SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report of Foreign Issuer
pursuant to Rule 13-a-16 or 15d-16
of the Securities Exchange
Act of 1934
FOR THE MONTH
OF JANUARY 2024
FORM 6-K
COMMISSION FILE NUMBER
1-15150
The Dome Tower
Suite
3000, 333 – 7th Avenue S.W.
Calgary, Alberta
Canada T2P 2Z1
(403) 298-2200
US
Bank Tower
Suite 2200, 950 – 17th Street
Denver, Colorado
United States of
America 80202-2805
(720) 279-5500
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
EXHIBIT
INDEX
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
ENERPLUS CORPORATION
BY: |
/s/ |
David A. McCoy |
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David A. McCoy |
|
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Vice President, General Counsel & Corporate Secretary |
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DATE: January 25, 2024
Exhibit 99.1
Enerplus Provides Fourth Quarter & Operational
Update; Full-Year Results & Reserves to be Released February 22
All financial information contained within this
news release has been prepared in accordance with U.S. GAAP and is presented in U.S. dollars. Production information, unless otherwise
stated, is presented on a net basis (after deduction of royalty obligations). This news release includes forward-looking statements and
information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and
Statements" at the conclusion of this news release. Readers are also referred to "Notice Regarding Information Contained in
this News Release" at the end of this news release for information regarding the presentation of the financial and operational information
in this news release. All amounts in this news release are stated in United States dollars unless otherwise specified.
CALGARY, AB, Jan. 25, 2024 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today provided production results, capital spending and return
of capital results for the fourth quarter of 2023, along with an update regarding production impacts from the recent cold weather in North
Dakota.
FOURTH QUARTER 2023 UPDATE
Production in the fourth quarter of 2023 exceeded
the top end of the Company's guidance ranges with total production of 103,500 BOE per day (guidance of 95,000 to 99,000 BOE per day),
and liquids production of 67,100 barrels per day (guidance of 60,500 to 64,500 barrels per day). The outperformance was driven by continued
strong productivity from both the Company's 2023 well program and base production.
The Company's 2023 annual average production also
exceeded the high end of the guidance ranges and was 100,000 BOE per day (guidance of 98,000 to 99,000 BOE per day), including liquids
production of 62,200 barrels per day (guidance of 60,500 to 61,500 barrels per day).
Capital spending in the fourth quarter of 2023 was
$91 million. This resulted in capital spending of $532 million for the full-year of 2023 – approximately the mid-point of the Company's
guidance range of $520 to $540 million.
In the fourth quarter of 2023, Enerplus returned $106
million to shareholders through the repurchase of 5.8 million common shares for $16.09 per share and $12 million in dividends. This resulted
in a return of capital of $307 million for the full-year of 2023.
OPERATIONAL UPDATE
During mid-January 2024, extremely cold temperatures
led to power outages and production disruptions in North Dakota. Enerplus' impacted production has now been largely restored. However,
as a result of the storm, the Company estimates its first quarter liquids production will be approximately 2,000 to 3,000 barrels per
day lower than previously forecast.
Despite this, Enerplus remains well positioned to
efficiently execute its 2024 operational plan. Inclusive of the impacts from the January weather event, the Company anticipates delivering
2024 liquids production of approximately 64,000 barrels per day with annual capital spending of approximately $550 million. Enerplus will
provide 2024 guidance in connection with its fourth quarter and full-year 2023 results to be released on February 22nd, 2024.
FOURTH QUARTER AND FULL-YEAR 2023 RESULTS CONFERENCE CALL DETAILS
Enerplus will be releasing comprehensive operating
and financial results for the fourth quarter and full-year 2023, including reserves, after market close on Thursday, February 22, 2024.
A conference call will be hosted by Enerplus' President & CEO, Ian C. Dundas on February 23, 2024, at 9:00 AM MT (11:00 AM ET) to
discuss these results. Details of the conference call are noted below.
Fourth Quarter & Full-Year 2023 Results Live Conference Call Details
Date: Friday, February 23, 2024
Time: 9:00 AM MT (11:00 AM ET)
Audiocast: https://app.webinar.net/WGjvAQKeMxV
To join the conference call by phone, without operator
assistance:
Register here: https://emportal.ink/47zMVTH You will be connected to the conference call by automated call back.
To join the call from a live operator managed queue:
Dial-in: 1-888-390-0546 (Toll Free)
Conference ID: 03279613 #
To ensure timely participation in the conference call,
callers are encouraged to dial in 15 minutes prior to the start time to register for the event.
