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  • Chord Energy Announces Strategic Acquisition of Williston Basin Assets
    édité le 24/05/2023 - Plus de news de "Chord Energy" - Voir la fiche entreprise de "Chord Energy"


Chord Energy Announces Strategic Acquisition of Williston Basin Assets
Chord Energy Corporation 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.

Acquiring core acreage in Williston Basin:

   - ~62,000 net acres (~77% undeveloped, 82% average 8/8ths net revenue interest) within and adjacent to near-term development program;
   - 123 estimated net 10,000 foot equivalent locations (~77 operated), including interest in Chord operated wells and new largely undeveloped DSUs (average operated working interest of ~65%). Also includes royalty interests in certain DSUs;
   - Current high-margin production of over 6 MBoepd (~62% oil) with a low base decline rate of approximately 23%1;
   - Position allows Chord to convert 6 pre-acquisition 2-mile DSUs to 3-mile DSUs;
   - Acreage is 100% held by production;
   - High-return inventory additions expected to extend Chord's overall inventory life and lower weighted average break-evens of portfolio;
   - Expect to be accretive to cash flow, free cash flow2 and return metrics in both the near and long-term;
   - Expect to continue to return 75%+ of free cash flow2, resulting in accretion to return of capital to shareholders.

(1) Chord estimate based on March 2023 public data converted to three-stream.

(2) Free cash flow is a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP"), please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap.

"The acquired assets are an excellent strategic and operational fit to Chord's premier Williston Basin acreage position," said Danny Brown, Chord's President and Chief Executive Officer. "These low-cost, tier-one assets are highly competitive with our existing portfolio and further extend our inventory runway. Consolidation in the core of the basin supports longer laterals, higher capital and operating efficiencies, strong financial returns and sustainable free cash flow generation. The transaction creates significant accretion for shareholders across all metrics, while maintaining pro forma leverage below our target. I'm thankful for the hard work of all those involved in this transaction and look forward to Chord operating this asset in a manner consistent with our values: maintaining our commitment to our communities and the environment while operating in a safe and sustainable manner."

The effective date of the acquisition is April 1, 2023 and the closing is expected to occur at the end of June 2023, subject to customary closing conditions. Guidance provided on May 3, 2023 is expected to be updated with 2Q23 earnings which the Company expects to announce in August 2023.

About Chord Energy

Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. Our mission is to responsibly produce hydrocarbons while exercising capital discipline, operating efficiently, improving continuously and providing a rewarding environment for our employees. We aim to enhance return of capital and generate strong free cash flow, while being responsible stewards of the communities and environment where we operate.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.


Origine : Communiqué Chord Energy

Voir la fiche entreprise de "Chord Energy"



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