Chord Energy and Enerplus to Merge, Creating $11 Billion Oil and Gas Giant

According to The Wall Street Journal, under the deal's terms, Enerplus shareholders will receive 0.10125 shares of Chord Energy common stock and $1.84 in cash for each share they own. Consequently, about 67% of the merged entity will be owned by existing Chord Energy shareholders, and Enerplus shareholders will own the remaining 33%. Danny Brown, the current President and CEO of Chord Energy, will maintain his roles in the new company. The merger is expected to generate approximately $150 million in annual savings from reduced administrative and operational costs. Having received unanimous approval from the boards of both companies, the merger is slated for completion in mid-2024, pending regulatory consent and shareholder approval. The combined production of the companies in the fourth quarter was reported at 287,000 barrels of oil equivalent per day.