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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Enerplus Corporation    ERF   CA2927661025

ENERPLUS CORPORATION

(ERF)
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Enerplus : Canada's Enerplus to buy some of Hess' North Dakota assets

04/08/2021 | 11:50am EDT
FILE PHOTO: Pumpjacks taken out of production temporarily stand idle at a Hess site while new wells are fracked near Williston

(Reuters) - Canada's Enerplus Corp said it would buy some assets in North Dakota's Williston Basin from Hess Corp for $312 million, as improved oil price expectations have buoyed mergers and acquisitions in North America.

Canada's oil and gas sector had a record start to 2021 in terms of mergers and acquisitions as the energy sector benefits from a rebound in oil prices from the pandemic-led crash last year, and as smaller companies bet on economies of scale.

Enerplus said it will buy 78,700 net acres in North Dakota, adjacent to its current core Bakken acreage, with about 6,000 barrels of oil equivalent per day (boepd) of working interest production from Hess.

The acquisition of largely undeveloped land has expanded Enerplus' drilling inventory in the play by two to three years, Scotiabank analysts wrote in a note, adding its five-year plan to grow production modestly and emphasize free cash flow will likely be well received by investors.

The deal, expected to close in May, will add to Enerplus' adjusted free cash flow per share and net asset value in the first year, Enerplus said.

The company raised its output guidance for the year to between 111,000 and 115,000 boepd, from 103,500 to 108,500 boepd, due to the acquisition as well as strong operating performance in North Dakota and higher-than-expected production in Pennsylvania's Marcellus region.

It also raised its 2021 spending plans to $360 million to $400 million from $335 million to $385 million.

For Hess, the sale of the acreage, which it was not planning to drill before 2026, strengthens its cash and liquidity position. Last month, the company agreed to sell stakes in the two Danish oilfields to chemicals and energy group INEOS for $150 million.

(Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2021
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Financials
Sales 2021 1 874 M 1 495 M 1 495 M
Net income 2021 388 M 310 M 310 M
Net Debt 2021 1 079 M 861 M 861 M
P/E ratio 2021 5,46x
Yield 2021 1,75%
Capitalization 1 764 M 1 405 M 1 407 M
EV / Sales 2021 1,52x
EV / Sales 2022 1,30x
Nbr of Employees 360
Free-Float 86,5%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 8,65 CAD
Last Close Price 6,87 CAD
Spread / Highest target 52,8%
Spread / Average Target 25,8%
Spread / Lowest Target -41,8%
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Managers and Directors
NameTitle
Ian C. Dundas President, Chief Executive Officer & Director
Jodine Jenson Labrie Chief Financial Officer & Senior Vice President
Hilary A. Foulkes Chairman
Wade D. Hutchings Chief Operating Officer & Senior Vice President
Robert Bruce Hodgins Independent Director
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