Investor Update November 2023

enerPLUS Strong liquidity and low financial leverage Significant liquidity Liquidity position at Sept 30, 2023 ($ millions) Enerplus was the first North American E&P to transition its principal credit facility to a Sustainability ESG Linked Credit Facility, incorporating ESG performance targets Track record of low financial leverage Net debt to adjusted funds flow ratio Multi-year track record of operating at or below a 1x ND/AFF ratio, annually -$1.2Bn Cash + Undrawn Credit Facilities 3x Net debt as at Sept 30, 2023: $212 million SENIOR NOTES Avg. interest rate: 4.1% CREDIT FACILITIES Avg. interest rate: 6.6% $81 Liquidity 2024 Undrawn Credit Facilities + Cash Senior Notes 2x 1.0x 1x 0.9x 0.6x 0.6x 0.4x 0.2x 0.2x $52 $85 $21 $21 Ox 2017 2018 2019 2020 2021 2022 Sept 2025 2026 30, 2023 Credit Facilities - Drawn Amount 1) Drawn fees on the $1.3B credit facilities are expected to be approximately 6.6% based on an underlying 1-month SOFR rate of 5.42%. Drawn amount of $135.7mm is net of unamortized debt issuance costs of $2.0MM. 25

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