Enerplus overview Differentiated core Bakken position with deep drilling inventory Committed to capital discipline CDN WATERFLOODS Robust free cash flow profile Long track record of returning capital to shareholders Consistently…
Key updates from Q1 2022 INCREASING CASH RETURNS TO SHAREHOLDERS IN 2022 1 Returning 350MM or 50% of free cash flow, whichever is greater, through dividends & share repurchases ON TRACK TO DELIVER RECORD ANNUAL FREE CASH FLOW 2…
2022 capital allocation and excess free cash flow at 85 WTI 2022e adjusted funds flow Based on 85/bbl WTI & 5/Mcf NYMEX 1,200 2022e capex: 400-440MM 1,100 640 7% annual production growth(2) 1,000 3-5% annual organic production…
Return of capital to shareholders 2022 return of capital oil price sensitivity(1) millions 2022 RETURN OF CAPITAL COMMITMENT Total of 350 million or 50% of free cash flow, 400 370 whichever is greater, to be returned to 350 350…
Bakken focused five-year outlook Bakken focused five-year outlook expected to generate Five-year production and free cash flow outlook 2.3bn of free cash flow(1) at 70/bbl WTI (2) 120 2.5 Cumulative free cash flow ( billions) 80%…
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…
DIFFERENTIATED BAKKEN POSITION 10
Core Bakken is competitive with the best N.A. oil plays Third-party data: Breakeven WTI oil prices across North American oil plays(1)(2) Source: Enverus Intelligence Research 60 Little Knife & FBIR areas represent 85% of Enerplus…
Enerplus: substantial core acreage, large remaining opportunity set Lightly drilled acreage Acreage in core & extended core Substantial sub-50/bbl WTI inventory Drilling density: wells per DSU Productivity: 6 month BOE/1K foot lateral…
Enerplus has outsized core inventory relative to production Third-party data: Top Bakken operators - remaining drilling inventory ranked by breakeven WTI price (1)(2) Source: Enverus Intelligence Research Mcap 10bn…
Deep drilling inventory supports sustainable outlook 1,000 Inventory upsides 900 Lower return locations that offer 800 250 upside through stimulation advances, well cost improvements, sustained high oil prices Decade Net…
Operational execution supporting low cost structures Total well costs 34% (MM) Reduction driven primarily by efficiencies 8.6 Strong track record of drilling and completion Expected increase efficiency gains driving cost structures…
Bakken oil price strength supported by spare pipeline capacity Enerplus Bakken oil price differential vs WTI (/bbl) Oil price diffs Par with WTI (2.15) (3.72) (3.78) (3.98) (5.39) Basin not expected to test egress capacity.…
APPENDIX 17
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Liquidity position at March 31, 2022 ( millions) Net debt to adjusted funds flow ratio(2) Enerplus was the first North American E&P…
2022 guidance 2022 ANNUAL GUIDANCE Bakken focused capital budget 2022e capital spending allocation Capital spending (USMM)(1) 400 - 440 Total production (Mboe/d) 96 101 Liquids production (Mbbl/d) 58.5 62.5 Williston Basin…
COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1)(2)(3) Swaps Collars Period Purchased Volume Swaps Volume Sold Put Sold Call Put (Mbbl/d) (US/bbl) (Mbbl/d) (US/bbl) (US/bbl) (US/bbl) Apr 1 Jun 30, 2022…
BAKKEN CORE DRILLING INVENTORY FBIR Expected average well performance (1) Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI Net future drilling locations Mountrail 300 WTI NPV10 MM Williams 100 19…
BAKKEN CORE DRILLING INVENTORY Little Knife Expected average well performance (1) Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI Net future drilling locations Mountrail 300 WTI NPV10 MM Williams 100…
BAKKEN CORE DRILLING INVENTORY Eastern Williams Expected average well performance (1) Inventory Distribution Payout period at 60, 80, 100 per barrel WTI Net future drilling locations Williams Mountrail 300 WTI NPV10 MM Eastern…
BAKKEN EXTENDED CORE DRILLING INVENTORY Murphy Creek Expected average well performance (1) Inventory Distribution Payout period at 60, 80, 100 per barrel WTI Net future drilling locations Mountrail 300 WTI NPV10 MM Williams 100 11…
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 Bradford Susquehanna 160-170 MMcf/d production(1) High…
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…
Board of Directors Hilary A. Foulkes (Director since February 2014) Mark A. Houser (Director since March 2022) Audit & Risk Management Committee Board Chair Compensation & Human Resources Committee Reserves, Safety & Social…
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