ENERPLUS Corp

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.

dividend declaration

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.

business combination

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.

asset acquisition disposition

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.

asset acquisition disposition

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.

security holder rights change

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).

asset acquisition disposition

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.

debt financing

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.

dividend declaration

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.

asset acquisition disposition

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.

asset acquisition disposition

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.

security holder rights change

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.

dividend declaration

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).

business combination

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.

debt financing

Enerplus agreed to buy Williston Basin assets from Hess Corporation for US$312 million cash (78,700 net acres in Dunn County, North Dakota, about 6,000 BOE/day), expected to close in May 2021. It will use about US$150 million of existing cash and borrow the rest on its bank facility, which it plans to enlarge up to US$900 million. It also raised 2021 production guidance to 111,000-115,000 BOE/day and set a five-year outlook with capital spending of about $500 million a year from 2022 to 2025. The release states it will aim to grow the base dividend and consider share repurchases.

business combination

Enerplus closed its acquisition of Bruin, the North Dakota Williston Basin company, for a cash price of US$465 million before normal adjustments. It was paid for by fully drawing the new US$400 million term loan plus part of the C$132 million equity raise, and the US$600 million bank facility remains undrawn. This completes the deal announced January 25.

business combination

Enerplus closed the share offering announced January 25, issuing 33,062,500 common shares at C$4.00 for gross proceeds of C$132,250,000, including the full over-allotment option. This adds to the share count and, with the US$400 million term loan, is meant to pay for the US$465 million Bruin acquisition; if that deal fails, the money goes to capex, repaying near-term senior note maturities and general purposes.

capital raising announcement

Enerplus agreed to buy Bruin E&P HoldCo, a Williston Basin (North Dakota) private company, for US$465 million cash, with closing expected in early March 2021. It will be paid for with a new US$400 million three-year term loan and a concurrent C$115 million bought deal share offering, so shareholders face new shares and added debt. The release also gives preliminary 2020 results (full-year production about 90,700 BOE/day, capital spending $291 million) and 2021 pro forma guidance of 103,500 to 108,500 BOE/day.

business combination

The TSX accepted an increase to Enerplus's share buyback: the maximum rises to 23,818,593 shares (10% of the public float), allowing 7,145,578 more shares to be bought and cancelled until the bid expires March 25, 2020. Since starting buybacks in Q3 2018, Enerplus says it has repurchased and cancelled 24,156,485 shares for $257,803,230, which shrinks the share count and raises each remaining shareholder's proportionate stake.

security holder rights change

Enerplus closed the sale of its non-operated North Dakota assets announced in December, for total cash of US$292 million (about C$390 million), subject to tax and customary post-closing adjustments. This resolves the pending sale; the release does not say how the proceeds will be used.

asset acquisition disposition

Enerplus agreed to sell its non-operated North Dakota assets (about 5,800 net acres, mostly on Fort Berthold, ~8% working interest per spacing unit) for US$292 million cash, less an estimated US$12 million cash tax and closing adjustments. The assets produced about 5,000 BOE/day in Q3 2016; management says the proceeds give financial flexibility and can fund faster activity on its operated Fort Berthold acreage. Enerplus also raised its planned Middle Bakken density to six wells per spacing unit from four, lifting remaining operated drilling locations to about 550 gross (nearly 40% more than before); updated 2017 plans are due in early 2017. This continues the 2015 sale of part of its non-operated North Dakota position.

asset acquisition disposition

Enerplus completed the sale of its non-core northwest Alberta assets, including Pouce Coupe, for about $95.5 million cash, the deal announced in April. The proceeds were used to fully repay the company's outstanding bank credit facility.

asset acquisition disposition

Enerplus closed the share offering announced May 10, issuing 33,350,000 common shares at C$6.90 for gross proceeds of C$230,115,000, including the full over-allotment of 4,350,000 shares. Proceeds go to reducing bank debt, capital spending and general purposes. This is larger than the originally announced C$200.1 million.

