2018 Guidance

Summary 2018 Target (at Feb 23, 2018)
Capital spending C$535 to 585 million
Average annual production 86,000 to 91,000 BOE/d
Crude Oil and Natural Gas Liquids Production 46,000 to 50,000 bbls/d
Average royalties and production tax rate (% of gross sales, before transportation) 25%
Operating expense C$7.00/BOE
Cash G&A expense C$1.65/BOE
Transportation expense C$3.60/BOE)
2018 Differential/Basis Outlook (excl transportation)  
U.S. Bakken crude oil differential (compared to WTI crude oil) US$(2.50)/bbl
Marcellus basis (compared to NYMEX natural gas) US$(0.40)/Mcf

Sensitivity Table

Sensitivity Table

Estimated Effect on 2018 Twelve Months of Adjusted Funds Flow ($mm)

Estimated Effect on 2018 Twelve Months of Adjusted Funds Flow per Share ($/share)

Change of $5.00/bbl WTI crude oil $47 $0.20
Change of $0.50/Mcf NYMEX natural gas $46 $0.19
Change of 1,000 BOE/day production for rest of year $8 $0.03
Change of $0.01 in the US$/CDN$ exchange rate $6 $0.02

Adjusted funds flow is a non-GAAP measure.  Please refer to "Non-GAAP Measures" in the 2017 Financail Summary. The sensitivities above are based on WTI US$50/bbl and NYMEX US$3/Mcf guidance prices and approximately 243 million shares outstanding.

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Last Updated: April 29th, 2014
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