A telephone replay will be available for 30 days following
the conference call and can be accessed at the following number:
Dial-in: 1-888-390-0541 (Toll Free)
Replay passcode: 279613 #
Electronic copies of our 2023 interim and 2022 year-end
MD&A and Financial Statements, along with other public information including investor presentations, are available on our website
at www.enerplus.com. Shareholders may request a hard copy of Enerplus' complete audited financial statements at any time free of
charge. For further information, please contact Investor Relations at 1-800-319-6462 or email investorrelations@enerplus.com.
About Enerplus
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. For more information, visit the Company's website at www.enerplus.com.
NOTICE REGARDING INFORMATION CONTAINED IN THIS NEWS RELEASE
Currency and Accounting Principles
All amounts in this news release are stated in
U.S. dollars unless otherwise specified. All financial information in this news release has been prepared and presented in accordance
with U.S. GAAP.
Barrels of Oil Equivalent
This news release contains references to "BOE"
(barrels of oil equivalent). Enerplus has adopted the standard of six thousand cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl) when
converting natural gas to BOEs. BOE may be misleading, particularly if used in isolation. The foregoing conversion ratios are based
on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead.
Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent
of 6:1, utilizing a conversion on a 6:1 basis may be misleading.
Presentation of Production Information
All production volumes presented in this news release
are reported on a "net" basis (the Company's working interest share after deduction of royalty obligations, plus the Company's
royalty interests), unless expressly indicated that it is being presented on a "gross" basis. All references to "liquids"
in this news release include light and medium crude oil, heavy oil and tight oil (all together referred to as "crude oil") and
NGLs on a combined basis. All references to "natural gas" in this news release include conventional natural gas and shale gas
on a combined basis.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This news release contains certain forward-looking
information and statements ("forward-looking information") within the meaning of applicable securities laws. The use of any
of the words "expect", "anticipate", "continue", "estimate", "guidance", "ongoing",
"may", "will", "project", "plans", "budget", "strategy" and similar expressions
are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking
information pertaining to the following: the estimated reduction of liquids production for the Company in the first quarter of 2024; the
anticipated annual liquids production in 2024; and estimated capital spending for 2024.
The forward-looking information contained in this
news release reflects several material factors and expectations and assumptions of Enerplus including, without limitation: that we will
conduct our operations and achieve results of operations as anticipated; that our development plans will achieve the expected results;
that lack of adequate infrastructure will not result in curtailment of production and/or reduced realized prices beyond our current expectations;
current and anticipated commodity prices, differentials and cost assumptions; the general continuance of current or, where applicable,
assumed industry conditions, the impact of inflation, weather conditions and storage fundamentals; the continuation of assumed tax, royalty
and regulatory regimes; the continued availability of adequate debt and/or equity financing and adjusted funds flow to fund our capital,
operating and working capital requirements, as needed; and the availability of third party services.
The forward-looking information included in this
news release is not a guarantee of future performance and should not be unduly relied upon. Such information involves known and unknown
risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking
information including, without limitation: continued instability, or further deterioration, in global economic and market environment,
including from inflation and/or the Ukraine/Russia conflict and heightened geopolitical risks; decreases in commodity prices or volatility
in commodity prices; changes in realized prices of Enerplus' products from those currently anticipated; changes in the demand for or supply
of our products, including global energy demand; unanticipated operating results, results from our capital spending activities or production
declines; curtailment of our production due to low realized prices or lack of adequate infrastructure; changes in tax or environmental
laws, royalty rates or other regulatory matters; changes in our capital plans or by third party operators of our properties; inability
to comply with debt covenants under our credit facilities and/or outstanding senior notes; inaccurate estimation of our oil and gas reserve
and contingent resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; reliance on industry partners and third party service providers; changes in law or government programs
or policies in Canada or the United States; and certain other risks detailed from time to time in our public disclosure documents (including,
without limitation, those risks identified in our third quarter 2023 MD&A, our annual information form for the year ended December
31, 2022, our 2022 annual MD&A and Form 40-F as at December 31, 2022).
The forward-looking information contained in this
news release speaks only as of the date of this news release. Enerplus does not undertake any obligation to publicly update or revise
any forward-looking information contained herein, except as required by applicable laws. Any forward-looking information contained herein
are expressly qualified by this cautionary statement.
SOURCE Enerplus Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/25/c9522.html
%CIK: 0001126874
For further information: Investor Contacts, Drew Mair, 403-298-1707;
Krista Norlin, 403-298-4304
CO: Enerplus Corporation
CNW 17:05e 25-JAN-24
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