Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


			☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


			☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-34776


Chord Energy Corporation (Exact name of registrant as specified in its charter)



Delaware						80-0554627
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1001 Fannin Street, Suite 1500
Houston, Texas						77002
(Address of principal executive offices)						(Zip Code)


(281) 404-9500 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

CHRD

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ý No ¨

Number of shares of the registrant’s common stock outstanding at August 1, 2024: 61,879,575 shares.

Table of Contents

TABLE OF CONTENTS


			Page
Glossary of Terms			1
PART I — FINANCIAL INFORMATION			3
Item 1. — Financial Statements (Unaudited)			4
Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023			4
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023			6
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023			7
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023			8
Notes to Condensed Consolidated Financial Statements			10



1. Organization and Summary of Significant Accounting Policies			10

2. Revenue Recognition			11
3. Inventory			12
4. Additional Balance Sheet Information			12
5. Fair Value Measurements			12
6. Derivative Instruments			15
7. Property, Plant and Equipment			17
8. Acquisitions			18
9. Divestitures			21
10. Investment in Unconsolidated Affiliate			21
11. Long-Term Debt			21
12. Asset Retirement Obligations			22
13. Income Taxes			22
14. Equity-Based Compensation			23
15. Stockholders’ Equity			24
16. Earnings Per Share			25
17. Commitments and Contingencies			26

18. Leases			26

Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
Overview and Recent Developments			30
Results of Operations			30
Liquidity and Capital Resources			37
Fair Value of Financial Instruments			40
Critical Accounting Policies and Estimates			40
Item 3. — Quantitative and Qualitative Disclosures About Market Risk			41
Item 4. — Controls and Procedures			42
PART II — OTHER INFORMATION			43
Item 1. — Legal Proceedings			43
Item 1A. — Risk Factors			43
Item 2. — Unregistered Sales of Equity Securities and Use of Proceeds			44

Item 5.— Other Information			44
Item 6. — Exhibits			44
SIGNATURES			46

GLOSSARY OF TERMS

The terms defined in this section are used throughout this Quarterly Report on Form 10-Q:

“ARO.” Asset retirement obligations.

“ASC.” Accounting Standards Codification.

“ASU.” Accounting Standards Update.

“Basin.” A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.

“Bbl.” One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate, natural gas liquids or fresh water.

“Boe.” Barrels of oil equivalent, with 6,000 cubic feet of natural gas being equivalent to one barrel of crude oil.

“Boepd.” Barrels of oil equivalent per day.

“Bopd.” Barrels of oil per day.

“British thermal unit.” The heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.

“Completion.” The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

“DD&A.” Depreciation, depletion and amortization.

“Dry hole.” A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.

“Economically producible.” A resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation.

“ESG.” Environmental, social and governance.

“FASB.” Financial Accounting Standards Board.

“Field.” An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

“Formation.” A layer of rock which has distinct characteristics that differ from nearby rock.

“G&A.” General and administrative.

“GAAP.” Generally accepted accounting principles in the United States.

“GPT.” Gathering, processing and transportation.

“MBbl.” One thousand barrels of crude oil, condensate, natural gas liquids or fresh water.

“MBoe.” One thousand barrels of oil equivalent.

“Mcf.” One thousand cubic feet of natural gas.

“MMBtu.” One million British thermal units.

“MMcf.” One million cubic feet of natural gas.

“Net acres.” The percentage of total acres an owner has out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres.

“NGL.” Natural gas liquids.

“NYMEX.” The New York Mercantile Exchange.

“NYMEX WTI.” The New York Mercantile Exchange West Texas Intermediate crude oil price index.

“OPEC+.” The Organization of Petroleum Exporting Countries and other oil exporting nations.

“Plug.” A down-hole packer assembly used in a well to seal off or isolate a particular formation for testing, acidizing, cementing, etc.; also a type of plug used to seal off a well temporarily while the wellhead is removed.

“Productive well.” A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes.

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“Proved reserves.” Those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible — from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. The area of the reservoir considered as proved includes (i) the area identified by drilling and limited by fluid contacts, if any, and (ii) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible crude oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons, as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil, elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when (i) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (ii) the project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

“Reasonable certainty.” If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical and geochemical) engineering, and economic data are made to estimated ultimate recovery with time, reasonably certain estimated ultimate recovery is much more likely to increase or remain constant than to decrease.

“Reserves.” Estimated remaining quantities of crude oil and natural gas and related substances anticipated to be economically producible as of a given date by application of development prospects to known accumulations.

“Reservoir.” A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

“SEC.” The U.S. Securities and Exchange Commission.

“Unit.” The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.

“Wellbore.” The hole drilled by the bit that is equipped for crude oil or gas production on a completed well. Also called well or borehole.

“Workover.” The repair or stimulation of an existing productive well for the purpose of restoring, prolonging or enhancing the production of hydrocarbons.

EXPLANATORY NOTE

On May 31, 2024, Chord Energy Corporation (“Chord” or the “Company”) completed the previously announced arrangement agreement with Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (“Enerplus”) and Spark Acquisition ULC, an unlimited liability company organized and existing under the laws of the Province of Alberta, Canada and a wholly-owned subsidiary of the Company, pursuant to which, among other things, the Company acquired Enerplus in a stock-and-cash transaction. The business combination was accounted for as of May 31, 2024 under the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations. Accordingly, unless otherwise specifically noted herein, the periods prior to May 31, 2024 report the financial results of Chord excluding the impacts from the business combination with Enerplus, while the periods as of and subsequent to May 31, 2024 report the financial results including the impacts from the business combination.

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PART I — FINANCIAL INFORMATION

Item 1. — Financial Statements (Unaudited)

Chord Energy Corporation

Condensed Consolidated Balance Sheets (Unaudited)


	June 30, 2024		December 31, 2023

	(In thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$	197,389	$	317,998
Accounts receivable, net	1,275,934		943,114
Inventory	79,905		72,565
Prepaid expenses	23,827		42,450
Derivative instruments	25,292		37,369
Other current assets	2,044		11,055

Total current assets	1,604,391		1,424,551
Property, plant and equipment
Oil and gas properties (successful efforts method)	12,137,734		6,320,243
Other property and equipment	57,327		49,051
Less: accumulated depreciation, depletion and amortization	(1,442,011)		(1,054,616)
Total property, plant and equipment, net	10,753,050		5,314,678
Derivative instruments	22,542		22,526
Investment in unconsolidated affiliate	117,738		100,172
Long-term inventory	27,619		22,936
Operating right-of-use assets	58,724		21,343

Goodwill	539,793		—
Other assets	23,481		19,944
Total assets	$	13,147,338	$	6,926,150

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	38,189	$	34,453
Revenues and production taxes payable	772,565		604,704
Accrued liabilities	714,427		493,381
Current portion of long-term debt, net	60,063		—
Accrued interest payable	4,891		2,157
Derivative instruments	13,943		14,209
Advances from joint interest partners	2,473		2,381
Current operating lease liabilities	39,914		13,258
Other current liabilities	31,650		916

Total current liabilities	1,678,115		1,165,459
Long-term debt	971,746		395,902
Deferred tax liabilities	1,345,220		95,322
Asset retirement obligations	275,817		155,040
Derivative instruments	1,428		717
Operating lease liabilities	29,114		18,667
Other liabilities	4,748		18,419
Total liabilities	4,306,188		1,849,526

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	June 30, 2024		December 31, 2023

	(In thousands, except share data)
Commitments and contingencies (Note 17)
Stockholders’ equity
Common stock, $0.01 par value: 240,000,000 shares authorized, 66,572,527 shares issued and 62,231,069 shares outstanding at June 30, 2024; and 120,000,000 shares authorized, 45,032,537 shares issued and 41,249,658 shares outstanding at December 31, 2023	668		456
Treasury stock, at cost: 4,341,458 shares at June 30, 2024 and 3,782,879 shares at December 31, 2023	(585,035)		(493,289)
Additional paid-in capital	7,314,414		3,608,819
Retained earnings	2,111,103		1,960,638
Total stockholders’ equity	8,841,150		5,076,624
Total liabilities and stockholders’ equity	$	13,147,338	$	6,926,150

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Chord Energy Corporation

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Revenues
Oil, NGL and gas revenues	$	902,667	$	695,426	$	1,650,829	$	1,461,626
Purchased oil and gas sales	358,013		216,645		695,111		346,962

Total revenues	1,260,680		912,071		2,345,940		1,808,588
Operating expenses
Lease operating expenses	176,647		158,554		335,853		311,962
Gathering, processing and transportation expenses	63,130		43,397		117,114		80,412
Purchased oil and gas expenses	356,356		216,226		692,118		345,819
Production taxes	79,522		58,488		143,433		119,005
Depreciation, depletion and amortization	227,928		137,046		396,822		270,837
General and administrative expenses	82,077		42,174		107,789		74,658
Exploration and impairment	1,485		6,782		7,639		31,646



Total operating expenses	987,145		662,667		1,800,768		1,234,339
Gain on sale of assets, net	15,486		1,613		16,788		2,840
Operating income	289,021		251,017		561,960		577,089
Other income (expense)
Net gain (loss) on derivative instruments	4,608		29,518		(22,969)		96,452
Net gain from investment in unconsolidated affiliate	5,862		10,126		22,158		7,910
Interest expense, net of capitalized interest	(12,208)		(7,228)		(19,800)		(14,363)
Other income	4,081		2,293		6,907		7,486
Total other income (expense), net	2,343		34,709		(13,704)		97,485
Income before income taxes	291,364		285,726		548,256		674,574
Income tax expense	(78,003)		(69,655)		(135,541)		(161,504)


Net income	$	213,361	$	216,071	$	412,715	$	513,070
Earnings per share:
Basic (Note 16)	$	4.36	$	5.19	$	9.12	$	12.32



Diluted (Note 16)	$	4.25	$	4.96	$	8.87	$	11.83


Weighted average shares outstanding:
Basic (Note 16)	48,665		41,494		45,048		41,531
Diluted (Note 16)	49,916		43,386		46,313		43,267

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Chord Energy Corporation

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount

	(In thousands)
Balance as of December 31, 2023	41,250	$	456	3,783	$	(493,289)	$	3,608,819	$	1,960,638	$	5,076,624
Equity-based compensation and vestings	599	4		—	—		4,771		—		4,775
Tax withholdings on settlement of equity-based awards	(280)	(3)		—	—		(46,048)		—		(46,051)
Dividends	—	—		—	—		—		(137,541)		(137,541)
Share repurchases	(193)	—		193	(29,999)		—		—		(29,999)
Warrants exercised	175	2		—	—		8,015		—		8,017
Net income	—	—		—	—		—		199,353		199,353
Balance as of March 31, 2024	41,551	$	459	3,976	$	(523,288)	$	3,575,557	$	2,022,450	$	5,075,178
Shares issued in Arrangement	20,680	207		—	—		3,731,930		—		3,732,137
Equity-based compensation and vestings	139	1		—	—		5,359		—		5,360
Tax withholdings on settlement of equity-based awards	(61)	—		—	—		(11,306)		—		(11,306)
Dividends	—	—		—	—		—		(124,708)		(124,708)
Share repurchases	(365)	—		365	(61,747)		—		—		(61,747)
Warrants exercised	287	1		—	—		12,874		—		12,875
Net income	—	—		—	—		—		213,361		213,361
Balance as of June 30, 2024	62,231	$	668	4,341	$	(585,035)	$	7,314,414	$	2,111,103	$	8,841,150


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount

	(In thousands)
Balance as of December 31, 2022	41,477	$	438	2,249	$	(251,950)	$	3,485,819	$	1,445,491	$	4,679,798
Equity-based compensation and vestings	210	2		—	—		11,852		—		11,854
Tax withholdings on settlement of equity-based awards	(77)	(1)		—	—		(10,299)		—		(10,300)
Dividends	—	—		—	—		—		(204,884)		(204,884)
Share repurchases	(111)	—		111	(15,003)		—		—		(15,003)
Warrants exercised	39	—		—	—		276		—		276
Net income	—	—		—	—		—		296,999		296,999
Balance as of March 31, 2023	41,538	439		2,360	(266,953)		3,487,648		1,537,606		4,758,740
Equity-based compensation and vestings	64	2		—	—		15,325		—		15,327
Tax withholdings on settlement of equity-based awards	(22)	—		—	—		(3,331)		—		(3,331)
Dividends	—	—		—	—		—		(137,507)		(137,507)
Share repurchases	(209)	—		209	(30,815)		—		—		(30,815)



Warrants exercised	19	—		—	—		1,085		—		1,085


Net income	—	—		—	—		—		216,071		216,071
Balance as of June 30, 2023	41,390	$	441	2,569	$	(297,768)	$	3,500,727	$	1,616,170	$	4,819,570

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Chord Energy Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended June 30,
	2024		2023

	(In thousands)
Cash flows from operating activities:
Net income	$	412,715	$	513,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	396,822		270,837

Gain on sale of assets	(16,788)		(2,840)
Impairment	3,919		28,964
Deferred income taxes	70,699		145,857
Net (gain) loss on derivative instruments	22,969		(96,452)
Net gain from investment in unconsolidated affiliate	(22,158)		(7,910)
Equity-based compensation expenses	10,130		27,181

Deferred financing costs amortization and other	7,343		(4,035)
Working capital and other changes:
Change in accounts receivable, net	(69,496)		5,564
Change in inventory	(5,557)		(3,526)
Change in prepaid expenses	17,262		317
Change in accounts payable, interest payable and accrued liabilities	3,065		(11,084)
Change in other assets and liabilities, net	36,649		11,104
Net cash provided by operating activities	867,574		877,047
Cash flows from investing activities:
Capital expenditures	(538,733)		(407,773)
Acquisitions, net of cash acquired	(645,971)		(361,609)
Proceeds from divestitures, net of cash divested	20,876		59,219

Derivative settlements	(16,339)		(154,110)


Contingent consideration received	25,000		—
Distributions from investment in unconsolidated affiliate	4,591		5,984
Net cash used in investing activities	(1,150,576)		(858,289)
Cash flows from financing activities:



Proceeds from revolving credit facilities	825,000		—
Principal payments on revolving credit facilities	(250,000)		—





Repurchases of common stock	(93,745)		(45,818)
Tax withholding on vesting of equity-based awards	(57,357)		(13,631)
Chord dividends paid	(281,681)		(337,747)


Payments on finance lease liabilities	(834)		(933)
Proceeds from warrants exercised	21,010		1,007

Net cash provided by (used in) financing activities	162,393		(397,122)
Decrease in cash and cash equivalents	(120,609)		(378,364)
Cash and cash equivalents:
Beginning of period	317,998		593,151
End of period	$	197,389	$	214,787

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	Six Months Ended June 30,
	2024		2023

	(In thousands)
Supplemental non-cash transactions(1):
Change in accrued capital expenditures	$	24,389	$	74,114
Change in asset retirement obligations	3,476		547




Dividends payable	19,502		35,321

___________________

(1)Amounts exclude non-cash consideration transferred and balances acquired on May 31, 2024 in respect of the Arrangement. Refer to Note 8—Acquisitions for additional information.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Chord Energy Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization and Summary of Significant Accounting Policies

Chord Energy Corporation (together with its consolidated subsidiaries, the “Company” or “Chord”) is an independent exploration and production company with quality and sustainable long-lived assets primarily located in the Williston Basin.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2023 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

These interim financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”).

Enerplus Arrangement

On February 21, 2024, the Company entered into an arrangement agreement (the “Arrangement Agreement”) with Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (“Enerplus”), and Spark Acquisition ULC, an unlimited liability company organized and existing under the laws of the Province of Alberta, Canada and a wholly-owned subsidiary of the Company, pursuant to which, among other things, the Company agreed to acquire Enerplus in a stock-and-cash transaction (such transaction, the “Arrangement”). Enerplus was an independent North American oil and gas exploration and production company domiciled in Canada with substantially all of its producing assets in the Williston Basin of North Dakota, with limited non-operated interests in the Marcellus Shale. The transaction was effected by way of a plan of arrangement under the Business Corporations Act (Alberta). The Arrangement was completed on May 31, 2024.

In connection with the Arrangement, the Board of Directors of Chord unanimously (i) determined the issuance of the shares of common stock, par value $0.01 per share, of Chord (the “Chord Stock Issuance”), and the amendment of Chord’s restated certificate of incorporation to increase the number of authorized shares of common stock from 120,000,000 to 240,000,000 shares of common stock (the “Chord Charter Amendment”) are fair to, and in the best interests of, Chord and the holders of common stock, (ii) approved and declared advisable the Chord Stock Issuance and Chord Charter Amendment and (iii) recommended that the holders of common stock approve the Chord Stock Issuance and Chord Charter Amendment.

Under the terms of the Arrangement Agreement, Enerplus shareholders received 0.10125 shares of Chord common stock (the “Share Consideration”) and $1.84 per share in cash (the “Cash Consideration” and together with the Share Consideration, the “Arrangement Consideration”) in exchange for each share of Enerplus they owned at closing.

The Arrangement has been accounted for under the acquisition method of accounting in accordance with the FASB ASC 805, Business Combinations (“ASC 805”). Chord was treated as the acquirer for accounting purposes. Under the acquisition method of accounting, the assets and liabilities of Enerplus have been recorded at their respective fair values as of the acquisition date on May 31, 2024. As provided under ASC 805, the purchase price allocation may be subject to change for up to one year after May 31, 2024. See Note 8—Acquisitions for additional information.

Risks and Uncertainties

As a producer of crude oil, NGLs and natural gas, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGLs and natural gas, which are dependent upon numerous factors beyond its control such as economic, geopolitical, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that the prices for crude oil, NGLs or natural gas will not be subject to wide fluctuations in the future. A substantial or extended decline in prices for crude oil and, to a lesser extent, NGLs and natural gas, could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil, NGL and natural gas reserves that may be economically produced and the Company’s access to capital.

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Significant Accounting Policies

Goodwill. In accordance with FASB ASC 350, Intangibles - Goodwill and Other, goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill has an indefinite useful life and is not amortized, but rather is tested by the Company for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of the reporting unit may have been reduced below its carrying value. If the Company’s qualitative analysis indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company then performs a quantitative impairment test. If the carrying amount exceeds the fair value, an impairment loss is recognized for that excess amount. Any such charge will not affect the Company’s cash flow from operating activities or liquidity.

Other than the item disclosed above, there have been no material changes to the Company’s significant accounting policies and estimates from those disclosed in the 2023 Annual Report.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). This standard clarifies that single reportable segment entities are subject to the disclosure requirements under Topic 280 in its entirety. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. The Company is currently evaluating this ASU to determine its impact on the Company’s annual financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically relating to the effective tax rate reconciliation and additional disclosures on income taxes paid. The Company expects to adopt this ASU effective January 1, 2025, and the adoption is not expected to affect the Company’s financial position or results of operations, but will result in additional disclosures.

In March 2024, the SEC released its final rule on climate-related disclosures, requiring the disclosure of certain climate-related risks, management and governance practices, and financial impacts, as well as greenhouse gas emissions. Large accelerated filers will be required to incorporate the applicable climate-related disclosures into their filings for annual reporting periods beginning in fiscal year 2025, with additional requirements relating to greenhouse gas emissions effective for annual reporting periods beginning in fiscal year 2026. In April 2024, the SEC paused implementation of the final rule pending the resolution of consolidated legal challenges that are currently proceeding before the U.S. Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of this rule on its financial statements and related disclosures.

2. Revenue Recognition

Revenues from contracts with customers were as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Crude oil revenues	$	848,104	$	647,868	$	1,526,955	$	1,298,776
Purchased crude oil sales	346,721		205,226		673,368		314,491
NGL and natural gas revenues	54,563		47,558		123,874		162,850
Purchased NGL and natural gas sales	11,292		11,419		21,743		32,471

Total revenues	$	1,260,680	$	912,071	$	2,345,940	$	1,808,588

The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three and six months ended June 30, 2024 and 2023, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.

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3. Inventory

The following table sets forth the Company’s inventory balances for the periods presented:


	June 30, 2024		December 31, 2023

	(In thousands)
Inventory
Equipment and materials	$	30,901	$	30,201
Crude oil inventory	49,004		42,364
Total inventory	79,905		72,565
Long-term inventory
Linefill in third-party pipelines	27,619		22,936
Total long-term inventory	27,619		22,936
Total	$	107,524	$	95,501

4. Additional Balance Sheet Information

The following table sets forth certain balance sheet amounts comprised of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Accounts receivable, net
Trade and other accounts	$	977,211	$	749,356
Joint interest accounts	314,508		207,571

Total accounts receivable	1,291,719		956,927
Less: allowance for credit losses	(15,785)		(13,813)
Total accounts receivable, net	$	1,275,934	$	943,114

Revenues and production taxes payable
Royalties payable	$	369,313	$	297,531
Revenue suspense	347,500		266,704
Production taxes payable	55,752		40,469
Total revenue and production taxes payable	$	772,565	$	604,704

Accrued liabilities
Accrued oil and gas marketing	$	208,683	$	165,141
Accrued capital costs	235,139		122,260
Accrued lease operating expenses	131,648		107,606
Accrued general and administrative expenses	61,519		37,882

Current portion of asset retirement obligations	37,016		10,507
Accrued dividends	19,138		25,167
Other accrued liabilities	21,284		24,818
Total accrued liabilities	$	714,427	$	493,381

5. Fair Value Measurements

In accordance with the FASB’s authoritative guidance on fair value measurements, certain of the Company’s financial assets and liabilities are measured at fair value on a recurring basis. The Company’s financial instruments, including certain cash and cash equivalents, accounts receivable, accounts payable and other payables, are carried at cost, which approximates their respective fair market values due to their short-term maturities. The Company recognizes its non-financial assets and liabilities, such as ARO and properties acquired in a business combination or upon impairment, at fair value on a non-recurring basis.

