Enerplus Q1 2023 Update

enerPLUS Bakken oil price strength supported by ample pipeline capacity Bakken oil production & takeaway(1) Millions of bbl/d Oil price diffs ----- Enerplus Bakken oil price differential vs WTI ($/bbl) +$0.50/bbl 2023 GUIDANCE $1.09 | I above WTI I 2014 2015 2016 2017 -$3.72 2018 -$3.78 2019 2020 2021 -$2.15 2022 2023 I -$3.98 -$5.39 -$7.46 -$9.44 -$12.94 Basin not expected to test egress capacity Pre-DAPL Significant rail utilization led to DAPL in service June 2017 Differentials strengthened due to increased pipeline egress 1.8 wider differentials 1.6 1.4 DAPL 1.2 1.0 Production 0.8 0.6 0.4 0.2 0.0 Jan-14 Jan-15 Jan-16 Jan-17 Pipelines (ex DAPL) Rail volumes (2) Jan-18 Jan-19 Jan-20 COVID/OPEC related oil price shock led to reduced basin production & increased spare pipeline capacity 1) Source: North Dakota Industrial Commission (NDIC), Company estimates, Wood Mackenzie. Production is shown net of local refining demand. 2) Forecast rail volumes assume 80 mb/d are contracted going forward. Production forecast based on 50 rigs Production forecast based on current rig count (41) Production forecast based on 30 rigs Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 17

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