Investor Update November 2023

NON-OPERATED MARCELLUS Core acreage position in the Marcellus dry gas window. Enerplus Marcellus capital spending enerPLUS MARCELLUS POSITION - NE PENNSYLVANIA $ Millions $31 $58 Enerplus Marcellus production MMcf/d 153 158 $57 -74% ■ NYMEX natural gas prices are materially lower in 2023 vs 2022 $15 ■Marcellus drilling and completions activity down significantly y-o-y ■ Reduced activity 169 -8% resulting in lower -155 y-o-y production 2020 2021 2022 2023E Lycoming Bradford Susquehanna Wyoming Sullivan Marcellus pricing exposure (ROY) Approx. % of natural gas sales 18% ■Leidy -$0.85/Mcf ■TZ6 Non-NY 2023e differential ■Gulf Coast vs last day NYMEX 19% 60% ■ Other 3% 28

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