All amounts in this news release are presented in United States dollars unless otherwise specified. All financial information contained within this news release has been prepared in accordance with U.S. GAAP. Production information, unless otherwise stated, is presented on a net basis (after deduction of royalty obligations). This news release includes forward-looking statements and information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and Statements" at the conclusion of this news release. Readers are also referred to "Notice Regarding Information Contained in this News Release" and "Non-GAAP and Other Financial Measures" at the end of this news release for information regarding the presentation of the financial and operational information in this news release, as well as the use of certain financial measures that do not have standard meaning under U.S. GAAP. A copy of Enerplus' first quarter 2024 and annual 2023 Financial Statements and associated MD&A are or will be available on our website at www.enerplus.com, under our profile on SEDAR+ at www.sedarplus.ca and on the EDGAR website at www.sec.gov. CALGARY, AB, May 8, 2024 /CNW/ - Enerplus Corporation ("Enerplus" or the "Company") (TSX:ERF) (NYSE:ERF) today announced financial and operating results for the first quarter of 2024. Due to the pending combination with Chord Energy Corporation ("Chord"), Enerplus will not host a conference call or webcast to discuss its first quarter results. The Company reported first quarter 2024 cash flow from operating activities and adjusted funds flow of $128.7 million and $173.1 million, respectively, compared to $241.4 million and $260.4 million in the first quarter of 2023. Cash flow from operating activities decreased from the prior year period primarily due to lower natural gas production and weaker commodity prices. FIRST QUARTER HIGHLIGHTS Adjusted funds flow(1) was $173.1 million (inclusive of $7.8 million of transaction costs associated with the pending combination with Chord) Capital spending was $126.7 million Generated free cash flow(1) of $46.4 million First quarter total production was 87,151 BOE per day, including liquids production of 56,513 barrels per day Strong operational momentum expected to drive approximately 15% sequential liquids production growth in the second quarter of 2024 (1) This is a non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" section for more information. "Our positive operating performance is continuing in 2024," said Ian C. Dundas, President and CEO. "We are delivering strong results across our North Dakota position including improving cycle times and excellent well productivity. With this operating momentum and our liquids volumes building into the second quarter, we remain well positioned relative to our 2024 outlook. Our pending combination with Chord will further enhance the value proposition for our shareholders by bringing together our premier asset bases, operational abilities and technical acumen." FIRST QUARTER SUMMARY Production in the first quarter of 2024 was 87,151 BOE per day, a decrease of 11% compared to the same period in 2023, and 16% lower than the prior quarter. Crude oil and natural gas liquids production in the first quarter of 2024 was 56,513 barrels per day, in line with the same period a year ago, and 16% lower than the prior quarter. The lower production compared to the prior quarter was driven by the planned sequencing of Enerplus' completions program in North Dakota, with no operated wells brought online during the fourth quarter of 2023, and lower natural gas production due to price-related curtailments in the Marcellus. First quarter liquids production was also impacted by severe winter weather in North Dakota during January 2024. Enerplus reported first quarter 2024 net income of $66.1 million, or $0.32 per share (basic), compared to net income of $137.5 million, or $0.63 per share (basic), in the same period in 2023. Excluding certain non-cash or non-recurring items, adjusted net income(1) for the first quarter of 2024 was $73.1 million, or $0.36 per share (basic), compared to $140.7 million, or $0.65 per share (basic), during the same period in 2023. First quarter 2024 net income and adjusted net income were lower than the prior year period primarily due to lower natural gas production and a decrease in realized commodity prices, offset by lower tax expense. Transaction costs of $7.8 million related to the proposed combination with Chord were also recorded during the quarter, which contributed to the lower adjusted net income relative to the prior year period. Enerplus' first quarter 2024 realized Bakken oil price differential was $2.64 per barrel below WTI, compared to $0.06 per barrel above WTI in the first quarter of 2023 due to weaker refinery utilizations and higher basin production levels in the first quarter of 2024. The Company's realized Marcellus natural gas price differential was $0.06 per Mcf above NYMEX during the first quarter of 2024, compared to $0.64 per Mcf below NYMEX in the first quarter of 2023 due to basis tightening resulting from lower benchmark prices and strong cash prices during cold weather events in the first quarter of 2024. Operating expenses were $12.86 per BOE in the first quarter of 2024, compared to $10.56 per BOE during the first quarter of 2023. The increase in per unit operating expenses compared to the prior year period was primarily due to higher planned well service activity and a greater proportion of production from North Dakota due to limited capital investment and price-related production curtailments in the Marcellus. Cash general and administrative expenses for the first quarter of 2024 were $1.20 per BOE compared to $1.48 per BOE during the same period in 2023. Current tax expense was $2.4 million in the first quarter of 2024. Capital spending totaled $126.7 million in the first quarter of 2024.   