All financial information contained within this news release
has been prepared in accordance with U.S. GAAP and is presented in
U.S. dollars. Production information, unless otherwise stated, is
presented on a net basis (after deduction of royalty obligations).
This news release includes forward-looking statements and
information within the meaning of applicable securities laws.
Readers are advised to review the "Forward-Looking Information and
Statements" at the conclusion of this news release. Readers are
also referred to "Notice Regarding Information Contained in this
News Release" at the end of this news release for information
regarding the presentation of the financial and operational
information in this news release. All amounts in this news release
are stated in United States
dollars unless otherwise specified.
CALGARY,
AB, Jan. 25, 2024 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today provided
production results, capital spending and return of capital results
for the fourth quarter of 2023, along with an update regarding
production impacts from the recent cold weather in North Dakota.
FOURTH QUARTER 2023
UPDATE
Production in the fourth quarter of 2023 exceeded the top end of
the Company's guidance ranges with total production of 103,500 BOE
per day (guidance of 95,000 to 99,000 BOE per day), and liquids
production of 67,100 barrels per day (guidance of 60,500 to 64,500
barrels per day). The outperformance was driven by continued strong
productivity from both the Company's 2023 well program and base
production.
The Company's 2023 annual average production also exceeded the
high end of the guidance ranges and was 100,000 BOE per day
(guidance of 98,000 to 99,000 BOE per day), including liquids
production of 62,200 barrels per day (guidance of 60,500 to 61,500
barrels per day).
Capital spending in the fourth quarter of 2023 was $91 million. This resulted in capital spending of
$532 million for the full-year of
2023 – approximately the mid-point of the Company's guidance range
of $520 to $540 million.
In the fourth quarter of 2023, Enerplus returned $106 million to shareholders through the
repurchase of 5.8 million common shares for $16.09 per share and $12
million in dividends. This resulted in a return of capital
of $307 million for the full-year of
2023.
OPERATIONAL UPDATE
During mid-January 2024, extremely
cold temperatures led to power outages and production disruptions
in North Dakota. Enerplus'
impacted production has now been largely restored. However, as a
result of the storm, the Company estimates its first quarter
liquids production will be approximately 2,000 to 3,000 barrels per
day lower than previously forecast.
Despite this, Enerplus remains well positioned to efficiently
execute its 2024 operational plan. Inclusive of the impacts from
the January weather event, the Company anticipates delivering 2024
liquids production of approximately 64,000 barrels per day with
annual capital spending of approximately $550 million. Enerplus will provide 2024 guidance
in connection with its fourth quarter and full-year 2023 results to
be released on February
22nd, 2024.
FOURTH QUARTER AND FULL-YEAR 2023
RESULTS CONFERENCE CALL DETAILS
Enerplus will be releasing comprehensive operating and financial
results for the fourth quarter and full-year 2023, including
reserves, after market close on Thursday,
February 22, 2024. A conference call will be hosted by
Enerplus' President & CEO, Ian C.
Dundas on February 23, 2024,
at 9:00 AM MT (11:00 AM ET) to discuss these results. Details of
the conference call are noted below.
Fourth Quarter & Full-Year
2023 Results Live Conference Call Details
Date: Friday, February 23,
2024
Time: 9:00 AM MT (11:00 AM ET)
Audiocast: https://app.webinar.net/WGjvAQKeMxV
To join the conference call by phone, without operator
assistance:
Register here: https://emportal.ink/47zMVTH You will be
connected to the conference call by automated call back.
To join the call from a live operator managed queue:
Dial-in: 1-888-390-0546 (Toll Free)
Conference ID: 03279613 #
To ensure timely participation in the conference call, callers
are encouraged to dial in 15 minutes prior to the start time to
register for the event.
A telephone replay will be available for 30 days following the
conference call and can be accessed at the following number:
Dial-in: 1-888-390-0541 (Toll Free)
Replay passcode: 279613 #
Electronic copies of our 2023 interim and 2022 year-end MD&A
and Financial Statements, along with other public information
including investor presentations, are available on our website at
www.enerplus.com. Shareholders may request a hard copy of
Enerplus' complete audited financial statements at any time free of
charge. For further information, please contact Investor Relations
at 1-800-319-6462 or email investorrelations@enerplus.com.
About Enerplus
Enerplus is an independent North American oil and gas
exploration and production company focused on creating long-term
value for its shareholders through a disciplined, returns-based
capital allocation strategy and a commitment to safe, responsible
operations. For more information, visit the Company's website at
www.enerplus.com.
NOTICE REGARDING INFORMATION
CONTAINED IN THIS NEWS RELEASE
Currency and Accounting Principles
All amounts in this news release are stated in U.S. dollars
unless otherwise specified. All financial information in this news
release has been prepared and presented in accordance with U.S.
GAAP.
Barrels of Oil Equivalent
This news release contains references to "BOE" (barrels of
oil equivalent). Enerplus has adopted the standard of six thousand
cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl) when
converting natural gas to BOEs. BOE may be misleading,
particularly if used in isolation. The foregoing conversion ratios
are based on an energy equivalency conversion method primarily
applicable at the burner tip and do not represent a value
equivalency at the wellhead. Given that the value ratio based on
the current price of oil as compared to natural gas is
significantly different from the energy equivalent of 6:1,
utilizing a conversion on a 6:1 basis may be misleading.
Presentation of Production Information
All production volumes presented in this news release are
reported on a "net" basis (the Company's working interest share
after deduction of royalty obligations, plus the Company's royalty
interests), unless expressly indicated that it is being presented
on a "gross" basis. All references to "liquids" in this news
release include light and medium crude oil, heavy oil and tight oil
(all together referred to as "crude oil") and NGLs on a combined
basis. All references to "natural gas" in this news release include
conventional natural gas and shale gas on a combined basis.
FORWARD-LOOKING INFORMATION AND
STATEMENTS
This news release 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 news release contains forward-looking information pertaining
to the following: the estimated reduction of liquids production for
the Company in the first quarter of 2024; the anticipated annual
liquids production in 2024; and estimated capital spending for
2024.
The forward-looking information contained in this news
release 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; 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 and storage fundamentals;
the continuation of assumed tax, royalty and regulatory regimes;
the continued availability of adequate debt and/or equity financing
and adjusted funds flow to fund our capital, operating and working
capital requirements, as needed; and the availability of third
party services.
The forward-looking information included in this news release
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 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, including global energy demand; unanticipated operating
results, results from our capital spending activities or production
declines; 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;
inability to comply with debt covenants under our 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 third
quarter 2023 MD&A, our annual information form for the year
ended December 31, 2022, our 2022
annual MD&A and Form 40-F as at December
31, 2022).
The forward-looking information contained in this news
release speaks only as of the date of this news release. Enerplus
does not undertake any obligation to publicly update or revise any
forward-looking information contained herein, except as required by
applicable laws. Any forward-looking information contained herein
are expressly qualified by this cautionary statement.
SOURCE Enerplus Corporation