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June 2019 Corporate Presentation – Enerplus Corp

Enerplus Corp · Jun 14, 2019 · 32 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. June 2019 Corporate Presentation – Enerplus Corp – slide 1
    JUNE 2019 CORPORATE PRESENTATION ERF: TSX & NYSE
  2. June 2019 Corporate Presentation – Enerplus Corp – slide 2
    Company overview Concentrated position in the Bakken core 10 years drilling inventory at current pace High-return oil production growth CDN WATERFLOODS 9,400 Boe/d (94% oil) 10% to 13% annual liquids growth 2019-2021 Positioned…
  3. June 2019 Corporate Presentation – Enerplus Corp – slide 3
    Q1 2019 Update 2019 OUTLOOK ON TRACK 2019 production guidance increased to 97-101 Mboe/d High-return growth YoY liquids production growth of 10% (14% on per share basis)(1) Q2 2019 total production expected to be 11% higher than Q1…
  4. June 2019 Corporate Presentation – Enerplus Corp – slide 4
    OUTLOOK THROUGH 2021 Focused on returns, competitive oil growth and free cash flow Light Oil Production Growth (1) Growth outlook underpinned by Liquids production (Mbbl/d) North Dakota development 80 14% 2019E liquids production…
  5. June 2019 Corporate Presentation – Enerplus Corp – slide 5
    TRACK RECORD Disciplined capital allocation and strong returns Return on capital employed (1) Cash flow from operations Free cash flow(1) Return of capital C Millions C Millions C Millions 17% 23% 17% 739 300MM 100MM 3-year average…
  6. June 2019 Corporate Presentation – Enerplus Corp – slide 6
    R E T U R N O N C A P I T A L E M P L O Y E D (1) Delivering robust corporate level returns Track record of outsized returns vs. S&P 500 25% Enerplus 23% S&P 500 20% S&P 500 Energy 18% Return on Capital Employed 15% 10% 10%…
  7. June 2019 Corporate Presentation – Enerplus Corp – slide 7
    STRONG FINANCIAL FLEXIBILITY Significant debt reduction and accelerating cash flow Adjusted Funds Flow vs Debt Net of Cash (1) 1,400 120 Adjusted funds flow Debt net of cash DEBT REDUCTION Adjusted funds flow and debt 1,200…
  8. June 2019 Corporate Presentation – Enerplus Corp – slide 8
    ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) Committed to strong ESG performance ENVIRONMENTAL SOCIAL GOVERNANCE Commitment to minimize our Safety is our priority Sound corporate governance is impacts to the environment fundamental to…
  9. June 2019 Corporate Presentation – Enerplus Corp – slide 9
    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(2) NORTH DAKOTA WATERFLOODS +14% 80%…
  10. June 2019 Corporate Presentation – Enerplus Corp – slide 10
    RETURN OF CAPITAL - SHARE REPURCHASES Affordability and value driving share repurchases Share Repurchases(1) Strong liquidity position provides flexibility and Normal Course Issuer Bid 150 affordability for share repurchases 160…
  11. June 2019 Corporate Presentation – Enerplus Corp – slide 11
    COMMODITY HEDGING SUMMARY Protecting capital program economics Hedging program designed to protect economics of capital program 65% of RoY 2019 net oil production is protected at 55/bbl WTI, with participation up to 65/bbl WTI Crude…
  12. June 2019 Corporate Presentation – Enerplus Corp – slide 12
    WILLISTON BASIN OVERVIEW North Dakota and Montana light oil assets WILLISTON BASIN OVERVIEW Divide Sheridan Burke SLEEPING GIANT, MT Williams FORT BERTHOLD, ND Modest capital expenditures Tier 1 acreage position NORTH…
  13. June 2019 Corporate Presentation – Enerplus Corp – slide 13
    FORT BERTHOLD BAKKEN / THREE FORKS OVERVIEW Tier 1 acreage position ERF BAKKEN POSITION FORT BERTHOLD, ND Acreage position concentrated in the core of the play 65,600 net acres Mckenzie Top quartile basin well performance FORT…
  14. June 2019 Corporate Presentation – Enerplus Corp – slide 14
    FORT BERTHOLD ACTIVITY HIGHLIGHTS Strong well performance across land position FORT BERTHOLD ACTIVITY HIGHLIGHTS 2017 - 2019 Consistently strong well results across acreage Landforms: 4 wells Avg 6 mo. cum./well: 207 mboe footprint…
  15. June 2019 Corporate Presentation – Enerplus Corp – slide 15
    FORT BERTHOLD DRILLING INVENTORY Significant running room to support high-return growth Low existing well density and large remaining opportunity High-Return Inventory(1) Gross operated inventory locations Low Existing Well Density(2)…
  16. June 2019 Corporate Presentation – Enerplus Corp – slide 16
