Chord (CHRD) Updates 2024 Outlook After Enerplus Acquisition

Acquisition Details - Chord Energy Corporation (CHRD) completed the acquisition of Enerplus Corporation on May 31, 2024, valued at $4 billion, with shareholder approvals received on May 14 and May 24, and court approval on May 28, 2024 [1] - Enerplus shareholders received 0.10125 shares of Chord common stock and $1.84 in cash for each common share of Enerplus, leading to Enerplus being de-listed from the New York Stock Exchange and the Toronto Stock Exchange after market close on June 3, 2024 [4] Strategic Implications - The merger is expected to create a leading operator within the Williston Basin, with low-cost inventory, a strong financial position, and enhanced scale for better shareholder returns [2] - Chord plans to leverage best practices from both companies to create a more efficient organization, generating annual synergies exceeding $200 million, an increase from the original estimate of $150 million [3] Financial Outlook - Following the acquisition, CHRD amended its credit agreement, increasing the borrowing base to $3 billion and total elected commitments to $1.5 billion, providing access to more funds [3] - The combined output of oil, gas, and NGL is projected to be between 265,700 and 273,200 barrels of oil equivalent per day, with oil volumes expected to be in the range of 152,300 to 156,800 barrels per day [5]