Enerplus, the Calgary-based oil and gas exploration and production company, has raised its production guidance for the year after experiencing an 18% boost in output from its North Dakota operations in the latest quarter.
Enerplus now anticipates its production to average between 94,500 and 98,500 barrels of oil equivalent per day in 2023. This is an increase from its previous outlook of 93,000 to 98,000 barrels per day. According to the company, this upward revision is a direct result of the strong performance of its wells in North Dakota.
In the third quarter, Enerplus plans to bring 14 to 17 net operated wells on production in North Dakota.
Second Quarter Performance
During the second quarter, Enerplus recorded a 2% increase in production compared to the same period last year, averaging at 95,572 barrels of oil equivalent per day. Crude oil and natural gas liquids production also saw a 2% increase from the previous year, averaging at 58,214 barrels per day.
Enerplus attributed this rise in production to the successful introduction of new wells in North Dakota. Despite limited capital activity in 2023 and the sale of the company’s Canadian assets in late 2022, North Dakota production during the second quarter of 2023 averaged at 68,938 barrels of oil equivalent per day. This represents an impressive 18% increase compared to the same period last year and a 3% increase compared to the previous quarter.