Enerplus Q1 2023 Update

1 2 Key updates from Q1 2023 2023 PLAN IS ON TRACK - CAPITAL & PRODUCTION GUIDANCE UNCHANGED Q1 production was 97.7 Mboe/d, 6% higher y-o-y (19% higher on per share basis) STRONG FREE CASH FLOW DELIVERY Q1 free cash flow was $122 million (1) 3 COMPETITIVE RETURN OF CAPITAL TO SHAREHOLDERS Q1 dividends + share repurchases totaled $67 million; plan to return at least 60% of 2023 free cash flow to shareholders 4 CONTINUING TO STRENGTHEN BALANCE SHEET AND FINANCIAL FLEXIBILITY Reduced net debt by 32% from year-end 2022, ending Q1 2023 with net debt of $151 million 1) See Non-GAAP & Other Financial Measures in "Advisories". enerPLUS 5

View entire presentation