Enerplus Core Drilling and Production Overview
Forward looking information and statements
enerPLUS
This presentation contains certain forward-looking information and statements ("forward-looking information") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate",
"guidance", "ongoing", "may", "will", "project", "plans", "budget", "strategy" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this presentation contains forward-looking
information pertaining to the following: updated 2022 production and capital spending guidance; expected capital spending levels in 2022; expectations regarding 2022 and future shareholder returns, including payment of dividends and
Enerplus' share repurchase program, the timing and amounts thereof and funding dividends and the share repurchase program from free cash flow; expectations regarding free cash flow generation and capital spending reinvestment rates;
expected operating strategy in 2022 and expectations regarding our drilling program and well costs; 2022 average production volumes and the anticipated production mix; the proportion of our anticipated oil and gas production that is
hedged and the expected effectiveness of such hedges in protecting our cash flow from operating activities and adjusted funds flow; oil and natural gas prices and differentials and expectations regarding the market environment and our
commodity risk management program in 2022; updated and existing 2022 Bakken and Marcellus differential guidance; expectations regarding realized oil and natural gas prices; expected operating, transportation and cash G&A expenses and
production taxes and updated 2022 guidance with respect thereto; expectations regarding net debt and debt reduction; expectations regarding increases to dividends and timing thereof; and expectations regarding renewal of our normal
course issuer bid, including timing and size thereof.
The forward-looking information contained in this presentation reflects several material factors and expectations and assumptions of Enerplus including, without limitation: that we will conduct our operations and achieve results of operations
as anticipated; the continued operation of the Dakota Access Pipeline; that our development plans will achieve the expected results; that lack of adequate infrastructure will not result in curtailment of production and/or reduced realized prices
beyond our current expectations; current and anticipated commodity prices, differentials and cost assumptions; the general continuance of current or, where applicable, assumed industry conditions, the impact of inflation, weather conditions,
storage fundamentals and expectations regarding the duration and overall impact of COVID-19; the continuation of assumed tax, royalty and regulatory regimes; the accuracy of the estimates of our reserve and contingent resource volumes;
the continued availability of adequate debt and/or equity financing and adjusted funds flow to fund our capital, operating and working capital requirements, and dividend payments as needed; the ability to fund increased dividend payments
and the share purchase program from free cash flow as expected and discussed in this presentation; our ability to comply with our debt covenants; the availability of third party services; expected transportation expenses; the extent of our
liabilities; and the availability of technology and process to achieve environmental targets. In addition, our 2022 guidance described in this presentation is based on: a WTI price of US$90.00/bbl, a NYMEX price of US$6.50/Mcf, a Bakken
crude oil price of $+1.00/bbl above WTI, a Marcellus natural gas price differential of $(0.75)/Mcf below NYMEX and a CDN/USD exchange rate of 0.78. Enerplus believes the material factors, expectations and assumptions reflected in the
forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Current conditions, economic and otherwise, render assumptions, although reasonable when
made, subject to greater uncertainty.
The forward-looking information included in this presentation is not a guarantee of future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation: continued instability, or further deterioration, in global economic and market environment, including
from COVID-19, inflation and/or the Ukraine/Russia conflict and heightened geopolitical risks; decreases in commodity prices or volatility in commodity prices; changes in realized prices of Enerplus' products from those currently anticipated;
changes in the demand for or supply of our products; unanticipated operating results, results from our capital spending activities or production declines; legal proceedings or other events inhibiting or preventing operation of the Dakota Access
Pipeline; curtailment of our production due to low realized prices or lack of adequate infrastructure; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in our capital plans or by third party operators of our
properties; increased debt levels or debt service requirements; inability to comply with debt covenants under our bank credit facilities and/or outstanding senior notes; inaccurate estimation of our oil and gas reserve and contingent resource
volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; reliance on industry partners and third party service providers; changes in law or
government programs or policies in Canada or the United States; and certain other risks detailed from time to time in our public disclosure documents (including, without limitation, those risks identified in our 2022 interim MD&As, our annual
information form for the year ended December 31, 2021, our 2021 annual MD&A and Form 40-F as at December 31, 2021).
The forward-looking information contained in this presentation speaks only as of the date of this presentation. Enerplus does not undertake any obligation to publicly update or revise any forward-looking information contained herein, except
as required by applicable laws.
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