Chord Energy Corporation is a company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods ...

and

hydraulic fracturing Fracking (also known as hydraulic fracturing, fracing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of Formation (geology), formations in bedrock by a pressurized liquid. The process involves the ...

in the

Williston Basin The Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, southern Saskatchewan, and south-western Manitoba that is known for its rich deposits of petroleum and potash. The basin is a ...

in North Dakota and Montana. It is organized in

Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...

and headquartered in

Houston, Texas Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

, with an office in

Williston, North Dakota Williston is a city in and the county seat of Williams County, North Dakota, United States. The 2020 census gave its population as 29,160, making Williston the sixth-most populous city in North Dakota. The city's population nearly doubled betwe ...

. The company was formerly known as Oasis Petroleum.

History

In February 2007, Oasis Petroleum was founded by Thomas B. Nusz and Taylor L. Reid and was financed by

EnCap Investments EnCap Investments is an American private equity firm, specializing in the energy industry, particularly oil & gas. The firm was established in 1988 and is based in Houston, Texas. History In 2012, the company started a $4.3 billion fund to inve ...

. In June 2007, the company acquired 175,000 net acres and per day of production in

for $83 million. In 2008–2009, the company acquired an additional 131,000 net acres and per day of production nearby for $54 million. In 2010, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

which raised over $400 million. In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion. 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. In 2017, the company completed the

corporate spin-off A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...

of its midstream operations. The same year, Oasis Petroleum acquired 20,300 net acres in the Delaware Basin for $946 million. It sold these assets in 2021. In September 2020, the company filed prematurely for

Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

; it emerged from bankruptcy in November 2020. In July 2022, the company merged with Whiting Petroleum and was renamed Chord Energy. In February 2024, Chord Energy announced the acquisition of Canada's Enerplus for operations in the

North Dakota North Dakota ( ) is a U.S. state in the Upper Midwest, named after the indigenous Dakota people, Dakota and Sioux peoples. It is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north and by the U.S. states of Minneso ...

. The deal is valued at $11 billion.

References

External links

* {{S&P 400 companies Companies based in Houston Companies listed on the Nasdaq Oil companies of the United States Petroleum in Texas 2022 establishments in Texas Companies based in Harris County, Texas Companies in the S&P 400