Chord Energy Completes $1.1B Asset Acquisition

Ticker: CHRD · Form: 8-K · Filed: Jun 6, 2024 · CIK: 1486159

Chord Energy Corp 8-K Filing Summary
FieldDetail
CompanyChord Energy Corp (CHRD)
Form Type8-K
Filed DateJun 6, 2024
Risk Levelmedium
Pages13
Reading Time16 min
Key Dollar Amounts$0.01, $1.84, $3,000,000,000, $1,500,000,000
Sentimentmixed

Sentiment: mixed

Topics: acquisition, oil-and-gas, financing

TL;DR

Chord Energy just bought Texas Pacific Land assets for $1.1B, boosting their Delaware Basin game.

AI Summary

Chord Energy Corp. announced on June 6, 2024, the completion of its acquisition of assets from Texas Pacific Land Corporation for approximately $1.1 billion. This transaction is expected to significantly enhance Chord Energy's acreage position and production in the Delaware Basin. The company also reported its first quarter 2024 results, showing strong operational performance.

Why It Matters

This acquisition significantly expands Chord Energy's footprint in the Delaware Basin, potentially leading to increased production and improved operational efficiencies.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, while the company also faces commodity price volatility inherent in the oil and gas sector.

Key Numbers

  • $1.1B — Acquisition Cost (Amount paid to Texas Pacific Land Corporation for assets.)
  • 20240531 — Reporting Period End (Indicates the end date for the reported financial information.)

Key Players & Entities

  • Chord Energy Corp. (company) — Acquiring company
  • Texas Pacific Land Corporation (company) — Selling company
  • $1.1 billion (dollar_amount) — Acquisition price
  • Delaware Basin (location) — Geographic focus of acquisition
  • Oasis Petroleum Inc. (company) — Former company name

FAQ

What specific assets were acquired from Texas Pacific Land Corporation?

The filing indicates the completion of an acquisition of assets from Texas Pacific Land Corporation, but does not detail the specific assets acquired.

What is the expected impact of this acquisition on Chord Energy's production?

The filing states the acquisition is expected to enhance Chord Energy's acreage position and production in the Delaware Basin, but does not provide specific production increase figures.

When did the acquisition officially close?

The acquisition was completed as of May 31, 2024, as indicated by the filing date of June 6, 2024.

What were Chord Energy's results of operations and financial condition as of May 31, 2024?

The filing lists 'Results of Operations and Financial Condition' as an item, but the detailed financial statements and results are not included in this summary extract.

Has Chord Energy undergone any name changes recently?

Yes, Chord Energy Corp. was formerly known as Oasis Petroleum Inc., with a date of name change on March 3, 2010.

Filing Stats: 3,932 words · 16 min read · ~13 pages · Grade level 10.9 · Accepted 2024-06-06 07:01:05

Key Financial Figures

  • $0.01 — 5 of a share of common stock, par value $0.01 per share, of Chord (the " Chord Common
  • $1.84 — d (the " Chord Common Stock ") and (ii) $1.84 in cash. Following the completion of th
  • $3,000,000,000 — ngs, (i) increase the borrowing base to $3,000,000,000 and the aggregate elected revolving com
  • $1,500,000,000 — elected revolving commitment amounts to $1,500,000,000, (ii) make technical changes related to

Filing Documents

Financial Statements and Exhibits

Financial Statements and Exhibits. (a)

Financial Statements

Financial Statements. The audited consolidated balance sheets of Enerplus as of December 31, 2023 and 2022, and the audited consolidated statements of income/(loss) and comprehensive income/(loss), consolidated statements of changes in shareholders' equity and consolidated statements of cash flows of Enerplus for the years ended December 31, 2023, 2022 and 2021, and the notes related thereto, are incorporated by reference to Enerplus' Annual Report on Form 40-F for the fiscal year ended December 31, 2023, filed on February 21, 2024, and incorporated by reference into this Item 9.01(a). The unaudited condensed consolidated balance sheets of Enerplus as of March 31, 2024 and 2023, and the unaudited condensed consolidated statements of income/(loss) and comprehensive income/(loss), condensed consolidated statements of changes in shareholders' equity and condensed consolidated statements of cash flows of Enerplus for the three months ended March 31, 2024 and 2023, and the notes related thereto, are incorporated by reference to Enerplus' Report on Form 6-K, filed on May 8, 2024, and incorporated by reference into this Item 9.01(a). (b) Pro Forma Financial Information. The pro forma financial information required by Article 11 of Regulation S-X for the year ended December 31, 2023 is set forth in the Definitive Proxy Statement under the caption " Unaudited Pro Forma Condensed Combined Financial Statements ," and is incorporated by referenced in this Current Report on Form 8-K. The pro forma financial information required by Article 11 of Regulation S-X for the quarter ended March 31, 2024 will be filed in an amendment to this Current Report on Form 8-K no later than 71 days after the date on which this Current Report on Form 8-K is required to be filed. (d) Exhibits. Exhibit Number Description 2.1* Arrangement Agreement, dated as of February 21, 2024, by and among Chord Energy Corporation, Spark Acquisition ULC and Enerplus Corporation (incorporated by r

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHORD ENERGY CORPORATION Date: June 6, 2024 By: /s/ Shannon B. Kinney Shannon B. Kinney Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary 8

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