Driven by Infrastructure Expansion in Bakken & Marcellus Improved Oil Price Differential Improved Natural Gas Price Differential Corporate Oil Price Differential vs. WTI…
Balance Sheet Strength Financial Position Among the Strongest In Peer Group Strong Financial Flexibility Net Debt / 2019E Cash Flow(1) 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 3.0x 2.0x 2.0x 0.3x 0.0x ERF Peer 10 Peer…
Balance Sheet & Liquidity Position Significant Financial Strength Balance Sheet & Liquidity Position (Sept 30, 2018) Enerplus strong balance sheet C provides meaningful financial Cash (MM) 348 flexibility and supports the Senior Notes…
Hedging Summary Protecting Capital Program Economics Hedging program designed to protect economics of capital program 60% of 2019 net oil production is protected at US55/bbl Crude Oil Hedging Summary(1) Natural Gas Hedging Summary(1)…
Williston Basin North Dakota & Montana - Light Oil Assets WILLISTON BASIN NORTH DAKOTA & MONTANA Fort Berthold, ND Tier 1 acreage position High return light oil production growth Attracts 80% of companys capital Q4 2018 production:…
Fort Berthold, North Dakota Bakken / Three Forks Tier 1 Acreage Position Acreage position concentrated in core of play BAKKEN POSITION FORT BERTHOLD, NORTH DAKOTA 65,600 net acres Top quartile well performance in the basin…
Enerplus Completion Evolution Focus on Continuous Improvement Driving Modifications to Completions Design Aiming to maximize economics through: Achieving similar well performance at lower proppant intensity (and lower cost) Improving…
Top Quartile Well Productivity Core Acreage and Completion Design Delivering Top Quartile Performance Cumulative Oil Production per 1,000 Lateral Feet(1)(2) Barrels of oil, North Dakota wells since 2014 through Sept 2018 80,000 WELL…
Enerplus Bakken Realized Oil Price Differential Bakken differentials have significantly Enerplus Realized Bakken Oil Price Differential US/bbl strengthened with improved egress out of basin 0 2019 differential guidance is -2…
Marcellus Core Acreage Position in NE Pennsylvania Non-operated position in Marcellus dry gas core MARCELLUS POSITION NE PENNSYLVANIA 36,000 net acres Q4 2018 production: 211 MMcf/d Low cost, highly productive inventory 10 year…
Marcellus Cash Margin Expansion Driven by Improved Regional Pricing Marcellus cash margin has improved by Differential Improvement Increasing Free Cash Flow Marcellus Cash Margin (US/Mcf) US1/Mcf since 2015 3.50 Expansion of basin…
Marcellus Well Results Performance Continuing to Track at or Above Expectations Capital Efficient and Highly Productive Drilling Inventory Average Cumulative Production per Well (Bcf)(1) 12 Lateral Lat. length Length…
Marcellus Takeaway Expansion and Price Differential Additional Pipeline Projects to Further Support Improved Pricing Marcellus / Utica Incremental Takeaway Projects MMcf/d 18,000 10 BCF/d Southwest INCREMENTAL Penn East 15,000…
Canadian Oil Waterflood Portfolio Large Oil in Place, Low Decline Production Assets under water or polymer flooding CANADIAN WATERFLOODS Significant resource: 0.8 bn bbls OOIP(1)(2) Low decline oil production ANTE CREEK ( )…
DJ Basin Acreage Position Northern Extension of Wattenberg Field 39,000 net acres in NW Weld County DJ BASIN Low entry price achieved through leasing and WYOMING COLORADO farm-in activity during downturn in 2015/16 2017 Maple well…
Investment Thesis Track record of disciplined capital allocation and strong returns Concentrated position in Bakken core with large remaining opportunity set Competitive oil production growth Positioned for enhanced free cash…
Supplemental Information
2019 Guidance and Capital Allocation 2019 GUIDANCE(1) 2019 E&D CAPITAL ALLOCATION(4) Capital Spending C565 - C635 million 5% Annual Average Production 94,000 - 100,000 BOE/d DJ BASIN Annual Average Liquids Production 52,500 - 56,000…
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