Enerplus overview Concentrated position in the Bakken core High quality drilling inventory with large remaining opportunity set Low financial leverage and strong liquidity CDN WATERFLOODS 6,300 BOE/d (94% oil) 1.0x net debt to…
Q2 2020 - Highlights RESILIENT Q2 total production of 87 MBOE/d (48 Mbbl/d liquids) Solid execution and financial resilience PRODUCTION 2020 guidance reinstated: 88-90 MBOE/d (49-50 Mbbl/d liquids) STRONG Liquidity of US600MM(1)…
BALANCE SHEET & LIQUIDITY POSITION Balance sheet strength a competitive advantage Solid financial position Significant liquidity US millions - Cash, credit facility and senior notes (Jun 30, 2020)(2) Significant liquidity and low…
Prudently managing volatility in 2020 well positioned for 2021 Decisive actions taken through H1 2020 production outlook and 2021 maintenance capital(1) MBOE/d to preserve financial strength and protect value Executed Q1 plan…
COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1) Swaps Put Spreads Three-way Collars Period Volume Sold Swap Volume Sold Put Purchased Put Volume Sold Put Purchased Put Sold Call (Mbbl/d) (US/bbl) (Mbbl/d)…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas Water Management Manage water use by deploying technology to reduce and reuse freshwater. Targeting a 15% reduction in freshwater use per well Greenhouse Gas Emissions…
TRACK RECORD High return growth, free cash flow and low leverage High return oil growth Focus on free cash flow Return of capital Low financial leverage Production, MBOE/d Free cash flow(1), C millions C millions Net debt to adjusted…
WILLISTON BASIN OVERVIEW North Dakota and Montana Bakken / Three Forks FORT BERTHOLD, ND WILLISTON BASIN OVERVIEW Tier 1 acreage position Divide Sheridan Burke Large remaining opportunity set Williams Q2 2020 production: 42…
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 66,300 net acres Mckenzie FORT BERTHOLD INDIAN RESERVATION Top…
FORT BERTHOLD CAPITAL EFFICIENCY IMPROVEMENTS Strong execution delivering capital efficiency gains Track record of continued efficiency gains Solid execution YTD resulted in US900K reduction in well costs compared to 2019(1)…
FORT BERTHOLD DRILLING INVENTORY Running room to support high return growth Low existing well density and large remaining opportunity High quality drilling inventory(1) Gross operated inventory locations Low Existing Well Density(2) 500…
FORT BERTHOLD WELL PERFORMANCE Maintaining strong well performance at lower cost Enerplus Fort Berthold Well Performance Well economics(1) Cumulative oil production per well (Mbbl) WTI Oil Price 50/bbl 60/bbl Payout: 2.2 yrs 1.3 yrs…
Bakken egress and price differential outlook Bakken oil production & takeaway capacity(1) Millions of bbl/d 2.8 May 2020 production: 858 mb/d (estimated 400 mb/d curtailed) FULL-YEAR 2020 US5.00 2.4 PER BBL Incremental rail available…
MARCELLUS OVERVIEW Core acreage position in the Marcellus dry gas window Non-operated position in Marcellus dry gas core MARCELLUS POSITION NE PENNSYLVANIA 34,000 net acres Q2 2020 production: 197 MMcf/d Bradford Susquehanna Low…
MARCELLUS MARGIN Cash margin supported by low cost structure, competitive basis Low cost structure and Marcellus cash margin US/Mcf competitive natural gas price differential is supporting margins 3.50 3.11 3.08 despite lower NYMEX…
MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2017-2020 Average cumulative production per well(1) 8 65 wells Well economics(2) Lateral Length < 5,000 ft 7 NYMEX Gas…
ENERPLUS MARCELLUS NATURAL GAS MARKETS Balanced Pricing Exposure In basin pricing at Leidy 2020e pricing exposure Enerplus realized Marcellus differential (2) % of expected Marcellus sales(1) US/Mcf, average portfolio differential to…
CANADIAN OIL WATERFLOOD PORTFOLIO Large oil in place, low decline production CANADIAN WATERFLOODS Assets under water or polymer flooding Significant resource: 0.8 bn bbls OOIP(1) ANTE CREEK Low decline oil production Portfolio…
EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 40,000 net acres in NW Weld County WYOMING Low entry price achieved through leasing and farm-in activity COLORADO Significant oil in place through all…
INVESTMENT HIGHLIGHTS Returns and value focused Concentrated acreage footprint in the Bakken core CDN WATERFLOODS 6,300 BOE/d (94% oil) Large remaining development opportunity Low financial leverage and strong liquidity BAKKEN…
SUPPLEMENTAL INFORMATION 23
2020 guidance 2020 guidance Drilling & completion activity(3) Guidance - August 7, 2020 Asset Net wells drilled Net wells onstream Capital Spending C300MM North Dakota 21 22.1 Annual Average Total Production 88,000 - 90,000 BOE/day…
RETURN ON CAPITAL EMPLOYED Track record of outsized returns vs. S&P 500 Return on capital employed(1) 25% Enerplus 23% Enerplus goodwill impairment adjusted(2) S&P 500 20% S&P 500 Energy 18% 15% 12% 10% 10% 8% 8% 8% 7% 7% 5%…
The Board of Directors Hilary A. Foulkes (Director since February 2014) Susan M. MacKenzie (Director since July 2011) Audit & Risk Management Committee Board Chair (effective May 7, 2020) Reserves Committee Safety & Social…
ESG - Board oversight Greenhouse Gas Water Health & Stakeholder Culture Board Constitution Emissions Management Safety Engagement & Culture ESG oversight by the Board of Directors with material focus areas mapped to the applicable…
Sustainability reporting 5 YEARS OF SUSTAINABILITY REPORTING 28
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