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Financial Assets and Liabilities

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:


	Fair value at June 30, 2024
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	1,100	$	—	$	1,100
Contingent consideration (see Note 6)	—		46,734		—		46,734
Investment in unconsolidated affiliate (see Note 10)	117,738		—		—		117,738
Total assets	$	117,738	$	47,834	$	—	$	165,572
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	15,371	$	—	$	15,371
Total liabilities	$	—	$	15,371	$	—	$	15,371


	Fair value at December 31, 2023
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	11,312	$	5,877	$	17,189
Contingent consideration (see Note 6)	—		42,706		—		42,706
Investment in unconsolidated affiliate (see Note 10)	100,172		—		—		100,172
Total assets	$	100,172	$	54,018	$	5,877	$	160,067
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	14,926	$	—	$	14,926
Total liabilities	$	—	$	14,926	$	—	$	14,926

Commodity derivative contracts. The Company enters into commodity derivative contracts to manage risks related to changes in crude oil, NGL and natural gas prices. The Company’s swaps, collars and basis swaps are valued by a third-party preparer based on an income approach. The significant inputs used are commodity prices, discount rate and the contract terms of the derivative instruments. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace and are therefore designated as Level 2 within the fair value hierarchy. The Company recorded a credit risk adjustment to reduce the fair value of its net derivative liability for these contracts by $0.4 million and $0.5 million at June 30, 2024 and December 31, 2023, respectively. See Note 6—Derivative Instruments for additional information.

Transportation derivative contracts. The Company had buy/sell transportation contracts that were derivative contracts for which the Company had not elected the “normal purchase normal sale” exclusion under FASB ASC 815, Derivatives and Hedging. These transportation derivative contracts were valued by a third-party preparer based on an income approach. The significant inputs used were quoted forward prices for commodities, market differentials for crude oil and either the Company’s or the counterparty’s nonperformance risk, as appropriate. The assumptions used in the valuation of these contracts included certain market differential metrics that were unobservable during the term of the contracts. Such unobservable inputs were significant to the contract valuation methodology, and the contracts’ fair values were therefore designated as Level 3 within the fair value hierarchy as of December 31, 2023. As of June 30, 2024, the terms of these contracts expired. See Note 6—Derivative Instruments for additional information.

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Contingent consideration. In June 2021, the Company completed the divestiture of oil and gas properties in the Texas region of the Permian Basin. In connection with the divestiture, the Company is entitled to receive up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI exceeds $60 per barrel for such year (the “Permian Basin Sale Contingent Consideration”). If NYMEX WTI for calendar year 2023 or 2024 is less than $45 per barrel, then each calendar year thereafter the buyer’s obligation to make any remaining earn-out payments is terminated. The fair value of the Permian Basin Sale Contingent Consideration is determined by a third-party preparer using a Monte Carlo simulation model and Ornstein-Uhlenbeck pricing process. The significant inputs used are NYMEX WTI forward price curve, volatility, mean reversion rate and counterparty credit risk adjustment. The Company determined these were Level 2 fair value inputs that are substantially observable in active markets or can be derived from observable data. During the six months ended June 30, 2024, the Company received $25.0 million related to the 2023 earn-out payment. See Note 6—Derivative Instruments for additional information.

Investment in unconsolidated affiliate. The Company owns common units in Energy Transfer LP (“Energy Transfer”) which are accounted for using the fair value option under FASB ASC 825-10, Financial Instruments. The fair value of the Company’s investment in Energy Transfer was determined using Level 1 inputs based upon the quoted market price of Energy Transfer’s publicly traded common units at June 30, 2024 and December 31, 2023. See Note 10—Investment in Unconsolidated Affiliate for additional information.

Non-Financial Assets and Liabilities

The fair value of the Company’s non-financial assets and liabilities measured on a non-recurring basis are determined using valuation techniques that include Level 3 inputs.

Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, environmental and regulatory environments.

Oil and gas and other properties. The Company records its properties at fair value when acquired in a business combination or upon impairment for proved oil and gas properties and other properties. Fair value is determined using a discounted cash flow model. The inputs used are subject to management’s judgment and expertise and include, but are not limited to, future production volumes based upon estimates of proved reserves, future commodity prices (adjusted for basis differentials), estimates of future operating and development costs and a risk-adjusted discount rate.

Enerplus Arrangement. On May 31, 2024, the Company completed the Arrangement with Enerplus. The assets acquired and liabilities assumed were recorded at fair value as of May 31, 2024. The fair value of Enerplus’ oil and gas properties was calculated using an income approach based on the net discounted future cash flows from the producing properties and related assets. The inputs utilized in the valuation of the oil and gas properties and related assets acquired included mostly unobservable inputs which fall within Level 3 of the fair value hierarchy. Such inputs included estimates of future oil and gas production from the properties’ reserve reports, forecasted commodity prices (adjusted for basis differentials), operating and development costs, expected future development plans for the properties and the utilization of a discount rate based on a market-based weighted-average cost of capital. The Company also recorded ARO assumed from Enerplus at fair value. The inputs utilized in valuing the assumed ARO were mostly Level 3 unobservable inputs, including estimated economic lives of oil and natural gas wells as of May 31, 2024, anticipated future plugging and abandonment costs and an appropriate credit-adjusted risk-free rate to discount such costs. In addition, the Company recorded goodwill as a result of the Enerplus Arrangement. Goodwill is subject to ongoing impairment evaluation as described in Note 1—Organization and Summary of Significant Accounting Policies—Goodwill. See Note 8—Acquisitions for additional information.

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2023 Williston Basin Acquisition. On June 30, 2023, the Company completed the 2023 Williston Basin Acquisition (defined in Note 8—Acquisitions). The assets acquired and liabilities assumed were recorded at fair value as of June 30, 2023. The fair value of the oil and gas properties acquired was calculated using an income approach based on the net discounted future cash flows from the oil and gas properties. The inputs utilized in the valuation of the oil and gas properties acquired included mostly unobservable inputs which fall within Level 3 of the fair value hierarchy. Such inputs included estimates of future oil and gas production from the properties’ reserve reports, commodity prices based on forward strip price curves (adjusted for basis differentials), operating and development costs, expected future development plans for the properties and the utilization of a discount rate based on a market-based weighted-average cost of capital. The Company also recorded the ARO assumed from the 2023 Williston Basin Acquisition at fair value. The inputs utilized in valuing the ARO were mostly Level 3 unobservable inputs, including estimated economic lives of oil and natural gas wells as of June 30, 2023, anticipated future plugging and abandonment costs and an appropriate credit-adjusted risk-free rate to discount such costs. See Note 8—Acquisitions for additional information.

6. Derivative Instruments

Commodity derivative contracts. The Company utilizes derivative financial instruments to manage risks related to changes in commodity prices. The Company’s crude oil contracts settle monthly based on the average NYMEX WTI crude index price and its natural gas contracts settle monthly based on the average NYMEX Henry Hub natural gas index price.

The Company utilizes derivative financial instruments including fixed-price swaps and two-way and three-way collars to manage risks related to changes in commodity prices. The Company’s fixed-price swaps are designed to establish a fixed price for the volumes under contract. Two-way collars are designed to establish a minimum price (floor) and a maximum price (ceiling) for the volumes under contract. Three-way collars are designed to establish a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be the index price plus the difference between the purchased put and the sold put strike price. The sold call establishes a maximum price (ceiling) for the volumes under contract. The Company may, from time to time, restructure existing derivative contracts or enter into new transactions to effectively modify the terms of current contracts in order to improve the pricing parameters in existing contracts.

At June 30, 2024, the Company had the following outstanding commodity derivative contracts:


Commodity	Settlement Period	Derivative Instrument	Volumes			Weighted Average Prices
					Fixed-Price Swaps			Sub-Floor			Floor			Ceiling

Crude oil	2024	Two-way collars	3,404,000	Bbls								$	66.76		$	82.68
Crude oil	2024	Three-way collars	736,000	Bbls					$	55.00		$	71.25		$	92.14
Crude oil	2024	Fixed-price swaps	552,000	Bbls		$	76.43
Crude oil	2025	Two-way collars	3,006,000	Bbls								$	63.04		$	80.17
Crude oil	2025	Three-way collars	2,371,000	Bbls					$	52.69		$	67.69		$	82.14

Crude oil	2026	Three-way collars	1,175,000	Bbls					$	53.85		$	68.85		$	80.19

Natural gas	2025	Fixed-price swaps	4,301,600	MMBtu		$	3.75

Subsequent to June 30, 2024, the Company entered into the following commodity derivative contracts:


					Weighted Average Prices
Commodity	Settlement Period	Derivative Instrument	Volumes		Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	276,000	Bbls			$	75.00	$	79.05
Crude oil	2025	Two-way collars	1,372,000	Bbls			$	65.98	$	76.99
Crude oil	2026	Three-way collars	1,365,000	Bbls	$	50.00	$	65.00	$	79.62

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Transportation derivative contracts. The Company had contracts that provided for the transportation of crude oil through a buy/sell structure from North Dakota to either Cushing, Oklahoma or Guernsey, Wyoming. The contracts had required the purchase and sale of fixed volumes of crude oil through July 2024 as specified in the agreements. The Company determined that these contracts qualified as derivatives and did not elect the “normal purchase normal sale” exclusion. As of June 30, 2024, the terms of both of these contracts expired. As of December 31, 2023, the estimated fair value of the remaining contract was a $5.9 million asset, which was classified as a current derivative asset on the Company’s Condensed Consolidated Balance Sheet. The Company recorded the changes in fair value of these contracts to GPT expenses on the Company’s Condensed Consolidated Statements of Operations. Settlements on these contracts are reflected as operating activities on the Company’s Condensed Consolidated Statements of Cash Flows and represent cash payments to the counterparties for transportation of crude oil or the net settlement of contract liabilities if the transportation was not utilized, as applicable. See Note 5—Fair Value Measurements for additional information.

Contingent consideration. The Company bifurcated the Permian Basin Sale Contingent Consideration from the host contract and accounted for it separately at fair value. The Permian Basin Sale Contingent Consideration is marked-to-market each reporting period, with changes in fair value recorded in the other income (expense) section of the Company’s Condensed Consolidated Statements of Operations as a net gain or loss on derivative instruments. As of June 30, 2024, the estimated fair value of the Permian Basin Sale Contingent Consideration was $46.7 million, of which $24.2 million was classified as a current derivative asset and $22.5 million was classified as a non-current derivative asset on the Condensed Consolidated Balance Sheet. As of December 31, 2023, the estimated fair value of the Permian Basin Sale Contingent Consideration was $42.7 million, of which $22.6 million was classified as a current derivative asset and $20.1 million was classified as a non-current derivative asset on the Condensed Consolidated Balance Sheet. See Note 5—Fair Value Measurements for additional information.

The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Instrument	Statements of Operations Location	2024		2023		2024		2023

		(In thousands)
Commodity derivatives	Net gain (loss) on derivative instruments	$	3,954	$	29,740	$	(26,997)	$	95,580
Commodity derivatives (buy/sell transportation contracts)	Gathering, processing and transportation expenses(1)	(2,647)		7,123		(5,877)		18,279
Contingent consideration	Net gain (loss) on derivative instruments	654		(222)		4,028		872

__________________

(1)The change in the fair value of the transportation derivative contracts was recorded in GPT expenses as a loss for the three and six months ended June 30, 2024 and as a gain for the three and six months ended June 30, 2023.

In accordance with the FASB’s authoritative guidance on disclosures about offsetting assets and liabilities, the Company is required to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting agreement. The Company’s derivative instruments are presented as assets and liabilities on a net basis by counterparty, as all counterparty contracts provide for net settlement. No margin or collateral balances are deposited with counterparties, and as such, gross amounts are offset to determine the net amounts presented in the Company’s Condensed Consolidated Balance Sheets.

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The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:


		June 30, 2024
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	14,066	$	(12,966)	$	1,100
Contingent consideration	Derivative instruments — current assets	24,192		—		24,192

Commodity derivatives	Derivative instruments — non-current assets	19,907		(19,907)		—
Contingent consideration	Derivative instruments — non-current assets	22,542		—		22,542
Total derivatives assets		$	80,707	$	(32,873)	$	47,834

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	26,909	$	(12,966)	$	13,943

Commodity derivatives	Derivative instruments — non-current liabilities	21,335		(19,907)		1,428

Total derivatives liabilities		$	48,244	$	(32,873)	$	15,371

		December 31, 2023
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	20,647	$	(11,769)	$	8,878
Contingent consideration	Derivative instruments — current assets	22,614		—		22,614
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — current assets	5,877		—		5,877
Commodity derivatives	Derivative instruments — non-current assets	16,760		(14,326)		2,434
Contingent consideration	Derivative instruments — non-current assets	20,092		—		20,092
Total derivatives assets		$	85,990	$	(26,095)	$	59,895

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	25,978	$	(11,769)	$	14,209
Commodity derivatives	Derivative instruments — non-current liabilities	15,043		(14,326)		717


Total derivatives liabilities		$	41,021	$	(26,095)	$	14,926

7. Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment:


	June 30, 2024		December 31, 2023

	(In thousands)
Proved oil and gas properties	$	11,119,012	$	6,220,766
Less: Accumulated depletion	(1,420,871)		(1,035,393)
Proved oil and gas properties, net	9,698,141		5,185,373
Unproved oil and gas properties	1,018,722		99,477
Other property and equipment	57,327		49,051
Less: Accumulated depreciation	(21,140)		(19,223)
Other property and equipment, net	36,187		29,828
Total property, plant and equipment, net	$	10,753,050	$	5,314,678

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8. Acquisitions

2024 Acquisition

On May 31, 2024, the Company completed the Arrangement with Enerplus and issued 20,680,097 shares of common stock and paid $375.8 million of cash to Enerplus shareholders. Also on May 31, 2024, and pursuant to the Arrangement Agreement, the Company (i) paid cash to settle Enerplus equity-based compensation awards, (ii) paid cash to satisfy and discharge in full the Enerplus credit facility and (iii) paid a cash retention bonus to Enerplus employees.

Preliminary purchase price allocation. The Company recorded the assets acquired and liabilities assumed in the Arrangement at their estimated fair value on May 31, 2024 of $4.1 billion. Goodwill recognized as a result of the Arrangement totaled $539.8 million, none of which is deductible for income tax purposes. The assignment of goodwill to reporting units was not complete as of June 30, 2024. Goodwill is primarily attributable to additional operational and financial synergies expected to be realized from the combined operations. Determining the fair value of the assets and liabilities of Enerplus requires judgement and certain assumptions to be made. See Note 5—Fair Value Measurements for additional information.

The tables below present the total consideration transferred and its preliminary allocation to the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting goodwill as of the acquisition date of May 31, 2024. As provided under ASC 805, the purchase price allocation may be subject to change for up to one year after May 31, 2024, which may result in a different allocation than that presented in the tables below. Certain estimated values for the acquisition, including oil and natural gas properties, intangibles and inventory, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed.


	Purchase Price Consideration
	(In thousands)
Common stock issued to Enerplus shareholders(1)	$	3,732,137
Cash paid to Enerplus shareholders(1)	375,813
Cash paid to settle Enerplus equity-based compensation awards(2)	102,393
Cash paid to settle Enerplus credit facility(3)	395,000
Cash paid for retention bonus to Enerplus employees(4)	5,920
Total consideration transferred	$	4,611,263

__________________

(1)The Company issued 20,680,097 shares of common stock and paid $375.8 million of cash to Enerplus shareholders as Arrangement Consideration. Enerplus shareholders received, for each Enerplus common share issued and outstanding, 0.10125 shares of common stock as Share Consideration and $1.84 per share of cash as Cash Consideration. The fair value of the common stock issued was based on the opening price of the Company’s common stock on May 31, 2024 of $180.47. See Note 15—Stockholders’ Equity for additional information.

(2)Each Enerplus outstanding equity-based compensation award became fully vested upon completion of the Arrangement on May 31, 2024. See Note 15—Stockholders’ Equity for additional information.

(3)On May 31, 2024, the Company fully satisfied all obligations under the Enerplus credit facility, and the Enerplus credit facility was concurrently terminated. See Note 11— Long-Term Debt for additional information.

(4)In connection with the Arrangement, employees of Enerplus were paid a retention bonus upon the closing of the Arrangement totaling $5.9 million.

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	Preliminary Purchase Price Allocation

	(In thousands)
Assets acquired:
Cash and cash equivalents	$	239,921
Accounts receivable, net	281,492
Inventory	5,701
Prepaid expenses	16,323


Oil and gas properties (successful efforts method)	5,253,860
Other property and equipment	6,812
Long-term inventory	8,636
Operating right-of-use assets	42,954
Other assets	1,049
Total assets acquired	$	5,856,748

Liabilities assumed:
Accounts payable	$	1,965
Revenues and production taxes payable	199,706
Accrued liabilities	186,334
Current portion of long-term debt	60,063
Current operating lease liabilities	27,420

Deferred tax liabilities	1,179,200
Asset retirement obligations	115,056
Operating lease liabilities	15,534
Total liabilities assumed	$	1,785,278

Net assets acquired	$	4,071,470
Goodwill acquired	539,793
Purchase price consideration	$	4,611,263

Post-arrangement operating results. The results of operations of Enerplus have been included in the Company’s unaudited condensed consolidated financial statements since the closing of the Arrangement on May 31, 2024. The following table summarizes the total revenues and income before income taxes attributable to Enerplus that were recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented.


	Three and Six Months Ended June 30, 2024
	(In thousands)
Revenues	$	132,036
Income before income taxes	15,131

Unaudited pro forma financial information. Summarized below are the condensed consolidated results of operations for the periods presented, on an unaudited pro forma basis, as if the Arrangement had occurred on January 1, 2023. The information presented below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The pro forma financial information includes certain non-recurring pro forma adjustments that were directly attributable to the Arrangement, including transaction costs incurred by the Company. The unaudited pro forma financial information does not purport to be indicative of results of operations that would have occurred had the Arrangement occurred on the basis assumed above, nor is such information indicative of the Company’s expected future results. The pro forma results of operations do not include any future cost savings or other synergies that may result from the Arrangement or any estimated costs that have not yet been incurred by the Company to integrate the Enerplus assets.

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	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Revenues	$	1,529,346	$	1,236,247	$	2,947,425	$	2,518,005
Net income	315,626		263,987		574,643		595,469

Net income per share:
Basic	$	5.05	$	4.25	$	9.23	$	9.57
Diluted	4.95		4.12		9.04		9.31

2023 Acquisition

On May 22, 2023, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire approximately 62,000 net acres in the Williston Basin from XTO Energy Inc. and affiliates, each a subsidiary of Exxon Mobil Corporation (collectively “XTO”), for total cash consideration of $375.0 million, subject to customary purchase price adjustments (the “2023 Williston Basin Acquisition”). The effective date of the 2023 Williston Basin Acquisition was April 1, 2023.

On June 30, 2023, the Company completed the 2023 Williston Basin Acquisition for total cash consideration of $361.6 million, including a deposit of $37.5 million paid to XTO upon execution of the purchase and sale agreement and $324.1 million paid to XTO at closing (including customary purchase price adjustments). The Company funded the 2023 Williston Basin Acquisition with cash on hand. The 2023 Williston Basin Acquisition was accounted for as a business combination and was recorded under the acquisition method of accounting in accordance with ASC 805. The post-acquisition operating results and pro forma revenue and earnings for the 2023 Williston Basin Acquisition were not material to the Company’s condensed consolidated financial statements and have therefore not been presented.

Purchase price allocation. The Company recorded the assets acquired and liabilities assumed in the 2023 Williston Basin Acquisition at their estimated fair value on June 30, 2023 of $361.6 million. The allocation of the fair value to the identifiable assets acquired and liabilities assumed resulted in no goodwill or bargain purchase gain being recognized. Determining the fair value of the assets and liabilities of the 2023 Williston Basin Acquisition required judgement and certain assumptions to be made. See Note 5—Fair Value Measurements for additional information.

The table below presents the total consideration transferred and its allocation to the identifiable assets acquired and liabilities assumed as of the acquisition date on June 30, 2023. As provided under ASC 805, the purchase price allocation may be subject to change for up to one year after June 30, 2023. As of December 31, 2023, the purchase price was finalized with an immaterial adjustment to the preliminary purchase price allocation presented below.


	Purchase Price Consideration
	(In thousands)
Cash consideration transferred	$	361,609


	Purchase Price Allocation

	(In thousands)
Assets acquired:
Oil and gas properties	$	367,672
Inventory	1,844
Total assets acquired	$	369,516

Liabilities assumed:
Asset retirement obligations	$	6,771
Revenue and production taxes payable	1,136
Total liabilities assumed	$	7,907

Net assets acquired	$	361,609

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9. Divestitures

2024 Divestitures

During the three and six months ended June 30, 2024, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $18.2 million and $20.4 million, respectively.

2023 Divestitures

Non-core properties. During the year ended December 31, 2023, the Company entered into separate agreements with multiple buyers to sell a vast majority of its non-core properties located outside of the Williston Basin (the “Non-core Asset Sales”). As of December 31, 2023, the Company completed these Non-core Asset Sales and received total net cash proceeds (including purchase price adjustments) of $39.1 million, subject to customary post-closing adjustments. As of December 31, 2023, the Company recorded a pre-tax net loss on sale of assets of $8.4 million for the Non-core Asset Sales and an impairment loss of $5.6 million to adjust the carrying value of the assets held for sale to their estimated fair value less costs to sell. The impairment loss was recorded within exploration and impairment expenses on the Condensed Consolidated Statements of Operations.

Other divestitures. During the year ended December 31, 2023, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $12.1 million.

10. Investment in Unconsolidated Affiliate

As of June 30, 2024 and December 31, 2023, the fair value of the Company’s investment in Energy Transfer was $117.7 million and $100.2 million, respectively, which represented less than 5% of Energy Transfer’s issued and outstanding common units. The carrying amount of the Company’s investment in Energy Transfer is recorded to investment in unconsolidated affiliate on the Condensed Consolidated Balance Sheet.

During the three and six months ended June 30, 2024, the Company recorded a net gain of $5.9 million and $22.2 million, respectively, on its investment in Energy Transfer, comprised of an unrealized gain for the change in fair value of the investment of $3.6 million and $17.6 million, respectively, and a realized gain for cash distributions received of $2.3 million and $4.6 million, respectively. During the three and six months ended June 30, 2023, the Company recorded a net gain of $10.1 million and $7.9 million, respectively, on its investment in Energy Transfer, primarily comprised of an unrealized gain for the change in the fair value of its investment of $6.8 million and $1.1 million, respectively, and a realized gain for cash distributions received of $3.0 million and $6.0 million, respectively.

