Each one in plain English, with the numbers worked through for a shareholder.
23 May 2024dividend declaration▲ GoodMajor
Enerplus declared a special cash dividend of US$0.232675 per share (about CDN$0.318765), payable June 4, 2024 to holders of record May 30, 2024, on top of the US$0.065 regular dividend. It is meant to equalise Enerplus's dividends with Chord's following their March 2024 dividends, and will be paid whether or not the deal completes. This carries out the conditional pre-closing dividend flagged in the April proxy materials. The release also says the Chord transaction is anticipated to close on or about May 31, 2024, subject to the May 24 shareholder vote, the final court order and remaining customary conditions. Closing is still expected, not completed, so the equity outcome remains open.
Enerplus declared its regular quarterly dividend of US$0.065 per share (about CDN$0.089), payable June 4, 2024 to holders of record May 22, 2024. The amount is unchanged from the March 2024 payment, and the release does not mention the pending Chord deal.
Enerplus filed its meeting materials for a May 24, 2024 shareholder vote on a plan of arrangement under which Chord Energy, through its subsidiary Spark Acquisition ULC, would acquire all Enerplus shares. Each share would get 0.10125 of a Chord share plus US$1.84 cash (implied value US$18.42 on the February 20, 2024 closing price), with Enerplus holders expected to own about 33% of the combined company; the arrangement agreement is dated February 21, 2024 and closing is expected mid-2024, subject to a two-thirds shareholder vote, court and regulatory approvals. The board unanimously recommends voting for it, and Enerplus plans a conditional pre-closing dividend to equalise with Chord's dividends. This is a proposal not yet approved or completed, so the equity outcome is still open.
Enerplus raised its quarterly dividend 8% to US$0.065 per share (about CDN$0.088), payable March 15, 2024 to holders of record March 4, 2024. This follows the 9% increase to US$0.06 in August 2023.
Enerplus declared a quarterly dividend of US$0.06 per share (about CDN$0.083), payable December 15, 2023 to holders of record November 30, 2023. The amount is unchanged from the September 2023 payment.
Enerplus renewed its share buyback, allowing purchases of up to 20,970,238 shares (10% of the public float) from August 17, 2023 to August 16, 2024, with shares cancelled. The prior buyback bought the full 23,140,231 shares authorised at a weighted average of US$15.84, so that program is complete.
Enerplus raised its quarterly dividend 9% to US$0.06 per share (about CDN$0.080), payable September 15, 2023 to holders of record August 31, 2023. This is the first increase since the rise to US$0.055 in November 2022.
Enerplus declared a quarterly dividend of US$0.055 per share (about CDN$0.074), payable June 15, 2023 to holders of record May 31, 2023. The amount is unchanged from the prior two payments.
Enerplus declared a quarterly dividend of US$0.055 per share (about CDN$0.074), payable March 15, 2023 to holders of record March 6, 2023. This is unchanged from the December 2022 payment.
A transfer agent notice confirms the annual shareholder meeting will be held May 4, 2023, with a record date of March 17, 2023 for notice and voting. Routine meeting-date filing with no other substance.
19 Dec 2022asset acquisition disposition● NeutralMajor
Enerplus closed the sale of substantially all its remaining Canadian assets to Surge Energy for total consideration of CDN$245 million, before closing adjustments. This completes the deal announced November 2, 2022 and, with the Journey sale, is the exit from its Canadian assets; the release gives no figures on proceeds use or debt.
Enerplus filed an amended and restated US$365 million sustainability-linked revolving credit agreement dated November 3, 2022, with Royal Bank of Canada as administrative agent, RBC and BMO as co-lead arrangers, and CIBC as lead sustainability structuring agent. The text shown is the table of contents and definitions, and the cover mentions a lender withdrawing from the existing agreement; the size is lower than the US$400M facility filed in February 2022 (inference: the facility was resized, but the reason is not stated in the visible text). The exhibit index also lists a second agreement (Exhibit 99.2) whose terms are not shown.
3 Nov 2022asset acquisition disposition● NeutralMajor
Enerplus agreed to sell substantially all its remaining Canadian assets in Alberta and Saskatchewan to Surge Energy for CDN$245 million (US$180 million) before adjustments, effective May 1, 2022: CDN$210 million cash and CDN$35 million in Surge shares. The assets produce about 3,000 BOE/day net of royalties, and closing is expected in December 2022. This follows through on the July 2022 statement that it was pursuing sale of its remaining Canadian assets.
Enerplus raised its quarterly dividend 10% to US$0.055 per share (about CDN$0.075), payable December 15, 2022 to holders of record November 30, 2022. This follows the 16% increase to US$0.05 announced in August 2022.
11 Aug 2022security holder rights change▲ GoodMajor
Enerplus renewed its share buyback, allowing purchases of up to 23,140,231 shares (10% of the public float) from August 16, 2022 to August 15, 2023, with shares cancelled. It said its prior buyback bought the full 25,565,811 shares authorized at a weighted average of US$11.14, so that earlier program is complete.
