Chord Energy to acquire Williston Basin assets for $550M in cash

Chord Energy (CHRD) announced that a wholly owned subsidiary of Chord has entered into a definitive agreement to acquire assets in the Williston Basin from XTO Energy and affiliates, subsidiaries of Exxon Mobil (XOM), for total cash consideration of $550M, subject to customary purchase price adjustments. The consideration is expected to be funded through a combination of cash on hand and borrowings. The company acquired 48,000 net acres in the Williston core. Expected near-term production is approximately 9 MBoepd with a projected low base decline rate of approximately 23%. The acquisition is expected to be accretive to all key metrics including cash flow, free cash flow and NAV in both near and long-term.