19 Dec 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable January 13, 2017 to holders of record December 30, 2016 (about US$0.01 at 0.7497). The amount is unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2016asset acquisition disposition▲ GoodMajor
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.
18 Nov 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable December 15, 2016 to holders of record November 30, 2016 (about US$0.01 at 0.7447). The amount is unchanged.
20 Oct 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable November 15, 2016 to holders of record October 31, 2016 (about US$0.01 at 0.7630). The amount is unchanged.
19 Sept 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable October 14, 2016 to holders of record September 29, 2016 (about US$0.01 at 0.7568). The amount is unchanged.
19 July 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable August 15, 2016 to holders of record July 29, 2016 (about US$0.01 at 0.7702). The amount is unchanged.
17 June 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable July 15, 2016 to holders of record June 28, 2016 (about US$0.01 at 0.7668). The amount is unchanged from the reduced level of recent months.
16 June 2016asset acquisition disposition▲ GoodMajor
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.
31 May 2016capital raising announcement● NeutralMajor
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.
17 May 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable June 15, 2016 to holders of record May 27, 2016 (about US$0.01 at 0.7760). The amount is unchanged.
11 May 2016capital raising announcement● NeutralMajor
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.
21 Apr 2016dividend declaration● Neutral
Enerplus declared a CDN$0.01 per share dividend payable May 16, 2016 to holders of record May 2, 2016 (about US$0.01 at 0.7920). The amount is unchanged from the reduced April level.
12 Apr 2016asset acquisition disposition▲ GoodMajor
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.
21 Mar 2016dividend declaration▼ BadMajor
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.
23 Feb 2016regulatory community update● Neutral
A transfer agent notice sets Enerplus's annual general and special meeting for May 6, 2016 in Calgary, with a record date of March 17, 2016. It contains no other substance.
19 Feb 2016dividend declaration▼ BadMajor
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).
18 Feb 2016dividend declaration● Neutral
Enerplus declared a CDN$0.03 per share dividend payable March 15, 2016 to holders of record February 29, 2016 (about US$0.02 at 0.7308). The amount is unchanged from the previous month.
3 Feb 2016asset acquisition disposition▲ GoodMajor
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.
21 Jan 2016dividend declaration● Neutral
Enerplus declared a CDN$0.03 per share dividend payable February 16, 2016 to holders of record February 1, 2016 (about US$0.02 at 0.6854). The amount is unchanged.
12 Jan 2016asset acquisition disposition● NeutralMajor
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.
21 Dec 2015asset acquisition disposition▲ GoodMajor
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.
18 Dec 2015dividend declaration● Neutral
Enerplus declared a CDN$0.03 per share dividend payable January 15, 2016 to holders of record December 31, 2015 (about US$0.02 at 0.7158). The amount is unchanged from the November cut.
20 Nov 2015dividend declaration▼ BadMajor
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.
20 Oct 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable November 16, 2015 to holders of record October 30, 2015 (about US$0.04 at 0.7693). The amount is unchanged.
18 Sept 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable October 15, 2015 to holders of record September 30, 2015 (about US$0.04 at 0.7584). The amount is unchanged.
20 Aug 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable September 15, 2015 to holders of record August 31, 2015 (about US$0.04 at 0.7596). The amount is unchanged.
20 July 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable August 14, 2015 to holders of record July 30, 2015 (about US$0.04 at 0.7693). The amount is unchanged.
19 May 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable June 15, 2015 to holders of record May 29, 2015 (about US$0.04 at 0.8326). The amount is unchanged from the prior month.
20 Apr 2015dividend declaration● Neutral
Enerplus declared a CDN$0.05 per share dividend payable May 15, 2015 to holders of record April 30, 2015 (about US$0.04 at 0.8177). The amount is unchanged from the reduced level set in March.
20 Mar 2015dividend declaration▼ BadMajor
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.