Enerplus overview Concentrated acreage position in the Bakken core Low financial leverage and strong liquidity CDN WATERFLOODS High-quality exposure to improving price environment Disciplined returns-based capital allocation…
Q1 2021 / Year to date highlights RESILIENT Q1 total production of 91,700 BOE/d (+6% q-o-q) PRODUCTION Q1 liquids production of 49,000 BBL/d (flat q-o-q) FREE CASH FLOW Generated 63MM in free cash flow in Q1 GENERATION Estimate…
2021 operating outlook 2021e total production 2021e liquids production E&D capital spending (mboe/d) (mbbl/d) (C millions) +27MBOE/d (1) +22MBBL/d (1) +80MM (1) 111-115 68.5-71.5 360-400 86 300 48 Original guidance Current…
Maintaining strong balance sheet and liquidity Significant liquidity Expected net debt to adjusted funds flow ratio: Estimated liquidity position on May 1, 2021 (after closing US312MM asset acquisition) 1.3x or lower by year-end…
CAPITAL ALLOCATION PRINCIPLES AND FRAMEWORK Focused on delivering sustainable free cash flow growth Principles Framework MAINTAIN Long term net debt/adjusted funds flow ratio: target less than 1.0x LOW LEVERAGE Maintain strong…
Five year outlook focused on free cash flow growth HIGHLIGHTS OF THE FIVE YEAR OUTLOOK Liquids production (assumes constructive oil price: US50-55+/bbl WTI) Mbbl/d 2021 guidance includes: ANNUAL CAPITAL SPENDING 500 MM 10 mo. of…
Strategic acquisitions improve Bakken scale HIGHLIGHTS OF RECENT ACQUISITIONS ENERPLUS NORTH DAKOTA POSITION 4x increase in acreage position; now 296,000 net acres Legacy Enerplus Bruin Dunn co. op 151,000 net acres (Bruin…
Acquisitions have extended high quality inventory Drilling inventory expansion(1) Net locations Non-FBIR development plan 675 120 5-6 wells per spacing unit MB 110 TF 1 Upside 60 51 FBIR development plan per spacing unit 333…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas 2020 Water Management TARGETS PERFORMANCE GHG emissions intensity reduction targets(1) 20% 2020 target: 10% y-o-y reduction Emissions intensity 2030 target: 50% reduction…
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…
OPERATIONS UPDATE 13
ENERPLUS NORTH DAKOTA WELL COST PERFORMANCE Solid execution delivering capital efficiency gains Drilling efficiency - continuing to drill faster Drilling days vs. depth (spud to rig release)(1) Days 0 2 4 6 8 10 12 14 0 Total well…
FORT BERTHOLD WELL PERFORMANCE Maintaining strong well performance at lower cost Enerplus Fort Berthold well performance ENERPLUS FBIR RECENT COMPLETIONS Cumulative oil production per well (Mbbl) 500 US2MM REDUCTION 400 IN WELL…
MARCELLUS OVERVIEW Core acreage position in the Marcellus dry gas window MARCELLUS POSITION NE PENNSYLVANIA Non-operated position in Marcellus dry gas core Bradford Susquehanna 32,600 net acres, 200 MMcf/d production(1) Capital…
MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2018-2021(1) Average cumulative well production per 1,000 ft lateral Avg. 9,200 0.8 lateral ft Avg. 0.7 8,200 30% INCREASE…
APPENDIX 18
2021 guidance and operating statistics 2021 GUIDANCE 2021 ASSET DETAILS(2) BAKKEN MARCELLUS CANADA DJ BASIN E&D capital spending (CMM)(1) 360-400 Capital allocation (approx.)(1) 76% 12% 6% 6% Wells drilled 21 (20.9 net) 59 (3.2 net) 2…
BRUIN ACQUISTION Strong well performance in FBIR & Williams Co. acreage Enerplus and Bruin North Dakota well performance ENERPLUS NORTH DAKOTA POSITION Average cumulative oil production per well since 2019 Legacy Enerplus 250 Bruin…
DUNN COUNTY ACQUISITION Active proximal development delivering strong results OFFSET OPERATOR DEVELOPMENT (2018+) Active DSU development in Middle Bakken and Three Forks by offset operators(1) 2 Continental Resources-Carus Pad: 4 MB /…
Bakken egress and oil price differential outlook Bakken oil production & takeaway capacity(1) Millions of bbl/d 2.8 400 mb/d of incremental rail capacity would be BAKKEN DIFFERENTIAL 2.4 required to clear the basin if DAPL cannot flow…
CANADIAN OIL WATERFLOOD PORTFOLIO Consistent, low decline production Assets under water or polymer flooding CANADIAN WATERFLOODS Portfolio optimized to focus on highest return, strong ANTE CREEK cash flow generating assets…
EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 38,000 net acres in NW Weld County WYOMING Low entry price achieved through leasing and farm-in activity COLORADO 2017/2018 - 5 wells online (4 Codell, 1…
COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1) ERF Swaps Bruin Swaps(2) ERF Three-way Collars Bruin Collars(2) Period Purchased Purchased Volume Sold Swaps Volume Sold Swaps Volume Sold Put Sold Call…
The Board of Directors Hilary A. Foulkes (Director since February 2014) Susan M. MacKenzie (Director since July 2011) Compensation & Human Resources Committee (Chair) Board Chair Reserves, Safety & Social Responsibility Committee…
ESG & Sustainability reporting 6 YEARS OF ESG & SUSTAINABILITY REPORTING 27
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