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Enerplus Slips To Loss In Q4

Enerplus Corp. (ERF,ERF.TO) reported a fourth quarter net loss of C$429.1 million compared to net income of C$249.3 million in the same period in 2018, primarily due to a C$451.1 million non-cash goodwill impairment related to the company's Canadian reporting unit as a result of the cumulative impact of Canadian asset divestments, the shut-in of uneconomic natural gas production in Tommy Lakes and lower forecasted commodity prices. Loss per share was $1.93, compared to earnings per share of $1.02 in the prior year.

Earnings were further impacted by a C$28.8 million loss on commodity derivative instruments in the fourth quarter of 2019 compared to a C$253.7 million gain in the same period in 2018.

Excluding the goodwill impairment and certain other non-cash or non-recurring items, fourth quarter adjusted net income was C$34.4 million, compared to C$102.2 million in the same period in 2018. The reduction in adjusted net income was primarily due to higher operating expenses and a realized foreign exchange loss in the fourth quarter of 2019.

Total production for the fourth quarter of 2019 was 107,436 BOE per day, a 10% increase from the same period in 2018.

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