11. Long-Term Debt

The Company’s long-term debt, including the current portion, consists of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Senior secured revolving line of credit	$	575,000	$	—
Chord senior unsecured notes	400,000		400,000
Enerplus senior unsecured notes	60,063		—
Less: unamortized deferred financing costs	(3,254)		(4,098)
Total debt, net	1,031,809		395,902
Less: current portion of long-term debt, net	(60,063)		—
Total long-term debt, net	$	971,746	$	395,902

Senior secured revolving line of credit. The Company has a senior secured revolving credit facility (the “Credit Facility”) among Oasis Petroleum North America LLC, the Company, Chord Energy LLC, the other guarantors party thereto, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and issuing bank. The Credit Facility matures on July 1, 2027.

On May 31, 2024, the Company entered into the Fifth Amendment to Amended and Restated Credit Agreement (the “Fifth Amendment”). The Fifth Amendment, among other things, increases the borrowing base to $3.0 billion and increases the aggregate amount of elected commitments to $1.5 billion. The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Fifth Amendment, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q. The next scheduled redetermination is expected to occur in or around October 2024.

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At June 30, 2024, the Company had $575.0 million borrowings outstanding and $30.2 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing capacity of $894.8 million. At December 31, 2023, the Company had no borrowings outstanding and $8.9 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing capacity of $991.1 million.

During the three and six months ended June 30, 2024, the weighted average interest rate incurred on borrowings on the Credit Facility was 7.53% for both periods. During the three and six months ended June 30, 2023, the Company incurred no borrowings on the Credit Facility, resulting in a weighted average interest rate of 0.00%. The Company was in compliance with the financial covenants under the Credit Facility at June 30, 2024. The fair value of the Credit Facility approximates its carrying value since borrowings under the Credit Facility bear interest at variable rates, which are tied to current market rates.

Borrowings are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan or an ABR Loan (each as defined in the Credit Facility). The Company incurs interest on outstanding loans at their respective interest rate plus a margin rate ranging between 1.75% to 2.75% for Term SOFR Loans and 0.75% to 1.75% for ABR Loans. In addition, Term SOFR Loans are also subject to a 0.1% credit spread adjustment. The unused borrowing base is subject to a commitment fee ranging between 0.375% to 0.500%.

Senior unsecured notes. At June 30, 2024, the Company had $400.0 million of 6.375% senior unsecured notes outstanding due June 1, 2026 (the “Senior Notes”). Interest on the Senior Notes is payable semi-annually on June 1 and December 1 of each year. As of June 30, 2024 and December 31, 2023, the fair value of the Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $399.9 million and $400.0 million, respectively.

Enerplus credit facility. Upon consummation of the Arrangement on May 31, 2024, the Enerplus credit facility was terminated, and the Company paid the remaining outstanding amount of $395.0 million to fully satisfy all such outstanding obligations that were owed under the Enerplus credit facility.

Enerplus senior unsecured notes. Upon consummation of the Arrangement on May 31, 2024, the Company assumed $63.0 million of 3.79% senior unsecured notes from Enerplus (the “Enerplus Senior Notes”). The Enerplus Senior Notes are recorded in the Condensed Consolidated Balance Sheet at their fair value acquired of $60.1 million. The fair value of the Enerplus Senior Notes, which represent a Level 2 fair value measurement, was $60.3 million at June 30, 2024, and was estimated based on the amount that the Company would have to pay a third party to assume the debt, including the credit spread for the difference between the issue rate and the period end market rate. The period end market rate is estimated by comparing the debt to new issuances (secured or unsecured) and secondary trades of similar size and credit statistics for both public and private debt. On July 2, 2024, the Company repaid all of the remaining outstanding Enerplus Senior Notes of $63.0 million and the remaining accrued interest on such notes of $0.8 million.

12. Asset Retirement Obligations

The following table reflects the changes in the Company’s ARO during the six months ended June 30, 2024 (in thousands):




Balance at December 31, 2023	$	165,546
Liabilities assumed in Arrangement	138,489
Liabilities incurred during period	1,888

Liabilities settled during period	(891)
Liabilities settled through divestitures	(244)
Accretion expense during period	6,451
Revisions to estimates	1,594

Balance at June 30, 2024	$	312,833

The Company’s ARO includes plugging and abandonment liabilities for its oil and gas properties in the United States and Canada. Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At June 30, 2024, the current portion of the total ARO balance was $37.0 million and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheet.

13. Income Taxes

The Company’s effective tax rate was 26.8% and 24.7% of pre-tax income, respectively, for the three and six months ended June 30, 2024 as compared to an effective tax rate of 24.4% and 23.9% for the three and six months ended June 30, 2023, respectively.

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The effective tax rate for the three months ended June 30, 2024 was higher than the statutory federal rate of 21% primarily as a result of the impact of state income taxes and Canadian losses for which no benefit is recognized. The effective tax rate for the three months ended June 30, 2023 was higher than the statutory federal rate of 21% primarily as a result of state income taxes.

The effective tax rates for the six months ended June 30, 2024 and June 30, 2023 were higher than the statutory federal rate of 21% primarily as a result of state income taxes.

On May 31, 2024, the Company completed the Arrangement, and as a result recognized a net deferred tax liability of $1.2 billion in its purchase price allocation as of the acquisition date primarily to reflect the difference between the tax basis and the fair value of Enerplus’ assets acquired and liabilities assumed. The Company did not record a Canadian deferred tax asset due to the lack of continued operations in Canada going forward.

14. Equity-Based Compensation

The Company has previously granted RSUs, PSUs and LSUs (each as defined below), as well as phantom unit awards under its equity compensation plans.

Equity-based compensation expenses are recognized in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2024, the Company recognized $5.4 million and $10.1 million, respectively, in equity-based compensation expenses related to equity-classified awards. During the three and six months ended June 30, 2023, the Company recognized $15.3 million and $27.2 million, respectively, in equity-based compensation expenses related to equity-classified awards. Equity-based compensation expenses related to liability-classified awards were not material for the three and six months ended June 30, 2024 and 2023.

Pursuant to the Arrangement Agreement, at the effective time of the Arrangement, all Enerplus equity-based compensation awards became fully vested and paid in cash. The fair value of the equity-classified awards that vested on May 31, 2024 was $102.4 million.

Restricted stock units. Restricted stock units (“RSUs”) are contingent shares that generally vest on either a cliff or graded basis over a one-year, three-year or four-year period (as applicable) and are subject to a service condition. During the six months ended June 30, 2024, the Company granted 139,578 RSUs to employees and non-employee directors of the Company with a weighted average grant date fair value of $165.85 per share.

Performance share units. Performance share units (“PSUs”) that were granted prior to 2024 are contingent shares that vest on a graded basis over a three-year and four-year period and are subject to a service condition.

2024 Performance share units. During the six months ended June 30, 2024, the Company issued PSUs that include (i) total stockholder return (“TSR”) PSUs (“Absolute TSR PSUs”) and (ii) relative TSR PSUs (“Relative TSR PSUs” and collectively with the Absolute TSR PSUs, the “2024 PSUs”), which are eligible to vest and become earned at the end of the applicable performance period on December 31, 2026, subject to the level of achievement with respect to certain performance goals.

The Absolute TSR PSUs are subject to time-based service requirements and market conditions based on the TSR achieved by the Company during the performance period. Depending on the Company’s TSR, award recipients may earn between 0% and 300% of the target number of Absolute TSR PSUs originally granted.

The Relative TSR PSUs are subject to time-based service requirements and market conditions based on a comparison of the TSR achieved by the Company against the TSR achieved by the members of a defined peer group at the end of the performance period. Depending on the Company’s TSR performance relative to the TSR performance of the members of the defined peer group, award recipients may earn between 0% and 200% of the target number of Relative TSR PSUs originally granted.

Any earned 2024 PSUs will be settled in shares of the Company’s common stock for up to 100% of the target number of PSUs subject to each applicable award, with any remaining earned PSUs that exceed the target number of PSUs subject to the award being settled in cash based on the fair market value of a share of the Company’s common stock on the applicable payment date. The 2024 PSUs are bifurcated and classified as equity-based and liability-based awards based on the probability of achieving various target performance thresholds.

During the six months ended June 30, 2024, the Company granted (i) 14,677 Absolute TSR PSUs to employees of the Company with a weighted average grant date fair value of $233.19 per share and (ii) 44,033 Relative TSR PSUs to employees of the Company with a weighted average grant date fair value of $198.73 per share.

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Fair value assumptions. The aggregate grant date fair value of the 2024 PSUs was determined by a third-party valuation specialist using a Monte Carlo simulation model which uses a probabilistic approach for estimating the fair value of the awards. The key valuation inputs were: (i) the forecast period, (ii) risk-free interest rate, (iii) the yield curve associated with the Company’s credit rating, (iv) implied equity volatility, (v) stock price on the date of grant and, solely for Relative TSR PSUs, (vi) correlation coefficient. The risk-free interest rates are the U.S. Treasury bond rates on the date of grant that correspond to the performance period. Implied equity volatility is derived by solving for an asset volatility and equity volatility based on the leverage of the Company and each of its peers. For the Relative TSR PSUs, the correlation coefficient measures the strength of the linear relationship between and amongst the Company and its peers based on historical stock price data.

The following table summarizes the assumptions used in the Monte Carlo simulation model to determine the grant date fair value and associated equity-based compensation expenses by grant date for the 2024 PSUs:


	Absolute TSR		Relative TSR
Grant date	February 20, 2024	March 4, 2024	February 20, 2024	March 4, 2024
Forecast period (years)	3	3	3	3
Risk-free interest rates	4.4%	4.4%	4.4%	4.4%
Implied equity volatility	35%	35%	35%	35%

Stock price on date of grant	$163.75	$160.23	$163.75	$160.23

Leveraged stock units. Leveraged stock units (“LSUs”) are contingent shares granted to certain employees that cliff vest over a three-year and four-year period and are subject to a service condition. No LSUs were granted during the six months ended June 30, 2024.

Phantom unit awards. Phantom unit awards represent the right to receive a cash payment equal to the fair market value of one share of common stock upon vesting and vest on a graded basis over a three-year period and are subject to a service condition. During the six months ended June 30, 2024, the Company granted 10,531 phantom unit awards to employees with a weighted average grant date fair value of $163.75 per share.

15. Stockholders’ Equity

Authorized Shares of Common Stock

Chord stockholders approved an amendment to the Amended and Restated Certificate of Incorporation on May 14, 2024 to increase the number of authorized shares of common stock from 120,000,000 to 240,000,000 in connection with the Arrangement. The amendment became effective on May 31, 2024.

Issuance of Common Stock

Pursuant to the Arrangement Agreement, each Enerplus common share issued and outstanding immediately prior to the effective time of the Arrangement was converted into the right to receive 0.10125 shares of Chord common stock, par value $0.01 per share. As a result of the completion of the Arrangement on May 31, 2024, the Company issued 20,680,097 shares of common stock to Enerplus shareholders.

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Dividends

The following table summarizes the Company’s fixed and variable dividends declared for the six months ended June 30, 2024 and 2023:


	Rate per Share
	Base		Variable		Total		Total Dividends Declared

							(In thousands)


Q2 2024	$	1.25	$	1.69	$	2.94	$	124,708
Q1 2024	1.25		2.00		3.25		137,541
Total	$	2.50	$	3.69	$	6.19	$	262,249



Q2 2023	$	1.25	$	1.97	$	3.22	$	137,507
Q1 2023	1.25		3.55		4.80		204,884
Total	$	2.50	$	5.52	$	8.02	$	342,391

Total dividends declared in the table above includes $1.9 million and $4.3 million associated with dividend equivalent rights on unvested equity-based compensation awards for the three and six months ended June 30, 2024, respectively, and $3.8 million and $8.8 million for the three and six months ended June 30, 2023, respectively.

On August 7, 2024, the Company declared a base-plus-variable cash dividend of $2.52 per share of common stock. The dividend will be payable on September 5, 2024 to shareholders of record as of August 21, 2024.

Share Repurchase Program

During the six months ended June 30, 2024, the Company repurchased 558,579 shares of common stock at a weighted average price of $164.23 per common share for a total cost of $91.7 million. As of June 30, 2024, there was $591.3 million of capacity remaining under the Company’s $750.0 million share repurchase program.

During the six months ended June 30, 2023, the Company repurchased 319,458 shares of common stock at a weighted average price of $143.41 per common share for a total cost of $45.8 million under its previous repurchase program, which was replaced by its current $750.0 million share repurchase program.

Warrants

As of June 30, 2024, the Company had 2,161,803 warrants outstanding, comprised of (i) 432,558 warrants with an exercise price of $75.57 per share that expire on November 19, 2024, (ii) 774,327 warrants with an exercise price of $116.37 per share that expire on September 1, 2024 and (iii) 954,918 warrants with an exercise price of $133.70 per share that expire on September 1, 2025.

During the three and six months ended June 30, 2024, there were 650,695 and 1,070,851 warrants exercised, respectively, and during the three and six months ended June 30, 2023, there were 26,488 and 109,402 warrants exercised, respectively.

16. Earnings Per Share

The Company calculates earnings per share under the two-class method. The Company has granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, the Company computes earnings per share under the two-class earnings allocation method, which computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Basic earnings per share amounts have been computed as (i) net income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.

The following table summarizes the basic and diluted earnings per share for the periods presented:

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	Three Months Ended June 30,				Six Months Ended June 30,

	2024		2023		2024		2023
	(In thousands, except per share data)

Net income	$	213,361	$	216,071	$	412,715	$	513,070
Distributed and undistributed earnings allocated to participating securities	(1,032)		(726)		(1,824)		(1,453)
Net income attributable to common stockholders (basic)	212,329		215,345		410,891		511,617
Reallocation of distributed and undistributed earnings allocated to participating securities	10		12		17		20
Net income attributable to common stockholders (diluted)	$	212,339	$	215,357	$	410,908	$	511,637

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	48,665		41,494		45,048		41,531
Dilutive effect of share-based awards	375		933		438		917
Dilutive effect of warrants	876		959		827		819
Diluted weighted average common shares outstanding	49,916		43,386		46,313		43,267

Basic earnings per share	$	4.36	$	5.19	$	9.12	$	12.32
Diluted earnings per share	$	4.25	$	4.96	$	8.87	$	11.83

Anti-dilutive weighted average common shares:
Potential common shares	1,818		4,118		2,028		4,340

For the three and six months ended June 30, 2024 and 2023, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.

17. Commitments and Contingencies

As of June 30, 2024, the Company’s material off-balance sheet arrangements and transactions include $30.2 million in outstanding letters of credit under the Credit Facility and $73.9 million in net surety bond exposure issued as financial assurance on certain agreements.

As of June 30, 2024, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 21 — Commitments and Contingencies in the 2023 Annual Report.

18. Leases

During the six months ended June 30, 2023, the Company recorded a right-of-use asset impairment charge of $17.5 million to exploration and impairment on the Condensed Consolidated Statements of Operations related to a portion of one of its Denver corporate offices. There were no lease impairment charges recorded during the three and six months ended June 30, 2024, nor during the three months ended June 30, 2023.

In connection with the Arrangement, the Company assumed approximately $29.0 million of operating lease liabilities for operating equipment with lease terms through 2027, $7.5 million of operating lease liabilities for office space, primarily in Denver and Calgary, with lease terms through 2029, and approximately $6.5 million of finance lease liabilities for vehicles with lease terms through 2027.

Other than the items disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the 2023 Annual Report for more information on the Company’s leases.

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Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), as well as the unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategic tactics, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” “plans” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, the factors discussed below and detailed under “Part II, Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q could affect our actual results and cause our actual results to differ materially from expectations, estimates, or assumptions expressed in, forecasted in, or implied in such forward-looking statements.

These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Without limiting the generality of the foregoing, certain statements incorporated by reference or included in this Quarterly Report on Form 10-Q constitute forward-looking statements.

Forward-looking statements may include statements about:

•crude oil, NGLs and natural gas realized prices;

•uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs and natural gas;

•the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations;

•war between Russia and Ukraine as well as war between Hamas and Israel, with the potential for escalation of hostilities across the surrounding countries in the Middle East, and their effect on commodity prices;

•changes in general economic and geopolitical conditions, including as a result of the 2024 U.S. presidential election;

•inflation rates and the impact of associated monetary policy responses, including increased interest rates;

•logistical challenges and supply chain disruptions;

•our business strategy;

•the geographic concentration of our operations;

•estimated future net reserves and present value thereof;

•timing and amount of future production of crude oil, NGLs and natural gas;

•drilling and completion of wells;

•estimated inventory of wells remaining to be drilled and completed;

•costs of exploiting and developing our properties and conducting other operations;

•availability of drilling, completion and production equipment and materials;

•availability of qualified personnel;

•infrastructure for produced and flowback water gathering and disposal;

•gathering, transportation and marketing of crude oil, NGLs and natural gas in the Williston Basin and other regions in the United States;

•the possible shutdown of the Dakota Access Pipeline;

•incurring significant transaction and other costs in connection with the Arrangement (as defined in the “Recent Developments” section of Item 2 below) in excess of those anticipated;

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•the ultimate timing, outcome and results of integrating the operations of Chord and Enerplus;

•failure to realize the anticipated benefits or synergies from the Arrangement in the timeframe expected or at all;

•property acquisitions, including the Arrangement, and divestitures;

•integration and benefits of property acquisitions or the effects of such acquisitions on our cash position and levels of indebtedness, including the Arrangement;

•any litigation relating to the Arrangement;

•the amount, nature and timing of capital expenditures;

•availability and terms of capital;

•our financial strategic tactics, budget, projections, execution of business plan and operating results;

•cash flows and liquidity;

•our ability to return capital to shareholders;

•our ability to utilize net operating loss carryforwards or other tax attributes in future periods;

•our ability to comply with the covenants under our Credit Agreement and other indebtedness;

•operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;

•interruptions in service and fluctuations in tariff provisions of third-party connecting pipelines;

•potential effects arising from cybersecurity threats, terrorist attacks and any consequential or other hostilities;

•compliance with, and changes in, environmental, safety and other laws and regulations, including the Inflation Reduction Act of 2022;

•execution of our ESG initiatives;

•effectiveness of risk management activities;

•competition in the oil and gas industry;

•counterparty credit risk;

•incurring environmental liabilities;

•developments in the global economy as well as any public health crisis similar to or caused by a recurrence of the novel COVID-19 pandemic and resulting demand and supply for crude oil, NGLs and natural gas;

•governmental regulation and the taxation of the oil and gas industry;

•developments in crude oil-producing and natural gas-producing countries;

•technology;

•consumer demand and preferences for, and governmental policies encouraging, fossil fuel alternatives;

•the effects of accounting pronouncements issued periodically during the periods covered by forward-looking statements;

•uncertainty regarding future operating results;

•our ability to successfully forecast future operating results and manage activity levels with ongoing macroeconomic uncertainty;

•the impact of disruptions in the financial markets, including any bank failures and the interest rate environment;

•plans, objectives, expectations and intentions contained in this Quarterly Report on Form 10-Q that are not historical; and

•certain factors discussed elsewhere in this Quarterly Report on Form 10-Q, in our 2023 Annual Report and in our other filings with the SEC.

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All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report on Form 10-Q are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. Some of the key factors which could cause actual results to vary from our expectations include changes in crude oil, NGL and natural gas prices, climatic and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, inflation, the proximity to and capacity of transportation facilities and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business, as well as those factors discussed below and elsewhere in this Quarterly Report on Form 10-Q, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

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Overview

Chord Energy Corporation (together with its consolidated subsidiaries, the “Company”, “Chord”, “we”, “us,” or “our”) is an independent exploration and production (“E&P”) company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin. Our mission is to responsibly produce hydrocarbons while exercising capital discipline, operating efficiently, improving continuously and providing a rewarding environment for our employees. We are ideally positioned to enhance return of capital and generate strong free cash flow, while being responsible stewards of the communities and environment where we operate.

Market Conditions and Commodity Prices

Our revenue, profitability and ability to return cash to shareholders depend substantially on factors beyond our control, such as economic, political and regulatory developments as well as competition from other sources of energy. Prices for crude oil, NGLs and natural gas have experienced significant fluctuations in recent years and may continue to fluctuate widely in the future due to a combination of macro-economic factors that impact the supply and demand for crude oil, NGLs and natural gas.

While we are unable to predict future commodity prices, we do not believe that an impairment of our oil and gas properties is reasonably likely to occur in the near future at current price levels; however, we would evaluate the recoverability of the carrying value of our oil and gas properties as a result of a future material or extended decline in the price of crude oil, NGLs or natural gas or a material increase in the costs of labor, materials or services.

In an effort to improve price realizations from the sale of our crude oil, NGLs and natural gas, we manage our commodities marketing activities in-house, which enables us to market and sell our crude oil, NGLs and natural gas to a broader array of potential purchasers. We enter into crude oil, NGL and natural gas sales contracts with purchasers who have access to transportation capacity, utilize derivative financial instruments to manage our commodity price risk and enter into physical delivery contracts to manage our price differentials. Due to the availability of other markets and pipeline connections, we do not believe that the loss of any single customer would have a material adverse effect on our results of operations or cash flows.

Additionally, we sell a significant amount of our crude oil production through gathering systems connected to multiple pipeline and rail facilities. These gathering systems, which originate at the wellhead, reduce the need to transport barrels by truck from the wellhead, helping remove trucks from local highways and reduce greenhouse gas emissions. As of June 30, 2024, substantially all of our gross operated crude oil and natural gas production were connected to gathering systems.

Recent Developments

Enerplus Arrangement

On February 21, 2024, we entered into an arrangement agreement (the “Arrangement Agreement ”) with Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (“Enerplus”), and Spark Acquisition ULC, an unlimited liability company organized and existing under the laws of the Province of Alberta, Canada and a wholly-owned subsidiary of the Company, pursuant to which, among other things, we agreed to acquire Enerplus in a stock-and-cash transaction (such transaction, the “Arrangement”). Enerplus was an independent North American oil and gas E&P company domiciled in Canada with substantially all of its producing assets in the Williston Basin of North Dakota, with limited non-operated interests in the Marcellus Shale. The Arrangement was completed on May 31, 2024.

Upon completion of the Arrangement on May 31, 2024, we issued 20,680,097 shares of common stock and paid $375.8 million in cash to Enerplus shareholders. Under the terms of the Arrangement Agreement, Enerplus shareholders received 0.10125 shares of Chord common stock, par value $0.01 per share, and $1.84 per share in cash in exchange for each share of Enerplus they owned at closing.

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Results of Operations

Comparability of Financial Statements

The results of operations presented below relate to the periods ended June 30, 2024 and 2023. The results reported for the three and six months ended June 30, 2024 reflect the consolidated results of Chord, including combined operations with Enerplus beginning on May 31, 2024, while the results reported for the three and six months ended June 30, 2023 reflect the consolidated results of Chord, excluding the impact from the business combination with Enerplus and the 2023 acquisition of acreage in the Williston Basin, unless otherwise noted.

