Enerplus Corp (NYSE: ERF) stock fell over 1.3% on 13th August, 2018; Source: Google finance) (as on 11:36 AM GMT-4; Source: Google Finance).
On the other side, the company posted a decent financial performance on Friday 10th August, 2018 . The company’s production was approx. 93,00 BOE per day,54% liquids. Adjusted funds flow in the quarter stood C$174 million while at the current strip prices the company noticed an excess of $100 million in free cash flow after dividends and capital expenditures. The company cut their capital spending guidance to $585 million reflecting some additional non-operated activity , along with modest cost pressures.
The Bakken differential was US$3.42 per Barrel , while the reduced Bakken differential joined with strength in WTTI, and the Canadian dollar drove the price per oil to C$80.00 per barrel. The significant demand for U.S. light sweet crude to reach export markets was created by the spread between WTI and the increase in brand prices driving up the price paid for light sweet crude grades in the U.S.. The sales price differential averaged US$0.69 per Mcf below NYMEX in the Marcellus.
Regarding the cost structure they continue to remain on track since, there was no change to the operating and transportation cost guidance, and they decreased the cash G&A guidance by $0.10 to $1.55 per BOE. They are some strong operational results during the time, they brought 11 gross operated wells on production at the Cats and Metals North Pads in North Dakota, the peak consecutive 30-day rates on the 6 Cats wells averaged over 2,000 barrels of oil equivalent per day. There Metals North as a result, the capital spending in the second half of the year will be three fourths more. The company did reduced the capital spending guidance to $585 million which is higher than the usual range.
The Atlantic Sunrise pipeline, that is 1.7 Bcf per day, is required to be in full charge later this month, which helps support prices going forward. Finally, it was a strong quarter for the company and they stay well positioned relative to their plans the current year. They had got a solid growth outlook and are expecting to continue to see supportive regional pricing dynamics for both the Bakken light oil and the Marcellus gas through the rest of the year