Brief: Chord Energy And Enerplus To Combine In $11 Bln Transaction

Enerplus

21/02/2024 23:10

Feb 21 (Reuters) - Chord Energy Corp  CHRD.O :
    * CHORD ENERGY AND ENERPLUS TO COMBINE IN $11 BILLION
TRANSACTION
CREATING PREMIER WILLISTON-FOCUSED E&P COMPANY WITH TOP-TIER
SHAREHOLDER RETURNS
    * CHORD ENERGY CORP: TRANSACTION ACCRETIVE TO KEY METRICS
WHILE
PRESERVING LOW LEVERAGE
    * CHORD ENERGY CORP - UNDER TERMS, EACH COMMON SHARE OF
ENERPLUS
WILL BE EXCHANGED FOR 0.10125 SHARES OF CHORD COMMON STOCK AND
$1.84 PER SHARE IN CASH
    * CHORD ENERGY CORP: TRANSACTION EXPECTED TO GENERATE
ADMINISTRATIVE, CAPITAL AND OPERATIONAL COST SYNERGIES OF UP TO
$150 MILLION ANNUALLY
    * CHORD ENERGY CORP - UPON COMPLETION OF TRANSACTION, CHORD
SHAREHOLDERS WILL OWN APPROXIMATELY 67% OF COMBINED COMPANY
    * CHORD ENERGY CORP: EXPECTED 2024 PRO FORMA FREE CASH FLOW
OF
$1.2 BILLION
    * CHORD ENERGY CORP - UPON COMPLETION OF TRANSACTION,
ENERPLUS
SHAREHOLDERS WILL OWN APPROXIMATELY 33% ON A FULLY DILUTED BASIS
OF COMBINED COMPANY
    * CHORD ENERGY CORP: DANNY BROWN TO SERVE AS PRESIDENT AND
CEO OF
COMBINED COMPANY
    * CHORD ENERGY CORP: THREE ADDITIONAL ENERPLUS DIRECTORS TO
JOIN
COMBINED COMPANY BOARD
    * CHORD ENERGY CORP - FOLLOWING CLOSE OF TRANSACTION, BOARD
OF
DIRECTORS OF COMBINED COMPANY WILL INCREASE TO 11 MEMBERS
    * CHORD ENERGY CORP: COMBINATION HAS BEEN UNANIMOUSLY
APPROVED BY
BOARDS OF BOTH COMPANIES. TRANSACTION IS EXPECTED TO CLOSE BY
MID-YEAR 2024
    * CHORD ENERGY CORP -  COMBINED COMPANY WILL INCLUDE MICHAEL
LOU,
CHORD'S CHIEF FINANCIAL OFFICER
    * CHORD ENERGY CORP: CAPITAL SYNERGIES ARE EXPECTED TO
INCREASE UP
TO $55 MILLION DURING 2025
    * CHORD ENERGY CORP: OPERATING SYNERGIES INITIATE IN 2025
AND ARE
EXPECTED TO INCREASE UP TO $55 MILLION IN 2026

Source text for Eikon:  ID:nPn9YSj62a 
Further company coverage:  CHRD.O 

 (Reuters.Briefs@thomsonreuters.com)