Enerplus overview Differentiated Bakken drilling inventory Over a decade of high-quality inventory BAKKEN NORTH DAKOTA Attractive free cash flow generation 12% 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 Q3 2023 1 INCREASED FULL-YEAR 2023 PRODUCTION GUIDANCE 2023 production guidance increased by 2,000 BOE/d at the midpoint due to strong well performance Guidance pointing to 7% y-o-y liquids production growth (adjusted…
Continued strong performance from Little Knife pads LITTLE KNIFE AREA ENERPLUS ACREAGE 240 Cumulative Oil Production 200 Hay Draw Pad (1) per well (Mbbls) 160 Hay Draw Pad 120 80 Bice Pad 40 0 0 30 60 90 120 150…
Differentiated well performance from Enerplus core Bakken position Top 100 wells in North Dakota 2022-2023 based on peak month oil production Based on 1,400 wells brought on production in North Dakota since January 2022 100,000 13 of…
2023 outlook 2023 capital allocation 98,000 99,000 BOE/D TOTAL Growing liquids volumes in North Dakota (60.5-61.5 NORTH DAKOTA PRODUCTION Mbbl/d). Marcellus natural gas volumes expected Op drills: 61 (85% WI) DJ BASIN 95% Op…
2023 free cash flow and return of capital 2023 estimated free cash flow and return of capital(1)(2)(3) Based on Q4 commodity prices of 80/bbl WTI and 3.00/Mcf NYMEX ( million) FREE CASH FLOW PRIORITIES 960 Return of capital and…
Meaningful reduction to share count and net debt over two years Reduction to shares outstanding through repurchases Shares outstanding end of period (millions) Shares outstanding have been reduced by 18% over the last two years 255…
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…
GHG EMISSIONS MANAGEMENT Significant progress reducing emissions Enerplus expects to exceed previous 2030 targets in 2023; revised 2030 targets to reflect better than anticipated performance Scope 1 Emissions Intensity Reduction Scope…
GHG EMISSIONS MANAGEMENT GHG emissions reduction initiatives North Dakota Emissions Sources (2022) Flaring & methane initiatives Engines & power initiatives Broad installation of vapor recovery Onsite power load optimization units…
NORTH DAKOTA SUPPLEMENTARY ASSET DETAIL 14
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 57 60 655 NET DRILLING LOCATIONS Core + extended core FBIR 50 NORTH DAKOTA 68% crude oil…
Enerplus: tier 1 acreage position in the Bakken core Contours based on breakeven WTI prices (10% IRR)(1) Significant acreage in the established economic core of the play Large remaining opportunity set with more than a decade of…
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…
Bakken oil price strength supported by ample pipeline capacity Enerplus average Bakken oil price differential vs WTI Oil price diffs (/bbl) 1.09 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2023 Guidance VALUE 2023…
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…
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 Cumulative…
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…
SUPPLEMENTARY INFORMATION 24
Strong liquidity and low financial leverage Significant liquidity Track record of low financial leverage Liquidity position at Sept 30, 2023 ( millions) Net debt to adjusted funds flow ratio Enerplus was the first North American E&P…
COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1)(2) Swaps Collars Period Purchased Volume Brent-WTI Spread Volume Sold Put Sold Call Put (Mbbl/d) (US/bbl) (Mbbl/d) (US/bbl) (US/bbl) (US/bbl) Oct 1 Dec…
2023 guidance 2023 GUIDANCE Capital spending (USMM) 520-540 (previous 510-550) Total production (Mboe/d) 98 99 (previous 94.5 98.5) Liquids production (Mbbls/d) 60.5 61.5 (previous 58.5 61.5) Q4 production (Mboe/d) 95 - 99 Q4 liquids…
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% NYMEX natural gas prices are materially…
ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas Approach Integration Oversight Integrate key ESG Identify focus areas Senior leadership team factors that can reduce that could materially is deeply involved in Health & Safety…
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 (Chair) Reserves, Safety & Social…
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