2017 Guidance

Summary 2017 Target (Revised Nov 9, 2017)
Capital spending $450 million
Average annual production 84,000 BOE/d (from 84,000 to 86,000 BOE/d)
Q4 average production 86,000 to 88,000 BOE/d (from 86,000 - 91,000 BOE/d)
Crude Oil and Natural Gas Liquids Production 40,500 bbls/d (from 39,500 to 41,500 bbls/d)
Q4 average liquids production 45,000 to 46,000 bbls/d (from 43,000 to 48,000 bbls/d)
Average royalties and production tax rate (% of gross sales, before transportation) 24%
Operating expense $6.50/BOE (from $6.85/BOE40
G&A expense (cash) $1.70/BOE (from $1.75/BOE)
Transportation expense $3.70/BOE (from $3.90/BOE)

Sensitivity Table

Sensitivity Table

Estimated Effect on Three Months of 2017 Adjusted Funds Flow ($mm)

Estimated Effect on 2017 Three Months of Adjusted Funds Flow per Share ($/share)

Change of $5.00/bbl WTI crude oil $16 $0.07
Change of $0.50/Mcf NYMEX natural gas $10 $0.04
Change of 1,000 BOE/day production for rest of year $5 $0.02
Change of $0.01 in the US$/CDN$ exchange rate $1 nil

Adjusted funds flow is a non-GAAP measure.  Please refer to "Non-GAAP Measures" in the Q3 2017 MD&A. The sensitivities above are based on WTI US$55/bbl and NYMEX US$3/Mcf guidance prices and approximately 242.3 million shares outstanding.


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