Thanks to its low debt load, Enerplus (ERF) has no constraint to distribute or reinvest its profits. Last year, the North American oil and gas producer spent more than its free cash flow to repurchase its shares. But it should now focus on mergers and acquisitions (M&A).
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(Note: All the numbers in the article are in Canadian dollars unless otherwise noted.)
Free cash flow and production growth
Enerplus' portfolio includes light oil assets in the Williston Basin, gas assets in the Marcellus play, and waterflood oil operations