8-K
filed June 6, 2024, 7:59 PM ET
ticker CHRD
CIK 0001486159
M&A
confidence high
sentiment positive
materiality 0.90
Chord Energy Corp (CHRD): M&A transaction — Chord Energy completes Enerplus acquisition; sees >$200M annual synergies, issues combined guidance
Chord Energy Corp
- Each Enerplus share exchanged for 0.10125 Chord shares + $1.84 cash; ~20.7M new Chord shares issued.
- Synergy estimate raised to >$200M/yr from $150M; Enerplus holders own ~33% of combined company.
- Board expanded to 11 members; 4 from Enerplus including former CEO Ian Dundas, Hilary Foulkes, Ward Polzin, Jeffrey Sheets.
- Borrowing base increased to $3.0B, elected commitments to $1.5B via Fifth Amendment to credit agreement.
- Combined Q2 2024 oil guidance 115.6-118.6 MBopd; capex guidance unchanged from May standalone outlooks.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cynthia L. Walker resigned as Director at Chord Energy Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
Cynthia L. Walker and Paul J. Korus resigned from the Company’s Board of Directors (the “ Board ”) effective as of immediately prior to the Effective Time.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeffrey Sheets was appointed as Director at Chord Energy Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
Effective as of the Effective Time, the Board approved an increase in the size of the Board from nine to eleven directors and appointed Ian C. Dundas, Hilary Foulkes, Ward Polzin and Jeffrey Sheets, whose biographies are included below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ian C. Dundas was appointed as Director at Chord Energy Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
Effective as of the Effective Time, the Board approved an increase in the size of the Board from nine to eleven directors and appointed Ian C. Dundas, Hilary Foulkes, Ward Polzin and Jeffrey Sheets, whose biographies are included below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Hilary Foulkes was appointed as Director at Chord Energy Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
Effective as of the Effective Time, the Board approved an increase in the size of the Board from nine to eleven directors and appointed Ian C. Dundas, Hilary Foulkes, Ward Polzin and Jeffrey Sheets, whose biographies are included below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ward Polzin was appointed as Director at Chord Energy Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
Effective as of the Effective Time, the Board approved an increase in the size of the Board from nine to eleven directors and appointed Ian C. Dundas, Hilary Foulkes, Ward Polzin and Jeffrey Sheets, whose biographies are included below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul J. Korus resigned as Director at Chord Energy Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
Cynthia L. Walker and Paul J. Korus resigned from the Company’s Board of Directors (the “ Board ”) effective as of immediately prior to the Effective Time.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Chord Energy Corp completed an acquisition involving Enerplus Corporation for 0.10125 of a share of common stock of Chord and $1.84 in cash (closed 2024-05-31).
- Action
- acquisition
- Counterparty
- Enerplus Corporation
- Consideration
- 0.10125 of a share of common stock of Chord and $1.84 in cash
- Closing
- 2024-05-31
Exact text from the filing
uisition ULC, an unlimited liability company organized and existing under the laws of the Province of Alberta, Canada and a wholly owned subsidiary of Chord (“ Canadian Sub ”), completed the previously announced strategic business combination transaction with Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (“ Enerplus ”), whereby Canadian Sub acquired all of the issued and outstanding Enerplus common shares (each, an “ Enerplus Common Share ”) pursuant to the Plan of Arrangement (as defined below) (the “ Arrangement ”) and Enerplus became a wholly-owned subsidiary of Chord, pursuant to an arrangement agreement entered into by and among Chord, Canadian Sub and Enerplus on February 21, 2024 (the “ Arrangement Agreement ”).
View on SEC.gov
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