Enerplus raised its quarterly dividend 16% to US$0.05 per share (about CDN$0.064), payable September 15, 2022 to holders of record August 31, 2022. This is the first increase since the November 2021 raise to CDN$0.041, and it is now stated in U.S. dollars, consistent with the February 2022 currency change.
1 Aug 2022asset acquisition disposition● NeutralMajor
Enerplus agreed to sell certain Alberta assets (Ante Creek, Medicine Hat and interests in West Five and West Six) to Journey Energy for CDN$140 million (US$109 million): CDN$81 million cash, 3.0 million Journey shares valued at CDN$14 million, and a CDN$45 million loan Enerplus provides to Journey, repayable by October 31, 2024. The assets produce about 3,400 BOE/day net of royalties, and closing is expected at the end of Q3 2022. Proceeds are expected to go to debt reduction and returns to shareholders, and Enerplus said it is pursuing sales of its remaining Canadian assets (about 3,000 BOE/day).
Enerplus filed an amended and restated US$400 million revolving credit agreement dated February 23, 2022, with Royal Bank of Canada as administrative agent and RBC and BMO as co-lead arrangers. The visible text is the table of contents and definitions, so it does not show how this relates to the US$900 million CIBC-led facility from April 2021, though the agent change is visible.
Enerplus announced a quarterly dividend for March 2022 and said it is changing the currency it declares dividends in to U.S. dollars. The visible filing text is only the cover page and exhibit index, so the dividend amount and the reason are not shown here.
Enerplus said it bought back 8.4 million shares for $107 million in November under its buyback, and has bought 10.4 million shares since August 2021 at an average of $11.92 (about 4% of shares outstanding). It remains committed to finishing a $200 million buyback program (announced November 4, 2021) by the end of Q1 2022, funded from about 55% of forecast free cash flow. This is the first reported progress on the buyback started in August 2021.
Enerplus raised its quarterly dividend 8%, from CDN$0.038 to CDN$0.041 per share, effective with the December 15, 2021 payment to holders of record November 30, 2021 (about US$0.033). This is the second increase in under three months, following the 15% rise announced in August.
2 Nov 2021asset acquisition disposition● NeutralMajor
Enerplus closed the sale of its Sleeping Giant and Russian Creek interests for US$115 million before customary adjustments, with up to US$5 million in contingent payments if WTI averages over US$65 in 2022 and over US$60 in 2023. This completes the sale announced August 30, 2021.
30 Aug 2021asset acquisition disposition▲ GoodMajor
Enerplus agreed to sell its Sleeping Giant (Montana) and Russian Creek (North Dakota) interests for US$115 million, plus up to US$5 million more if WTI averages over $65 in 2022 and over $60 in 2023, with closing expected end of October 2021. The properties made about 3,000 BOE/day in Q2 2021. The company says it expects to reach its $400 million debt reduction target by end of Q1 2022 and plans to direct about 10% of proceeds to extra share repurchases.
12 Aug 2021security holder rights change▲ GoodMajor
Enerplus announced a new share buyback (normal course issuer bid) allowing it to buy up to 25,565,811 common shares (10% of the public float) between August 16, 2021 and August 15, 2022, with the shares cancelled. This renews the buyback that had expired in March 2020, and follows the April statement that it would consider repurchases.
Enerplus raised its dividend 15%, from CDN$0.033 to CDN$0.038 per share, payable September 15, 2021 to holders of record August 31, 2021 (about US$0.030). The filing describes it as a quarterly dividend, whereas earlier filings showed CDN$0.01 monthly. The prior CDN$0.033 quarterly figure is stated only as the old rate; the filing does not explain the change in payment schedule.
Enerplus closed its purchase of Williston Basin assets from Hess Corporation for US$312 million cash, subject to normal adjustments, funded by cash on hand and borrowing on its bank credit facility. This completes the deal announced April 8, 2021, and closed within the expected May timing (slightly earlier, on April 30).
Enerplus filed the full amended and restated US$900 million sustainability-linked credit agreement, effective April 29, 2021, with CIBC as administrative agent and RBC and BMO as co-syndication agents. It is the legal document for the facility announced the day before; the visible text adds no new figures beyond that announcement.
Enerplus increased its bank credit facility from US$600 million to US$900 million and extended its maturity to October 31, 2025, with no change to pricing grid or covenants. This is the increase planned in connection with the Hess asset purchase; borrowing costs can move up or down by up to 5 basis points depending on whether its emissions, freshwater use and safety targets are met or missed. CIBC arranged it.
Enerplus declared a CDN$0.01 per share dividend payable May 14, 2021 to holders of record April 30, 2021 (about US$0.01 at 0.7988). The amount is unchanged.
This is the formal Canadian acquisition report on the Bruin purchase, which closed March 10, 2021. It states the cash paid was about US$418 million (about CDN$529 million) after preliminary adjustments, lower than the US$465 million headline price, with further adjustments due within 90 days that are not expected to be material. It also attaches Bruin's audited and Enerplus's pro forma statements, noting Bruin had emerged from bankruptcy on August 31, 2020.
