Investor Update November 2023
Key updates from Q3 2023
1
INCREASED FULL-YEAR 2023 PRODUCTION GUIDANCE
2023 production guidance increased by 2,000 BOE/d at the midpoint due to strong well performance
Guidance pointing to 7% y-o-y liquids production growth (adjusted for Canadian divestment in 2022)
2 CAPITAL SPENDING TRACKING BUDGET
2023 capital spending range tightened to $520-$540MM (from $510-$550MM previously)
3
ATTRACTIVE FREE CASH FLOW AND RETURN OF CAPITAL PROFILE IN Q4 2023
Anticipating strong free cash flow in Q4 as capital spending profile tapers
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Returned -$200MM to shareholders Q1-Q3, with an estimated -$100MM to be returned in Q4 (1)
4
EXPECTING TO EXCEED 2030 GHG EMISSIONS INTENSITY REDUCTION TARGETS IN 2023
Projecting -40% reduction in scope 1 & 2 GHG emissions intensity in 2023 vs 2021
New 2030 targets set for scope 1 & 2 GHG and methane emissions
1) Based on fourth quarter 2023 commodity prices of $80/bbl WTI and $3.00/Mcf NYMEX. In the fourth quarter through Nov 1, Enerplus repurchased $41MM in stock.
enerPLUS
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