capital raising announcement

Enerplus agreed to sell 29,000,000 new common shares at C$6.90 each to underwriters led by BMO, RBC and TD, for gross proceeds of about C$200.1 million, with a 15% over-allotment option. Closing was expected May 31, 2016; proceeds are for reducing bank debt, funding capital spending and general purposes. Issuing new shares dilutes existing holders' ownership percentage.

capital raising announcement

Enerplus agreed to sell non-core Northwest Alberta assets, including Pouce Coupe, for about $95.5 million cash, expected to close in Q2 2016. The assets were expected to produce about 2,300 BOE/day in 2016; 2016 divestment proceeds will total $288.5 million, used to cut debt including repurchasing some senior notes, and 2016 production guidance of 90,000-94,000 BOE/day is maintained. TD Securities is financial advisor.

asset acquisition disposition

Enerplus declared a CDN$0.01 per share dividend payable April 15, 2016 to holders of record March 31, 2016 (about US$0.01 at 0.7703). This is down from CDN$0.03; the company says it believes the level is more appropriate given sustained low commodity prices, and refers to the cut as previously announced.

dividend declaration

Enerplus reported 2015 results: average production 106,524 BOE/day, funds flow $493 million, a full-year net loss of $1,523 million (including $1,352 million of impairments), and year-end net debt of $1,216 million. The headline says the 2016 budget and monthly dividend are reduced (the dividend figure falls in the truncated part of the text, though the March release shows CDN$0.01). 2P reserves were 406 MMBOE after selling 27 MMBOE. It also discloses a fourth-quarter sale of southern Alberta shallow gas assets for nominal cash, and says the $183 million proceeds from the January sale repaid the drawn bank facility and part of the senior notes. The bank facility is described as $800 million (earlier context said $1B).

dividend declaration

Enerplus completed the first of the two Alberta gas sales announced in January, receiving about $183 million before closing adjustments. The money was used to reduce debt; the properties were expected to produce about 4,700 BOE/day (97% gas) in 2016. The second sale is still expected to close in Q1 2016.

asset acquisition disposition

Enerplus agreed to sell various Alberta natural gas properties (around Ansell, Minehead and Hanlan-Robb) for about $193 million cash, in two transactions expected to close in Q1 2016. The properties were expected to produce about 5,400 BOE/day in 2016 (98% gas); proceeds are intended to reduce debt, and 2016 guidance will be updated by the February 19, 2016 year-end results.

asset acquisition disposition

Enerplus completed the previously announced sale of part of its non-operated North Dakota interests for about $80 million cash after closing adjustments. The interests are under 2% of its net North Dakota acreage; proceeds will reduce bank debt and the company says it lets it focus more on operated North Dakota acreage.

asset acquisition disposition

Enerplus cut its monthly dividend again, to CDN$0.03 per share, payable December 15, 2015 to holders of record December 1, 2015 (about US$0.02 at 0.7537). The release says it believes this is a more appropriate level given current commodity prices; it is down from CDN$0.05 and from CDN$0.09 before March 2015.

dividend declaration

Enerplus declared a CDN$0.05 per share dividend payable April 15, 2015 to holders of record March 31, 2015 (about US$0.04 at 0.7847). This is the cut from CDN$0.09 that the January and February releases warned could come; the company says it is a more appropriate level given current commodity prices.

dividend declaration

Enerplus declared its monthly dividend of CDN$0.09 per share, payable February 17, 2015 to holders of record February 2, 2015; the US equivalent is about US$0.07 at an exchange rate of 0.8081. For the first time in this series it says it monitors commodity prices monthly and is prepared to adjust the dividend depending on the severity and duration of the current industry downturn, which is a warning that a cut is possible.

dividend declaration

Enerplus declared its CDN$0.09 dividend, payable October 15, 2014 to holders of record September 30, 2014, and will now pay dividends around the 15th of each month, about five days earlier than before. The board also suspended the Stock Dividend Program immediately, so all dividends will be cash until further notice. The CEO says this removes the share dilution from the program and is supported by the company's financial strength; it follows the elimination of the program's 5% discount in April.