    FORT BERTHOLD WELL PRODUCTIVITY Core acreage and completion design delivering top quartile performance Cumulative Oil Production per 1,000 Lateral Feet(1) Barrels of oil, North Dakota wells since 2014 through 2018 80,000 WELL…
  17. June 2019 Corporate Presentation – Enerplus Corp – slide 17
    NORTH DAKOTA COMPLETION EVOLUTION Focus on continuous improvement Aiming to maximize economics through: Achieving similar well performance at lower proppant intensity (and lower cost) Improving well performance at higher proppant…
  18. June 2019 Corporate Presentation – Enerplus Corp – slide 18
    Enerplus Bakken realized oil price differential Bakken differentials have significantly strengthened Enerplus Realized Bakken Oil Price Differential US/bbl with improved egress out of basin 0 2019 differential guidance is US4.00/bbl…
  19. June 2019 Corporate Presentation – Enerplus Corp – slide 19
    MARCELLUS OVERVIEW Core acreage position in the Marcellus dry gas window Non-operated position in Marcellus dry gas core MARCELLUS POSITION NE PENNSYLVANIA 34,500 net acres Q1 2019 production: 209 MMcf/d Bradford Susquehanna Low…
  20. June 2019 Corporate Presentation – Enerplus Corp – slide 20
    MARCELLUS MARGIN IMPROVMENT Cash margin expansion driven by improved regional pricing Marcellus cash margin has improved by Differential Improvement Increasing Cash Flow Marcellus cash margin (US/Mcf) US1/Mcf since 2015 3.50 3.11…
  21. June 2019 Corporate Presentation – Enerplus Corp – slide 21
    MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance Average cumulative production per well(1) 12 Lat. Length < 4,000' (88 wells) WELL ECONOMICS(2) Lat. Length < 6,000' NYMEX…
  22. June 2019 Corporate Presentation – Enerplus Corp – slide 22
    MARCELLUS TAKEAWAY EXPANSION Additional pipeline projects to further support pricing Marcellus / Utica Natural Gas Production vs. Takeaway(1) 10 Bcf/d of pipeline Bcf/d Basin went excess pipe Southwest Marcellus pipelines expansion has…
  23. June 2019 Corporate Presentation – Enerplus Corp – slide 23
    MARCELLUS NATURAL GAS PRICING Enerplus 2019 Marcellus Pricing Exposure Full-year 2019 differential 2019 Pricing Exposure Enerplus Realized Marcellus Differential(2) guidance of US0.30/mcf % of expected Marcellus sales(1) US/Mcf,…
  24. June 2019 Corporate Presentation – Enerplus Corp – slide 24
    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 Portfolio…
  25. June 2019 Corporate Presentation – Enerplus Corp – slide 25
    EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 39,000 net acres in NW Weld County WYOMING Low entry price achieved through leasing and farm-in activity COLORADO 2017 Maple well (Codell) 1-year…
  26. June 2019 Corporate Presentation – Enerplus Corp – slide 26
    INVESTMENT HIGHLIGHTS Returns and value focused Track record of disciplined capital allocation and strong returns 17% cash flow CAGR (3-year) CDN WATERFLOODS C300 million in cumulative free cash flow(1) (3-year) 9,400 Boe/d (93% oil)…
  27. June 2019 Corporate Presentation – Enerplus Corp – slide 27
    SUPPLEMENTAL INFORMATION 28
  28. June 2019 Corporate Presentation – Enerplus Corp – slide 28
    2019 guidance and capital allocation 2019 GUIDANCE 2019 CAPITAL ALLOCATION(3) Capital Spending C590 - C630MM North Dakota 80% Q2 Total Production 97,500 100,000 BOE/d Marcellus 7.5% Q2 Liquids Production 51,500 53,000 bbls/d Canadian…
  29. June 2019 Corporate Presentation – Enerplus Corp – slide 29
    BALANCE SHEET & LIQUIDITY POSITION Significant financial capacity Enerplus strong balance sheet provides Balance Sheet & Liquidity Position (Mar 31, 2019)(1) meaningful financial flexibility Cash (CMM) 319 Senior Notes (CMM) 683 4.8%…
  30. June 2019 Corporate Presentation – Enerplus Corp – slide 30
    Board of Directors Elliott Pew, Chairman of the Board Robert B. Hodgins Previously Co-Founder and Chief Operating Officer for Common Resources, Previously Chief Financial Officer of Pengrowth Energy Trust, prior thereto he prior thereto…
  31. June 2019 Corporate Presentation – Enerplus Corp – slide 31
    Summary of operational and financial metrics Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Average Benchmark Prices WTI Crude Oil (US/bbl) 51.92 48.29 48.20 55.40 50.95 62.87 67.88 69.50 58.81 64.77…
  32. June 2019 Corporate Presentation – Enerplus Corp – slide 32
    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 interest and…

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