Operational and Financial Highlights

•Production volumes averaged 207,187 Boepd (57% oil), including crude oil volumes of 118,143 Bopd in the second quarter of 2024.

•E&P and other capital expenditures (excluding capitalized interest) were $314.3 million in the second quarter of 2024.

•Lease operating expenses (“LOE”) were $9.37 Boe in the second quarter of 2024.

•Net cash provided by operating activities was $460.9 million and net income was $213.4 million in the second quarter of 2024.

Shareholder Return Highlights

•Paid $2.94 per share base-plus-variable cash dividend on June 5, 2024.

•Repurchased $61.7 million of common stock in the second quarter of 2024 with $591.3 million remaining under our $750 million share repurchase program.

•Declared a base-plus-variable cash dividend of $2.52 per share of common stock. The dividend will be payable on September 5, 2024 to shareholders of record as of August 21, 2024.

Revenues

Our crude oil, NGL and natural gas revenues are derived from the sale of crude oil, NGL and natural gas production. These revenues do not include the effects of derivative instruments and may vary significantly from period to period as a result of changes in volumes of production sold or changes in commodity prices. Our revenues for the three and six months ended June 30, 2024 increased due to the Arrangement, which expanded our operations primarily in the Williston Basin. Our purchased oil and gas sales are derived from the sale of crude oil, NGLs and natural gas purchased through our marketing activities primarily to optimize transportation costs, for blending to meet pipeline specifications or to cover production shortfalls. Revenues and expenses from crude oil, NGL and natural gas sales and purchases are generally recorded on a gross basis, as we act as a principal in these transactions by assuming control of the purchased crude oil or natural gas before it is transferred to the counterparty. In certain cases, we enter into sales and purchases with the same counterparty in contemplation of one another, and these transactions are recorded on a net basis.

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The following table summarizes our revenues, production and average realized prices for the periods presented:


	Three Months Ended June 30, 2024		Three Months Ended March 31, 2024		Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Revenues (in thousands)
Crude oil revenues	$	848,104	$	678,851	$	1,526,955	$	1,298,776
NGL revenues	36,760		47,256		84,016		90,779
Natural gas revenues	17,803		22,055		39,858		72,071
Purchased oil and gas sales	358,013		337,098		695,111		346,962

Total revenues	$	1,260,680	$	1,085,260	$	2,345,940	$	1,808,588
Production data
Crude oil (MBbls)	10,751		9,012		19,763		17,328
NGLs (MBbls)	3,682		3,133		6,814		6,226
Natural gas (MMcf)(1)	26,528		19,090		45,618		39,881
Oil equivalents (MBoe)	18,854		15,327		34,180		30,201
Average daily production (Boepd)	207,187		168,424		187,802		166,858
Average daily crude oil production (Bopd)	118,143		99,036		108,588		95,736
Average sales prices
Crude oil (per Bbl)
Average sales price	$	78.89	$	75.32	$	77.26	$	74.95
Effect of derivative settlements(2)	(0.36)		(0.15)		(0.26)		(8.03)
Average realized price after the effect of derivative settlements(2)	$	78.53	$	75.17	$	77.00	$	66.92
NGLs (per Bbl)
Average sales price	$	9.99	$	15.09	$	12.33	$	14.58
Effect of derivative settlements(2)	—		—		—		0.46
Average realized price after the effect of derivative settlements(2)	$	9.99	$	15.09	$	12.33	$	15.04
Natural gas (per Mcf)
Average sales price(1)	$	0.67	$	1.16	$	0.87	$	1.81
Effect of derivative settlements(2)	—		—		—		(0.17)
Average realized price after the effect of derivative settlements(1)(2)	$	0.67	$	1.16	$	0.87	$	1.64

____________________

(1)Natural gas production volumes from the Marcellus Shale were 3,764 MMcf for both the three and six months ended June 30, 2024, and the realized natural gas price related to this production was $1.66 per Mcf (prior to the effect of derivative settlements).

(2)The effect of derivative settlements includes the gains or losses on commodity derivatives for contracts ending in the periods presented. Our commodity derivatives do not qualify for or were not designated as hedging instruments for accounting purposes.

Three months ended June 30, 2024 as compared to three months ended March 31, 2024

Crude oil revenues. Our crude oil revenues increased $169.3 million to $848.1 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $127.0 million of additional crude oil revenues quarter over quarter. Excluding the impacts of the Arrangement, our crude oil revenues increased $42.3 million due to an increase of $38.7 million driven by higher crude oil realized prices quarter over quarter, coupled with an increase of $3.6 million due to higher crude oil production volumes sold. Average crude oil sales prices, without derivative settlements, increased by $3.57 per barrel quarter over quarter to an average of $78.89 per barrel for the three months ended June 30, 2024 primarily due to an increase in NYMEX WTI.

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NGL revenues. Our NGL revenues decreased $10.5 million to $36.8 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement were not material to NGL revenues quarter over quarter. The decrease was primarily driven by a $16.0 million decrease due to lower NGL realized prices, partially offset by a $5.5 million increase due to higher production volumes sold quarter over quarter. Average NGL sales prices, without derivative settlements, decreased by $5.10 per barrel quarter over quarter to an average of $9.99 per barrel for the three months ended June 30, 2024 primarily due to lower index prices at the Conway hub in Kansas as well as widening differentials.

Natural gas revenues. Our natural gas revenues decreased $4.3 million to $17.8 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $6.5 million of additional natural gas revenues quarter over quarter. Excluding the impacts of the Arrangement, our natural gas revenues decreased $10.8 million primarily due to lower natural gas realized prices quarter over quarter. Average natural gas sales prices, without derivative settlements, decreased by $0.49 per Mcf quarter over quarter to $0.67 per Mcf for the three months ended June 30, 2024 primarily due to lower index prices.

Purchased oil and gas sales. Purchased oil and gas sales increased $20.9 million to $358.0 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. This increase was primarily due to an increase in the price of crude oil purchased and subsequently sold quarter over quarter.

Six months ended June 30, 2024 as compared to six months ended June 30, 2023

Crude oil revenues. Our crude oil revenues increased $228.2 million to $1,527.0 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $127.0 million of additional crude oil revenues period over period. Excluding the impacts of the Arrangement, our crude oil revenues increased $101.2 million due to higher production volumes sold of $57.5 million coupled with higher crude oil realized prices of $43.7 million. Production volumes period over period increased in part due to the 2023 acquisition of acreage in the Williston Basin. Average crude oil sales prices, without derivative settlements, increased by $2.31 per barrel period over period to an average of $77.26 per barrel for the six months ended June 30, 2024 primarily due to an increase in NYMEX WTI.

NGL revenues. Our NGL revenues decreased $6.8 million to $84.0 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement were not material to NGL revenues period over period. The decrease was primarily due to lower NGL realized prices of $14.0 million, partially offset by higher production volumes sold of $7.2 million period over period. Average NGL sales prices, without derivative settlements, decreased by $2.25 per barrel period over period to an average of $12.33 per barrel for the six months ended June 30, 2024 primarily due to the impact of incurring a fixed fee for the majority of our NGL marketing contracts beginning in the second quarter of 2023, partially offset by higher index prices.

Natural gas revenues. Our natural gas revenues decreased $32.2 million to $39.9 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $6.5 million of additional natural gas revenues period over period. Excluding the impacts of the Arrangement, our natural gas revenues decreased $38.7 million primarily due to lower natural gas realized prices period over period. Average natural gas sales prices, without derivative settlements, decreased by $0.94 per Mcf period over period to $0.87 per Mcf for the six months ended June 30, 2024 primarily due to the impact of incurring a fixed fee for the majority of our natural gas marketing contracts beginning in the second quarter of 2023, coupled with lower index prices.

Purchased oil and gas sales. Purchased oil and gas sales increased $348.1 million to $695.1 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. This increase was primarily due to an increase in the volume of crude oil purchased and subsequently sold period over period.

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Expenses and other income (expense)

The following table summarizes our operating expenses and other income (expense) for the periods presented:


	Three Months Ended June 30, 2024		Three Months Ended March 31, 2024		Six Months Ended June 30, 2024		Six Months Ended June 30, 2023


	(In thousands, except per Boe of production data)
Operating expenses
Lease operating expenses	$	176,647	$	159,206	$	335,853	$	311,962
Gathering, processing and transportation expenses	63,130		53,984		117,114		80,412
Purchased oil and gas expenses	356,356		335,762		692,118		345,819
Production taxes	79,522		63,911		143,433		119,005
Depreciation, depletion and amortization	227,928		168,894		396,822		270,837
General and administrative expenses	82,077		25,712		107,789		74,658
Exploration and impairment	1,485		6,154		7,639		31,646

Total operating expenses	987,145		813,623		1,800,768		1,234,339
Gain on sale of assets, net	15,486		1,302		16,788		2,840
Operating income	289,021		272,939		561,960		577,089
Other income (expense)
Net gain (loss) on derivative instruments	4,608		(27,577)		(22,969)		96,452
Net gain from investment in unconsolidated affiliate	5,862		16,296		22,158		7,910
Interest expense, net of capitalized interest	(12,208)		(7,592)		(19,800)		(14,363)
Other income	4,081		2,826		6,907		7,486
Total other income (expense), net	2,343		(16,047)		(13,704)		97,485
Income before income taxes	291,364		256,892		548,256		674,574
Income tax expense	(78,003)		(57,539)		(135,541)		(161,504)
Net income	$	213,361	$	199,353	$	412,715	$	513,070


Costs and expenses (per Boe of production)
Lease operating expenses	$	9.37	$	10.39	$	9.83	$	10.33
Gathering, processing and transportation expenses	3.35		3.52		3.43		2.66
Production taxes	4.22		4.17		4.20		3.94

Three months ended June 30, 2024 as compared to three months ended March 31, 2024

Lease operating expenses. LOE increased $17.4 million to $176.6 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $22.9 million of additional LOE quarter over quarter. Excluding the impacts of the Arrangement, LOE decreased $5.5 million primarily due to lower workover costs quarter over quarter. LOE per Boe decreased $1.02 per Boe quarter over quarter to $9.37 per Boe for the three months ended June 30, 2024 primarily due to lower workover costs coupled with higher production volumes quarter over quarter.

Gathering, processing and transportation expenses. GPT expenses increased $9.1 million to $63.1 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $10.7 million of additional GPT quarter over quarter. Excluding the impacts of the Arrangement, GPT remained relatively consistent quarter over quarter. GPT expenses per Boe decreased $0.17 per Boe to $3.35 per Boe for the three months ended June 30, 2024.

Purchased oil and gas expenses. Purchased oil and gas expenses increased $20.6 million to $356.4 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024 driven by an increase in the price of crude oil purchased and subsequently sold quarter over quarter.

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Production taxes. Production taxes increased $15.6 million to $79.5 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $11.1 million of additional production taxes quarter over quarter. Excluding the impacts of the Arrangement, production taxes increased $4.5 million primarily due to higher crude oil sales quarter over quarter. The production tax rate as a percentage of crude oil, NGL and natural gas sales was 8.8% for the three months ended June 30, 2024 as compared to 8.5% for the three months ended March 31, 2024. This rate increase quarter over quarter was primarily due to a decrease in natural gas and NGL sales revenues as a result of lower realized prices.

Depreciation, depletion and amortization. DD&A expense increased $59.0 million to $227.9 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $40.4 million of additional DD&A quarter over quarter. Excluding the impacts of the Arrangement, DD&A expense increased $18.6 million primarily due to a higher depletion rate quarter over quarter. The depletion rate increased $1.21 per Boe quarter over quarter to $11.83 per Boe for the three months ended June 30, 2024 primarily due to the addition of oil and gas properties acquired in the Arrangement.

General and administrative expenses. G&A expenses increased $56.4 million to $82.1 million for the three months ended June 30, 2024 as compared to the three months ended March 31, 2024. Our expanded operations after the Arrangement contributed $50.7 million of additional G&A expenses quarter over quarter, including merger-related costs of $46.6 million and other G&A expenses of $4.1 million.

Gain on sale of assets, net. During the three months ended June 30, 2024 and March 31, 2024, we recorded a net gain on sale of assets of $15.5 million and $1.3 million, respectively, primarily related to the divestitures of certain non-operated properties within each quarter.

Derivative instruments. We recorded a $4.6 million net gain on derivative instruments for the three months ended June 30, 2024, which was comprised of a net gain of $4.0 million associated with our contracts to manage commodity price risk and an unrealized gain of $0.6 million associated with a contract that includes contingent consideration. The net gain of $4.0 million on commodity derivative contracts included an unrealized gain of $7.9 million related to the change in fair value of our commodity derivative contracts, partially offset by a realized loss of $3.9 million on settled commodity derivative contracts. During the three months ended March 31, 2024, we recorded a $27.6 million net loss on derivative instruments, which was comprised of a net loss of $31.0 million associated with our contracts to manage commodity price risk, partially offset by an unrealized gain of $3.4 million associated with a contract that includes contingent consideration. The net loss of $31.0 million on commodity derivative contracts included an unrealized loss of $29.6 million related to the change in fair value of our commodity derivative contracts and a realized loss of $1.4 million on settled commodity derivative contracts.

Investment in unconsolidated affiliate. We recorded a $5.9 million gain related to our investment in Energy Transfer LP (“Energy Transfer”) for the three months ended June 30, 2024 due to an unrealized gain of $3.6 million as a result of an increase in the fair value of the investment during the period, coupled with a gain of $2.3 million for a cash distribution received from Energy Transfer during the period. During the three months ended March 31, 2024, we recorded a $16.3 million gain related to our investment in Energy Transfer due to an unrealized gain of $14.0 million as a result of an increase in the fair value of the investment during the period, coupled with a gain of $2.3 million for a cash distribution received from Energy Transfer during the period.

Income tax expense. Our income tax expense was recorded at 26.8% and 22.4% of pre-tax income for the three months ended June 30, 2024 and March 31, 2024, respectively. Our effective tax rate for the three months ended June 30, 2024 was higher than the effective tax rate for the three months ended March 31, 2024 primarily due to Canadian losses for which no benefit is recognized, coupled with the impacts of equity-based compensation windfalls.

Six months ended June 30, 2024 as compared to six months ended June 30, 2023

Lease operating expenses. LOE increased $23.9 million to $335.9 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $22.9 million of additional LOE period over period. Excluding the impacts of the Arrangement, LOE was relatively consistent period over period. LOE per Boe decreased $0.50 per Boe period over period to $9.83 per Boe for the six months ended June 30, 2024 primarily due to higher production volumes.

Gathering, processing and transportation expenses. GPT expenses increased $36.7 million to $117.1 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $10.7 million of additional GPT period over period. Excluding the impacts of the Arrangement, GPT increased $26.0 million primarily due to an increased loss attributable to the change in fair value of certain derivative transportation contracts period over period of $24.2 million. GPT expenses per Boe increased $0.77 per Boe period over period to $3.43 per Boe for the six months ended June 30, 2024 due to the increases described above.

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Purchased oil and gas expenses. Purchased oil and gas expenses increased $346.3 million to $692.1 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 primarily due to an increase in the volume of crude oil purchased and subsequently sold period over period.

Production taxes. Production taxes increased $24.4 million to $143.4 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $11.0 million of additional production taxes period over period. Excluding the impacts of the Arrangement, production taxes increased $13.4 million primarily due to an increase in crude oil revenues period over period. The production tax rate as a percentage of crude oil, NGL and natural gas sales increased to 8.7% for the six months ended June 30, 2024 as compared to 8.1% for the six months ended June 30, 2023. This rate increase period over period was primarily due to a decrease in natural gas revenue as a result of lower realized prices.

Depreciation, depletion and amortization. DD&A expense increased $126.0 million to $396.8 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $40.4 million of additional DD&A period over period. Excluding the impacts of the Arrangement, DD&A expense increased $77.6 million primarily due to an increased depletion rate period over period driven by the addition of oil and gas properties acquired in the Arrangement and the 2023 acquisition of acreage in the Williston Basin coupled with a decrease in reserves as a result of lower commodity prices. DD&A expense increased an additional $8.0 million due to higher production volumes. The depletion rate increased $2.61 per Boe period over period to $11.29 per Boe for the six months ended June 30, 2024.

General and administrative expenses. G&A expenses increased $33.1 million to $107.8 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our expanded operations after the Arrangement contributed $66.9 million of additional G&A expense period over period, including merger-related costs of $62.8 million and other G&A expenses of $4.1 million. Excluding the impacts of the Arrangement, G&A expenses decreased $33.8 million primarily due to a decrease in stock-based compensation costs of $17.0 million due to the vesting of certain equity-based compensation awards in the first half of 2024 as well as higher credits related to billable overhead of $12.7 million.

Exploration and impairment. Exploration and impairment expenses decreased $24.0 million to $7.6 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. During the six months ended June 30, 2024, we recorded an impairment charge of $3.9 million associated with a lower of cost or net realizable value write down of oil-in-tank inventory, coupled with $3.7 million of exploration expenses. During the six months ended June 30, 2023, exploration and impairment expenses totaled $31.6 million, which was primarily due to impairment expenses of $29.0 million, including $17.5 million associated with the write-down of the right-of-use asset for our Denver office lease acquired in 2022, $5.8 million associated with a lower of cost or net realizable value write down of oil-in-tank inventory and $5.6 million to adjust the carrying value of non-core properties held for sale to their estimated fair value less costs to sell.

Gain on sale of assets, net. During the six months ended June 30, 2024 and 2023, we recorded a net gain on sale of assets of $16.8 million and $2.8 million, respectively, primarily related to the divestitures of certain non-operated properties within each period.

Derivative instruments. We recorded a $23.0 million net loss on derivative instruments for the six months ended June 30, 2024, which was comprised of a net loss of $27.0 million associated with our contracts to manage commodity price risk, partially offset by an unrealized gain of $4.0 million associated with a contract that includes contingent consideration. The net loss of $27.0 million on commodity derivative contracts included an unrealized loss of $21.7 million related to the change in fair value of our commodity derivative contracts and a realized loss of $5.3 million on settled commodity derivative contracts. During the six months ended June 30, 2023, we recorded a $96.5 million net gain on derivative instruments, which was primarily due to a net gain of $95.6 million associated with our contracts to manage commodity price risk. This net gain of $95.6 million on commodity derivative contracts included an unrealized gain of $238.7 million related to the change in fair value of our commodity derivative contracts, partially offset by a realized loss of $143.1 million on settled commodity derivative contracts.

Investment in unconsolidated affiliate. We recorded a $22.2 million gain related to our investment in Energy Transfer for the six months ended June 30, 2024, which included an unrealized gain of $17.6 million as a result of an increase in the fair value of the investment during the period, coupled with a gain of $4.6 million for cash distributions received from Energy Transfer during the period. During the six months ended June 30, 2023, we recorded a gain of $7.9 million related to our investment in Energy Transfer, which included a gain of $6.0 million for cash distributions received from Energy Transfer during the period, coupled with an unrealized gain of $1.1 million as a result of an increase in the fair value of the investment during the period.

Income tax expense. Our effective tax rate for the six months ended June 30, 2024 was recorded at 24.7% of pre-tax income which was materially unchanged compared to 23.9% of pre-tax income for the six months ended June 30, 2023.

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Liquidity and Capital Resources

As of June 30, 2024, we had $1.1 billion of liquidity available, including $197.4 million in cash and cash equivalents and $894.8 million of aggregate unused borrowing capacity available under our Credit Facility (defined below). Our primary sources of liquidity were from cash on hand, cash flows from operations and available borrowing capacity under our Credit Facility. Our primary liquidity requirements were capital expenditures for the development of oil and gas properties, dividend payments, debt repayments, share repurchases, cash consideration and transaction costs associated with the Arrangement, and working capital requirements.

Capital availability will be affected by prevailing conditions in our industry, the global economy, the global banking and financial markets, stakeholder scrutiny of ESG matters and other factors, many of which are beyond our control. The U.S. Federal Reserve’s increases in interest rates and the potential for such rates to increase further or to remain elevated for an extended period of time have created additional economic uncertainty. Although we are unable to predict future interest rates, this disruption to the broader economy and financial markets may reduce our ability to access capital or result in such capital being available on less favorable terms, which could in the future negatively affect our liquidity. We believe, however, we have adequate liquidity to fund our capital expenditures and meet our contractual obligations during the next 12 months and the foreseeable future.

Our cash flows depend on many factors, including the price of crude oil, NGLs and natural gas and the success of our development and exploration activities as well as future acquisitions. We actively manage our exposure to commodity price fluctuations by executing derivative transactions to mitigate the impact of changes in crude oil, NGL and natural gas prices on our production, which mitigates our exposure to crude oil, NGL and natural gas price declines; however, these transactions may also limit our cash flow in periods of rising crude oil, NGL and natural gas prices.

Enerplus Arrangement. In connection with the consummation of the Arrangement on May 31, 2024, we paid $375.8 million, or $1.84 per Enerplus common share, to Enerplus shareholders. In addition, we paid $395.0 million to settle Enerplus’ revolving bank credit facility balance and $102.4 million to settle all outstanding Enerplus equity-based compensation awards.

In connection with the Arrangement, we incurred certain costs for advisory, legal and other third-party fees which were recorded to G&A expenses on the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2024, we incurred merger-related costs of $54.7 million and $62.8 million, respectively, primarily related to legal and advisory services and severance costs.

Commodity derivative contracts. As of June 30, 2024, our commodity derivative contracts cover 4,692 MBbls of our crude oil production for 2024, 5,377 MBbls of our crude oil production and 4,301,600 MMBtu of our natural gas production for 2025 and 1,175 MBbls of our crude oil production for 2026. See “Item 3. Quantitative and Qualitative Disclosures about Market Risk” for additional information.

