Enerplus Overview TSX, NYSE ERF Market Cap C2.7 billion Canadian Oil Waterfloods Net Debt(1) C0.4 billion Production(2): 9,700 BOE/d Enterprise Value C3.1 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(1) North Dakota development Liquids Production (Mbbl/d) 2019E liquids production 80 growth…
Delivering Robust Corporate Level Returns Return on Capital Employed(1) TRACK RECORD OF OUTSIZED RETURNS vs. S&P 500 25% 23% 20% 18% Return on Capital Employed Enerplus S&P 500 15% S&P 500 Energy 10% 10% 9% 8% 7%…
2018 Highlights, 2019 Outlook 2018 HIGHLIGHTS 23% return on capital employed(1) Strong Returns & Cash Flow 44% increase on adjusted funds flow (vs 2017) 22% liquids production growth High-Margin Oil Growth 42% production growth from…
2019 Capital Allocation Returns Focused Oil Growth and Positioned for Free Cash Flow High-Margin, Profitable Oil Growth 2019 Capital Allocation 2019 Liquids Production Growth Rate(1) C millions(1) NORTH DAKOTA WATERFLOODS +11% (vs.…
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…
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 Bakken / Three Forks Overview Tier 1 Acreage Position Acreage position concentrated in core of play BAKKEN POSITION FORT BERTHOLD, NORTH DAKOTA 65,600 net acres Mckenzie Top quartile basin well performance FORT…
Fort Berthold Activity Highlights Strong Well Performance Across Land Position Consistently strong well results FORT BERTHOLD ACTIVITY HIGHLIGHTS 2017/2018 across acreage footprint Mckenzie Landforms: 4 wells Avg. IP 180/well: 207…
Fort Berthold Inventory Significant Running Room to Support High Return Growth Low existing well density Large remaining opportunity set is well defined High-Return Inventory(1) Gross Operated Inventory Locations 450 operated 500…
Fort Berthold 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…
Fort Berthold 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)…
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 34,500 net acres Q4 2018 production: 211 MMcf/d Bradford Susquehanna Low cost, highly…
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 Penn East Southwest 15,000 Northeast Atlantic Coast…
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) 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 High-return 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…
Reconciliation of Return on Capital Employed (CDN millions) 2016 2017 2018 Net Income 397.4 237.0 378.3 Add: Interest expense 45.4 38.7 36.8 Add: Income tax expense (current and deferred) (237.2) 82.0 103.2 Net income before…
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