CALGARY, AB, Sept. 16, 2020 /CNW/ - Enerplus Corporation
("Enerplus", or the "Company") (TSX & NYSE: ERF) today
announced the release of its 2020 ESG report, which details the
Company's continued integration of environmental, social and
governance ("ESG") issues into its strategy. Following a
materiality assessment in 2019, Enerplus prioritized ESG focus
areas that are the most financially impactful to the organization
with respect to reducing risk and enhancing long-term business
resilience and profitability. The Company has established
objectives or targets relative to each focus area with strategic
oversight assigned to the Enerplus board of directors. The report
is available on Enerplus' website at www.enerplus.com.
Highlights of Enerplus' ESG Performance
- Enerplus is on track to reduce its per barrel greenhouse gas
("GHG") emissions intensity by 20% to 25% in 2020, relative to its
2019 baseline, significantly exceeding the Company's original
target of 10%(1).
- The Company has established a 2030 GHG emissions intensity
reduction target of 50%(1).
- Approximately 74% of water produced from the Company's
operations was reused in 2019 and Enerplus is on track to exceed
its 2020 water reuse target in North
Dakota.
- The Company has established a target to achieve a 50% reduction
in freshwater use per well completion by 2025.
- Enerplus has committed to reduce its lost time injury frequency
("LTIF") by 25%, on average, from 2020 to 2023, relative to its
2019 baseline of 0.24. To date in 2020, LTIF has improved over 50%
versus 2019.
(1) Enerplus' GHG
emissions reduction targets address scope 1 and 2
emissions.
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Enerplus has established additional goals and objectives across
its ESG focus areas, which are discussed in detail within the
report.
The report has been prepared in accordance with the
Sustainability Accounting Standards Board (SASB) and Global
Reporting Initiatives (GRI) disclosure frameworks. In addition, the
report was prepared in alignment with the International Petroleum
Industry Environmental Conservation Association's (IPIECA) Oil and
gas industry guidance on voluntary sustainability reporting.
Enerplus recognizes the Task Force on Climate Related Financial
Disclosure (TCFD) recommended guidelines on disclosures and is
working toward understanding how these can be integrated into its
ESG strategy and future reporting.
Advisory Forward-Looking Information
This document
contains certain forward-looking statements and forward-looking
information (collectively referred to as "forward-looking
information") within the meaning of applicable securities
legislation regarding current expectations, estimates and
projections about the future, based on certain assumptions made by
Enerplus in light of its experience and perception of historical
trends. Although Enerplus believes the expectations represented by
such forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. Readers
are cautioned not to place undue reliance on forward-looking
information as actual results may differ materially from those
expressed or implied. Forward-looking information in this document
includes statements about pursuing and achieving targets,
commitments and ambitions for Enerplus' ESG focus areas and, in
particular and without limiting the generality of the foregoing,
Enerplus' progress towards 2020 and its 2030 GHG emissions
intensity reduction target, Enerplus' expectation regarding
exceeding its 2020 and regarding its 2025 target for reduction in
freshwater use in Enerplus' well completion operations in
North Dakota, its 2023 targets
regarding LTIF, and Enerplus' ability to achieve its targets, goals
and objectives.
The forward-looking information contained in this press release
reflects several material factors and expectations and assumptions
of Enerplus including, without limitation: in respect of Enerplus'
GHG emissions intensity reduction target and reduction in
freshwater use in its North Dakota
operations in 2020 and in the future, Enerplus' ability to conduct
its operations and achieve results of operations as anticipated,
including in respect of effectiveness of its operational planning
pertaining to its flaring; the successful implementation of
Enerplus' proposed or potential strategies and plans to reduce GHG
emissions and freshwater use; projected capital investment levels,
the flexibility of Enerplus' capital spending plans and the
associated source of funding; and Enerplus' ability to otherwise
access and implement all technology necessary to achieve its 2020
and future GHG emissions and freshwater use reduction targets, the
development and performance of technology and technological
innovations and the future use and development of technology and
associated expected future results; current commodity price and
cost assumptions; the general continuance of current or, where
applicable, assumed industry conditions; the continuation of
assumed tax, royalty and regulatory regimes; Enerplus' ability to
otherwise access and implement all technology necessary to achieve
its targets, commitments and initiatives, the development and
performance of technology and technological innovations and the
future use and development of technology and associated expected
future results; continuing collaboration with certain regulatory
and environmental groups; the accuracy of the estimates of
Enerplus' reserves and resources volumes; the continued
availability of adequate debt and/or equity financing, cash flow
and other sources to fund Enerplus' capital and operating
requirements; availability of third party services; and the extent
of its liabilities.
The forward-looking information included in this press release
involves known and unknown risks, uncertainties and other factors
including, without limitation: Enerplus' ability to develop, access
or implement some or all of the technology necessary to efficiently
and effectively operate assets and achieve expected future results,
including in respect of GHG emissions, freshwater use reduction and
health and safety targets; the development and execution of
implementing strategies to meet Enerplus' targets; impediments
generally to Enerplus' operations in respect of Enerplus meeting
its targets and commitments as they relate to its ESG focus areas;
changes, including future decline, in commodity prices; changes in
realized prices for Enerplus' products; changes in the demand for
or supply of Enerplus' products; unanticipated operating results,
results from Enerplus' capital spending activities or production
declines; changes in tax or environmental laws, royalty rates or
other regulatory matters; changes in development plans by Enerplus
or by third party operators of Enerplus' properties; increased debt
levels or debt service requirements; changes in estimates of
Enerplus' oil and gas reserves and resources volumes; limited,
unfavourable or a lack of access to capital markets; increased
costs; a lack of adequate insurance coverage; the impact of
competitors; reliance on industry partners; failure to complete any
anticipated acquisitions or divestitures; and certain other risks
detailed from time to time in Enerplus' public disclosure documents
(including, without limitation, those risks identified in its most
recent quarterly management's discussion and analysis and its
annual information form, management's discussion and analysis, and
Form 40-F at December 31, 2019).
Readers are cautioned that the foregoing lists are not
exhaustive and are made as at the date hereof. Enerplus disclaims
any intention or obligation to update or revise any forward-looking
statements in this press release as a result of new information or
future events, except as may be required under applicable U.S.
federal securities laws or applicable Canadian securities
legislation.
For further information, including financial and operating
results and the most recent corporate presentation, please visit
www.enerplus.com or phone 1-800-319-6462. Shareholders may,
upon request, obtain a hard copy of Enerplus' complete audited
financial statements free of charge.
About Enerplus
Enerplus is an independent North
American oil and gas exploration and production company focused on
creating long-term value for its shareholders through a
disciplined, returns-based capital allocation strategy and a
commitment to safe, responsible operations.
Ian C. Dundas
President & Chief Executive Officer
Enerplus Corporation
SOURCE Enerplus Corporation