Investor Update November 2023

enerPLUS Bakken oil price strength supported by ample pipeline capacity Enerplus average Bakken oil price differential vs WTI ($/bbl) Bakken oil production & takeaway (1) Millions of bbl/d Oil price diffs $1.09 2014 2015 2016 2017 -$3.72 2018 -$3.78 2019 2020 2021 -$2.15 2022 2023E -$3.98 -$5.39 -$7.46 -$9.44 -$12.94 Pre-DAPL Significant rail utilization led to DAPL in service June 2017 Differentials strengthened due to increased pipeline egress COVID/OPEC related oil price shock led to reduced basin production & increased spare pipeline capacity 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 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. 2023 Guidance $0.25/bbl below WTI Basin not expected to test egress capacity Production forecast based on 50 rigs Production forecast based on 40 rigs Production forecast based on 30 rigs Current rig count = 33 (October 2023) Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 19

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