XML 39 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
IMPAIRMENT
 12 Months Ended
Dec. 31, 2015
Oil and natural gas properties  
IMPAIRMENT

 

5) IMPAIRMENT

a) Impairment of PP&E

                                                                                                                                                                                    

($ thousands)

 

 
2015 

 

 

 
2014 

 

 
2013 

 

 

Oil and natural gas properties:

 

 

 

 

 

 

 

 

 

 

 

 

Canada cost centre

 

$
286,700 

 

 

$

–

 

$

–

 

 

U.S. cost centre

 

 
1,065,728 

 

 

 

–

 

 

–

 

 

Total impairment expense

 

$
1,352,428 

 

 

$

–

 

$

–

 

 

The impairments for the period ended December 31, 2015 were due to lower 12-month average trailing crude oil and natural gas prices.

The following table outlines the 12-month average trailing benchmark prices and exchange rates used in Enerplus' ceiling test as at December 31, 2015, 2014 and 2013:

                                                                                                                                                                                    

Period

 

 

WTI Crude Oil
US$/bbl

 

Exchange Rate
US/CDN

 

 

Edm Light
Crude
CDN$/bbl

 

 

U.S. Henry Hub Gas
US$/Mcf

 

 

AECO Natural
Gas Spot
CDN$/Mcf

 

2015

 

$
50.28 

 
1.27 

 

$
59.38 

 

$
2.58 

 

$
2.69 

 

2014

 

 
94.99 

 
1.09 

 

 
94.84 

 

 
4.30 

 

 
4.60 

 

2013

 

 
96.94 

 
1.03 

 

 
93.19 

 

 
3.67 

 

 
3.16 

 

b) Goodwill Impairment

Goodwill impairment testing is performed annually or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Enerplus' annual goodwill impairment assessment as at December 31, 2015 indicated no impairment.