Chord Energy and Enerplus Complete Combination, Creating Premier Williston-Focused E&P Company
"We are excited to complete the combination with
Effective with the closing of the Arrangement, the Board of Directors of Chord increased to 11 members, including 7 members from Chord and 4 members from
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Susan Cunningham , Board Chair -
Daniel Brown , President & CEO -
Samantha Holroyd , Safety & Sustainability Committee Chair -
Jeffrey Sheets , Audit & Reserves Committee Chair -
Anne Taylor , Compensation & Human Resources Committee Chair -
Marguerite Woung-Chapman , Nominating & Governance Committee Chair -
Douglas Brooks -
Ian Dundas -
Hilary Foulkes - Kevin McCarthy
- Ward Polzin
Chord's executive management team will continue in their current capacities and includes:
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Daniel Brown , President & CEO -
Michael Lou , Chief Strategy Officer & Chief Commercial Officer -
Darrin Henke , Chief Operating Officer -
Shannon Kinney , Chief Administrative Officer, General Counsel & Corporate Secretary -
Richard Robuck , Chief Financial Officer
For more information on Chord's Board of Directors and management team, please visit the Company's website at http://www.chordenergy.com/our-company/.
Pursuant to the Arrangement Agreement, by and among Chord,
As permitted in the Arrangement Agreement, the board of directors of
The following tables provide select operational and financial guidance for 2Q24 and 2H24, respectively, to reflect the completion of the combination with
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2Q24 |
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Metric |
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Chord |
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Chord |
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Chord |
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Oil volumes (MBopd) |
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51.7 – 54.7 |
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97.5 – 100.5 |
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149.2 – 155.2 |
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115.6 – 118.6 |
NGL volumes (MBblpd) |
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11.3 – 12.3 |
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34.0 – 35.0 |
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45.3 – 47.3 |
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37.9 – 38.9 |
Natural gas volumes (MMcfpd) |
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184.0 – 190.0 |
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219.0 – 225.0 |
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403.0 – 415.0 |
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280.6 – 286.6 |
Total volumes (MBoepd) |
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93.7 – 98.7 |
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168.0 – 173.0 |
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261.7 – 271.7 |
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199.5 – 206.1 |
E&P & Other CapEx ($MM) |
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____________________ |
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(1) |
Represents |
(2) |
Represents Chord standalone for the three months ended |
(3) |
Represents proforma |
(4) |
Represents Chord combined for the quarter ended |
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2H24 |
Metric |
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Chord |
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Oil volumes (MBopd) |
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152.3 – 156.8 |
NGL volumes (MBblpd) |
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45.4 – 46.8 |
Natural gas volumes (MMcfpd) |
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408.0 – 418.0 |
Total volumes (MBoepd) |
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265.7 – 273.2 |
E&P & Other CapEx ($MM) |
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______________________ |
(1) Represents Chord combined for the 2H24 period after the closing date of the Arrangement. |
Pro forma for the combination with
Chord anticipates over $200MM of annual synergies, representing an increase of $50MM from its initial synergy target at announcement of up to $150MM per year. Chord and
In connection with the closing of the Arrangement, Chord entered into an amendment to its amended and restated credit agreement on
Certain statements in this press release concerning the Arrangement, including any statements regarding the results, effects, benefits and synergies of the Arrangement, future opportunities for the combined company, future financial performance and condition, guidance and any other statements regarding Chord's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include, but are not limited to, statements regarding Chord's plans and expectations with respect to the Arrangement and the anticipated impact of the Arrangement on the combined company's results of operations, financial position, growth opportunities and competitive position, including strategies and plans and integration. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Chord and
Additional factors that could cause results to differ materially from those described above can be found in the definitive proxy statement filed by Chord on
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Chord undertakes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
SOURCE