Mr. Ian Dundas reports

ENERPLUS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL AND OPERATING RESULTS

Enerplus Corp. had fourth quarter 2023 cash flow from operating activities and adjusted funds flow of $297.9-million and $240.5-million, respectively, compared with $316.6-million and $315.4-million, respectively, in the fourth quarter of 2022. Full-year 2023 cash flow from operating activities and adjusted funds flow were $938.2-million and $961.2-million, respectively, compared with $1,173.4-million and $1,230.3-million in 2022. All amounts in this news release are stated in U.S. dollars unless otherwise specified.

On Feb. 21, 2024, Enerplus entered into an arrangement agreement with Chord Energy Corp., pursuant to which, upon completion of the transaction, Enerplus shareholders will receive 0.10125 share of Chord common stock and $1.84 in cash for each share of Enerplus (90-per-cent stock and 10-per-cent cash consideration). The transaction is subject to various approvals and conditions to close, and is expected to be completed mid-2024. For more information, refer to the joint press release of Enerplus and Chord regarding this transaction.

Highlights -- full-year 2023:

• Exceeded 2023 total and liquids production guidance:
  • Total production averaged 100,015 barrels of oil equivalent per day (guidance of 98,000 to 99,000 boe per day);
  • Liquids production averaged 62,208 barrels per day (guidance of 60,500 to 61,500 barrels per day);
• Generated adjusted funds flow of $961.2-million in 2023, which exceeded capital spending of $532.5-million, generating free cash flow of $428.7-million;
• Returned $306.9-million to shareholders through dividends and share repurchases, representing 72 per cent of 2023 free cash flow;
• Reduced shares outstanding by 7 per cent since year-end 2022 and 17 per cent since year-end 2021;
• Reduced net debt by 46 per cent from year-end 2022, ending 2023 with net debt of $119.3-million;
• Reduced 2023 methane emission intensity by 45 per cent and Scope 1 and Scope 2 greenhouse gas emission intensity by 40 per cent, compared with 2021, based on preliminary estimates.

"Two thousand twenty-three marked another year of solid operational and financial performance, further demonstrating the quality of our team and North Dakota Bakken position," said Ian C. Dundas, president and chief executive officer. "We exceeded production targets within a disciplined capital allocation framework, helping to drive free cash flow of over $400-million. Consistent with our track record, we returned significant cash to shareholders -- over 70 per cent of free cash flow in 2023 -- through dividends and share repurchases, while also reducing net debt by 46 per cent."

2024 outlook

As previously announced, Enerplus expects 2024 capital spending of approximately $550-million and annual average liquids production of approximately 64,000 barrels per day. The company expects 2024 annual average total production of approximately 99,000 boe per day. The company's 2024 outlook is subject to changes as a result of completion of the transaction with Chord, which is currently expected to close mid-2024.

On Feb. 21, 2024, the board approved a dividend increase of 8 per cent to the quarterly dividend to 6.5 cents per share beginning with the March 15, 2024, dividend. It is anticipated that the quarterly dividend payments made by Enerplus until closing of the transaction will be equalized to those made by Chord, after giving effect to the exchange ratio, through an additional Enerplus dividend declared shortly prior to the closing.

About Enerplus Corp.

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.

We seek Safe Harbor.