Investor Update November 2023
2023 free cash flow and return of capital
2023 estimated free cash flow and return of capital (1)(2)(3)
Based on Q4 commodity prices of $80/bbl WTI and $3.00/Mcf NYMEX
($ million)
-$960
Adjusted
funds flow
-$530
Capital
spending
-12%
FREE CASH
FLOW YIELD
-9%
CASH RETURN;
YIELD
-$430
Free
cash flow
-$300
Return
of capital
-$100MM
expected in Q4
-$200MM
through Q3
enerPLUS
$ FREE CASH FLOW PRIORITIES
▪ Return of capital and strengthening balance sheet
■ Returned 97% of H1 2023 free cash flow to
shareholders
■ Plan to return at least 60% of H2 2023 free cash
flow to shareholders
■ Expected to result in -$300 million returned in
2023 (representing -70% of full-year free cash
flow)
1) See Non-GAAP & Other Financial Measures in "Advisories".
2) Capital spending is based on the midpoint of guidance ($520-$540MM).
3) Free cash flow and cash return yields are based on Enerplus' market capitalization on Nov 1, 2023. Return of capital estimate based on H1 return of capital of $133MM and 60% of H2 FCF forecast.View entire presentation