Enerplus Q1 2023 Update

ENVIRONMENTAL, SOCIAL & GOVERNANCE Material focus areas EMISSIONS MANAGEMENT (1)(2) 2022e Performance ■9% methane emissions intensity reduction ■-16% total GHG emissions intensity reduction Targets: Methane intensity ■ 30% reduction by 2025 ■50% reduction by 2030 Target: GHG intensity ■35% reduction by 2030 WATER MANAGEMENT (1) 2022 Performance ■ 36% freshwater reduction per well completion in Fort Berthold Target: Produced water use ■ 50% or greater produced water used in well completions by 2025 HEALTH & SAFETY (¹) 2022 Performance ■ One LTIF(3) ■ Three-year average LTIF reduction of 80% (since 2020), relative to 2019 baseline Target: LTIF reduction ▪ 25% LTIF reduction, on average, from 2020-2023 Water Management Emissions Management enerPLUS Health & Safety ESG MATERIAL FOCUS AREAS Culture Community Engagement 1) 2022 emissions management performance targets are relative to a 2021 baseline; water management and health and safety targets are relative to a 2019 baseline. 2) Enerplus' GHG emissions reduction targets address scope 1 and 2 emissions. Scope 1 emissions are direct emissions from owned and operated facilities. Scope 2 emissions are indirect emissions from the generation of purchased energy for the Company's owned and operated facilities. 3) Lost Time Injury Frequency. 11

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