STRATEGIC WILLISTON BASIN ACQUISITION April 2021 TSX & NYSE: ERF
Acquisition highlights Core acreage with substantial high-return drilling inventory ENERPLUS NORTH DAKOTA POSITION Existing Enerplus Significant undeveloped acreage with low-risk development Acquired acreage operated Acquired…
Substantial drilling inventory extending development runway 110 net core locations that immediately compete for Meaningful increase to drilling inventory Undrilled net locations(1) capital with Enerplus existing locations Extends…
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 / 5 TF Fort Berthold 1…
Meaningful accretion from the Acquisition Projected adjusted funds flow per share accretion(1) Projected free cash flow per share accretion (1) ACCRETION 25% 20% BY 2024 25% 20% ACCRETION BY 2024 20% 20% 15% 15% 10%…
Balance sheet and liquidity remains strong Maintaining low leverage Acquisition to be funded with existing cash position Net debt to adjusted funds flow ratio(1)(2) of US150 million, with the remaining portion funded through undrawn…
2021 guidance update Production guidance increased to reflect the Acquisition; also driven by operational outperformance year to date Capital spending guidance increased 20MM in connection with the Acquisition UPDATED GUIDANCE BASED…
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 Implied volumes based on: Includes: 12 mo. of Bruin acquisition…
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…
Enerplus overview Concentrated acreage position in the Bakken core CDN WATERFLOODS Low financial leverage and strong liquidity High-quality exposure to improving price environment BAKKEN MARCELLUS Disciplined returns-based…
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