Enerplus overview Concentrated acreage position in the Bakken core Over a decade of high-return Bakken drilling inventory CDN WATERFLOODS Strong balance sheet and liquidity position Robust free cash flow outlook BAKKEN…
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…
2021 update RESILIENT Company production of 123,000 BOE/d in Q3 (+7% qoq, +36% yoy) PRODUCTION Continued growth in Q4: guidance of 124,500-128,500 BOE/d FREE CASH Generated 176MM in free cash flow in Q3(1) FLOW GENERATION Estimate…
2021 & Q4 operating outlook Total production Liquids production E&D capital spending (mboe/d) (mbbl/d) (C millions) +28 +22 +80 MBOE/d(1) MBBL/d(1) MILLION 124.5-128.5 80-83 380 113.75-114.75 69.75-70.75 300 86 48 Pre -…
2022 preliminary outlook High rate-of-return, sustainable growth Bakken focused capital budget Protection against cost inflation Production (mboe/d, mbbl/d)(1) 2022e E&D capital allocation % of North Dakota well cost structure…
2021 & 2022 free cash flow outlook and return of capital Strong year on year free cash flow growth Attractive free cash flow yield Free cash flow at forward strip prices (C millions)(1) Free cash flow yield at forward strip…
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Estimated liquidity position at September 30, 2021 (US millions) Net debt to adjusted funds flow ratio(2) Enerplus was the first…
Capital allocation principles and framework Principles Framework Execution Debt target expected to be achieved in Q4 2021(2) MAINTAIN Long term ND/AFF ratio(1) target: 1.0x or less assuming LOW LEVERAGE US50 WTI price environment…
Five year outlook focused on free cash flow growth HIGHLIGHTS OF THE FIVE YEAR OUTLOOK Based on WTI oil price environment of US50-55/bbl ANNUAL CAPITAL SPENDING 500 MM (2022-2025) CUMULATIVE FREE CASH FLOW(1) 1.5 to 2.0 Bn…
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…
ASSET & OPERATIONAL HIGHLIGHTS 13
WILLISTON BASIN Strategic acquisitions increase Bakken scale HIGHLIGHTS OF ACQUISITIONS ENERPLUS NORTH DAKOTA POSITION 3.5x increase in acreage position; now 238,000 net acres(1) Legacy Enerplus Bruin Dunn co. op 98,000 net acres…
WILLISTON BASIN Acquisitions have extended high-quality inventory Drilling inventory expansion(1) Net locations 10 years of tier 1 drilling inventory (at development pace assumed in 5-year plan) 675 120 110 Non-FBIR development…
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) (USMM)(1) 34% 600 8.6 WELL COST REDUCTION SINCE…
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…
APPENDIX 20
2021 guidance, operating statistics and well economics 2021 ANNUAL GUIDANCE(1) Q4 2021 GUIDANCE WELL ECONOMICS E&D capital spending (CMM)(2) 380 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 113.75-114.75 Total production…
Bakken egress and oil price differential outlook Bakken oil production & takeaway capacity(1) Millions of bbl/d 2.8 DAPL expansion to 750 mb/d Aug BAKKEN DIFFERENTIAL 2.4 2021 (BELOW WTI) 2.0 US2.00/BBL 2021 OUTLOOK 1.6 Excess rail…
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 25% INCREASE lateral ft IN 6-MONTH…
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 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) Robert B. Hodgins (Director since November 2007) Compensation & Human Resources Committee Board Chair Corporate Governance & Nominating Committee (Chair)…
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