CHRD - Chord Energy to buy Williston Basin assets from Exxon in $375M deal
2023-05-22 08:40:59 ET
Chord Energy ( NASDAQ: CHRD ) said Monday it agreed to acquire assets in North Dakota's Williston Basin from Exxon Mobil ( XOM ) subsidiary XTO Energy for ~$375M in cash.
The assets include ~62K net acres containing 123 estimated net 10K-ft. equivalent locations, with current high-margin production of more than 6K boe/day (~62% oil).
Chord Energy ( CHRD ) said it expects the deal will be accretive to cash flow, free cash flow and return metrics in both the near- and long-term, and expects to continue to return 7at least 75% of free cash flow, resulting in accretion to return of capital to shareholders.
"These low-cost, tier-one assets are highly competitive with our existing portfolio and further extend our inventory runway," Chord Energy ( CHRD ) President and CEO Danny Brown said.
More on Chord Energy:
- Financial and valuation comparison to sector peers
- Analysis: Chord Energy: Low Valuation And Shareholder Friendly Management
- Stock price return: Up 13% YTD, up 26.5% in the past 12 months
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Chord Energy to buy Williston Basin assets from Exxon in $375M deal