dividend declaration

Enerplus agreed to sell US$200 million of senior unsecured notes to U.S. institutional investors at a 3.79% fixed rate, with a 12-year amortizing term and a ten-year average life; closing is expected September 3, 2014, subject to customary conditions. The notes rank equally with the bank facility and other senior notes, and proceeds are meant to repay bank debt, swapping floating-rate short-term debt for fixed-rate long-term debt (as the company states).

capital raising announcement

Enerplus raised its estimate of economic contingent resources at Fort Berthold (Bakken/Three Forks) by 250%, from 39 MMBOE at Dec 31, 2013 to 136 MMBOE at June 1, 2014, audited by McDaniel. It now sees about 330 future net drilling locations, up from 145, and says completion changes over 12 months improved capital efficiency by 50%. Contingent resources are not reserves, and the company says it is too early to classify them as reserves; it follows the Fort Berthold production beat reported in October 2013.

resource reserve update

Enerplus declared its monthly dividend of CDN$0.09 per share, payable April 21, 2014 to holders of record April 4, 2014, unchanged. It also eliminated the 5% discount on shares issued under the Stock Dividend Program from the April payment, so new shares will be priced at the five-day weighted average TSX price; the discount had been a feature of the program, and the filing gives no reason for dropping it.

dividend declaration

Enerplus reported 2013 average production of 89,800 BOE/day, above its 89,000 expectation (and above the ~87,500 estimated in October), with December averaging 99,600 BOE/day on Marcellus output of 170 MMcf/day. Proved plus probable reserves rose over 17% to 406 MMBOE (15% per share), with 93 MMBOE added including acquisitions, replacing 284% of production; Marcellus is now 601 Bcf, half of gas reserves, and 58% of reserves are in the U.S. Capital spending was an estimated $681.4 million versus the $685 million forecast.

production update

Enerplus raised its 2013 production estimate to about 87,500 BOE/day (from about 85,000) and its exit rate to 88,000 BOE/day, keeping capital spending at $685 million. It also agreed to sell about 900 BOE/day of non-core liquids production for about $105 million before closing adjustments, subject to customary conditions, with closing assumed in Q4. Fort Berthold averaged about 18,000 BOE/day and Marcellus over 83 MMcf/day in Q3, both ahead of earlier targets. It continues the non-core sales program, and the release says Enerplus expects to become a U.S. domestic filer from January 1, 2014.

asset acquisition disposition

Enerplus agreed to sell non-core Canadian assets (mostly non-operated, about 1,000 BOE/day) for gross proceeds of about $80 million, with closings expected in the third quarter of 2013, and bought an extra 50% of the Pouce Coupe South Boundary B Unit #1 for about $30 million, taking it to roughly 100%. It continues the non-core sales program; year-to-date sales or agreements are about $115 million net of acquisitions (about 1,400 BOE/day). It now expects 2013 average production of about 85,000 BOE/day (high end of prior range) and a year-end debt-to-funds-flow ratio of 1.6 times, which is lower than the 1.9x in the December 2012 plan.

asset acquisition disposition

Enerplus closed two deals: the Sleeping Giant, Montana purchase for US$119M (taking its stake to about 90%, with about 7,300 BOE/day net) and the Manitoba sale for $216M including estimated closing adjustments. This resolves both the December 10 acquisition and the November 1 sale; the release does not say how the proceeds were used beyond reinvesting about half of the Manitoba proceeds.

asset acquisition disposition

Enerplus issued 2013 guidance and agreed to buy an additional 20% working interest in its operated Sleeping Giant (Elm Coulee, Montana) Bakken leases for about US$131M (about US$121M after closing adjustments), using about half the Manitoba sale proceeds. The 2013 plan targets $685M of capital spending (20% below 2012's $850M), production of 82,000-85,000 BOE/day, a debt-to-funds-flow ratio of 1.9x, and no plans to change the CDN$0.09 monthly dividend. This answers the earlier open question about 2012/2013 spending and production guidance.

business combination

Enerplus agreed to sell all its working interests in producing Manitoba assets (Virden/Daly region, about 1,600 bbls/day of oil) for gross proceeds of about $220 million. The company calls them non-core and says the sale will reduce debt; it is subject to financing and customary conditions and expected to close before the end of December 2012. This continues the series of non-core sales, following the Laricina share sale in August.