In July 2024, we entered into new commodity derivative contracts to manage risks related to changes in crude oil prices. The following table summarizes these commodity derivative contracts:


			Volumes (Bbl)		Weighted Average Prices
Commodity	Settlement Period	Derivative Instrument	Total	Daily	Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	276,000	1,500			$	75.00	$	79.05
Crude oil	2025	Two-way collars	1,372,000	3,759			$	65.98	$	76.99
Crude oil	2026	Three-way collars	1,365,000	3,740	$	50.00	$	65.00	$	79.62

We also have contracts which include provisions for the delivery, transport or purchase of a minimum volume of crude oil, NGLs, natural gas and water within specified time frames, the majority of which are five years or less. Under the terms of these contracts, if we fail to deliver, transport or purchase the committed volumes we will be required to pay a deficiency payment for the volumes not tendered over the duration of the contract. We believe that for the substantial majority of these agreements our future production will be adequate to meet our delivery commitments or that we will be able to purchase sufficient volumes of crude oil, NGLs and natural gas from third parties to satisfy our minimum volume commitments. See “Item 1. Financial Statements (Unaudited)—Note 17—Commitments and Contingencies” for additional information on our volume delivery commitments.

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Our material cash requirements from known obligations include repayment of outstanding borrowings and interest payment obligations related to our long-term debt, obligations to plug, abandon and remediate our oil and gas properties at the end of their productive lives, payment of income taxes, obligations associated with outstanding commodity derivative contracts that settle in a loss position, obligations to pay dividends on vested equity awards that include dividend equivalent rights and obligations associated with our leases. In addition, we have announced a return of capital plan pursuant to which we intend to return capital to stockholders through a mix of base and variable dividend payouts, supplemented by opportunistic share repurchases. On a quarterly basis, we pay a commitment fee on the average amount of borrowing base capacity not utilized during the quarter and fees calculated on the average amount of letter of credit balances outstanding during the quarter.

Revolving credit facility. We have a senior secured revolving credit facility (the “Credit Facility”) with a borrowing base of $3.0 billion and elected commitments of $1.5 billion that is due July 1, 2027. As of June 30, 2024, we had $575.0 million borrowings outstanding and $30.2 million of outstanding letters of credit, resulting in an unused borrowing capacity of $894.8 million. Additionally, we are permitted to incur term loans in addition to the revolving loans provided under the Credit Facility. We were in compliance with the financial covenants under the Credit Facility as of June 30, 2024. See “Item 1. Financial Statements (Unaudited)—Note 11—Long-Term Debt” for additional information.

Senior unsecured notes. As of June 30, 2024, we had $400.0 million of 6.375% senior unsecured notes outstanding (the “Senior Notes”) that mature on June 1, 2026. Interest on the Senior Notes is payable semi-annually on June 1 and December 1 of each year. See “Item 1. Financial Statements (Unaudited)—Note 11—Long-Term Debt” for additional information.

Enerplus senior unsecured notes. In connection with the Arrangement on May 31, 2024, we assumed $63.0 million of 3.79% senior unsecured notes from Enerplus with a fair value of $60.1 million (the “Enerplus Senior Notes”). On July 2, 2024, we repaid all of the remaining outstanding Enerplus Senior Notes and $0.8 million of accrued interest on such notes.

Cash Flows

Our cash flows for the six months ended June 30, 2024 and 2023 are presented below:


	Six Months Ended June 30,
	2024		2023

	(In thousands)
Net cash provided by operating activities	$	867,574	$	877,047
Net cash used in investing activities	(1,150,576)		(858,289)
Net cash provided by (used in) financing activities	162,393		(397,122)
Decrease in cash and cash equivalents	$	(120,609)	$	(378,364)

Cash flows provided by operating activities

Our net cash flows from operating activities are primarily impacted by commodity prices, production volumes, operating costs and G&A expenses. Net cash provided by operating activities was $867.6 million for the six months ended June 30, 2024. The decrease in net cash provided by operating activities of $9.5 million as compared to the six months ended June 30, 2023 was primarily due to increases in merger-related costs, production taxes and LOE as well as changes in our working capital, partially offset by an increase in oil revenues. See “Results of Operations” above for additional information.

Working Capital. Our working capital is primarily impacted by the factors discussed above, coupled with the timing of cash receipts and disbursements. Changes in working capital (as reflected in the Condensed Consolidated Statements of Cash Flows) decreased net cash flows from operating activities by $18.1 million and $2.4 million during the six months ended June 30, 2024 and 2023, respectively. Changes in working capital associated with our capital expenditure activities and settlement of outstanding commodity derivative instruments impact our cash flows from investing activities.

The Credit Facility includes a requirement that we maintain a Current Ratio (as defined in the Credit Facility) of no less than 1.0 to 1.0 as of the last day of any fiscal quarter. For purposes of the Current Ratio, the Credit Facility’s definition of total current assets includes unused commitments under the Credit Facility, which were $894.8 million as of June 30, 2024, and excludes current hedge assets, which were $25.3 million as of June 30, 2024. For purposes of the Current Ratio, the Credit Facility’s definition of total current liabilities excludes current hedge liabilities, which were $13.9 million as of June 30, 2024.

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Cash flows used in investing activities

For the six months ended June 30, 2024, net cash used in investing activities of $1,150.6 million was primarily attributable to the Arrangement, including $395.0 million paid to settle Enerplus’ revolving bank credit facility balance, $375.8 million paid to Enerplus shareholders and $102.4 million paid to settle Enerplus’ equity awards, partially offset by cash acquired in the Arrangement of $239.9 million. Net cash used in investing activities during the six months ended June 30, 2024 also included capital expenditures of $538.7 million incurred to develop our oil and gas properties, partially offset by the receipt of the 2023 contingent consideration earn-out payment of $25.0 million and proceeds from divestitures of $20.9 million. Net cash used in investing activities for the six months ended June 30, 2023 of $858.3 million was primarily attributable to capital expenditures of $407.8 million, $361.6 million paid for the 2023 acquisition of acreage in the Williston Basin and $154.1 million associated with the settlement of derivative contracts.

Cash flows provided by (used in) financing activities

For the six months ended June 30, 2024, net cash provided by financing activities of $162.4 million was primarily attributable to borrowings under the credit facility of $575.0 million, net of repayments of $250.0 million, in connection with the Arrangement and proceeds of $21.0 million from the exercise of outstanding warrants, partially offset by dividends paid to shareholders of $281.7 million, payments of $93.7 million to repurchase our common stock and income tax withholding on vested equity-based compensation awards of $57.4 million. Net cash used in financing activities for the six months ended June 30, 2023 of $397.1 million was primarily attributable to dividends paid to shareholders of $337.7 million, payments of $45.8 million to repurchase our common stock and payments of $13.6 million for income tax withholdings on vested equity-based compensation awards.

Capital Expenditures

Expenditures for the acquisition and development of oil and gas properties are the primary use of our capital resources. Our capital expenditures are summarized in the following table:


	Three Months Ended				Six Months Ended
	March 31, 2024		June 30, 2024		June 30, 2024

	(In thousands)
E&P	$	257,712	$	312,882	$	570,594
Other capital expenditures(1)	745		2,586		3,331
Total E&P and other capital expenditures(2)	258,457		315,468		573,925
Acquisitions(3)	—		6,589		6,589
Total capital expenditures(2)(4)	$	258,457	$	322,057	$	580,514

(1)Other capital expenditures include items such as infrastructure capital, administrative capital and capitalized interest. Capitalized interest totaled $1.2 million and $1.9 million for the three and six months ended June 30, 2024, respectively.

(2)Total capital expenditures for the three and six months ended June 30, 2024 include approximately $16.1 million and $20.0 million, respectively, related to non-operated divested assets that are expected to be reimbursed.

(3)Excludes amounts attributable to the Arrangement including cash consideration of $375.8 million.

(4)Total capital expenditures reflected in the table above differs from the amounts shown in the statements of cash flows in our unaudited condensed consolidated financial statements because amounts reflected in the table include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the statements of cash flows are presented on a cash basis.

Dividends

On August 7, 2024, we declared a base-plus-variable cash dividend of $2.52 per share of common stock. The dividend will be payable on September 5, 2024 to shareholders of record as of August 21, 2024. See “Item 1. Financial Statements (Unaudited)—Note 15—Stockholders’ Equity” for additional information.

See “Part II. Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments—Return of Capital Plan” in our 2023 Annual Report for additional information regarding our strategy on future dividend payments. Future dividend payments will depend on the Company’s earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the Board of Directors deems relevant.

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Share Repurchase Program

During the six months ended June 30, 2024, we repurchased 558,579 shares of common stock at a weighted average price of $164.23 per common share for a total cost of $91.7 million, under our $750 million share repurchase program. As of June 30, 2024, there was $591.3 million of capacity remaining under our $750 million share repurchase program.

We repurchased 319,458 shares of common stock during the six months ended June 30, 2023 under the previous share repurchase program, which was replaced by our current $750 million share repurchase program.

Fair Value of Financial Instruments

See “Item 1. Financial Statements (Unaudited)—Note 5—Fair Value Measurements” for additional information on our derivative instruments and their related fair value measurements. See also “Item 3. Quantitative and Qualitative Disclosures about Market Risk” below.

Critical Accounting Policies and Estimates

There have been no material changes in our critical accounting policies and estimates from those disclosed in our 2023 Annual Report, except as follows.

Business combinations. We account for business combinations under the acquisition method of accounting. Accordingly, we recognize amounts for identifiable assets acquired and liabilities assumed equal to their estimated acquisition date fair values. Transaction and integration costs associated with business combinations are expensed as incurred.

We make various assumptions in estimating the fair values of assets acquired and liabilities assumed. As fair value is a market-based measurement, it is determined based on the assumptions that market participants would use. The most significant assumptions in the Arrangement relate to the estimated fair values of proved and unproved oil and natural gas properties. The fair values of these properties are measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of reserves, future operating and development costs, future commodity prices and a market-based weighted average cost of capital rate. The market-based weighted average cost of capital rate is subjected to additional project-specific risking factors. In addition, when appropriate, we review comparable purchases and sales of crude oil, NGL and natural gas properties within the same regions, and use that data as a proxy for fair market value; for example, the amount a willing buyer and seller would enter into in exchange for such properties. Different techniques may be used to determine fair values, including market prices (where available), comparisons to transactions for similar assets and liabilities and present values of estimated future cash flows, among others. Since these estimates involve the use of significant judgment, they can change as new information becomes available.

Any excess of the acquisition price over the estimated fair value of net assets acquired is recorded as goodwill and is subject to ongoing impairment evaluation as described in Item 1. Financial Statements (Unaudited)—Note 1—Organization and Summary of Significant Accounting Policies—Goodwill. Any excess of the estimated fair value of net assets acquired over the acquisition price is recorded in current earnings as a gain on bargain purchase. Deferred taxes are recorded for any differences between the assigned values and the tax basis of assets and liabilities. Estimated deferred taxes are based on available information concerning the tax basis of assets acquired and liabilities assumed and loss carryforwards at the acquisition date, although such estimates may change in the future as additional information becomes known.

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Item 3. — Quantitative and Qualitative Disclosures about Market Risk

We are exposed to a variety of market risks, including commodity price risk, interest rate risk, counterparty and customer risk and inflation risk. We address these risks through a program of risk management, including the use of derivative instruments.

The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risk. The term “market risk” refers to the risk of loss arising from adverse changes in crude oil, NGL and natural gas prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market risk exposures. All of our market risk derivative instruments were entered into for hedging purposes, rather than for speculative trading. The following market risk disclosures should be read in conjunction with the quantitative and qualitative disclosures about market risk contained in our 2023 Annual Report, as well as with the unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

Commodity price exposure risk. We are exposed to market risk as the prices of crude oil, NGLs and natural gas fluctuate as a result of a variety of factors, including changes in supply and demand and the macroeconomic environment, all of which are typically beyond our control. The markets for crude oil, NGLs and natural gas have been volatile, especially over the last several years, and these prices will likely continue to be volatile in the future. To partially reduce price risk caused by these market fluctuations, we have entered into derivative instruments in the past and expect to enter into derivative instruments in the future to cover a portion of our future production. In addition, entering into derivative instruments could limit the benefit we would receive from increases in the prices for crude oil, NGLs and natural gas. We recognize all derivative instruments at fair value. The credit standing of our counterparties is analyzed and factored into the fair value amounts recognized on our unaudited condensed consolidated balance sheets. Derivative assets and liabilities arising from our derivative contracts with the same counterparty are also reported on a net basis, as all counterparty contracts provide for net settlement. See “Item 1. Financial Statements (Unaudited)—Note 5—Fair Value Measurements” and “Note 6—Derivative Instruments” for additional information regarding our derivative instruments.

The fair value of our unrealized crude oil derivative positions at June 30, 2024 was a net liability position of $15.0 million. A 10% increase in crude oil prices would increase the fair value of this unrealized derivative liability position by approximately $53.2 million, while a 10% decrease in crude oil prices would decrease the fair value of this unrealized derivative liability position by approximately $45.4 million. The fair value of our unrealized natural gas derivative positions at June 30, 2024 was a net asset position of $1.2 million. A 10% increase in natural gas prices would decrease the fair value of this unrealized derivative asset position by approximately $1.4 million, while a 10% decrease in natural gas prices would increase the fair value of this unrealized derivative asset position by approximately $1.4 million. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Conditions and Commodity Prices,” for further discussion on the commodity price environment. See “Item 1. Financial Statements (Unaudited)—Note 6—Derivative Instruments” for additional information regarding our derivative instruments.

In addition, in connection with the 2021 divestiture of oil and gas properties in the Texas region of in the Permian Basin, we are entitled to receive up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI crude oil exceeds $60 per barrel for such year. If the NYMEX WTI crude oil price for calendar year 2023 or 2024 is less than $45 per barrel, then each calendar year thereafter our right to receive any remaining earn-out payments is terminated. As of June 30, 2024, the fair value of this contingent consideration was $46.7 million. During the six months ended June 30, 2024, we received $25.0 million related to the 2023 earn-out payment. See “Item 1. Financial Statements (Unaudited)—Note 6—Derivative Instruments” for additional information.

Interest rate risk. At June 30, 2024, we had $400.0 million of senior unsecured notes at a fixed interest rate of 6.375% per annum and $63.0 million of senior unsecured notes at a fixed interest rate of 3.79% per annum. At June 30, 2024, we had $575.0 million borrowings and $30.2 million of outstanding letters of credit issued under the Credit Facility. Borrowings under the Credit Facility are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan or an ABR Loan (each as defined in the Credit Facility). See “Item 1. Financial Statements (Unaudited)—Note 11—Long-Term Debt” for additional information on the interest incurred on the Credit Facility.

We do not currently, but may in the future, utilize interest rate derivatives to mitigate interest rate exposure in an attempt to reduce interest rate expense related to debt issued under the Credit Facility. Interest rate derivatives would be used solely to modify interest rate exposure and not to modify the overall leverage of the debt portfolio.

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Counterparty and customer credit risk. Joint interest receivables arise from billing entities which own partial interest in the wells we operate. These entities participate in our wells primarily based on their ownership in leases on which we choose to drill. We have limited ability to control participation in our wells. For the three and six months ended June 30, 2024, our credit losses on joint interest receivables were immaterial. We are also subject to credit risk due to the concentration of our crude oil, NGL and natural gas receivables with several significant customers. The inability or failure of our significant customers to meet their obligations to us, or their insolvency or liquidation, may adversely affect our financial position and related financial results.

We monitor our exposure to counterparties on crude oil, NGL and natural gas sales primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty’s credit worthiness. We have not generally required our counterparties to provide collateral to secure crude oil, NGL and natural gas sales receivables owed to us. Historically, our credit losses on crude oil, NGL and natural gas sales receivables have been immaterial.

In addition, our crude oil and natural gas derivative arrangements expose us to credit risk in the event of nonperformance by counterparties. However, in order to mitigate the risk of nonperformance, we only enter into derivative contracts with counterparties that are high credit-quality financial institutions. All of the counterparties on our derivative instruments currently in place are lenders under the Credit Facility with investment grade ratings. We are likely to enter into any future derivative instruments with these or other lenders under the Credit Facility, which also carry investment grade ratings. This risk is also managed by spreading our derivative exposure across several institutions and limiting the volumes placed under individual contracts. Furthermore, the agreements with each of the counterparties on our derivative instruments contain netting provisions. As a result of these netting provisions, our maximum amount of loss due to credit risk is limited to the net amounts due to and from the counterparties under the derivative contracts.

Item 4. — Controls and Procedures

Evaluation of disclosure controls and procedures

As required by Rule 13a-15(b) of the Exchange Act, management, under the supervision and with the participation of our Chief Executive Officer (“CEO”), our principal executive officer, and our Chief Financial Officer (“CFO”), our principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024. Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2024.

On May 31, 2024, we completed the Arrangement. Management’s assessment and conclusion on the effectiveness of our internal control over financial reporting as of June 30, 2024 excludes an assessment of the internal control over financial reporting of Enerplus.

Changes in internal control over financial reporting

On May 31, 2024, we completed the Arrangement. As part of the ongoing integration, we are in the process of incorporating the controls and related procedures of Enerplus. Other than incorporating Enerplus’ controls, there were no changes in internal control over financial reporting that occurred during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. — Legal Proceedings

See “Part I, Item 1. — Financial Statements (Unaudited)—Note 17—Commitments and Contingencies,” which is incorporated herein by reference, for a discussion of material legal proceedings.

Item 1A. — Risk Factors

Our business faces many risks. Any of the risks discussed elsewhere in this Form 10-Q and our other SEC filings could have a material impact on our business, financial position, results of operations or cash flows. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations.

For a discussion of our potential risks and uncertainties, see the information in “Part I. Item 1A. Risk Factors” in our 2023 Annual Report. There have been no material changes in our risk factors from those described in our 2023 Annual Report, except as described below.

The SEC’s Final Rules on The Enhancement and Standardization of Climate-Related Disclosures could result in increased compliance risks and costs.

The SEC released its final rule on climate-related disclosures on March 6, 2024, requiring the disclosure of certain climate-related risks, management and governance practices, and financial impacts, as well as greenhouse gas emissions. Large accelerated filers will be required to incorporate the applicable climate-related disclosures into their filings beginning in fiscal year 2025, with additional requirements relating to the disclosure of Scope 1 and 2 greenhouse gas emissions, if material, and attestation reports for certain large accelerated filers subsequently phasing in. Refer to “Item 1. Business—Regulation—Environmental and occupational health and safety regulation” in our 2023 Annual Report for prior discussion of the SEC’s then-proposed rule. While we are still assessing our obligations under the rule, complying with such obligations may result in increased costs and SEC or investor scrutiny of our disclosures. The SEC has paused implementation of the final rule pending the resolution of consolidated legal challenges that are currently proceeding before the U.S. Court of Appeals for the Eighth Circuit. The outcome of this litigation may reduce or expand our obligations under the final rule.

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Item 2. — Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered sales of equity securities. There were no sales of unregistered equity securities during the period covered by this report.

Issuer purchases of equity securities. The following table contains information about our acquisition of equity securities during the three months ended June 30, 2024:


Period	Total Number of Shares Exchanged(1)(2)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Number (or Approximate Dollar Value) of Shares that May Be Purchased Under the Plans or Programs(2)(3)
April 1 – April 30, 2024	60,964	$	185.46	—	$	653,007,171
May 1 – May 31, 2024	—	—		—	653,007,171
June 1 – June 30, 2024	365,310	169.01		365,310	591,267,896
Total	426,274	$	171.36	365,310

___________________

(1)During the second quarter of 2024, we withheld 60,964 shares of common stock to satisfy tax withholding obligations upon vesting of certain equity-based awards.

(2)During the second quarter of 2024, we repurchased 365,310 shares of our common stock at a weighted average price of $169.01 per common share for a total cost of $61.7 million under our publicly announced share repurchase program.

(3)In October 2023, our Board of Directors authorized a share repurchase program of up to $750 million of our common stock.

Item 5. — Other Information

Rule 10b5-1 trading arrangements. During the fiscal quarter ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 6. — Exhibits


Exhibit No.						Description of Exhibit

2.1						Arrangement Agreement, dated as of February 21, 2024, by and among Chord Energy Corporation, Spark Acquisition ULC and Enerplus Corporation (filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on February 26, 2024, and incorporated herein by reference).



3.1						Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Chord Energy Corporation (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on June 6, 2024, and incorporated herein by reference).

4.1						Third Supplemental Indenture to Indenture dated June 28, 2024, by and among Chord Energy Corporation, the Guarantors and Regions Bank, as trustee.

10.1						Fifth Amendment to the Amended and Restated Credit Agreement, dated as of May 31, 2024, by and among Chord Energy Corporation, Oasis Petroleum North America LLC, Wells Fargo Bank, N.A., and the other parties party thereto (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on June 6, 2024, and incorporated herein by reference).

31.1(a)						Sarbanes-Oxley Section 302 certification of Principal Executive Officer.

31.2(a)						Sarbanes-Oxley Section 302 certification of Principal Financial Officer.

32.1(b)						Sarbanes-Oxley Section 906 certification of Principal Executive Officer.

32.2(b)						Sarbanes-Oxley Section 906 certification of Principal Financial Officer.

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101.SCH(a)						XBRL Schema Document.

101.CAL(a)						XBRL Calculation Linkbase Document.

101.DEF(a)						XBRL Definition Linkbase Document.

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101.LAB(a)						XBRL Label Linkbase Document.

101.PRE(a)						XBRL Presentation Linkbase Document.

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___________________

(a)Filed herewith.

(b)Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CHORD ENERGY CORPORATION

Date:

August 8, 2024

By:

/s/ Daniel E. Brown

Daniel E. Brown

President and Chief Executive Officer
(Principal Executive Officer)

By:

/s/ Richard N. Robuck

Richard N. Robuck

Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

THIRD SUPPLEMENTAL INDENTURE

THIRD SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 28, 2024, among Enerplus Corporation, an Alberta corporation (“Enerplus”), Spark Acquisition ULC, an Alberta unlimited liability company (“Spark Acquisition”), Enerplus Energy Ltd., an Alberta corporation (“Enerplus Energy”), Enerplus Resources U.S. Inc., a Delaware corporation (“Enerplus Resources U.S.”), Enerplus Resources (USA) Corporation, a Delaware corporation (“Enerplus Resources (USA)”, Enerplus USA 2006 Acquisition Inc., a Delaware corporation (“Enerplus USA 2006”), Enerplus Williston I, LLC, a Delaware limited liability company (“Enerplus Williston I”), Enerplus Williston II, LLC, a Delaware limited liability company (“Enerplus Williston II”), and Spark Canadian Holdings Inc., a Delaware corporation (“Spark Canadian Holdings”, and, together with Enerplus, Spark Acquisition, Enerplus Energy, Enerplus Resources U.S., Enerplus Resources (USA), Enerplus USA 2006, Enerplus Williston I and Enerplus Williston II, the “Guaranteeing Subsidiaries”), the other Guarantors (as defined in the Indenture referred to herein) and Regions Bank, as trustee under the Indenture referred to below (the “Trustee”). Each Guaranteeing Subsidiary is an indirect wholly owned subsidiary of Chord Energy Corporation (f/k/a Oasis Petroleum Inc.), a Delaware corporation (the “Company”).

