Enerplus Q1 Production Declines, Merger Ahead

Enerplus Corporation (USA) (TSE:ERF) has released an update.

Enerplus Corporation reported a 16% decrease in production to 87,151 barrels of oil equivalent per day (BOE/day) in Q1 2024, primarily due to planned completion sequencing in North Dakota and other operational factors, while forecasting an annual production of 99,000 BOE/day. Capital spending rose to $126.7 million, driven by increased completions activity, and the company anticipates $550 million in annual capital expenditures. Amidst these developments, Enerplus is proceeding with an arrangement to be acquired by Chord Energy Corporation, with shareholder meetings scheduled for approvals and the anticipated closure of the transaction by May 31, 2024.

For further insights into TSE:ERF stock, check out TipRanks’ Stock Analysis page.