Enerplus Q1 2023 Update

Meaningful share count reduction through repurchases ■ Share repurchases underpinned by the view that the intrinsic value of Enerplus is not adequately reflected in its trading value ■ Shares repurchases are enhancing per share growth Reduction to shares outstanding through repurchases Shares outstanding (millions) 257 enerPLUS -16% 257 255 244 242 235 227 217 215 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Adjusted net income (1) per share growth Production per share growth $200 $150 $ million $100 $0.18/share $50 $0 Q1 2021 Q1 2022 Adjusted net income 1) See Non-GAAP & Other Financial Measures in "Advisories". +260% $0.65/share 120 0.05 $0.75 +49% 0.041/share $0.60/share $0.60 100 0.034/share 0.04 $0.45 $0.30 $/share Mboe/d 0.027/share 80 0.03 60 0.02 $0.15 $0.00 40 0.01 Q1 2023 Q1 2021 Q1 2022 Q1 2023 Adjusted net income/share Production Production/share 9 Boe/share

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