Enerplus overview Differentiated Bakken drilling inventory Over a decade of high-quality inventory BAKKEN Attractive free cash flow generation NORTH DAKOTA 16% free cash flow yield(1) MARCELLUS NE PENNSYLVANIA Competitive…
FIVE YEAR TRACK RECORD High return growth, free cash flow and low leverage High return oil growth Attractive free cash flow & return of capital Low financial leverage throughout the cycle Production, MBOE/d Net debt to adjusted funds…
Key updates from Q1 2023 2023 PLAN IS ON TRACK CAPITAL & PRODUCTION GUIDANCE UNCHANGED 1 Q1 production was 97.7 Mboe/d, 6% higher y-o-y (19% higher on per share basis) STRONG FREE CASH FLOW DELIVERY 2 Q1 free cash flow was 122…
Q2 2023 completions setting up strong H2 oil growth Williams Q2 onstreams: 19 22 net operated wells including 3 5 refracs Mountrail NORTH DAKOTA Includes two pads in Little Knife, one Williams MONTANA pad in FBIR…
2023 outlook 2023 capital allocation TOTAL 93,000 - 98,000 Projecting 3-5% liquids growth(1) driven by North NORTH DAKOTA PRODUCTION Dakota. Marcellus natural gas production 2 drilling rigs: 55-60 wells BOE/D expected to be 8%…
2023 free cash flow and return of capital 2023 expected free cash flow (1)(2) Based on 80/bbl WTI and 3.00/Mcf NYMEX ( million) FREE CASH FLOW PRIORITIES 1,000 525 Net debt reduction and return of capital 16% FREE CASH Return at…
Meaningful share count reduction through repurchases Reduction to shares outstanding through repurchases Shares outstanding (millions) Share repurchases 257 -16% underpinned by the 257 255 view that the intrinsic 244 242 235 227…
Sustainable five-year outlook: 2023 - 2027 OUTLOOK 2023 2027 based on 80 WTI & 4.00 NYMEX(3) 120 Approximately 500-550mm annual capital spending EFFICIENT OPERATING PLAN 100 80 3-5% annual liquids production growth Production…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas EMISSIONS WATER HEALTH & Health & Safety MANAGEMENT(1)(2) MANAGEMENT(1) SAFETY (1) 2022e Performance 2022 Performance 2022 Performance 9% methane emissions 36% freshwater…
Enerplus has a differentiated Bakken position 12
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 represent the majority of Enerplus…
Overview of Enerplus Bakken position Williams Enerplus North Dakota Production MBOE/D 236,000 NET ACRES 70 65 Mountrail Williams 60 57 655 NET DRILLING LOCATIONS Core + extended core FBIR 50 66,660 BOE/D NORTH DAKOTA 40 38…
Enerplus: tier 1 acreage position in the Bakken core Acreage largely in core & extended core Substantial sub-50/bbl WTI inventory Productivity: 6 month BOE/1K foot lateral Contours based on breakeven WTI prices (10% IRR) Williams…
Deep drilling inventory supports sustainable outlook 900 Upside 800 Inventory distribution by area Locations offer upside 200 Core & Extended Core through stimulation advances, 700 well cost improvements, Net remaining drilling…
NON-OPERATED MARCELLUS Core acreage position in the Marcellus dry gas window Enerplus Marcellus capital spending MARCELLUS POSITION NE PENNSYLVANIA Millions Bradford Susquehanna 58 57 -74% Current NYMEX natural gas prices are over…
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Liquidity position at March 31, 2023 ( millions) Net debt to adjusted funds flow ratio Enerplus was the first North American E&P to…
COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1)(2) Swaps Collars Period Volume Brent-WTI Spread Volume Sold Put Purchased Sold Call Put (Mbbl/d) (US/bbl) (Mbbl/d) (US/bbl) (US/bbl) (US/bbl) Apr 1 Jun…
2023 guidance 2023 ANNUAL GUIDANCE Capital spending (USMM) 500-550 Total production (Mboe/d) 93 - 98 Liquids production (Mbbl/d) 57 61 Average production tax rate 7-8% (previous 7%) (% of net sales, before transportation)…
BAKKEN DRILLING INVENTORY FBIR Expected average well performance (1) Remaining Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI Mountrail 300 WTI NPV10 MM Williams 100 18 45% FBIR 250 80 12 FBIR 655…
BAKKEN DRILLING INVENTORY Little Knife Expected average well performance (1) Remaining Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI Mountrail 300 WTI NPV10 MM Williams 100 18 250 80 12 655…
BAKKEN DRILLING INVENTORY Eastern Williams Expected average well performance (1) Remaining Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI Williams Mountrail 300 WTI NPV10 MM 15% Eastern Williams 100…
BAKKEN DRILLING INVENTORY Murphy Creek Expected average well performance (1) Remaining Inventory Distribution Payout period and NPV10 at 60, 80, 100 per barrel WTI 300 15% Murphy Creek Mountrail WTI NPV10 MM Williams 100 9 250 80…
DJ BASIN Northern extension of Wattenberg field DJ BASIN Enerplus holds 33,000 net acres in NW Weld County WYOMING COLORADO 2017/2018 - 5 wells online Low entry price achieved through leasing and farm-in activity (4 Codell, 1…
Board of Directors Hilary A. Foulkes (Director since February 2014) Ian C. Dundas Board Chair President and CEO Sherri A. Brillon (Director since October 2022) Mark A. Houser (Director since March 2022) Audit & Risk Management…
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