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Chord Energy Announces Strategic Acquisition Of Williston Basin Assets

May 22, 2023•about 2 years ago

Acquiring Company

Enerplus

Acquired Company

Williston Basin Assets

HoustonRenewable EnergyOil And GasEnergy

Description

Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today announced that a wholly owned subsidiary of Chord has entered into a definitive agreement to acquire assets in the Williston Basin from XTO Energy Inc. and affiliates (collectively, "XTO"), subsidiaries of Exxon Mobil Corporation, for total cash consideration of $375MM, subject to customary purchase price adjustments. The consideration is expected to be funded with cash on hand, which was $592MM as of March 31, 2023.

Company Information

Company

Enerplus

Location

Houston, Texas, United States

About

Enerplus is an independent oil and natural gas exploration and production company headquartered in Calgary. It focuses on the development of North American resources and was involved in various M&A activities to enhance its portfolio. The company has a diverse asset base, including operations in the Williston Basin.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

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