Enerplus Corporation is one of

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

’s largest independent oil and gas producers. It holds oil and natural gas property interest in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan. Canada's first

income fund An income fund is a fund whose goal is to provide an income from investments. It is usually organized through a trust or partnership, rather than a corporation, to obtain more efficient flow through tax consequences in relation to the income tha ...

, the firm is based in

Calgary, Alberta Calgary () is a major city in the Provinces and territories of Canada, Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a Metropolitan area, metropolitan population of 1,481,806 making it the List of ...

and traded on both the

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and the

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before being acquired by Chord Energy.

History

Enerplus was established in 1986 by Marcel Tremblay, a pension fund manager and John Brussa, a lawyer. It was originally called Enerplus Resources Fund, and it was Canada's first

income trust An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. It is especially useful for financial requirements of institutional investors such as pension funds, and for investors such as retired ...

. Its original purpose was to provide income from mature, aging oil and gas assets to retail investors, taking advantage of the tax advantages of the income trust structure. It started trading on the

in 1986 with a $10 million IPO. In 1996, Mark Resources renamed itself Enermark, became an income trust, and joined the Enerplus group of companies. This was at the behest of Enerplus's then-CEO, Marcel Tremblay, in response to a hostile take-over attempt. In 2000, Enerplus merged with the Westrock Funds. In 2001, Enermark was merged into Enerplus. In 2004, it bought some of ChevronTexaco's western Canadian assets for $467 million. In 2005, Enerplus acquired American energy company Lyco Energy for $500 million, as part of an expansion strategy into the United States. Lyco held assets in South Dakota and Montana. This was the largest American acquisition by a Canadian oil and gas income trust to that time. In 2008, Enerplus acquired Focus Energy Trust for $1.4 billion in stock. Focus unit-holders ended up owning 20% of the merged entity. Focus primarily specialized in natural gas production. In 2010, Enerplus sold their Kirby oilsands leases for $400 million, as a move of the company away from the oilsands. Around the same time, the company bought several properties in the Bakken formation in North Dakota for US$456 million. Enerplus Corporation converted from an income trust to a corporate entity on January 1, 2011, after receiving approval by 98.5% of unitholders. This was done because of changes in the taxation rules for income trusts. In 2016, Enerplus sold its Alberta natural gas properties for $193 million. In 2024, it was announced that Enerplus would be acquired by Chord Energy for US$3.8 billion in cash and that its stock would be delisted from the TSX and NYSE. The acquisition was completed in June.

Operations

As of 2015, Enerplus produced 110,800

barrels per day A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels (such as the U.K. beer barrel and U.S. beer barrel), oil barrels, and so forth. For historical reasons, the volumes of some barrel unit ...

, 55% from natural gas, and 45% from crude oil and other liquids. 75% of production in the United States, and 25% is in Canada. It has three main areas of operation: * The Williston basin: The company produces crude oil from properties in the

Fort Berthold Fort Berthold was the name of two successive forts on the upper Missouri River in present-day central-northwest North Dakota. Both were initially established as fur trading posts. The second was adapted as a post for the U.S. Army. After the Army l ...

area of North Dakota. As of 2017, production was 30,000 barrels per day. * The Marcellus region in Pennsylvania, where the company has shale gas assets, with a 2017 production of around per day * Southern Alberta and Saskatchewan, with 2016 crude oil production of 10,000 barrels per day

References

External links

* {{Authority control Companies formerly listed on the New York Stock Exchange Companies formerly listed on the Toronto Stock Exchange Energy companies of Canada Companies based in Calgary Non-renewable resource companies established in 1986 Oil companies of Canada 1986 establishments in Canada 2024 mergers and acquisitions

History

Operations

See also

References

External links