Enerplus overview Concentrated acreage position in the Bakken core Strong balance sheet and liquidity position CDN WATERFLOODS Robust free cash flow outlook Disciplined returns-based capital allocation BAKKEN MARCELLUS…
Q2 2021 update STRONG Company record production of 115,350 BOE/d in Q2, up 26% q-o-q PRODUCTION 2021 annual average guidance now 112,000 to 115,000 BOE/d FREE CASH FLOW Generated 55MM in free cash flow in Q2 GENERATION Estimate…
2021 operating outlook 2021e total production 2021e liquids production E&D capital spending (mboe/d) +27.5 (mbbl/d) +22.5 (C millions) +80MM (1) MBOE/d(1) MBBL/d(1) 112-115 69.5-71.5 360-400 86 300 48 Original guidance…
Strong liquidity position and line of sight to leverage target Significant liquidity Debt reduction target Estimated liquidity position at June 30, 2021 (US millions) From Q2 2021 (C millions) Enerplus was the first North American E&P…
Capital allocation principles and framework Principles Framework Execution 90% of free cash flow, after dividends, to debt MAINTAIN Long term ND/AFF ratio(1) target: 1.0x or less assuming reduction until leverage target achieved LOW…
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 Baseline for 3-5% annual growth 100 ANNUAL CAPITAL SPENDING 500…
Strategic acquisitions improve Bakken scale HIGHLIGHTS OF 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 acquisition)…
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 Water Management 2020 TARGETS (1) PERFORMANCE (1) GHG emissions intensity reduction targets(2) 24% 2022 target: 20% reduction in methane emissions Emissions intensity…
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 gains Drilling days vs. depth (spud to rig release)(1) Days 0 2 4 6 8 10 12 14 0 Total well costs 3,000 2018 Avg…
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 US2.4MM 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. 0.8 8,200 20% INCREASE lateral ft IN 6-MONTH…
APPENDIX 18
2021 guidance, operating statistics and well economics 2021 GUIDANCE WELL ECONOMICS E&D capital spending (CMM)(1) 360-400 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 112-115 WTI oil price US50/bbl US60/bbl Liquids…
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 DAPL 2.8 expansion to 400 mb/d of incremental rail capacity would be 750 mb/d BAKKEN DIFFERENTIAL 2.4 required to clear the…
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 Swaps Volume Swaps Volume Sold Put Sold Call Volume Sold…
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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