Enerplus Core Drilling and Production Overview
Annual Excess Cash Flow()
Marcellus robust excess cash flow generation
Enerplus' Marcellus 2022 excess cash flow generation (1)
Unhedged net operating income less capital spending sensitivity using flat H2 2022 NYMEX prices
$400
$350
$300
$250
$200
$150
enerPLUS
Natural gas commodity hedging contracts
NYMEX
$340
Jul 1, '22 -
Oct 31, '22
Nov 1, '22 -
Mar 31, '23
Apr 1, '23 -
Oct 31, '23
$310
$280
Swaps
Swaps
40,000
$245
Vol. (Mcf/d)
$3.40
$215
$185
$100
$5.00
$6.00
$7.00
$8.00
$9.00
Collars
Vol. (Mcf/d)
60,000
120,000
50,000
Puts
$3.77
$6.27
$4.05
Calls
$4.50
$18.17
$7.00
$10.00
H2 2022 NYMEX Benchmark Price (US$/Mcf)
Enerplus Q2 2022 Marcellus production was 168 MMcf/d (net)
1) Excess cash flow is equal to net operating income less capital spending. Marcellus net operating income and capital spending in H1 2022 were $139 million and $31 million respectively. Marcellus capital spending in H2 2022 is
estimated at approx. $25 million. Excludes impact of hedges.
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