AUGUST 13, 2019 ENERCOM OIL & GAS CONFERENCE ERF: TSX & NYSE
Company overview Concentrated position in the Bakken core 10 years drilling inventory at current pace High-return oil production growth CDN WATERFLOODS 9,200 Boe/d (92% oil) 10% to 13% annual liquids growth 2019-2021 Positioned…
TRACK RECORD Disciplined capital allocation and strong returns Return on capital employed (1) Cash flow from operations Free cash flow(1) Return of capital US Millions US Millions US Millions 568 17% 23% 17% 250MM 80MM 3-year…
STRONG FINANCIAL FLEXIBILITY Significant debt reduction and accelerating cash flow Adjusted Funds Flow vs Debt Net of Cash (1) 1,200 120 Adjusted funds flow Debt net of cash DEBT REDUCTION Adjusted funds flow and debt 1,000…
Q2 2019 Update 2019 OUTLOOK ON TRACK 2019 production guidance increased to 99-102 Mboe/d Profitable growth YoY liquids production growth of 10% (14% on per share basis)(1) 2019 capital range narrowed to US460-475MM(2) Capital…
RETURN OF CAPITAL - SHARE REPURCHASES Affordability and value driving share repurchases Share Repurchases(2) Share repurchases represent compelling capital Normal Course Issuer Bid allocation opportunity 30 10% of shares Enerplus…
2019 CAPITAL ALLOCATION Returns-focused oil growth and positioned for free cash flow High-Margin, Profitable Oil Growth 2019 Capital Allocation 2019e liquids production growth rate(1) US millions(2) NORTH DAKOTA WATERFLOODS +14% 80%…
OUTLOOK THROUGH 2021 Focused on returns, profitable oil growth and free cash flow Light Oil Production Growth (1) Growth outlook underpinned by Liquids production (Mbbl/d) North Dakota development 10% Liquids production growth(2) 80…
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…
FORT BERTHOLD CAPITAL EFFICIENCY IMPROVEMENTS Strong execution delivering capital efficiency gains Efficiencies, lower costs and optimizations are reducing well costs by 10% compared to 2018 levels Total well costs currently averaging…
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)…
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 2019 WELL ECONOMICS(2)…
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…
BAKKEN PRODUCTION AND TAKEAWAY CAPACITY Improved oil price differentials and constructive outlook Bakken differentials have meaningfully Bakken Crude Oil Production and Takeaway Capacity(1) strengthened with improved basin egress…
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 Q2 2019 production: 237 MMcf/d Bradford Susquehanna Low…
MARCELLUS MARGIN IMPROVMENT Cash margin expansion driven by improved regional pricing Improved differentials and low transport cost Differential Improvement Increasing Cash Flow Marcellus cash margin (US/Mcf) supporting margin despite…
MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2017-2019 Average cumulative production per well(1) 8 WELL ECONOMICS(2) Lateral Length < 5,000 ft 40 wells 7 NYMEX Gas…
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 during downturn in 2015/16 Significant…
INVESTMENT HIGHLIGHTS Returns and value focused Track record of disciplined capital allocation and strong returns 17% cash flow CAGR (3-year) US230 million in cumulative free cash flow(1) (3-year) CDN WATERFLOODS 9,200 Boe/d (92%…
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