Enerplus Q1 2023 Update

2023 outlook TOTAL BOE/D PRODUCTION 93,000 98,000 Projecting 3-5% liquids growth (1) driven by North Dakota. Marcellus natural gas production expected to be -8% lower yoy due to reduced activity 2023 capital allocation DJ BASIN ■ Drilling & completions: 4 wells (46% WI) CAPITAL SPENDING $ $ MILLIONS $500 $550MM Capital allocation: 95% North Dakota, 2.5% Marcellus, 2.5% DJ Basin 95% 2.5% 2.5% $500-$550 MILLION enerPLUS NORTH DAKOTA ■2 drilling rigs: 55-60 wells (86% WI) Completions: 45-55 wells (87% WI) ■ Refracs ■ Non-op activity RETURN OF CAPITAL TO SHAREHOLDERS 60% of free cash flow minimum Expecting to return at least 60% of FCF through dividends and share repurchases. Remaining FCF to be allocated to the balance sheet MARCELLUS (NON-OP) ■Capital spending >70% lower compared to 2022 ■2-2.5 net drills 1-1.5 net completions North Dakota ■Marcellus ■ DJ Basin 1) Growth rate is adjusted for the sale of Canadian assets in the fourth quarter of 2022 with associated production of 6,400 BOE/d (78% liquids). 7

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