Entering text into the input field will update the search result below

Enerplus +6% after strong Q4, driven by Bakken production

Feb. 23, 2018 12:20 PM ETEnerplus Corporation (ERF) Stock, ERF:CA StockERFBy: Carl Surran, SA News Editor
  • Enerplus (ERF +6.2%) enjoys strong gains after reporting better than expected Q4 earnings, helped by higher prices for production from its North Dakota Bakken oil wells and lower costs.
  • ERF says the average selling price for crude oil rose 22% to C$65.91/bbl in Q4 and natural gas prices rose 4.8%.
  • ERF says Q4 production totaled 88.6K boe/day, beating company guidance of 86K-88K boe/day, primarily driven by its oil and gas reserves in the Bakken and the Marcellus gas basin in the Appalachian region, and that its recently completed well in the DJ Basin produced nearly 47K barrels of oil in 156 days; the company plans to drill up to three wells in the DJ region in 2018.
  • ERF reaffirms its 2018 capex forecast of C$535M-C$585M, with plans to spend 75% to develop its North Dakota assets.
  • "Strong results over the past several quarters have been driven by Enerplus’ solid Bakken execution which we expect to continue,” says AltaCorp Capital analyst Patrick O‘Rourke.

Recommended For You

More Trending News

Related Stocks

SymbolLast Price% Chg
ERF
--
ERF:CA
--