Everything looks great. Hedges
The only material hedges that ERF has in 2022, is 20,000 boe of oil hedged at an average of $53.44. U.S. (Hedge losses will go down)
Almost all the gas and the rest of the liquids are unhedged except for one hedge that has a ceiling of 87 dollars u.s. and a floor of 75 dollars U.S.
Esentially 2023 ERF has no hedges so they are in great shape from that respect.
UnHedged Production
Enerplus gets roughly $2 dollars U.S. more a boe for their produciton with differentials only being 2 dollars to WTI. Their transportaion costs have gone down and they currently have ample pipeline capacity.
Shareholder Returns
If Enerplus attributed their share buybacks as shareholder returns, they are buying back 200 million dollars worth of shares in Q4 - 2020 - Q1 2022. So 225 million shares - roughtly 16 million in the buy back, that should be add about 95 cents in share value to the remaining 209 million shares.
Add to that a roughly 10 cent a divided a quarter, by the end of Q1 shareholders would of seen returns of roughly 2 dividends and $1.15 a share.
Debt Repayment
In Q3 and with the asset divesture they have paid off 228 million in Debt, their net debt or more than $1 dollar a share.
Looks fantastic to me, net debt in the 1.0 times range early in q4, especially since gas has been about $1.50 U.S. higher, gas hedges in in Oct, and Oil has been about 80 U.S. this quater a 10 dollar lift.
IMHO