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as amended and supplemented to the date hereof, the “Indenture”), dated as of June 9, 2021 providing for the issuance of 6.375% Senior Notes due 2026 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries, the Trustee and the other parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

1.CAPITALIZED TERMS. Capitalized terms used herein without definitions shall have the meanings assigned to them in the Indenture.

2.AGREEMENT TO GUARANTEE. Subject to Article 10 of the Indenture, the Guaranteeing Subsidiaries, jointly and severally with the other Guarantors, unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: (1) the principal of, premium on, if any, and interest, if any,

on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes will be promptly paid in full or performed, all in accordance with the terms of the Indenture and the Notes; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

4. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Supplemental Indenture or any document to be signed in connection with this Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

7. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

COMPANY:

CHORD ENERGY CORPORATION (F/K/A OASIS PETROLEUM INC.)

By: /s/ Richard N. Robuck

Name: Richard N. Robuck

Title: EVP and Chief Executive Officer

EXISTING GUARANTORS:

OASIS PETROLEUM LLC

OASIS PETROLEUM MARKETING LLC

OASIS PETROLEUM NORTH AMERICA LLC

OASIS WELL SERVICES LLC

OMS HOLDINGS LLC

OASIS INVESTMENT HOLDINGS LLC

WHITING HOLDINGS LLC

WHITING OIL AND GAS CORPORATION

By: /s/ Richard N. Robuck

Name: Richard N. Robuck

Title: EVP and Chief Executive Officer

GUARANTEEING SUBSIDIARIES:

ENERPLUS CORPORATION

SPARK ACQUISITION ULC

ENERPLUS ENERGY LTD.

ENERPLUS RESOURCES U.S. INC.

ENERPLUS RESOURCES (USA) CORPORATION

ENERPLUS USA 2006 ACQUISITION INC.

ENERPLUS WILLISTON I, LLC

ENERPLUS WILLISTON II, LLC

SPARK CANADIAN HOLDINGS INC.

By: /s/ Richard N. Robuck

Name: Richard N. Robuck

Title: EVP and Chief Executive Officer

Signature Page to Supplemental Indenture

TRUSTEE:

REGIONS BANK,

as Trustee

By: /s/ Moses Ballenger

Name: Moses Ballenger

Title: Vice President

Signature Page to Supplemental Indenture

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Daniel E. Brown, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Chord Energy Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date:	August 8, 2024	/s/ Daniel E. Brown
		Daniel E. Brown
		President and Chief Executive Officer
		(Principal Executive Officer)

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Richard N. Robuck, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Chord Energy Corporation (the “registrant”);

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date:	August 8, 2024	/s/ Richard N. Robuck
		Richard N. Robuck
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Chord Energy Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel E. Brown, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date:	August 8, 2024	/s/ Daniel E. Brown
		Daniel E. Brown
		President and Chief Executive Officer
		(Principal Executive Officer)

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Chord Energy Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard N. Robuck, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date:	August 8, 2024	/s/ Richard N. Robuck
		Richard N. Robuck
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-34776
Entity Registrant Name	Chord Energy Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0554627
Entity Address, Address Line One	1001 Fannin Street
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	281
Local Phone Number	404-9500
Title of 12(b) Security	Common Stock
Trading Symbol	CHRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		61,879,575
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001486159
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 197,389	$ 317,998
Accounts receivable, net	1,275,934	943,114
Inventory	79,905	72,565
Prepaid expenses	23,827	42,450
Derivative instruments	25,292	37,369
Other current assets	2,044	11,055
Total current assets	1,604,391	1,424,551
Property, plant and equipment
Oil and gas properties (successful efforts method)	12,137,734	6,320,243
Other property and equipment	57,327	49,051
Less: accumulated depreciation, depletion and amortization	(1,442,011)	(1,054,616)
Total property, plant and equipment, net	10,753,050	5,314,678
Derivative instruments	22,542	22,526
Investment in unconsolidated affiliate	117,738	100,172
Long-term inventory	27,619	22,936
Operating right-of-use assets	58,724	21,343
Goodwill	539,793	0
Other assets	23,481	19,944
Total assets	13,147,338	6,926,150
Current liabilities
Accounts payable	38,189	34,453
Revenues and production taxes payable	772,565	604,704
Accrued liabilities	714,427	493,381
Current portion of long-term debt, net	60,063	0
Accrued interest payable	4,891	2,157
Derivative instruments	13,943	14,209
Advances from joint interest partners	2,473	2,381
Current operating lease liabilities	39,914	13,258
Other current liabilities	31,650	916
Total current liabilities	1,678,115	1,165,459
Long-term debt	971,746	395,902
Deferred tax liabilities	1,345,220	95,322
Asset retirement obligations	275,817	155,040
Derivative instruments	1,428	717
Operating lease liabilities	29,114	18,667
Other liabilities	4,748	18,419
Total liabilities	4,306,188	1,849,526
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value: 240,000,000 shares authorized, 66,572,527 shares issued and 62,231,069 shares outstanding at June 30, 2024; and 120,000,000 shares authorized, 45,032,537 shares issued and 41,249,658 shares outstanding at December 31, 2023	668	456
Treasury stock, at cost: 4,341,458 shares at June 30, 2024 and 3,782,879 shares at December 31, 2023	(585,035)	(493,289)
Additional paid-in capital	7,314,414	3,608,819
Retained earnings	2,111,103	1,960,638
Total stockholders’ equity	8,841,150	5,076,624
Total liabilities and stockholders’ equity	$ 13,147,338	$ 6,926,150

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	240,000,000	120,000,000
Common stock, shares issued (in shares)	66,572,527	45,032,537
Common stock, shares outstanding (in shares)	62,231,069	41,249,658
Treasury stock, shares (in shares)	4,341,458	3,782,879

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 1,260,680	$ 912,071	$ 2,345,940	$ 1,808,588
Operating expenses
Lease operating expenses	176,647	158,554	335,853	311,962
Gathering, processing and transportation expenses	63,130	43,397	117,114	80,412
Production taxes	79,522	58,488	143,433	119,005
Depreciation, depletion and amortization	227,928	137,046	396,822	270,837
General and administrative expenses	82,077	42,174	107,789	74,658
Total operating expenses	987,145	662,667	1,800,768	1,234,339
Gain on sale of assets, net	15,486	1,613	16,788	2,840
Operating income	289,021	251,017	561,960	577,089
Other income (expense)
Net gain (loss) on derivative instruments	4,608	29,518	(22,969)	96,452
Net gain from investment in unconsolidated affiliate	5,862	10,126	22,158	7,910
Interest expense, net of capitalized interest	(12,208)	(7,228)	(19,800)	(14,363)
Other income	4,081	2,293	6,907	7,486
Total other income (expense), net	2,343	34,709	(13,704)	97,485
Income before income taxes	291,364	285,726	548,256	674,574
Income tax expense	(78,003)	(69,655)	(135,541)	(161,504)
Net income	$ 213,361	$ 216,071	$ 412,715	$ 513,070
Earnings per share:
Basic (in dollars per share)	$ 4.36	$ 5.19	$ 9.12	$ 12.32
Diluted (in dollars per share)	$ 4.25	$ 4.96	$ 8.87	$ 11.83
Weighted average shares outstanding:
Basic (in shares)	48,665	41,494	45,048	41,531
Diluted (in shares)	49,916	43,386	46,313	43,267
Oil, NGL and gas revenues
Revenues
Total revenues	$ 902,667	$ 695,426	$ 1,650,829	$ 1,461,626
Operating expenses
Exploration and impairment	1,485	6,782	7,639	31,646
Purchased oil and gas sales
Revenues
Total revenues	358,013	216,645	695,111	346,962
Operating expenses
Purchased oil and gas expenses	$ 356,356	$ 216,226	$ 692,118	$ 345,819

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance, common stock (in shares) at Dec. 31, 2022		41,477,000
Beginning balance at Dec. 31, 2022	$ 4,679,798	$ 438	$ (251,950)	$ 3,485,819	$ 1,445,491
Beginning balance, treasury stock (in shares) at Dec. 31, 2022			2,249,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation and vestings (in shares)		210,000
Equity-based compensation and vestings	11,854	$ 2		11,852
Tax withholdings on settlement of equity-based awards (in shares)		(77,000)
Tax withholdings on settlement of equity-based awards	(10,300)	$ (1)		(10,299)
Dividends	(204,884)				(204,884)
Share repurchases (in shares)		(111,000)	111,000
Share repurchases	(15,003)		$ (15,003)
Warrants exercised (in shares)		39,000
Warrants exercised	276			276
Net income	296,999				296,999
Ending balance, common stock (in shares) at Mar. 31, 2023		41,538,000
Ending balance at Mar. 31, 2023	4,758,740	$ 439	$ (266,953)	3,487,648	1,537,606
Ending balance, treasury stock (in shares) at Mar. 31, 2023			2,360,000
Beginning balance, common stock (in shares) at Dec. 31, 2022		41,477,000
Beginning balance at Dec. 31, 2022	$ 4,679,798	$ 438	$ (251,950)	3,485,819	1,445,491
Beginning balance, treasury stock (in shares) at Dec. 31, 2022			2,249,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases (in shares)	319,458
Share repurchases	$ (45,800)
Warrants exercised (in shares)	109,402
Ending balance, common stock (in shares) at Jun. 30, 2023		41,390,000
Ending balance at Jun. 30, 2023	$ 4,819,570	$ 441	$ (297,768)	3,500,727	1,616,170
Ending balance, treasury stock (in shares) at Jun. 30, 2023			2,569,000
Beginning balance, common stock (in shares) at Mar. 31, 2023		41,538,000
Beginning balance at Mar. 31, 2023	4,758,740	$ 439	$ (266,953)	3,487,648	1,537,606
Beginning balance, treasury stock (in shares) at Mar. 31, 2023			2,360,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation and vestings (in shares)		64,000
Equity-based compensation and vestings	15,327	$ 2		15,325
Tax withholdings on settlement of equity-based awards (in shares)		(22,000)
Tax withholdings on settlement of equity-based awards	(3,331)			(3,331)
Dividends	(137,507)				(137,507)
Share repurchases (in shares)		(209,000)	209,000
Share repurchases	$ (30,815)		$ (30,815)	0
Warrants exercised (in shares)	26,488	19,000
Warrants exercised	$ 1,085	$ 0		1,085
Net income	216,071				216,071
Ending balance, common stock (in shares) at Jun. 30, 2023		41,390,000
Ending balance at Jun. 30, 2023	$ 4,819,570	$ 441	$ (297,768)	3,500,727	1,616,170
Ending balance, treasury stock (in shares) at Jun. 30, 2023			2,569,000
Beginning balance, common stock (in shares) at Dec. 31, 2023	41,249,658	41,250,000
Beginning balance at Dec. 31, 2023	$ 5,076,624	$ 456	$ (493,289)	3,608,819	1,960,638
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	3,782,879		3,783,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation and vestings (in shares)		599,000
Equity-based compensation and vestings	$ 4,775	$ 4		4,771
Tax withholdings on settlement of equity-based awards (in shares)		(280,000)
Tax withholdings on settlement of equity-based awards	(46,051)	$ (3)		(46,048)
Dividends	(137,541)				(137,541)
Share repurchases (in shares)		(193,000)	193,000
Share repurchases	(29,999)		$ (29,999)
Warrants exercised (in shares)		175,000
Warrants exercised	8,017	$ 2		8,015
Net income	199,353				199,353
Ending balance, common stock (in shares) at Mar. 31, 2024		41,551,000
Ending balance at Mar. 31, 2024	$ 5,075,178	$ 459	$ (523,288)	3,575,557	2,022,450
Ending balance, treasury stock (in shares) at Mar. 31, 2024			3,976,000
Beginning balance, common stock (in shares) at Dec. 31, 2023	41,249,658	41,250,000
Beginning balance at Dec. 31, 2023	$ 5,076,624	$ 456	$ (493,289)	3,608,819	1,960,638
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	3,782,879		3,783,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases (in shares)	558,579
Share repurchases	$ (91,700)
Warrants exercised (in shares)	1,070,851
Ending balance, common stock (in shares) at Jun. 30, 2024	62,231,069	62,231,000
Ending balance at Jun. 30, 2024	$ 8,841,150	$ 668	$ (585,035)	7,314,414	2,111,103
Ending balance, treasury stock (in shares) at Jun. 30, 2024	4,341,458		4,341,000
Beginning balance, common stock (in shares) at Mar. 31, 2024		41,551,000
Beginning balance at Mar. 31, 2024	$ 5,075,178	$ 459	$ (523,288)	3,575,557	2,022,450
Beginning balance, treasury stock (in shares) at Mar. 31, 2024			3,976,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in Arrangement (in shares)		20,680,000
Shares issued in Arrangement	3,732,137	$ 207		3,731,930
Equity-based compensation and vestings (in shares)		139,000
Equity-based compensation and vestings	5,360	$ 1		5,359
Tax withholdings on settlement of equity-based awards (in shares)		(61,000)
Tax withholdings on settlement of equity-based awards	(11,306)			(11,306)
Dividends	(124,708)				(124,708)
Share repurchases (in shares)		(365,000)	365,000
Share repurchases	$ (61,747)		$ (61,747)
Warrants exercised (in shares)	650,695	287,000
Warrants exercised	$ 12,875	$ 1		12,874
Net income	$ 213,361				213,361
Ending balance, common stock (in shares) at Jun. 30, 2024	62,231,069	62,231,000
Ending balance at Jun. 30, 2024	$ 8,841,150	$ 668	$ (585,035)	$ 7,314,414	$ 2,111,103
Ending balance, treasury stock (in shares) at Jun. 30, 2024	4,341,458		4,341,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 213,361

$ 216,071

$ 412,715

$ 513,070

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

396,822

270,837

Gain on sale of assets

(16,788)

(2,840)

Impairment

3,919

28,964

Deferred income taxes

70,699

145,857

Net (gain) loss on derivative instruments

(4,608)

(29,518)

22,969

(96,452)

Net gain from investment in unconsolidated affiliate

(5,862)

(10,126)

(22,158)

(7,910)

Equity-based compensation expenses

10,130

27,181

Deferred financing costs amortization and other

7,343

(4,035)

Working capital and other changes:

Change in accounts receivable, net

(69,496)

5,564

Change in inventory

(5,557)

(3,526)

Change in prepaid expenses

17,262

317

Change in accounts payable, interest payable and accrued liabilities

3,065

(11,084)

Change in other assets and liabilities, net

36,649

11,104

Net cash provided by operating activities

867,574

877,047

Cash flows from investing activities:

Capital expenditures

(538,733)

(407,773)

Acquisitions, net of cash acquired

(645,971)

(361,609)

Proceeds from divestitures, net of cash divested

20,876

59,219

Derivative settlements

(16,339)

(154,110)

Contingent consideration received

25,000

Distributions from investment in unconsolidated affiliate

4,591

5,984

Net cash used in investing activities

(1,150,576)

(858,289)

Cash flows from financing activities:

Proceeds from revolving credit facilities

825,000

Principal payments on revolving credit facilities

(250,000)

Repurchases of common stock

(93,745)

(45,818)

Tax withholding on vesting of equity-based awards

(57,357)

(13,631)

Chord dividends paid

(281,681)

(337,747)

Payments on finance lease liabilities

(834)

(933)

Proceeds from warrants exercised

21,010

1,007

Net cash provided by (used in) financing activities

162,393

(397,122)

Decrease in cash and cash equivalents

(120,609)

(378,364)

Cash and cash equivalents:

Beginning of period

317,998

593,151

$ 593,151

End of period

197,389

214,787

197,389

214,787

$ 317,998

Supplemental non-cash transactions

Change in accrued capital expenditures

^[1]

24,389

74,114

Change in asset retirement obligations

^[1]

3,476

547

Dividends payable

^[1]

$ 19,502

$ 35,321

$ 19,502

$ 35,321

[1]	Amounts exclude non-cash consideration transferred and balances acquired on May 31, 2024 in respect of the Arrangement. Refer to Note 8—Acquisitions for additional information

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Chord Energy Corporation (together with its consolidated subsidiaries, the “Company” or “Chord”) is an independent exploration and production company with quality and sustainable long-lived assets primarily located in the Williston Basin. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2023 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”). Enerplus Arrangement On February 21, 2024, the Company entered into an arrangement agreement (the “Arrangement Agreement”) with Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (“Enerplus”), and Spark Acquisition ULC, an unlimited liability company organized and existing under the laws of the Province of Alberta, Canada and a wholly-owned subsidiary of the Company, pursuant to which, among other things, the Company agreed to acquire Enerplus in a stock-and-cash transaction (such transaction, the “Arrangement”). Enerplus was an independent North American oil and gas exploration and production company domiciled in Canada with substantially all of its producing assets in the Williston Basin of North Dakota, with limited non-operated interests in the Marcellus Shale. The transaction was effected by way of a plan of arrangement under the Business Corporations Act (Alberta). The Arrangement was completed on May 31, 2024. In connection with the Arrangement, the Board of Directors of Chord unanimously (i) determined the issuance of the shares of common stock, par value $0.01 per share, of Chord (the “Chord Stock Issuance”), and the amendment of Chord’s restated certificate of incorporation to increase the number of authorized shares of common stock from 120,000,000 to 240,000,000 shares of common stock (the “Chord Charter Amendment”) are fair to, and in the best interests of, Chord and the holders of common stock, (ii) approved and declared advisable the Chord Stock Issuance and Chord Charter Amendment and (iii) recommended that the holders of common stock approve the Chord Stock Issuance and Chord Charter Amendment. Under the terms of the Arrangement Agreement, Enerplus shareholders received 0.10125 shares of Chord common stock (the “Share Consideration”) and $1.84 per share in cash (the “Cash Consideration” and together with the Share Consideration, the “Arrangement Consideration”) in exchange for each share of Enerplus they owned at closing. The Arrangement has been accounted for under the acquisition method of accounting in accordance with the FASB ASC 805, Business Combinations (“ASC 805”). Chord was treated as the acquirer for accounting purposes. Under the acquisition method of accounting, the assets and liabilities of Enerplus have been recorded at their respective fair values as of the acquisition date on May 31, 2024. As provided under ASC 805, the purchase price allocation may be subject to change for up to one year after May 31, 2024. See Note 8—Acquisitions for additional information. Risks and Uncertainties As a producer of crude oil, NGLs and natural gas, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGLs and natural gas, which are dependent upon numerous factors beyond its control such as economic, geopolitical, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that the prices for crude oil, NGLs or natural gas will not be subject to wide fluctuations in the future. A substantial or extended decline in prices for crude oil and, to a lesser extent, NGLs and natural gas, could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil, NGL and natural gas reserves that may be economically produced and the Company’s access to capital. Significant Accounting Policies Goodwill. In accordance with FASB ASC 350, Intangibles - Goodwill and Other, goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill has an indefinite useful life and is not amortized, but rather is tested by the Company for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of the reporting unit may have been reduced below its carrying value. If the Company’s qualitative analysis indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company then performs a quantitative impairment test. If the carrying amount exceeds the fair value, an impairment loss is recognized for that excess amount. Any such charge will not affect the Company’s cash flow from operating activities or liquidity. Other than the item disclosed above, there have been no material changes to the Company’s significant accounting policies and estimates from those disclosed in the 2023 Annual Report. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). This standard clarifies that single reportable segment entities are subject to the disclosure requirements under Topic 280 in its entirety. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. The Company is currently evaluating this ASU to determine its impact on the Company’s annual financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically relating to the effective tax rate reconciliation and additional disclosures on income taxes paid. The Company expects to adopt this ASU effective January 1, 2025, and the adoption is not expected to affect the Company’s financial position or results of operations, but will result in additional disclosures. In March 2024, the SEC released its final rule on climate-related disclosures, requiring the disclosure of certain climate-related risks, management and governance practices, and financial impacts, as well as greenhouse gas emissions. Large accelerated filers will be required to incorporate the applicable climate-related disclosures into their filings for annual reporting periods beginning in fiscal year 2025, with additional requirements relating to greenhouse gas emissions effective for annual reporting periods beginning in fiscal year 2026. In April 2024, the SEC paused implementation of the final rule pending the resolution of consolidated legal challenges that are currently proceeding before the U.S. Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of this rule on its financial statements and related disclosures.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenues from contracts with customers were as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Crude oil revenues	$	848,104	$	647,868	$	1,526,955	$	1,298,776
Purchased crude oil sales	346,721		205,226		673,368		314,491
NGL and natural gas revenues	54,563		47,558		123,874		162,850
Purchased NGL and natural gas sales	11,292		11,419		21,743		32,471

Total revenues	$	1,260,680	$	912,071	$	2,345,940	$	1,808,588

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

The following table sets forth the Company’s inventory balances for the periods presented:


	June 30, 2024		December 31, 2023

	(In thousands)
Inventory
Equipment and materials	$	30,901	$	30,201
Crude oil inventory	49,004		42,364
Total inventory	79,905		72,565
Long-term inventory
Linefill in third-party pipelines	27,619		22,936
Total long-term inventory	27,619		22,936
Total	$	107,524	$	95,501

Additional Balance Sheet Information

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Balance Sheet Information

The following table sets forth certain balance sheet amounts comprised of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Accounts receivable, net
Trade and other accounts	$	977,211	$	749,356
Joint interest accounts	314,508		207,571

Total accounts receivable	1,291,719		956,927
Less: allowance for credit losses	(15,785)		(13,813)
Total accounts receivable, net	$	1,275,934	$	943,114

Revenues and production taxes payable
Royalties payable	$	369,313	$	297,531
Revenue suspense	347,500		266,704
Production taxes payable	55,752		40,469
Total revenue and production taxes payable	$	772,565	$	604,704

Accrued liabilities
Accrued oil and gas marketing	$	208,683	$	165,141
Accrued capital costs	235,139		122,260
Accrued lease operating expenses	131,648		107,606
Accrued general and administrative expenses	61,519		37,882

Current portion of asset retirement obligations	37,016		10,507
Accrued dividends	19,138		25,167
Other accrued liabilities	21,284		24,818
Total accrued liabilities	$	714,427	$	493,381

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets and Liabilities

The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:


	Fair value at June 30, 2024
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	1,100	$	—	$	1,100
Contingent consideration (see Note 6)	—		46,734		—		46,734
Investment in unconsolidated affiliate (see Note 10)	117,738		—		—		117,738
Total assets	$	117,738	$	47,834	$	—	$	165,572
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	15,371	$	—	$	15,371
Total liabilities	$	—	$	15,371	$	—	$	15,371


	Fair value at December 31, 2023
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	11,312	$	5,877	$	17,189
Contingent consideration (see Note 6)	—		42,706		—		42,706
Investment in unconsolidated affiliate (see Note 10)	100,172		—		—		100,172
Total assets	$	100,172	$	54,018	$	5,877	$	160,067
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	14,926	$	—	$	14,926
Total liabilities	$	—	$	14,926	$	—	$	14,926

Non-Financial Assets and Liabilities

The fair value of the Company’s non-financial assets and liabilities measured on a non-recurring basis are determined using valuation techniques that include Level 3 inputs.

