The deal to merge Whiting Petroleum Corp. and Oasis Petroleum Inc. into a larger US unconventional oil producer with a Williston basin-focus has closed, creating Chord Energy Corp., Houston (OGJ Online, Mar. 7, 2022).
With the combine, Chord Energy holds a 972,000 net acre position across North Dakota and Montana and first-quarter production of 171,100 boe/d (historical Oasis has been adjusted for three stream reporting), Chord said as part of a July 1 release.
Pro forma capital expenditure for second-quarter 2022 is $165-188 million.
The company expects to return 60% of its free cash flow to shareholders in second-half 2022 through its base dividend, variable dividends, and share buybacks, and as previously announced, has a $150 million share repurchase program in place.
As noted in the March 2022 merger agreement, Chord's executive leadership team includes Danny Brown, president and chief executive officer (previously Oasis' CEO); Chip Rimer, executive vice-president, chief operating officer (previously Whiting's COO); Michael Lou, executive vice-president, chief financial officer (previously Oasis' CFO); and Scott Regan, executive vice-president, general counsel, secretary (previously Whiting's GC).
The company will be listed on the NASDAQ Global Select Market under the ticker symbol "CHRD" on July 5, 2022.