Published: June 3, 2024 |

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Chord Energy and Enerplus have completed their business combination. 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 more than $200 million of annual synergies vs. our original estimate of $150 million,” added Brown.

“Chord will continue to benefit its stakeholders, including the communities in North Dakota, Montana and the Fort Berthold Indian Reservation. 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,” concluded Brown.

GOVERNANCE AND LEADERSHIP

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 and 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 and CEO
• Michael Lou, chief strategy officer and chief commercial officer
• Darrin Henke, chief operating officer
• Shannon Kinney, chief administrative officer, general counsel and corporate secretary
• Richard Robuck, chief financial officer

Chord and Enerplus continues to make meaningful progress on integration by identifying opportunities to leverage best practices that are expected to result in a stronger, more efficient organization. The Chord and Enerplus teams successfully came together shortly after the arrangement and said they will begin integration efforts by sharing knowledge, focusing on areas of continuous improvement, and leveraging the deep technical expertise in the Williston Basin from each organization. Now that Chord and Enerplus have completed the arrangement, the teams are working together in a single organization and continue to pursue additional synergy opportunities.

Chord Energy is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States.

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