Enerplus Core Drilling and Production Overview
Return of capital to shareholders
enerPLUS
2022 free cash flow allocation oil price sensitivity (rest of year prices) (1)
2022 RETURN OF CAPITAL PLAN
■ Increased return of capital to at least 60% of free cash
flow commencing in 2H 22 (from 50% previously)
$ millions
$1,000
$900
$850
$800
■Increased minimum 2022 return of capital
$800
$750
commitment to $425 million (from $350 million)
$700
$393
Minimum
$373
■ Returns to be delivered through dividends and share
$600
$353
return
$325
$275
repurchases
commitment:
$425MM
■ Quarterly dividend increased by 16% to $0.05/share
$400
■ Minimum of $230 million in remaining cash returns in
2022 (Sep-Dec)
$230
$230
$252
$282
$312
$200
$195
$195
$195
$195
$195
2023 RETURN OF CAPITAL PLAN
■ At least 60% of free cash flow
$0
$70 WTI
■Capital returned to date
$80 WTI
$90 WTI
■Capital returns remaining
$100 WTI
$110 WTI
■Balance sheet
Capital returns = Dividends + Share repurchases
7
1) Capital returned to date is inclusive of dividends and share repurchases through August 2022. Sensitivity uses $6.50/Mcf NYMEX. Allocation to balance sheet includes annual ARO spending.View entire presentation