Enerplus overview Concentrated acreage position in the Bakken core Over a decade of core drilling inventory CDN Low financial leverage WATERFLOODS Net debt to adjusted funds flow ratio was 0.9x at year-end 2021(1) Robust free cash…
Highlights from FY 2021 results and 2022 outlook RECORD 2021 production of 92,000 BOE/d (+26% yoy) PRODUCTION 2022 forecast production of 95,500-100,500 BOE/d GROWING FREE Generated 410MM of free cash flow in 2021(1) CASH FLOW…
2022: disciplined plan, positioned for free cash flow growth Key figures Protection against cost inflation Competitive free cash flow yield (1)(2) % of North Dakota well cost structure protected/unprotected 2022e free cash flow at 75…
Capital allocation principles and framework Principles Framework Execution Debt target expected to be achieved H1 2022 MAINTAIN Long term ND/AFF ratio(1) target: 1.0x or less assuming LOW LEVERAGE US50 WTI price environment Continuing…
Meaningful cash returns to shareholders 5-year return of capital track record Meaningful cash returns expected in 2022 2017 - 2021 Expected return of capital H2 2021 July 2022(1) 699 million 60% 350 300 Enerplus expects to OF FREE…
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Liquidity position at December 31, 2021 ( millions) Net debt to adjusted funds flow ratio(2) Enerplus was the first North American…
Five year outlook focused on free cash flow growth 80 2,500 FIVE YEAR OUTLOOK HIGHLIGHTS Based on 70/bbl WTI, 3.00 NYMEX 70 58-62 2,000 60 Annual capital spending: 400-450 million Free cash flow(1) ( Millions) Liquids…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas Water Management 2021 TARGETS (1) PERFORMANCE (1) GHG emissions intensity reduction targets(2) 20% Methane emissions intensity reduction 2022 target: 20% reduction in methane…
ASSET & OPERATIONAL HIGHLIGHTS 11
WILLISTON BASIN Deep drilling inventory supports sustainable outlook Inventory upsides Potential for inventory upside 800 through stimulation advances, well cost improvements, sustained high 700 oil prices Decade 600 110 Extended…
WILLISTON BASIN Significant inventory and inventory upside in the core/extended core Acreage in core & extended core Largely undrilled; substantial inventory Significant acreage in the established Productivity: 6 month BOE/1K foot…
WILLISTON BASIN Strong well results offsetting Enerplus lightly drilled southern acreage NOTABLE OFFSET OPERATOR WELLS (2018+) Enerplus operated acreage Continental Gordon Federal 9-5H Enerplus non-op acreage 2-Mile Middle Bakken…
WILLISTON BASIN - FORT BERTHOLD WELL PERFORMANCE Maintaining strong well performance at lower cost Enerplus well performance Total well costs Cumulative oil production per well (Mbbl) (MM)(1) 34% 600 8.6 WELL COST REDUCTION SINCE…
Bakken oil price strength supported by spare pipeline capacity Bakken oil production & takeaway capacity(1) Millions of bbl/d 2.4 North Dakota rail loading capacity 2022 BAKKEN estimated at 1.2 million bbl/d(3) DIFFERENTIAL OUTLOOK…
MARCELLUS OVERVIEW Core acreage position in the Marcellus dry gas window MARCELLUS POSITION NE PENNSYLVANIA Non-operated position in Marcellus dry gas core 32,700 net acres, 160-170 MMcf/d production(1) Bradford Susquehanna…
APPENDIX 18
2022 guidance 2022 ANNUAL GUIDANCE Bakken focused capital budget 2022e E&D capital allocation E&D capital spending (USMM)(2) 370 - 430 Total production (Mboe/d) 95.5 100.5 Liquids production (Mbbl/d) 58.0 62.0 Williston Basin Average…
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 Avg. 9,600 lateral ft 8,200 37% INCREASE…
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 free cash flow generating assets…
EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 34,700 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)(2) Swaps Collars Period Purchased Volume Swaps Volume Sold Put Sold Call Put (Mbbl/d) (US/bbl) (Mbbl/d) (US/bbl) (US/bbl) (US/bbl) Jan 1 Jun 30, 2022 -…
The Board of Directors Hilary A. Foulkes (Director since February 2014) Robert B. Hodgins (Director since November 2007) Compensation & Human Resources Committee Board Chair Corporate Governance & Nominating Committee (Chair)…
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