asset acquisition disposition

Enerplus agreed to sell all its shares in Laricina Energy, a private oil sands company, for about $141 million net after tax, with BMO Capital Markets as agent. The proceeds will repay bank debt. This disposes of the Laricina stake (about 4.3M shares per earlier filings) and is described by the CEO as a step in selling non-core assets; it does not say whether the sale has closed.

asset acquisition disposition

Enerplus cut its monthly dividend in half, declaring CDN$0.09 per share (about US$0.087) payable July 20, 2012 to holders of record July 10, 2012, versus CDN$0.18 paid every month in the earlier filings. The release gives no reason for the cut and simply reminds shareholders about the Stock Dividend Program.

dividend declaration

Enerplus priced a private placement of about US$405 million of senior unsecured notes: US$355 million at 4.40% (12-year, repaid in five equal annual instalments from 2020), US$20 million at 4.40% (10-year), and CDN$30 million at 4.34% (7-year). Closing is expected around May 15, 2012, with Citigroup as placement agent; proceeds will repay bank credit facility borrowings, and the notes rank equally with the bank facility and existing senior notes. This follows the February equity raise, which was also partly aimed at reducing bank debt.

capital raising announcement

Enerplus proposed replacing its dividend reinvestment plan (open only to Canadian shareholders) with a Stock Dividend Program open to all shareholders, letting them take dividends as shares at a 5% discount instead of cash. It needs two-thirds shareholder approval at the May 11, 2012 meeting; if approved, the first stock dividend would be paid June 20, 2012. The company says the program lets it keep cash that would otherwise be paid out.

dividend declaration

Enerplus closed its share offering announced January 17, 2012, issuing 14,708,500 new common shares at CDN$23.45 each for about CDN$345 million, including 1,918,500 shares from the underwriters' full over-allotment option. The money will first reduce bank debt and then help fund part of the 2012 capital spending program; existing shareholders now own a smaller slice of the company.

capital raising announcement

Enerplus says it hit its 2011 exit production forecast, averaging about 82,000 BOE/day in the last two weeks of December, and estimates 2011 average production of 75,000-76,000 BOE/day. Bakken production rose from 13,500 to 17,000 BOE/day over the year, mostly from Fort Berthold (the area bought in the 2010 acquisition); Marcellus production reached 25 MMcf/day at year-end despite the mid-2011 sale; Canadian production exited above 61,000 BOE/day. The 82,000 figure is within the 80,000-82,000 BOE/day exit range previously given. Detailed 2012 plans are promised in the coming weeks.

production update

Enerplus closed the Marcellus sale announced in May and received about US$580 million, subject to ordinary post-closing adjustments and consents. It will use the money to repay its bank debt, leaving the entire $1 billion credit facility undrawn. It keeps about 110,000 net acres: 45,000 non-operated (average 20% interest) in northeast Pennsylvania and 65,000 operated (average 90%) in Clinton County PA, Garrett County MD and Preston County WV. A review of 2011-2012 spending, production and cost outlook is under way, with an update promised soon. This resolves the May sale announcement.

asset acquisition disposition

Enerplus agreed to sell about 91,000 net acres of mostly non-operated Marcellus gas interests in Pennsylvania, Maryland and West Virginia for estimated proceeds of US$575 million, with closing expected by the end of the second quarter. The company says proceeds will more than eliminate its current bank debt, and it keeps about 110,000 net acres (60% operated), which continues the Marcellus position built from the 2009 Chief joint venture and the August 2010 acquisition. It will review 2011 capital spending and production guidance and update later.

asset acquisition disposition

Enerplus announced the conversion from a trust to a corporation was completed on January 1, 2011, with the business, directors and management unchanged. Trust unit holders received one common share per unit and Class B exchangeable partnership unit holders received 0.425 of a share per unit; all outstanding securities of the Fund and the partnership were cancelled and both were dissolved. The company says it intends to keep the dividend at CDN$0.18 per share (monthly) based on current commodity prices and capital spending plans, and says conversion avoids the 2011 income trust tax. This resolves the arrangement filed in October 2010.

