FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2019

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Schedule of change in fair value of derivative financial instruments

							Income
Gain/(Loss) ($ thousands)	2019		2018		2017		Statement Presentation
Equity Swaps	$	(308)	$	210	$	(184)	G&A expense
Electricity Swaps		—		—		639	Operating expense
Commodity Derivative Instruments:
Oil		(70,481)		114,822		(5,445)	Commodity derivative
Gas		(10,944)		9,234		11,174	instruments
Total Unrealized Gain/(Loss)	$	(81,733)	$	124,266	$	6,184

Summary of the income statement effects of Enerplus' commodity derivative instruments

($ thousands)	2019		2018		2017
Change in fair value gain/(loss)	$	(81,425)	$	124,056	$	5,729
Net realized cash gain/(loss)		15,354		(35,824)		8,581
Commodity derivative instruments gain/(loss)	$	(66,071)	$	88,232	$	14,310

Summary of the fair value of derivative financial instruments

	December 31, 2019				December 31, 2018
	Assets		Liabilities			Assets			Liabilities
($ thousands)	Current		Current			Current	Long-term		Current
Equity Swaps	$	—	$	2,217	$	—	$	—	$	1,909
Commodity Derivative Instruments:
Oil		10,570		517		48,314		32,220		—
Gas		—		—		10,944		—		—
Total	$	10,570	$	2,734	$	59,258	$	32,220	$	1,909

Summary of management positions

Instrument Type(1)(2)	bbls/day	US$/bbl
Jan 1, 2020 – Jan 31, 2020
WTI Swap	5,000	57.05
WTI Purchased Put	16,000	57.50
WTI Sold Put	16,000	46.88
WTI – Brent Swap (Purchase)	4,400	(8.03)
WTI – Brent Swap (Sale)	4,400	(3.98)
WCS Differential Swap	1,000	(19.25)
Feb 1, 2020 – Mar 31, 2020
WTI Swap	10,000	54.56
WTI Purchased Put	16,000	57.50
WTI Sold Put	16,000	46.88
WTI – Brent Swap (Purchase)	4,400	(8.03)
WTI – Brent Swap (Sale)	4,400	(3.98)
WCS Differential Swap	1,000	(19.25)
Apr 1, 2020 – Jun 30, 2020
WTI Swap	12,000	55.23
WTI Purchased Put	16,000	57.50
WTI Sold Put	16,000	46.88
WTI – Brent Swap (Purchase)	4,400	(8.03)
WTI – Brent Swap (Sale)	4,400	(3.98)
Jul 1, 2020 – Sep 30, 2020
WTI Swap	2,000	57.18
WTI Purchased Put	21,000	57.20
WTI Sold Put	21,000	47.14
WTI Sold Call	5,000	65.00
WTI – Brent Swap (Purchase)	4,400	(8.03)
Oct 1, 2020 – Dec 31, 2020
WTI Purchased Put	21,000	57.20
WTI Sold Put	21,000	47.14
WTI Sold Call	5,000	65.00
WTI – Brent Swap (Purchase)	4,400	(8.03)

(1) Transactions with a common term have been aggregated and presented as the weighted average price/bbl before premiums.

(2) The total average deferred premium on outstanding hedges is US$1.69/bbl from January 1, 2020 to December 31, 2020.