Derivative Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

At June 30, 2024, the Company had the following outstanding commodity derivative contracts:


Commodity	Settlement Period	Derivative Instrument	Volumes			Weighted Average Prices
					Fixed-Price Swaps			Sub-Floor			Floor			Ceiling

Crude oil	2024	Two-way collars	3,404,000	Bbls								$	66.76		$	82.68
Crude oil	2024	Three-way collars	736,000	Bbls					$	55.00		$	71.25		$	92.14
Crude oil	2024	Fixed-price swaps	552,000	Bbls		$	76.43
Crude oil	2025	Two-way collars	3,006,000	Bbls								$	63.04		$	80.17
Crude oil	2025	Three-way collars	2,371,000	Bbls					$	52.69		$	67.69		$	82.14

Crude oil	2026	Three-way collars	1,175,000	Bbls					$	53.85		$	68.85		$	80.19

Natural gas	2025	Fixed-price swaps	4,301,600	MMBtu		$	3.75

Subsequent to June 30, 2024, the Company entered into the following commodity derivative contracts:


					Weighted Average Prices
Commodity	Settlement Period	Derivative Instrument	Volumes		Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	276,000	Bbls			$	75.00	$	79.05
Crude oil	2025	Two-way collars	1,372,000	Bbls			$	65.98	$	76.99
Crude oil	2026	Three-way collars	1,365,000	Bbls	$	50.00	$	65.00	$	79.62


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Instrument	Statements of Operations Location	2024		2023		2024		2023

		(In thousands)
Commodity derivatives	Net gain (loss) on derivative instruments	$	3,954	$	29,740	$	(26,997)	$	95,580
Commodity derivatives (buy/sell transportation contracts)	Gathering, processing and transportation expenses(1)	(2,647)		7,123		(5,877)		18,279
Contingent consideration	Net gain (loss) on derivative instruments	654		(222)		4,028		872

__________________

The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:


		June 30, 2024
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	14,066	$	(12,966)	$	1,100
Contingent consideration	Derivative instruments — current assets	24,192		—		24,192

Commodity derivatives	Derivative instruments — non-current assets	19,907		(19,907)		—
Contingent consideration	Derivative instruments — non-current assets	22,542		—		22,542
Total derivatives assets		$	80,707	$	(32,873)	$	47,834

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	26,909	$	(12,966)	$	13,943

Commodity derivatives	Derivative instruments — non-current liabilities	21,335		(19,907)		1,428

Total derivatives liabilities		$	48,244	$	(32,873)	$	15,371

		December 31, 2023
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	20,647	$	(11,769)	$	8,878
Contingent consideration	Derivative instruments — current assets	22,614		—		22,614
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — current assets	5,877		—		5,877
Commodity derivatives	Derivative instruments — non-current assets	16,760		(14,326)		2,434
Contingent consideration	Derivative instruments — non-current assets	20,092		—		20,092
Total derivatives assets		$	85,990	$	(26,095)	$	59,895

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	25,978	$	(11,769)	$	14,209
Commodity derivatives	Derivative instruments — non-current liabilities	15,043		(14,326)		717


Total derivatives liabilities		$	41,021	$	(26,095)	$	14,926

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment:


	June 30, 2024		December 31, 2023

	(In thousands)
Proved oil and gas properties	$	11,119,012	$	6,220,766
Less: Accumulated depletion	(1,420,871)		(1,035,393)
Proved oil and gas properties, net	9,698,141		5,185,373
Unproved oil and gas properties	1,018,722		99,477
Other property and equipment	57,327		49,051
Less: Accumulated depreciation	(21,140)		(19,223)
Other property and equipment, net	36,187		29,828
Total property, plant and equipment, net	$	10,753,050	$	5,314,678

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

2024 Acquisition


	Purchase Price Consideration
	(In thousands)
Common stock issued to Enerplus shareholders(1)	$	3,732,137
Cash paid to Enerplus shareholders(1)	375,813
Cash paid to settle Enerplus equity-based compensation awards(2)	102,393
Cash paid to settle Enerplus credit facility(3)	395,000
Cash paid for retention bonus to Enerplus employees(4)	5,920
Total consideration transferred	$	4,611,263

__________________

(2)Each Enerplus outstanding equity-based compensation award became fully vested upon completion of the Arrangement on May 31, 2024. See Note 15—Stockholders’ Equity for additional information.

(4)In connection with the Arrangement, employees of Enerplus were paid a retention bonus upon the closing of the Arrangement totaling $5.9 million.


	Preliminary Purchase Price Allocation

	(In thousands)
Assets acquired:
Cash and cash equivalents	$	239,921
Accounts receivable, net	281,492
Inventory	5,701
Prepaid expenses	16,323


Oil and gas properties (successful efforts method)	5,253,860
Other property and equipment	6,812
Long-term inventory	8,636
Operating right-of-use assets	42,954
Other assets	1,049
Total assets acquired	$	5,856,748

Liabilities assumed:
Accounts payable	$	1,965
Revenues and production taxes payable	199,706
Accrued liabilities	186,334
Current portion of long-term debt	60,063
Current operating lease liabilities	27,420

Deferred tax liabilities	1,179,200
Asset retirement obligations	115,056
Operating lease liabilities	15,534
Total liabilities assumed	$	1,785,278

Net assets acquired	$	4,071,470
Goodwill acquired	539,793
Purchase price consideration	$	4,611,263


	Three and Six Months Ended June 30, 2024
	(In thousands)
Revenues	$	132,036
Income before income taxes	15,131


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Revenues	$	1,529,346	$	1,236,247	$	2,947,425	$	2,518,005
Net income	315,626		263,987		574,643		595,469

Net income per share:
Basic	$	5.05	$	4.25	$	9.23	$	9.57
Diluted	4.95		4.12		9.04		9.31

2023 Acquisition


	Purchase Price Consideration
	(In thousands)
Cash consideration transferred	$	361,609


	Purchase Price Allocation

	(In thousands)
Assets acquired:
Oil and gas properties	$	367,672
Inventory	1,844
Total assets acquired	$	369,516

Liabilities assumed:
Asset retirement obligations	$	6,771
Revenue and production taxes payable	1,136
Total liabilities assumed	$	7,907

Net assets acquired	$	361,609

Divestitures	6 Months Ended
Divestitures	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures 2024 Divestitures During the three and six months ended June 30, 2024, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $18.2 million and $20.4 million, respectively. 2023 Divestitures Non-core properties. During the year ended December 31, 2023, the Company entered into separate agreements with multiple buyers to sell a vast majority of its non-core properties located outside of the Williston Basin (the “Non-core Asset Sales”). As of December 31, 2023, the Company completed these Non-core Asset Sales and received total net cash proceeds (including purchase price adjustments) of $39.1 million, subject to customary post-closing adjustments. As of December 31, 2023, the Company recorded a pre-tax net loss on sale of assets of $8.4 million for the Non-core Asset Sales and an impairment loss of $5.6 million to adjust the carrying value of the assets held for sale to their estimated fair value less costs to sell. The impairment loss was recorded within exploration and impairment expenses on the Condensed Consolidated Statements of Operations. Other divestitures. During the year ended December 31, 2023, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $12.1 million.

Investment in Unconsolidated Affiliate	6 Months Ended
Investment in Unconsolidated Affiliate	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Affiliate	Investment in Unconsolidated Affiliate As of June 30, 2024 and December 31, 2023, the fair value of the Company’s investment in Energy Transfer was $117.7 million and $100.2 million, respectively, which represented less than 5% of Energy Transfer’s issued and outstanding common units. The carrying amount of the Company’s investment in Energy Transfer is recorded to investment in unconsolidated affiliate on the Condensed Consolidated Balance Sheet. During the three and six months ended June 30, 2024, the Company recorded a net gain of $5.9 million and $22.2 million, respectively, on its investment in Energy Transfer, comprised of an unrealized gain for the change in fair value of the investment of $3.6 million and $17.6 million, respectively, and a realized gain for cash distributions received of $2.3 million and $4.6 million, respectively. During the three and six months ended June 30, 2023, the Company recorded a net gain of $10.1 million and $7.9 million, respectively, on its investment in Energy Transfer, primarily comprised of an unrealized gain for the change in the fair value of its investment of $6.8 million and $1.1 million, respectively, and a realized gain for cash distributions received of $3.0 million and $6.0 million, respectively.

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

The Company’s long-term debt, including the current portion, consists of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Senior secured revolving line of credit	$	575,000	$	—
Chord senior unsecured notes	400,000		400,000
Enerplus senior unsecured notes	60,063		—
Less: unamortized deferred financing costs	(3,254)		(4,098)
Total debt, net	1,031,809		395,902
Less: current portion of long-term debt, net	(60,063)		—
Total long-term debt, net	$	971,746	$	395,902

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The following table reflects the changes in the Company’s ARO during the six months ended June 30, 2024 (in thousands):




Balance at December 31, 2023	$	165,546
Liabilities assumed in Arrangement	138,489
Liabilities incurred during period	1,888

Liabilities settled during period	(891)
Liabilities settled through divestitures	(244)
Accretion expense during period	6,451
Revisions to estimates	1,594

Balance at June 30, 2024	$	312,833

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 26.8% and 24.7% of pre-tax income, respectively, for the three and six months ended June 30, 2024 as compared to an effective tax rate of 24.4% and 23.9% for the three and six months ended June 30, 2023, respectively. The effective tax rate for the three months ended June 30, 2024 was higher than the statutory federal rate of 21% primarily as a result of the impact of state income taxes and Canadian losses for which no benefit is recognized. The effective tax rate for the three months ended June 30, 2023 was higher than the statutory federal rate of 21% primarily as a result of state income taxes. The effective tax rates for the six months ended June 30, 2024 and June 30, 2023 were higher than the statutory federal rate of 21% primarily as a result of state income taxes. On May 31, 2024, the Company completed the Arrangement, and as a result recognized a net deferred tax liability of $1.2 billion in its purchase price allocation as of the acquisition date primarily to reflect the difference between the tax basis and the fair value of Enerplus’ assets acquired and liabilities assumed. The Company did not record a Canadian deferred tax asset due to the lack of continued operations in Canada going forward.

Equity-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The Company has previously granted RSUs, PSUs and LSUs (each as defined below), as well as phantom unit awards under its equity compensation plans.


	Absolute TSR		Relative TSR
Grant date	February 20, 2024	March 4, 2024	February 20, 2024	March 4, 2024
Forecast period (years)	3	3	3	3
Risk-free interest rates	4.4%	4.4%	4.4%	4.4%
Implied equity volatility	35%	35%	35%	35%

Stock price on date of grant	$163.75	$160.23	$163.75	$160.23

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Shares of Common Stock

Issuance of Common Stock

Dividends

The following table summarizes the Company’s fixed and variable dividends declared for the six months ended June 30, 2024 and 2023:


	Rate per Share
	Base		Variable		Total		Total Dividends Declared

							(In thousands)


Q2 2024	$	1.25	$	1.69	$	2.94	$	124,708
Q1 2024	1.25		2.00		3.25		137,541
Total	$	2.50	$	3.69	$	6.19	$	262,249



Q2 2023	$	1.25	$	1.97	$	3.22	$	137,507
Q1 2023	1.25		3.55		4.80		204,884
Total	$	2.50	$	5.52	$	8.02	$	342,391

Share Repurchase Program

Warrants

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes the basic and diluted earnings per share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,

	2024		2023		2024		2023
	(In thousands, except per share data)

Net income	$	213,361	$	216,071	$	412,715	$	513,070
Distributed and undistributed earnings allocated to participating securities	(1,032)		(726)		(1,824)		(1,453)
Net income attributable to common stockholders (basic)	212,329		215,345		410,891		511,617
Reallocation of distributed and undistributed earnings allocated to participating securities	10		12		17		20
Net income attributable to common stockholders (diluted)	$	212,339	$	215,357	$	410,908	$	511,637

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	48,665		41,494		45,048		41,531
Dilutive effect of share-based awards	375		933		438		917
Dilutive effect of warrants	876		959		827		819
Diluted weighted average common shares outstanding	49,916		43,386		46,313		43,267

Basic earnings per share	$	4.36	$	5.19	$	9.12	$	12.32
Diluted earnings per share	$	4.25	$	4.96	$	8.87	$	11.83

Anti-dilutive weighted average common shares:
Potential common shares	1,818		4,118		2,028		4,340

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2024, the Company’s material off-balance sheet arrangements and transactions include $30.2 million in outstanding letters of credit under the Credit Facility and $73.9 million in net surety bond exposure issued as financial assurance on certain agreements. As of June 30, 2024, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 21 — Commitments and Contingencies in the 2023 Annual Report.

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	Leases During the six months ended June 30, 2023, the Company recorded a right-of-use asset impairment charge of $17.5 million to exploration and impairment on the Condensed Consolidated Statements of Operations related to a portion of one of its Denver corporate offices. There were no lease impairment charges recorded during the three and six months ended June 30, 2024, nor during the three months ended June 30, 2023. In connection with the Arrangement, the Company assumed approximately $29.0 million of operating lease liabilities for operating equipment with lease terms through 2027, $7.5 million of operating lease liabilities for office space, primarily in Denver and Calgary, with lease terms through 2029, and approximately $6.5 million of finance lease liabilities for vehicles with lease terms through 2027. Other than the items disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the 2023 Annual Report for more information on the Company’s leases.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 213,361	$ 216,071	$ 412,715	$ 513,070

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2023 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”).
Risks and Uncertainties	Risks and Uncertainties As a producer of crude oil, NGLs and natural gas, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGLs and natural gas, which are dependent upon numerous factors beyond its control such as economic, geopolitical, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that the prices for crude oil, NGLs or natural gas will not be subject to wide fluctuations in the future. A substantial or extended decline in prices for crude oil and, to a lesser extent, NGLs and natural gas, could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil, NGL and natural gas reserves that may be economically produced and the Company’s access to capital.
Significant Accounting Policies	Significant Accounting Policies Goodwill. In accordance with FASB ASC 350, Intangibles - Goodwill and Other, goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill has an indefinite useful life and is not amortized, but rather is tested by the Company for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of the reporting unit may have been reduced below its carrying value. If the Company’s qualitative analysis indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company then performs a quantitative impairment test. If the carrying amount exceeds the fair value, an impairment loss is recognized for that excess amount. Any such charge will not affect the Company’s cash flow from operating activities or liquidity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). This standard clarifies that single reportable segment entities are subject to the disclosure requirements under Topic 280 in its entirety. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. The Company is currently evaluating this ASU to determine its impact on the Company’s annual financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically relating to the effective tax rate reconciliation and additional disclosures on income taxes paid. The Company expects to adopt this ASU effective January 1, 2025, and the adoption is not expected to affect the Company’s financial position or results of operations, but will result in additional disclosures. In March 2024, the SEC released its final rule on climate-related disclosures, requiring the disclosure of certain climate-related risks, management and governance practices, and financial impacts, as well as greenhouse gas emissions. Large accelerated filers will be required to incorporate the applicable climate-related disclosures into their filings for annual reporting periods beginning in fiscal year 2025, with additional requirements relating to greenhouse gas emissions effective for annual reporting periods beginning in fiscal year 2026. In April 2024, the SEC paused implementation of the final rule pending the resolution of consolidated legal challenges that are currently proceeding before the U.S. Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of this rule on its financial statements and related disclosures.
Performance Obligations	The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three and six months ended June 30, 2024 and 2023, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.
Financial Assets and Liabilities	Financial Assets and Liabilities Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s non-financial assets and liabilities measured on a non-recurring basis are determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, environmental and regulatory environments. Oil and gas and other properties. The Company records its properties at fair value when acquired in a business combination or upon impairment for proved oil and gas properties and other properties. Fair value is determined using a discounted cash flow model. The inputs used are subject to management’s judgment and expertise and include, but are not limited to, future production volumes based upon estimates of proved reserves, future commodity prices (adjusted for basis differentials), estimates of future operating and development costs and a risk-adjusted discount rate.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues from contracts with customers were as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(In thousands)
Crude oil revenues	$	848,104	$	647,868	$	1,526,955	$	1,298,776
Purchased crude oil sales	346,721		205,226		673,368		314,491
NGL and natural gas revenues	54,563		47,558		123,874		162,850
Purchased NGL and natural gas sales	11,292		11,419		21,743		32,471

Total revenues	$	1,260,680	$	912,071	$	2,345,940	$	1,808,588

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table sets forth the Company’s inventory balances for the periods presented:


	June 30, 2024		December 31, 2023

	(In thousands)
Inventory
Equipment and materials	$	30,901	$	30,201
Crude oil inventory	49,004		42,364
Total inventory	79,905		72,565
Long-term inventory
Linefill in third-party pipelines	27,619		22,936
Total long-term inventory	27,619		22,936
Total	$	107,524	$	95,501

Schedule of Long-Term Inventory

The following table sets forth the Company’s inventory balances for the periods presented:


	June 30, 2024		December 31, 2023

	(In thousands)
Inventory
Equipment and materials	$	30,901	$	30,201
Crude oil inventory	49,004		42,364
Total inventory	79,905		72,565
Long-term inventory
Linefill in third-party pipelines	27,619		22,936
Total long-term inventory	27,619		22,936
Total	$	107,524	$	95,501

Additional Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Balance Sheet Amounts

The following table sets forth certain balance sheet amounts comprised of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Accounts receivable, net
Trade and other accounts	$	977,211	$	749,356
Joint interest accounts	314,508		207,571

Total accounts receivable	1,291,719		956,927
Less: allowance for credit losses	(15,785)		(13,813)
Total accounts receivable, net	$	1,275,934	$	943,114

Revenues and production taxes payable
Royalties payable	$	369,313	$	297,531
Revenue suspense	347,500		266,704
Production taxes payable	55,752		40,469
Total revenue and production taxes payable	$	772,565	$	604,704

Accrued liabilities
Accrued oil and gas marketing	$	208,683	$	165,141
Accrued capital costs	235,139		122,260
Accrued lease operating expenses	131,648		107,606
Accrued general and administrative expenses	61,519		37,882

Current portion of asset retirement obligations	37,016		10,507
Accrued dividends	19,138		25,167
Other accrued liabilities	21,284		24,818
Total accrued liabilities	$	714,427	$	493,381

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:


	Fair value at June 30, 2024
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	1,100	$	—	$	1,100
Contingent consideration (see Note 6)	—		46,734		—		46,734
Investment in unconsolidated affiliate (see Note 10)	117,738		—		—		117,738
Total assets	$	117,738	$	47,834	$	—	$	165,572
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	15,371	$	—	$	15,371
Total liabilities	$	—	$	15,371	$	—	$	15,371


	Fair value at December 31, 2023
	Level 1		Level 2		Level 3		Total

	(In thousands)
Assets:
Commodity derivative contracts (see Note 6)	$	—	$	11,312	$	5,877	$	17,189
Contingent consideration (see Note 6)	—		42,706		—		42,706
Investment in unconsolidated affiliate (see Note 10)	100,172		—		—		100,172
Total assets	$	100,172	$	54,018	$	5,877	$	160,067
Liabilities:
Commodity derivative contracts (see Note 6)	$	—	$	14,926	$	—	$	14,926
Total liabilities	$	—	$	14,926	$	—	$	14,926

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At June 30, 2024, the Company had the following outstanding commodity derivative contracts:


Commodity	Settlement Period	Derivative Instrument	Volumes			Weighted Average Prices
					Fixed-Price Swaps			Sub-Floor			Floor			Ceiling

Crude oil	2024	Two-way collars	3,404,000	Bbls								$	66.76		$	82.68
Crude oil	2024	Three-way collars	736,000	Bbls					$	55.00		$	71.25		$	92.14
Crude oil	2024	Fixed-price swaps	552,000	Bbls		$	76.43
Crude oil	2025	Two-way collars	3,006,000	Bbls								$	63.04		$	80.17
Crude oil	2025	Three-way collars	2,371,000	Bbls					$	52.69		$	67.69		$	82.14

Crude oil	2026	Three-way collars	1,175,000	Bbls					$	53.85		$	68.85		$	80.19

Natural gas	2025	Fixed-price swaps	4,301,600	MMBtu		$	3.75

Subsequent to June 30, 2024, the Company entered into the following commodity derivative contracts:


					Weighted Average Prices
Commodity	Settlement Period	Derivative Instrument	Volumes		Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	276,000	Bbls			$	75.00	$	79.05
Crude oil	2025	Two-way collars	1,372,000	Bbls			$	65.98	$	76.99
Crude oil	2026	Three-way collars	1,365,000	Bbls	$	50.00	$	65.00	$	79.62

Schedule of Gains and Losses from Commodity Derivative Instruments


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative Instrument	Statements of Operations Location	2024		2023		2024		2023

		(In thousands)
Commodity derivatives	Net gain (loss) on derivative instruments	$	3,954	$	29,740	$	(26,997)	$	95,580
Commodity derivatives (buy/sell transportation contracts)	Gathering, processing and transportation expenses(1)	(2,647)		7,123		(5,877)		18,279
Contingent consideration	Net gain (loss) on derivative instruments	654		(222)		4,028		872

__________________

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:


		June 30, 2024
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	14,066	$	(12,966)	$	1,100
Contingent consideration	Derivative instruments — current assets	24,192		—		24,192

Commodity derivatives	Derivative instruments — non-current assets	19,907		(19,907)		—
Contingent consideration	Derivative instruments — non-current assets	22,542		—		22,542
Total derivatives assets		$	80,707	$	(32,873)	$	47,834

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	26,909	$	(12,966)	$	13,943

Commodity derivatives	Derivative instruments — non-current liabilities	21,335		(19,907)		1,428

Total derivatives liabilities		$	48,244	$	(32,873)	$	15,371

		December 31, 2023
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount

		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	20,647	$	(11,769)	$	8,878
Contingent consideration	Derivative instruments — current assets	22,614		—		22,614
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — current assets	5,877		—		5,877
Commodity derivatives	Derivative instruments — non-current assets	16,760		(14,326)		2,434
Contingent consideration	Derivative instruments — non-current assets	20,092		—		20,092
Total derivatives assets		$	85,990	$	(26,095)	$	59,895

Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	25,978	$	(11,769)	$	14,209
Commodity derivatives	Derivative instruments — non-current liabilities	15,043		(14,326)		717


Total derivatives liabilities		$	41,021	$	(26,095)	$	14,926

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment:


	June 30, 2024		December 31, 2023

	(In thousands)
Proved oil and gas properties	$	11,119,012	$	6,220,766
Less: Accumulated depletion	(1,420,871)		(1,035,393)
Proved oil and gas properties, net	9,698,141		5,185,373
Unproved oil and gas properties	1,018,722		99,477
Other property and equipment	57,327		49,051
Less: Accumulated depreciation	(21,140)		(19,223)
Other property and equipment, net	36,187		29,828
Total property, plant and equipment, net	$	10,753,050	$	5,314,678

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Purchase Price Consideration
	(In thousands)
Common stock issued to Enerplus shareholders(1)	$	3,732,137
Cash paid to Enerplus shareholders(1)	375,813
Cash paid to settle Enerplus equity-based compensation awards(2)	102,393
Cash paid to settle Enerplus credit facility(3)	395,000
Cash paid for retention bonus to Enerplus employees(4)	5,920
Total consideration transferred	$	4,611,263

__________________

(2)Each Enerplus outstanding equity-based compensation award became fully vested upon completion of the Arrangement on May 31, 2024. See Note 15—Stockholders’ Equity for additional information.

