Chord Energy Corporation (NASDAQ: CHRD) completed its merger with Calgary-based Enerplus Corporation (TSX: ERF) (NYSE: ERF) in May 2024 in a stock-and-cash transaction with combined enterprise value of approximately $11 billion. The combined entity holds 1.3 million net acres in the Williston Basin.
The deal created a leading Williston Basin operator with approximately 287,000 boe/d of production and significant high-quality drilling inventory. Chord shareholders own 67% of the combined company with Enerplus shareholders holding the balance.
Management targeted $200 million in annual synergies and a 10-year inventory of premium drilling locations. The combination was structured as a tax-free reorganization for Enerplus shareholders.
Citi is serving as lead financial advisor and Vinson & Elkins LLP, Wachtell, Lipton, Rosen & Katz, and Goodmans LLP are serving as legal advisors to Chord. Wells Fargo Securities, LLC and J.P. Morgan Securities are also acting as financial advisors to Chord.
Evercore is serving as lead financial advisor, and RBC Capital Markets is serving as financial advisor to Enerplus. Blake, Cassels & Graydon LLP and Latham & Watkins LLP are serving as legal advisors to Enerplus. BMO Capital Markets and CIBC Capital Markets are acting as co-financial advisors to Enerplus.