Chord Energy Corporation (NASDAQ: CHRD) (“Chord”, “Chord Energy” or the “Company”) and Enerplus Corporation (TSX: ERF) (NYSE: ERF) (“Enerplus”) announced today the completion of their previously announced business combination (the “Arrangement”). The Arrangement was approved by Chord and Enerplus shareholders on May 14, 2024 and May 24, 2024, respectively, and received the approval of the Court of King’s Bench of Alberta on May 28, 2024.
“We are excited to complete the combination with Enerplus, creating a premier Williston Basin operator with enhanced scale, significant low-cost inventory, financial strength, and peer-leading shareholder returns,” said Danny Brown, Chord Energy’s President and Chief Executive Officer. “We are extremely grateful for the hard work, dedication, and positive attitude of both the Chord and Enerplus teams, who have been working diligently to help us realize the full potential of this combination. We are leveraging best practices from both companies to create a stronger, more efficient organization and, at this point, see over $200MM of annual synergies vs. our original estimate of $150MM.”
Danny Brown continued, “Chord will continue to benefit its stakeholders, including the communities in North Dakota, Montana and the Fort Berthold Indian Reservation. Simultaneously, we will remain focused on maximizing shareholder value through our core operating philosophy, which emphasizes capital discipline and the generation of sustainable free cash flow. The combination with Enerplus is expected to improve Chord’s capital efficiency and lead to a positive rate of change related to enhanced returns and shareholder value creation.”
Governance and Leadership
Effective with the closing of the Arrangement, the Board of Directors of Chord increased to 11 members, including 7 members from Chord and 4 members from Enerplus as follows:
- Susan Cunningham, Board Chair
- Daniel Brown, President & CEO
- Samantha Holroyd, Safety & Sustainability Committee Chair
- Jeffrey Sheets, Audit & Reserves Committee Chair
- Anne Taylor, Compensation & Human Resources Committee Chair
- Marguerite Woung-Chapman, Nominating & Governance Committee Chair
- Douglas Brooks
- Ian Dundas
- Hilary Foulkes
- Kevin McCarthy
- Ward Polzin
Chord’s executive management team will continue in their current capacities and includes:
- Daniel Brown, President & CEO
- Michael Lou, Chief Strategy Officer & Chief Commercial Officer
- Darrin Henke, Chief Operating Officer
- Shannon Kinney, Chief Administrative Officer, General Counsel & Corporate Secretary
- Richard Robuck, Chief Financial Officer
For more information on Chord’s Board of Directors and management team, please visit the Company’s website at http://www.chordenergy.com/our-company/.
Source: www.prnewswire.com
