Chord Energy

Last updated
Chord Energy Corporation
Company type Public
Industry Petroleum industry
Predecessors
FoundedJuly 1, 2022;21 months ago (2022-07-01)
Headquarters Houston, Texas, U.S.
Key people
Daniel E. Brown (president & CEO)
Michael H. Lou (CFO)
Susan M. Cunningham (director)
Products Petroleum
Natural gas
Production output
171 thousand barrels of oil equivalent (1,050,000 GJ) per day (2022)
Website chordenergy.com

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

Contents

History

Oasis Petroleum logo Oasis petroleum logo.svg
Oasis Petroleum logo

In February 2007, Oasis Petroleum was founded by Thomas B. Nusz and Taylor L. Reid and was financed by EnCap Investments. [1] In June 2007, the company acquired 175,000 net acres and 1 thousand barrels of oil equivalent (6,100 GJ) per day of production in Williston, North Dakota for $83 million. [1]

In 2008–2009, the company acquired an additional 131,000 net acres and 1.1 thousand barrels of oil equivalent (6,700 GJ) per day of production nearby for $54 million. [1]

In 2010, the company became a public company via an initial public offering which raised over $400 million. [2]

In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion. [3]

In 2016, the company acquired 55,000 net acres and 226 gross operated drilling locations in the Williston Basin from SM Energy for $785 million. [4]

In 2017, the company completed the corporate spin-off of its midstream operations. [5] [6] The same year, Oasis Petroleum acquired 20,300 net acres in the Delaware Basin for $946 million. [7] [8] [9] It sold these assets in 2021. [10]

In September 2020, the company filed prematurely for Chapter 11 bankruptcy; it emerged from bankruptcy in November 2020. [11] [12]

In July 2022, the company merged with Whiting Petroleum and was renamed Chord Energy. [13] [14]

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References

  1. 1 2 3 "Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares". U.S. Securities and Exchange Commission. June 16, 2010.
  2. ↑ "Oasis Petroleum prices IPO at $14/shr". Reuters . June 24, 2010.
  3. ↑ "Oasis Petroleum adding to its Williston basin assets". Oil & Gas Journal . September 5, 2013.
  4. ↑ Zborowski, Matt (October 18, 2016). "Oasis to buy Williston assets from SM Energy for $785 million". Oil & Gas Journal .
  5. ↑ "Oasis Midstream Partners LP Launches Initial Public Offering" (Press release). PR Newswire. September 11, 2017.
  6. ↑ Pulsinelli, Olivia (September 21, 2017). "Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below expected range". American City Business Journals .
  7. ↑ "Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates" (Press release). PR Newswire. December 11, 2017.
  8. ↑ Eaton, Collin (December 12, 2017). "Oasis Petroleum in $946 million deal for Delaware Basin land". Houston Chronicle .
  9. ↑ Para, Jen (December 12, 2017). "Oasis Petroleum acquires Delaware Basin acreage for nearly $1B". American City Business Journals .
  10. ↑ Jean, Renée (May 21, 2021). "Oasis Petroleum is selling its Permian Assets for half what it paid for them in 2017". Williston Herald .
  11. ↑ "Oasis Petroleum Successfully Completes Financial Restructuring" (Press release). PR Newswire. November 19, 2020.
  12. ↑ Jumchai, Stephen Cedric (November 19, 2020). "Oasis Petroleum emerges from Chapter 11 bankruptcy". S&P Global .
  13. ↑ "Whiting and Oasis Complete Combination, Establishing Chord Energy" (Press release). PR Newswire. July 1, 2022.
  14. ↑ Spencer, Starr (July 5, 2022). "Whiting, Oasis complete merger, renamed Chord Energy". S&P Global .
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