Investor Update November 2023

Enerplus overview enerPLUS Differentiated Bakken drilling inventory - Over a decade of high-quality inventory ■ Attractive free cash flow generation 12% free cash flow yield (1) ■ Competitive return of capital to shareholders - 9% cash return yield (1) (based on -70% of 2023 free cash flow) ■ Low financial leverage 0.2x net debt to adjusted funds flow ratio (1) (at Sept 30, 2023) 1) See Non-GAAP & Other Financial Measures in "Advisories". 2023 free cash flow and cash return yields are based on fourth quarter commodity prices of $80/bbl. WTI and $3.00/Mcf NYMEX. FCF yield is calculated as 2023 free cash flow divided by Enerplus' market capitalization (Nov 1, 2023). Cash return yield is calculated as 2023 share repurchases and dividends divided by Enerplus' market capitalization (Nov 1, 2023). BAKKEN NORTH DAKOTA Dual listed: TSX & NYSE Market capitalization: US$3.5 billion 2023e production: -98,500 BOE/d (61% liquids) 2023E PRODUCTION BY PRODUCT 11% 0 38% 51% ■ Oil ■ Natural Gas NGL MARCELLUS NE PENNSYLVANIA 2023E PRODUCTION BY AREA 1% 26% 0 73% ■ Bakken ■ Marcellus Other 3

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