Enerplus overview Differentiated core Bakken position with deep drilling inventory CDN Committed to capital discipline WATERFLOODS (Divestment process ongoing) Robust free cash flow profile Long track record of returning capital…
Key updates from Q2 2022 1 STRONG OPERATING RESULTS DRIVE PRODUCTION GUIDANCE INCREASE 2022 guidance increased to 97.5-101.5 MBOE/d (+1.0 midpoint), despite announced asset sale in Canada No change to capital spending guidance of…
Strong well performance driving higher production forecast Enerplus average North Dakota well performance (1) 2022 well performance Average cumulative oil production per well continues to exceed expectations 250 2019-2021 average…
2022: disciplined plan, robust free cash flow generation Key figures 2022e free cash flow sensitivities (rest of year prices)(2)(3) 900 29% 30% TOTAL 97,500-101,500 27% PRODUCTION BOE/D 8% growth vs 2021(1) 25% 850 Free cash…
Return of capital to shareholders 2022 free cash flow allocation oil price sensitivity (rest of year prices)(1) 2022 RETURN OF CAPITAL PLAN millions Increased return of capital to at least 60% of free cash 1,000 flow commencing in…
Bakken focused five-year outlook Bakken focused five-year outlook expected to generate Five-year production and free cash flow outlook 3bn of free cash flow(1) at 80/bbl WTI (1) Annual liquids production growth rate of 3-5% (3) 125…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas EMISSIONS WATER HEALTH & Health & Safety MANAGEMENT(1)(2) MANAGEMENT(1) SAFETY (1) 2021 Performance 2021 Performance 2021 Performance 35% methane emissions 31% freshwater…
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…
Bakken oil price strength supported by spare pipeline capacity +1.00/bbl 2022 GUIDANCE Oil price diffs Enerplus Bakken oil price differential vs WTI (/bbl) above WTI Premium pricing vs WTI expected in 2022 -2.15 -3.72 -3.78…
APPENDIX 16
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Liquidity position at June 30, 2022 ( millions) Net debt to adjusted funds flow ratio Enerplus was the first North American E&P to…
2022 guidance 2022 ANNUAL GUIDANCE 2022e capital allocation Capital spending (USMM) 400 - 440 Total production (Mboe/d) 97.5 101.5 Liquids production (Mbbl/d) 59.5 62.5 Williston Basin Average production tax rate 7% (% of net…
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) Jul 1 Dec 31, 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…
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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