Chord Energy Corp
For the period ended Mar 19, 2025. Filed Mar 19, 2025.
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Mar 19, 2025 · Filed Mar 19, 2025
Contents
Performance Highlights
2024 was a transformational year for Chord as we solidified our leading position in the Williston Basin by combining with another basin leader, Enerplus Corporation.
Chord's acquisition of Enerplus closed on May 31, 2024 (the "Enerplus Transaction") and added approximately 100 Mboe per day of production and over 200K net acres in the Williston Basin, as well as limited non-operated interests in the Marcellus Shale. Also, in connection with the Enerplus Transaction, Chord added four former Enerplus directors to its Board, further enhancing the total mix of talent and experience of the Board.
During the integration of Enerplus, we focused on incorporating best practices from both organizations, which allowed us to capture substantial operational and corporate synergies. And we executed this transaction while maintaining our commitment to balance sheet strength, capital discipline, and peer-leading return of capital.
| 56 | 2025 Proxy Statement |
Executive Compensation Matters
2024 Operational and Financial Highlights
| PRODUCTION(1) (MBoepd) | RESERVES (MMBoe) | LONG LATERAL INVENTORY |
| BALANCE SHEET(2)•$2.75B borrowing base•$2B elected commitments•0.3X leverage•$1.6B liquidity | 2025-2027 OUTLOOK•$1.4B capital spend annually•152-153 MBopd | MULTI-YEAR CAPITAL EFFICIENCY•Wider spacing and long laterals enhance returns•Increasing long lateral inventory•Decreased F&D/Boe > 10% from 2023 to 2024 |
| (1)2024 production is pro forma for the Enerplus Transaction as if it had occurred on January 1, 2024.(2)$2.75B borrowing base and $2.0B of elected commitments after semi-annual borrowing base redetermination completed in February 2025. | ||
2024 Shareholder Returns Highlights(1)
| $944MMCAPITAL RETURNED TO SHAREHOLDERS IN 2024 | $438MMCOMMON STOCK REPURCHASED | $13.09 per shareBASE AND VARIABLE DIVIDENDS DECLARED |
| (1)Shareholder returns are pro forma for the Enerplus Transaction as if it had occurred on January 1, 2024, and include a base dividend of $0.065 per share and a special dividend of $0.232675 per share paid to Enerplus shareholders. | ||
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