Enerplus Corp T.ERF

Energy Oil & Gas E&P

Enerplus Corporation is a Canada-based independent oil and gas exploration and production company. The Company is focused on the development of North American oil and natural gas assets. Its portfolio includes light oil assets in the Bakken, North Dakota, and a position in the Marcellus natural gas shale region in northeast Pennsylvania. The Company's operations are concentrated in the core of the Bakken/Three Forks light oil shale play where it holds approximately 235,600 net acres in North Dakota. The acreage is primarily located across the Fort Berthold Indian Reservation, as well as in Williams and Dunn Counties. It holds an interest in approximately 32,500 net acres in the dry gas window of the Marcellus shale in northeast Pennsylvania. This non-operated position is located in Susquehanna, Bradford, Wyoming, Sullivan and Lycoming counties.

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Enerplus Corp

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Post by retiredcfon Oct 20, 2023 9:01am

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Post# 35692643

RBC

October 19, 2023

Enerplus Corporation
3Q Preview—Second-Half Ramp-up

NYSE: ERF | USD 17.99 | Outperform | Price Target USD 21.00

Sentiment: Neutral

Enerplus will report its third-quarter results on Thursday, November 2, after market close.

Conference Call

• Time: 11:00 am ET, Friday, November 3
• Dial-in: (888) 390-0546 (ID: 18470310 #)
• Replay: (888) 390-0541 (Passcode: 470310 #) • Webcast

3Q Preview

RBC is slightly below Street consensus on FFO/share (at the low end of the range), in line on total equivalent production and above on capital spending.

Observations

• Our third-quarter FFO/share estimate for Enerplus sits at $1.15 ($240 million) and factors in total equivalent production of 99,000 boe/d.

We peg Enerplus’ oil & liquids production at 64,000 bbl/d amid operating costs of $14.70/bbl.
In the context of $82.10/bbl WTI and $2.58/mmBtu Henry Hub, we forecast the company’s third-quarter oil & liquids realizations at $72/bbl, with natural gas realizations of $1.33/mcf.
Included in our outlook is Enerplus’ third-quarter capital spending at $135 million, with $12 million in cash taxes and share repurchases of $56 million.
Enerplus plans to provide an update alongside its third-quarter results surrounding well performance on five operated wells (2- mile laterals) brought on stream on the eastern edge of its Williams County acreage.