Enerplus ended the first quarter of 2024 with total debt of $174.1 million and cash of $33.4 million. Enerplus was drawn $51.5 million on its $1.3 billion credit facilities. (1) This is a non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" section for more information. OPERATIONS North Dakota production averaged 66,393 BOE per day during the first quarter of 2024, approximately flat compared with the same period a year ago, and 15% lower than the prior quarter due to the planned sequencing of the Company's completions program and severe winter weather during January 2024. During the first quarter, Enerplus drilled 21 gross operated wells (76% average working interest) and brought 12 gross operated wells (81% average working interest) on production in North Dakota. Operational execution remains solid with improving drilling and completion cycle times, including a significant increase in completion stages per day driven by simul-frac operations, total well costs tracking 5% lower year-over-year, and strong well productivity. In the second quarter, Enerplus expects to bring 36 to 43 gross (27 to 33 net) operated wells on production in North Dakota which is anticipated to support approximately 15% liquids production growth compared to the first quarter. Marcellus production averaged 116.5 MMcf per day during the first quarter of 2024, approximately 18% lower than the prior quarter and 35% lower than the same period in 2023 due to limited capital investment and price related production curtailments. RETURN OF CAPITAL TO SHAREHOLDERS Enerplus returned $29.5 million to shareholders through share repurchases and dividends during the first quarter. The Company paid $13.3 million in dividends in the quarter and repurchased and cancelled approximately 1.1 million common shares under its normal course issuer bid ("NCIB") at an average price of $14.37 per share, for total consideration of $16.2 million. Enerplus announced a quarterly cash dividend of $0.065 per share payable on June 4, 2024 to shareholders of record on May 22, 2024. 2024 GUIDANCE There are no changes to Enerplus' previously announced 2024 guidance of $550 million of capital spending and total production of approximately 99,000 BOE per day, including liquids production of approximately 64,000 barrels per day. PRICE RISK MANAGEMENT The following is a summary of Enerplus' financial commodity hedging contracts at May 7, 2024: WTI Crude Oil ($/bbl)(1) April 1, 2024 – June 30, 2024 3 Way Collars Volume (bbls/day) 5,000 Sold Puts $ 65.00 Purchased Puts $ 77.00 Sold Calls $ 95.00 (1) The total average deferred premium spent on outstanding crude oil contracts is $1.25/bbl from April 1, 2024 - June 30, 2024. FIRST QUARTER 2024 PRODUCTION AND OPERATIONAL SUMMARY TABLES Summary of Average Daily Production(1) Three months ended March 31, 2024 Williston Basin Marcellus Other(2) Total Tight oil (bbl/d) 45,238 - 1,028 46,266 Total crude oil (bbl/d) 45,238 - 1,028 46,266 Natural gas liquids (bbl/d) 10,120 - 127 10,247 Shale gas (Mcf/d) 66,207 116,521 1,098 183,826 Total natural gas (Mcf/d) 66,207 116,521 1,098 183,826 Total production (BOE/d) 66,393 19,420 1,338 87,151 (1) Table may not add due to rounding. (2) Primarily DJ Basin. Summary of Wells Drilled(1) Three months ended March 31, 2024 Operated Non-Operated Gross Net Gross Net Williston Basin 21 16.0 21 2.9 Marcellus - - 22 0.9 DJ Basin - - - - Total 21 16.0 43 3.8 (1) Table may not add due to rounding. Summary of Wells Brought On-Stream(1) Three months ended March 31, 2024 Operated Non-Operated Gross Net Gross Net Williston Basin 12 9.7 1 0.3 Marcellus - - 6 0.1 DJ Basin - - - - Total 12 9.7 7 0.3 (1) Table may not add due to rounding. Three months ended SELECTED FINANCIAL RESULTS March 31,  2024 2023 Financial (US$, thousands, except ratios) Net Income/(Loss) $ 66,136 $ 137,486 Adjusted Net Income(1) 73,091 140,729 Cash Flow from Operating Activities 128,657 241,401 Adjusted Funds Flow(1) 173,066 260,409 Dividends to Shareholders - Declared 13,276 11,993 Net Debt(1) 140,692 150,622 Capital Spending 126,702 138,648 Property and Land Acquisitions 1,464 1,748 Property and Land Divestments (100) 233 Net Debt to Adjusted Funds Flow Ratio(1) 0.2x 0.1x Financial per Weighted Average Shares Outstanding Net Income/(Loss) - Basic $ 0.32 $ 0.63 Net Income/(Loss) - Diluted 0.32 0.62 Weighted Average Number of Shares Outstanding (000's) - Basic 203,558 216,806 Weighted Average Number of Shares Outstanding (000's) - Diluted 205,852 222,927 Selected Financial Results per BOE(2)(3) Crude Oil & Natural Gas Sales(4) $ 45.65 $ 47.02 Commodity Derivative Instruments 0.09 3.90 Operating Expenses (12.86) (10.56) Transportation Costs (4.09) (4.30) Production Taxes (3.71) (3.43)