Fri, Feb. 20, 11:32 AM
- Enerplus (ERF +2%) is higher after reporting Q4 earnings that more than quadrupled and saying it is cutting capital spending, production and its dividend this year amid falling crude oil prices.
- Q4 net income more than quadrupled to C$151.6M, or C$0.74/share, from C$29.6M, or C$0.15/share, a year ago and easily beating expectations.
- ERF further reduces its 2015 capital spending plan to C$480M, 40% below 2014 spending, and says it will cut its monthly dividend by 44% to C$0.05/share.
- Expects 2015 production volumes to fall ~6% Y/Y to 93K-100K boe/day; Q4 production grew 12% Y/Y to 105.6K boe/day.
Fri, Feb. 20, 6:42 AM
Thu, Feb. 19, 5:30 PM
Dec. 18, 2014, 8:46 AM
- Enerplus (NYSE:ERF) says it plans a 2015 capital budget of $635M, a 23% reduction from its 2014 forecast, which it says will deliver modest production growth and preserve financial strength amid commodity price uncertainty.
- ERF expects 2015 production of 103K-108K boe/day, or 0%-5% Y/Y growth.
- Sees debt-to-funds flow below 2x at the end of 2015, even if WTI averages US$65/bbl for the year.
- On the dividend, ERF cautious it is "prepared to make adjustments as necessary to the dividend depending on the severity and duration of the downturn."
Nov. 28, 2014, 9:17 AM| 13 Comments
Nov. 7, 2014, 8:59 AM
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Aug. 8, 2014, 7:33 AM
Aug. 7, 2014, 5:30 PM
Jun. 18, 2014, 12:52 PM
- Enerplus (ERF +1%) a reaches 52-week high after reporting a 250% increase in contingent resources to 136M boe at June 1 from 38M boe at Dec. 31, largely due to a 50% increase in its estimate of original oil in place which includes contributions from the Bakken and Three Forks formations.
- The result of the revised contingent resource assessment, ERF says its estimate of future drilling locations is more than 125% higher and now estimates ~330 future net drilling locations, up from 145 previously.
Jun. 9, 2014, 3:55 PM
- Enerplus (ERF -2.7%) is downgraded to Sector Perform from Outperform with a $25 price target at RBC, believing shares have moved into fair value territory at current levels.
- The firm says it could become more bullish towards ERF amid a share price pullback or improving prospects for common share dividend growth.
May. 9, 2014, 8:15 AM
May. 8, 2014, 5:30 PM
Feb. 4, 2014, 9:13 AM
- Enerplus (ERF) says 2013 production grew by more than 9% Y/Y to average 89.8K boe/day, ahead of the company's expectations of 89K boe/day.
- Q4 production averaged 94.2K boe/day; due to continued outperformance in the Marcellus shale, natural gas weighting increased to 56% during the quarter.
- Proved plus probable company interest reserves grew by ~17% to 406M boe, and added a total of 93M boe of 2P reserves, replacing 284% of production in 2013; 83% of reserve additions were from natural gas.
Jan. 9, 2014, 4:31 PM
- KKR says it will open its first Canadian office next month in Calgary, the capital of Canada's oil patch, as it seeks to tap into growing demand for private-equity financing in the region and expand its presence in the global energy industry.
- KKR Director Brandon Freiman, who will relocate from the NYC headquarters to start up the new office, is eyeing investment of $500M to "several billion dollars" over the next five years in upstream oil and gas production, midstream pipelines and related infrastructure as well as energy services businesses.
- The planned investments will include providing financing instead of outright takeovers, KKR says.
- Canadian energy names on the radar: SU, IMO, BTE, SOQ, ERF, CVE, COSWF, AAV, BXE, CNQ.
Dec. 3, 2013, 12:35 PM
- Enerplus (ERF +3%) raises its 2013 production forecast to 89K boe/day from 87.5K boe/day, based on strong operational performance during October and November which tracks for Q4 production volume of ~92K boe/day due primarily to higher natural gas production.
- Based upon 2014 planned capital spending of $760M (up 11% Y/Y), ERF forecasts production of 96K-100K boe/day, a 10% Y/Y increase; ERF expects 2014 production at Fort Berthold will increase by ~15%, driving light crude oil volumes to represent 67% of total oil production.
- BMO upgrades shares to Outperform from Market Perform.
ERF vs. ETF Alternatives
Enerplus Corp is a crude oil and natural gas exploration and development company. Itsoil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia and Saskatchewan and in the UnitedStates.
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