Enerplus Faces Production Setback Due to Extreme Cold Temperatures

Enerplus Faces Production Setback Due to Extreme Cold Temperatures

Enerplus, a leading energy company, has experienced a decline in production this quarter as a result of severe cold temperatures causing power outages and disruptions in North Dakota. Despite exceeding production expectations in the final quarter of last year and for 2023 overall, Enerplus now anticipates a reduction of approximately 2,000 to 3,000 barrels per day in its first-quarter liquids production. Fortunately, most of the production affected by the cold snap has been restored.

Looking ahead, Enerplus plans to provide its 2024 guidance when it releases its financial results on February 22nd. The company expects to achieve a daily liquids production of around 64,000 barrels throughout this year.

In the last three months of 2023, Enerplus achieved an average output of 103,500 barrels of oil equivalent per day, surpassing its target range of 95,000 to 99,000 barrels daily. Liquids production during this period reached 67,100 barrels per day, exceeding the projected range of 60,500 to 64,500.

Throughout 2023, Enerplus maintained an annual average output of 100,000 barrels of oil equivalent per day, surpassing the target range of 98,000 to 99,000. Liquids production for the year also exceeded expectations at 62,200 barrels per day, compared to the projected range of 60,500 to 61,500.