Enerplus Corporation (TSX:ERF) reported fourth quarter 2017 net income of $15.3 million, fourth quarter adjusted funds flow of $199.6 million, full year 2017 net income was $237.0 million and full year 2017 adjusted funds flow was $524.1 million.

Highlights are as follows:

  • Fourth quarter adjusted funds flow was $199.6 million, which includes $50.1 million related to a portion of the expected U.S. Alternative Minimum Tax (“AMT”) refund. Excluding the AMT refund, adjusted funds flow was $149.5 million, a 65% increase quarter-over-quarter
  • Full year 2017 adjusted funds flow, excluding the AMT refund, increased by 55% compared to 2016
  • Fourth quarter netback before hedging improved by 44% to $21.45 per BOE compared to the previous quarter
  • Delivered 28% crude oil production growth from the first quarter to the fourth quarter of 2017
  • North Dakota production increased by 70% from the first quarter to the fourth quarter of 2017
  • Balance sheet remains among the strongest in the North American peer group, ending 2017 with a net debt to adjusted funds flow ratio of 0.6 times
  • Replaced 189% of 2017 production through proved plus probable (“2P”) reserves additions, revisions and economic factors at a finding and development (“F&D”) cost of $9.68 per BOE. This included material reserves growth in North Dakota where the Company replaced 414% of 2017 production

Ian C. Dundas, president and CEO, commented:

In 2017 we accomplished what we set out to do, namely delivering profitable growth, maintaining our disciplined approach to capital allocation, and continuing our strong operating momentum. We also continued to have success in focusing our business through divesting non-strategic assets which has further improved our cost structure and margin and reduced liabilities. As evidenced by our strong fourth quarter cash flow and netback, our company is well positioned to continue to generate robust cash flow per share growth and create long-term value for our shareholders.

Click here to read the full Enerplus Corporation (TSX:ERF) press release.

Source link

NO COMMENTS

LEAVE A REPLY