Research Desk Line-up: Seadrill Partners Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 29, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Enerplus Corp. (NYSE: ERF), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ERF, following the Company's posting of its second quarter operating and financial results on August 11, 2017. The oil and natural gas Company raised its average production and the average liquid outlook for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Oil & Gas Drilling & Exploration industry. Pro-TD has currently selected Seadrill Partners LLC (NYSE: SDLP) for due-diligence and potential coverage as the Company announced on August 24, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Seadrill Partners when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ERF; also brushing on SDLP. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=ERF

http://protraderdaily.com/optin/?symbol=SDLP

Earnings Reviewed

For the quarter ended June 30, 2017, Enerplus recorded revenue of C$257.64 million compared to revenue of C$152.43 million in Q2 2016.

Enerplus' operating expenses averaged C$5.83 per BOE in Q2 2017, 12% lower compared to the prior quarter. The Company's transportation costs averaged C$3.72 per BOE in the reported quarter, a decrease from C$3.88 per BOE in Q1 2017.

For Q2 2017, Enerplus' production averaged 86,209 BOE per day, including 40,994 barrels per day of crude oil and natural gas liquids. The Company's liquids production increased to 48% of total Company production, growing 13% on a q-o-q basis, driven by strong North Dakota volumes. Enerplus' operations in North Dakota delivered production of 28,047 BOE per day, a 35% increase from the previous quarter.

Enerplus' exploration and development capital spending was C$101.7 million in Q2 2017 with C$70.7 million directed to North Dakota; C$9.9 million allocated to the Canadian waterfloods; and C$17.5 million directed to the Marcellus.

Enerplus reported Q2 2017 net income of C$129.3 million, or C$0.53 per share, compared to Q2 2016 net loss of C$168.6 million, or C$0.77 per share.

Operating Results

Enerplus generated adjusted funds flow of C$114.2 million in Q2 2017 compared to C$76.05 million in Q2 2016, driven by strong liquids production growth out of North Dakota and reduced operating and G&A expenses during the reported quarter. The Company's commodity hedging program realized cash gains of C$2.2 million for the reported quarter compared to cash gains of C$6.6 million in the previous quarter.

Asset Activity

During Q2 2017, Enerplus' Williston Basin production averaged 32,240 BOE per day (90% liquids), a 29% increase on a sequential basis. In the reported quarter, Williston Basin production was comprised of 28,047 BOE per day in North Dakota, a 35% increase from the prior quarter; and 4,193 BOE per day in Montana, approximately flat to the prior quarter.

In Q2 2017, Enerplus broughton-stream 11 gross operated wells across its acreage at Fort Berthold. The Company brought two wells on production from the Marsupials pad with an average lateral length of 4,300 feet and an average peak 30-day production rate per well of 1,318 BOE per day. Four wells on the Mountains pad were brought on production with an average lateral length of 9,300 feet and an average peak 30-day production rate per well of 1,275 BOE per day.

Enerplus drilled 10 gross operated wells in Q2 2017, including a 20,000 feet well drilled in under 12 days from spud to rig release, a new record for the Company. This represented an 18% improvement in drilling days compared to the Company's previous fastest drill.

For Q2 2017, Enerplus' Marcellus production averaged 205 MMcf per day, approximately flat on a sequential basis. Production volumes in the quarter included approximately 6 MMcf per day related to a gas balancing adjustment. The Company brought thirteen gross non-operated wells on-stream during the reported quarter. Enerplus participated in drilling 13 gross non-operated wells during the reported quarter.

Cash Matters

Enerplus' total debt net of cash at June 30, 2017, was C$308.1 million. Total debt was comprised of C$693.1 million of senior notes outstanding. The Company was undrawn on its C$800 million bank credit facility, and had a cash balance of C$385.1 million. At June 30, 2017, Enerplus' net debt to adjusted funds flow ratio was 0.7 times.

On August 21, 2017, Enerplus announced that a cash dividend in the amount of CC$0.01 per share will be payable on September 15, 2017, to all shareholders of record at the close of business on August 31, 2017. The ex-dividend date for this payment is August 29, 2017.

Outlook

Enerplus reduced its FY17 forecasts for transportation costs to C$3.90 per BOE from C$4.00 per BOE, due to the impact of lower than expected USD/CDN foreign exchange rates on US transportation costs and the increase in the Company's annual production guidance. The Company reiterated its exploration and development capital budget of C$450 million for the fiscal year. Enerplus is lowering its 2017 operating expense guidance to C$6.40 per BOE from C$6.85 per BOE.

Enerplus raised its 2017 annual average production guidance range to 84,000 to 86,000 BOE per day from the earlier guidance of 81,000 to 85,000 BOE per day and its 2017 annual average liquids guidance is now expected to be between 39,500 to 41,500 barrels per day from its previous forecast of 38,500 to 41,500 barrels per day.

Stock Performance

At the closing bell, on Monday, August 28, 2017, Enerplus' stock slipped 2.27%, ending the trading session at $8.61. A total volume of 829.00 thousand shares have exchanged hands. The Company's stock price advanced 8.44% in the last three months and 19.92% in the previous twelve months. The stock is trading at a PE ratio of 2.95 and has a dividend yield of 1.11%. The stock currently has a market cap of $2.08 billion.

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