Enerplus Corp ERF
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/22/2013

Operator: Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Enerplus Corporation 2012 Year-End and Reserves Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. Ms. Jo-Anne Caza, Vice President of Corporate and Investor Relations, you may begin your conference.

Jo-Anne M. Caza - VP, Corporate and IR: Thank you, operator, and good morning, everyone. Thanks for calling in. Gord Kerr, our President and CEO will be summarize our fourth quarter and year-end results for 2012, including reserves this morning and Ian Dundas, Executive Vice President and Chief Operating Officer, will provide some additional color on our operation results for the year.

To answer some of your questions at the end of the call, we also have with us Rob Waters, our Senior Vice President and Chief Financial Officer; Ray Daniels, our Senior Vice President of Operations; Eric Le Dain, our Senior Vice President of Strategic Planning, Reserves and Marketing; and Rod Gray, our Vice President of Finance.

Before we get started, please note that this call will contain forward-looking information. Listeners should understand the risks and limitations of this type of information and review our advisory on forward-looking information found at the end of our news release issued this morning and included within our MD&A and financial statements filed on SEDAR and EDGAR, and available on our website at

Our financial statements were also prepared in accordance with International Financial Reporting Standards. All financial figures referenced during this call are in Canadian dollars, unless otherwise specified, and all conversions of natural gas to barrels of oil equivalent are done on a 6-to-1 energy equivalent conversion ratio, which does not necessarily represent the current value equivalent.

Following our review, we'll open up the phone lines and answer any questions you may have and we'll also have a replay of this call available later today on our website.

With that over to you Gord.

Gordon J. Kerr - President and CEO: Thanks for joining us this morning. I trust everyone has had a chance to review our new release that was put out before open to market. So, first of all, looking at the fourth quarter results I think it's safe to say that we beat the consensus of analysts on virtually all metrics. Our production was up 5% over the third quarter and our operating and G&A costs were down significantly and most importantly funds flow grew by almost 50% quarter-over-quarter.

These results helped us to achieve our revised full year target as well and we delivered on our annual production guidance producing just over 82,000 BOE a day and 9% increase year-over-year. This included a 21% increase in our crude oil volumes. The Marcellus production that was delayed in our third quarter shows up at year-end. Our extra production during the month of December was on target at 85,800 BOE per day.

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