business combination

Enerplus filed the arrangement agreement dated October 22, 2010 to convert the trust into a corporation: Enerplus Resources Fund, Enerplus Exchangeable Limited Partnership, EnerMark and a new company, Enerplus Corporation, are the parties. The agreement says the filing of the articles of arrangement is intended for January 1, 2011 (or another date the EnerMark board chooses), subject to unitholder approval and a court order. Exchange ratios are not shown in the visible part of the text, beyond the existing 0.425 Class B unit exchange ratio. This is likely the purpose of the December 9, 2010 special meeting noted earlier (inference).

business combination

Enerplus closed the previously announced sales of its 100% interest in the Kirby oil sands lease for $405 million and of 2,500 BOE/day of non-core production for $158.5 million ($153 million after closing adjustments). Proceeds will reduce bank debt from the Bakken and Marcellus acquisitions announced in September.

asset acquisition disposition

Enerplus announced a portfolio reshuffle: buying about 46,500 net acres of Bakken land in North Dakota for US$456 million (funded from its credit facility, closing expected October 2010), closing a 58,500-acre Marcellus acquisition on August 23, 2010, and selling the Kirby oil sands lease for $405 million plus non-core conventional assets for about $158.5 million. Kirby, which it had called the focus of its oil sands strategy at the 2008 Joslyn sale, is now being sold, leaving mainly its Laricina Energy shares in oil sands. Kirby proceeds are to retire bank debt, and 2010 production and capital guidance was adjusted.

business combination

Enerplus closed an equity offering of 10,406,250 trust units at CDN$21.65 each, for gross proceeds of about CDN$225 million, including the full over-allotment option. It was launched alongside a Marcellus shale gas acquisition; proceeds effectively funded an average 21.5% working interest in about 540,000 gross acres and future capital and general expenses. Existing unitholders are diluted by the new units, and this adds a Marcellus gas position to the portfolio.

capital raising announcement

Enerplus filed a note purchase agreement dated June 18, 2009 for new senior notes issued by EnerMark: US$40 million at 6.82% due June 18, 2015, Cdn$40 million at 6.37% due 2015, and US$225 million at 7.97% due June 18, 2021. The Fund and subsidiaries guarantee the notes. This is new long-term debt on top of the existing notes; the excerpt does not state what the proceeds are for.

debt financing

The Joslyn sale to Occidental Petroleum announced in June closed, with net proceeds of about $500 million after adjustments and transaction costs. The money will first reduce bank debt, which includes the credit facility raised to $1.4 billion in the Focus merger, and the company still expects to redeploy funds into acquisitions and development later.

asset acquisition disposition

Enerplus agreed to sell its 15% working interest in the Joslyn oil sands lease to Occidental Petroleum for $500 million (estimated $510 million at closing before transaction costs). Proceeds are to first reduce bank debt, with the company expecting to redeploy funds into acquisitions and development. The sale is subject to conditions and approvals and is expected to close by the end of Q3 2008. The company says it keeps its Kirby oil sands project, where it is sole owner and operator.

asset acquisition disposition

Focus unitholders approved the merger with 99.8% of votes cast in favour, and the Alberta court granted the Final Order. Focus holders are to get 0.425 of an Enerplus unit per Focus unit, leaving current Enerplus unitholders with about 79% and former Focus holders about 21% of the combined trust. This moves forward the merger agreed in the earlier arrangement agreement, with closing expected February 13, 2008.

business combination

The Focus merger closed on February 13, 2008, completing the deal approved the day before. The combined trust is described as producing about 100,000 BOE/day with a reserve life index of about 14 years, and Enerplus raised its unsecured bank credit facility by $400 million to $1.4 billion. Focus holders received 0.425 Enerplus unit per Focus unit.

business combination

Enerplus filed the full arrangement agreement, effective December 2, 2007, to merge Enerplus Resources Fund with Focus Energy Trust. It replaces an earlier agreement between the parties and sets out the terms, conditions, and damages and termination provisions for the deal.

business combination