 |
Enerplus has consistently provided above-average returns to our unitholders in both the short and long-term.
|
 |
| On a 10 year basis, Enerplus has clearly outperformed the benchmark indices by a factor of 3 times. |
SELECTED FINANCIAL AND OPERATING RESULTS |
For the twelve months ended December 31, |
2003 |
|
2002 |
|
|
|
|
Financial per Unit |
|
|
|
Net Income |
$2.90 |
|
$1.61 |
Funds Flow from Operations (prior to Management Internalization) (1) |
5.43 |
|
4.03 |
Internalization of Management Contract |
(0.64) |
|
- |
Funds Flow from Operations (1) |
4.79 |
|
4.03 |
Cash Distributed (2) |
4.32 |
|
3.32 |
Cash Withheld for Debt Repayment |
0.39 |
|
0.62 |
Payout Ratio |
92% |
|
84% |
Payout Ratio (prior to Management Internalization) (1) |
81% |
|
84% |
|
|
|
|
Net Debt/Trailing 12 Month Funds Flow Ratio (1) |
0.6x |
|
1.2x |
|
|
|
| Market Capitalization ($millions) |
$3,713 |
|
$2,325 |
| Long-Term Debt net of cash ($millions) |
258 |
|
361 |
| Enterprise Value ($millions) |
$3,971 |
|
$2,686 |
|
|
|
|
| Average Daily Trading Volume |
446,128 |
|
272,983 |
|
|
|
|
| Average Daily Production
|
|
|
|
Natural gas (Mcf/day) |
240,907 |
|
210,517 |
Crude oil (bbls/day) |
24,597 |
|
23,288 |
NGLs (bbls/day) |
4,666 |
|
4,410 |
Total (BOE/day) (6:1) |
69,414 |
|
62,784 |
% Natural gas |
58% |
|
56% |
|
|
|
|
Average Selling Price Pre-Hedging |
|
|
|
Natural gas (per Mcf) |
$6.30 |
|
$3.87 |
Crude oil (per bbl) |
36.15 |
|
34.37 |
NGLs (per bbl) |
33.43 |
|
25.68 |
US$ exchange rate |
$0.716 |
|
$0.637 |
|
|
|
|
| Reserves |
|
|
|
Proved plus Probable Reserves (MMBOE) |
328.1 |
|
330.4 (3) |
Proved plus Probable Reserve life index (years) |
13.3 |
|
13.8 (3) |
Netback per BOE |
|
|
|
Oil & Gas Sales Before Hedging |
$36.94 |
|
$27.49 |
Cost of Hedging |
(1.81) |
|
(0.38) |
Royalties, net of ARTC |
(7.51) |
|
(5.75) |
Operating Costs |
(6.73) |
|
(5.86) |
Operating Netback |
20.89 |
|
15.50 |
General and Administrative, net of unit based compensation |
(0.95) |
|
(0.70) |
Management Fees |
(0.12) |
|
(0.94) |
Interest and foreign exchange, net of non cash expense |
(0.82) |
|
(0.78) |
| Taxes |
(0.26) |
|
(0.23) |
Restoration and abandonment |
(0.26) |
|
(0.20) |
| Funds Flow from Operations (prior to Management Internalization) (1) |
18.48 |
|
12.65 |
Internalization of Management Contract |
(2.17) |
|
___-_ |
Funds Flow from Operations (1) |
$16.31 |
|
$12.65 |
