Chord Energy and Enerplus combine in $11B deal creating premier Williston Basin E&P

Chord Energy Corp

Enerplus shareholders get 0.10125 Chord shares + $1.84 cash per share; implies $18.42/share value.
Combined company: 1.3M net acres, 287 MBoepd production (4Q23), ~56% oil, ~10 years low-breakeven inventory.
Expected annual synergies up to $150M; after-tax present value over $750M from admin, capital, operating savings.
Return of capital maintained at 75%+ of FCF; 2024 pro forma FCF ~$1.2B at $79/bbl WTI.
Danny Brown to remain CEO; Ian Dundas advisor and director. Transaction expected to close mid-2024.

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