(4)In connection with the Arrangement, employees of Enerplus were paid a retention bonus upon the closing of the Arrangement totaling $5.9 million.

Schedule of Purchase Price Allocation


	Preliminary Purchase Price Allocation

	(In thousands)
Assets acquired:
Cash and cash equivalents	$	239,921
Accounts receivable, net	281,492
Inventory	5,701
Prepaid expenses	16,323


Oil and gas properties (successful efforts method)	5,253,860
Other property and equipment	6,812
Long-term inventory	8,636
Operating right-of-use assets	42,954
Other assets	1,049
Total assets acquired	$	5,856,748

Liabilities assumed:
Accounts payable	$	1,965
Revenues and production taxes payable	199,706
Accrued liabilities	186,334
Current portion of long-term debt	60,063
Current operating lease liabilities	27,420

Deferred tax liabilities	1,179,200
Asset retirement obligations	115,056
Operating lease liabilities	15,534
Total liabilities assumed	$	1,785,278

Net assets acquired	$	4,071,470
Goodwill acquired	539,793
Purchase price consideration	$	4,611,263


	Purchase Price Consideration
	(In thousands)
Cash consideration transferred	$	361,609


	Purchase Price Allocation

	(In thousands)
Assets acquired:
Oil and gas properties	$	367,672
Inventory	1,844
Total assets acquired	$	369,516

Liabilities assumed:
Asset retirement obligations	$	6,771
Revenue and production taxes payable	1,136
Total liabilities assumed	$	7,907

Net assets acquired	$	361,609

Schedule of Pro Forma Information

The following table summarizes the total revenues and income before income taxes attributable to Enerplus that were recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented.


	Three and Six Months Ended June 30, 2024
	(In thousands)
Revenues	$	132,036
Income before income taxes	15,131

The pro forma results of operations do not include any future cost savings or other synergies that may result from the Arrangement or any estimated costs that have not yet been incurred by the Company to integrate the Enerplus assets.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Revenues	$	1,529,346	$	1,236,247	$	2,947,425	$	2,518,005
Net income	315,626		263,987		574,643		595,469

Net income per share:
Basic	$	5.05	$	4.25	$	9.23	$	9.57
Diluted	4.95		4.12		9.04		9.31

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company’s long-term debt, including the current portion, consists of the following:


	June 30, 2024		December 31, 2023

	(In thousands)
Senior secured revolving line of credit	$	575,000	$	—
Chord senior unsecured notes	400,000		400,000
Enerplus senior unsecured notes	60,063		—
Less: unamortized deferred financing costs	(3,254)		(4,098)
Total debt, net	1,031,809		395,902
Less: current portion of long-term debt, net	(60,063)		—
Total long-term debt, net	$	971,746	$	395,902

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes in Asset Retirement Obligations

The following table reflects the changes in the Company’s ARO during the six months ended June 30, 2024 (in thousands):




Balance at December 31, 2023	$	165,546
Liabilities assumed in Arrangement	138,489
Liabilities incurred during period	1,888

Liabilities settled during period	(891)
Liabilities settled through divestitures	(244)
Accretion expense during period	6,451
Revisions to estimates	1,594

Balance at June 30, 2024	$	312,833

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Assumptions


	Absolute TSR		Relative TSR
Grant date	February 20, 2024	March 4, 2024	February 20, 2024	March 4, 2024
Forecast period (years)	3	3	3	3
Risk-free interest rates	4.4%	4.4%	4.4%	4.4%
Implied equity volatility	35%	35%	35%	35%

Stock price on date of grant	$163.75	$160.23	$163.75	$160.23

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Dividends Payable

The following table summarizes the Company’s fixed and variable dividends declared for the six months ended June 30, 2024 and 2023:


	Rate per Share
	Base		Variable		Total		Total Dividends Declared

							(In thousands)


Q2 2024	$	1.25	$	1.69	$	2.94	$	124,708
Q1 2024	1.25		2.00		3.25		137,541
Total	$	2.50	$	3.69	$	6.19	$	262,249



Q2 2023	$	1.25	$	1.97	$	3.22	$	137,507
Q1 2023	1.25		3.55		4.80		204,884
Total	$	2.50	$	5.52	$	8.02	$	342,391

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted-Average Number of Shares Outstanding

The following table summarizes the basic and diluted earnings per share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,

	2024		2023		2024		2023
	(In thousands, except per share data)

Net income	$	213,361	$	216,071	$	412,715	$	513,070
Distributed and undistributed earnings allocated to participating securities	(1,032)		(726)		(1,824)		(1,453)
Net income attributable to common stockholders (basic)	212,329		215,345		410,891		511,617
Reallocation of distributed and undistributed earnings allocated to participating securities	10		12		17		20
Net income attributable to common stockholders (diluted)	$	212,339	$	215,357	$	410,908	$	511,637

Weighted average common shares outstanding:
Basic weighted average common shares outstanding	48,665		41,494		45,048		41,531
Dilutive effect of share-based awards	375		933		438		917
Dilutive effect of warrants	876		959		827		819
Diluted weighted average common shares outstanding	49,916		43,386		46,313		43,267

Basic earnings per share	$	4.36	$	5.19	$	9.12	$	12.32
Diluted earnings per share	$	4.25	$	4.96	$	8.87	$	11.83

Anti-dilutive weighted average common shares:
Potential common shares	1,818		4,118		2,028		4,340

Organization and Summary of Significant Accounting Policies - Narrative (Details)	Feb. 21, 2024 $ / shares	Jun. 30, 2024 $ / shares shares	May 14, 2024 shares	May 13, 2024 shares	Dec. 31, 2023 $ / shares shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized (in shares) \| shares		240,000,000	240,000,000	120,000,000	120,000,000
Enerplus Corporation Acquisition
Business Acquisition [Line Items]
Conversion ratio	0.10125
Cash paid per share (in dollars per share)	$ 1.84

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,260,680	$ 912,071	$ 2,345,940	$ 1,808,588
Crude oil revenues
Disaggregation of Revenue [Line Items]
Total revenues	848,104	647,868	1,526,955	1,298,776
Purchased crude oil sales
Disaggregation of Revenue [Line Items]
Total revenues	346,721	205,226	673,368	314,491
NGL and natural gas revenues
Disaggregation of Revenue [Line Items]
Total revenues	54,563	47,558	123,874	162,850
Purchased NGL and natural gas sales
Disaggregation of Revenue [Line Items]
Total revenues	$ 11,292	$ 11,419	$ 21,743	$ 32,471

Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory
Equipment and materials	$ 30,901	$ 30,201
Crude oil inventory	49,004	42,364
Total inventory	79,905	72,565
Long-term inventory
Linefill in third-party pipelines	27,619	22,936
Total long-term inventory	27,619	22,936
Total	$ 107,524	$ 95,501

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 1,291,719	$ 956,927
Less: allowance for credit losses	(15,785)	(13,813)
Total accounts receivable, net	1,275,934	943,114
Royalties payable	369,313	297,531
Revenue suspense	347,500	266,704
Production taxes payable	55,752	40,469
Total revenue and production taxes payable	772,565	604,704
Accrued oil and gas marketing	208,683	165,141
Accrued capital costs	235,139	122,260
Accrued lease operating expenses	131,648	107,606
Accrued general and administrative expenses	61,519	37,882
Current portion of asset retirement obligations	37,016	10,507
Accrued dividends	19,138	25,167
Other accrued liabilities	21,284	24,818
Total accrued liabilities	714,427	493,381
Trade and other accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	977,211	749,356
Joint interest accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 314,508	$ 207,571

Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 165,572	$ 160,067
Total liabilities	15,371	14,926
Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,100	17,189
Total liabilities	15,371	14,926
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	46,734	42,706
Investment in unconsolidated affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	117,738	100,172
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	117,738	100,172
Total liabilities	0	0
Level 1 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 1 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 1 \| Investment in unconsolidated affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	117,738	100,172
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	47,834	54,018
Total liabilities	15,371	14,926
Level 2 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,100	11,312
Total liabilities	15,371	14,926
Level 2 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	46,734	42,706
Level 2 \| Investment in unconsolidated affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	5,877
Total liabilities	0	0
Level 3 \| Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	5,877
Total liabilities	0	0
Level 3 \| Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 \| Investment in unconsolidated affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

Fair Value Measurements - Narrative (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) $ / bbl	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2021 payment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net derivative liability	$ 400				$ 500
Proceeds from divestiture	25,000	$ 0
Divestitures \| Primary Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of earn-out payments \| payment						3
Proceeds from divestiture	$ 25,000				$ 25,000
Contingent consideration, minimum average daily settlement price, requiring additional payment (in dollars per barrel) \| $ / bbl	60
Contingent consideration, minimum average daily settlement price, terminating agreement (in dollars per barrel) \| $ / bbl	45
Anticipated \| Divestitures \| Primary Permian Basin Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture			$ 25,000	$ 25,000

Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details)	1 Months Ended	6 Months Ended
	Aug. 08, 2024 $ / bbl bbl	Jun. 30, 2024 MMBTU $ / bbl $ / gal bbl
Crude oil \| 2024 Two-way collar \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		3,404,000
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)		66.76
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)		82.68
Crude oil \| 2024 Two-way collar \| NYMEX WTI \| Subsequent Event
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl	276,000
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	75.00
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	79.05
Crude oil \| 2024 Three-way collars \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		736,000
Weighted Average Prices, Sub-Floor (in usd per bbl)		55.00
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)		71.25
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)		92.14
Crude oil \| 2024 Fixed price swaps \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		552,000
Weighted Average Prices (in dollars per barrel / dollars per btu / dollars per gallon)		76.43
Crude oil \| 2025 Two-way collars \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		3,006,000
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)		63.04
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)		80.17
Crude oil \| 2025 Two-way collars \| NYMEX WTI \| Subsequent Event
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl	1,372,000
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	65.98
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	76.99
Crude oil \| 2025 Three-way collars \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		2,371,000
Weighted Average Prices, Sub-Floor (in usd per bbl)		52.69
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)		67.69
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)		82.14
Crude oil \| 2026 Three-way collars \| NYMEX WTI
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl		1,175,000
Weighted Average Prices, Sub-Floor (in usd per bbl)		53.85
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)		68.85
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)		80.19
Crude oil \| 2026 Three-way collars \| NYMEX WTI \| Subsequent Event
Derivative [Line Items]
Volumes (in Bbls / in Gallons) \| bbl	1,365,000
Weighted Average Prices, Sub-Floor (in usd per bbl)	50.00
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu)	65.00
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu)	79.62
Natural gas \| 2025 Fixed price swaps \| NYMEX HH
Derivative [Line Items]
Volumes (in MMBtu) \| MMBTU		4,301,600
Weighted Average Prices (in dollars per barrel / dollars per btu / dollars per gallon) \| $ / gal		3.75

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets, gross amount	$ 80,707	$ 85,990
Divestitures \| Primary Permian Basin Sale
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration	46,700	42,700
Contingent consideration, current	24,200	22,600
Contingent consideration, noncurrent	$ 22,500	20,100
Commodity derivatives (buy/sell transportation contracts)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets, gross amount		5,877
Commodity derivatives (buy/sell transportation contracts) \| Derivative instruments — current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets, gross amount		$ 5,900

Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net gain (loss) on derivative instruments	$ 4,608	$ 29,518	$ (22,969)	$ 96,452
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gain (loss) on derivative instruments	Net gain (loss) on derivative instruments	Net gain (loss) on derivative instruments	Net gain (loss) on derivative instruments
Commodity derivatives
Derivative [Line Items]
Net gain (loss) on derivative instruments	$ 3,954	$ 29,740	$ (26,997)	$ 95,580
Commodity derivatives (buy/sell transportation contracts)
Derivative [Line Items]
Net gain (loss) on derivative instruments	(2,647)	7,123	(5,877)	18,279
Contingent consideration
Derivative [Line Items]
Net gain (loss) on derivative instruments	$ 654	$ (222)	$ 4,028	$ 872

Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	$ 80,707	$ 85,990
Derivative liabilities, gross amount	48,244	41,021
Derivative assets, gross amounts offset	(32,873)	(26,095)
Derivative liabilities, gross amounts offset	(32,873)	(26,095)
Derivative assets, net amount	47,834	59,895
Derivative liabilities, net amount	15,371	14,926
Commodity derivatives \| Derivative instruments — current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	14,066	20,647
Derivative assets, gross amounts offset	(12,966)	(11,769)
Derivative assets, net amount	1,100	8,878
Commodity derivatives \| Derivative instruments — non-current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	19,907	16,760
Derivative assets, gross amounts offset	(19,907)	(14,326)
Derivative assets, net amount	0	2,434
Commodity derivatives \| Derivative instruments — current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, gross amount	26,909	25,978
Derivative liabilities, gross amounts offset	(12,966)	(11,769)
Derivative liabilities, net amount	13,943	14,209
Commodity derivatives \| Derivative instruments — non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, gross amount	21,335	15,043
Derivative liabilities, gross amounts offset	(19,907)	(14,326)
Derivative liabilities, net amount	1,428	717
Contingent consideration \| Derivative instruments — current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	24,192	22,614
Derivative assets, gross amounts offset	0	0
Derivative assets, net amount	24,192	22,614
Contingent consideration \| Derivative instruments — non-current assets
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount	22,542	20,092
Derivative assets, gross amounts offset	0	0
Derivative assets, net amount	$ 22,542	20,092
Commodity derivatives (buy/sell transportation contracts)
Derivatives, Fair Value [Line Items]
Derivative assets, gross amount		5,877
Derivative assets, gross amounts offset		0
Derivative assets, net amount		$ 5,877

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 11,119,012	$ 6,220,766
Less: Accumulated depletion	(1,420,871)	(1,035,393)
Proved oil and gas properties, net	9,698,141	5,185,373
Unproved oil and gas properties	1,018,722	99,477
Other property and equipment	57,327	49,051
Less: Accumulated depreciation	(21,140)	(19,223)
Other property and equipment, net	36,187	29,828
Total property, plant and equipment, net	$ 10,753,050	$ 5,314,678

Acquisitions - Narrative (Details) a in Thousands, $ in Thousands	May 31, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	May 22, 2023 USD ($) a	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 539,793	$ 0
Williston Basin
Business Acquisition [Line Items]
Cash paid		$ 361,609
Estimated fair value		361,609
Goodwill		0
Area of land \| a			62
Total consideration transferred			$ 375,000
Security deposit		37,500
Payments for asset acquisitions		324,100
Bargain purchase gain		$ 0
Enerplus Corporation Acquisition
Business Acquisition [Line Items]
Shares issued (in shares) \| shares	20,680,097
Cash paid	$ 375,813
Estimated fair value	4,071,470
Goodwill	539,793
Goodwill which is deductible for income tax purposes	0
Total consideration transferred	$ 4,611,263

Acquisitions - Consideration Transferred (Details) $ / shares in Units, $ in Thousands	May 31, 2024 USD ($) $ / shares shares	Feb. 21, 2024 $ / shares
Business Acquisition [Line Items]
Cash paid to settle Enerplus equity-based compensation awards	$ 102,393
Cash paid to settle Enerplus credit facility	395,000
Cash paid for retention bonus to Enerplus employees	5,920
Enerplus Corporation Acquisition
Business Acquisition [Line Items]
Common stock issued to Enerplus shareholders	3,732,137
Cash paid to Enerplus shareholders	375,813
Cash paid to settle Enerplus equity-based compensation awards	102,400
Cash paid to settle Enerplus credit facility	395,000
Cash paid for retention bonus to Enerplus employees	5,900
Total consideration transferred	$ 4,611,263
Shares issued (in shares) \| shares	20,680,097
Conversion ratio		0.10125
Cash paid per share (in dollars per share) \| $ / shares		$ 1.84
Share price (in dollars per share) \| $ / shares	$ 180.47

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	May 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Liabilities assumed:
Goodwill acquired			$ 539,793	$ 0
Enerplus Corporation Acquisition
Business Combination Segment Allocation [Line Items]
Cash consideration transferred	$ 375,813
Assets acquired:
Cash and cash equivalents	239,921
Accounts receivable, net	281,492
Inventory	5,701
Prepaid expenses	16,323
Oil and gas properties	5,253,860
Other property and equipment	6,812
Long-term inventory	8,636
Operating right-of-use assets	42,954
Other assets	1,049
Total assets acquired	5,856,748
Liabilities assumed:
Accounts payable	1,965
Revenues and production taxes payable	199,706
Accrued liabilities	186,334
Current portion of long-term debt	60,063
Current operating lease liabilities	27,420
Deferred tax liabilities	1,179,200
Asset retirement obligations	115,056
Operating lease liabilities	15,534
Total liabilities assumed	1,785,278
Net assets acquired	4,071,470
Goodwill acquired	539,793
Purchase price consideration	$ 4,611,263
Williston Basin
Business Combination Segment Allocation [Line Items]
Cash consideration transferred		$ 361,609
Assets acquired:
Inventory		1,844
Oil and gas properties		367,672
Total assets acquired		369,516
Liabilities assumed:
Revenues and production taxes payable		1,136
Asset retirement obligations		6,771
Total liabilities assumed		7,907
Net assets acquired		361,609
Goodwill acquired		$ 0

Acquisitions - Schedule of Post-Merger Operating Results (Details) - Enerplus Corporation Acquisition - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Revenues	$ 132,036	$ 132,036
Income before income taxes	$ 15,131	$ 15,131

Acquisitions - Schedule of Pro Forma Information (Details) - Enerplus Corporation Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenues	$ 1,529,346	$ 1,236,247	$ 2,947,425	$ 2,518,005
Net income	$ 315,626	$ 263,987	$ 574,643	$ 595,469
Basic (in dollars per share)	$ 5.05	$ 4.25	$ 9.23	$ 9.57
Diluted (in dollars per share)	4.95	4.12	9.04	9.31
Net income attributable to Chord per share:
Basic (in dollars per share)	5.05	4.25	9.23	9.57
Diluted (in dollars per share)	$ 4.95	$ 4.12	$ 9.04	$ 9.31

Divestitures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Divestitures \| Non-Operated Wellbore Properties, Williston Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received	$ 18.2	$ 20.4	$ 12.1
Divestitures \| Non-Core Properties, Williston Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received			39.1
Pre-tax net loss on sale			8.4
Discontinued Operations, Held-for-Sale \| Non-Core Properties, Williston Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss			$ 5.6

Investment in Unconsolidated Affiliate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated affiliate, fair value	$ 117,738		$ 117,738		$ 100,172
Income from equity method investments	5,862	$ 10,126	22,158	$ 7,910
OMP Merger
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated affiliate, fair value	117,700		117,700		$ 100,200
Unconsolidated affiliate, unrealized gain	3,600	6,800	17,600	1,100
Unconsolidated affiliate, realized gain	$ 2,300	$ 3,000	$ 4,600	$ 6,000
OMP Merger \| Crestwood Equity Partners LP
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired			5.00%		5.00%

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	$ (3,254)	$ (4,098)
Total debt, net	1,031,809	395,902
Less: current portion of long-term debt, net	(60,063)	0
Long-term debt	971,746	395,902
Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	575,000	0
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Enerplus Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 60,063	$ 0

Long-Term Debt - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jul. 02, 2024	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Cash paid to settle Enerplus credit facility		$ 395,000,000
Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			$ 575,000,000		$ 575,000,000		$ 0
Line of credit facility, remaining borrowing capacity			894,800,000		894,800,000		991,100,000
Weighted average interest rate (as a percent)				0.00%		0.00%
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 400,000,000		$ 400,000,000		400,000,000
Stated interest rate (as a percent)			6.375%		6.375%
Senior Notes \| Level 1
Debt Instrument [Line Items]
Long-term debt, fair value			$ 399,900,000		$ 399,900,000		400,000,000.0
Enerplus Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross			60,063,000		60,063,000		0
Stated interest rate (as a percent)		3.79%
Assumed debt		$ 63,000,000
Enerplus Senior Notes \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value			$ 60,300,000		$ 60,300,000
Enerplus Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of assumed debt	$ 63,000,000
Payments for accrued interest on assumed debt	$ 800,000
Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			7.53%		7.53%
Amount borrowed during the period				0.00%		0.00%
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing base		3,000,000,000.0
Long-term debt, gross			$ 575,000,000.0		$ 575,000,000.0		0
Letters of credit outstanding			$ 30,200,000		$ 30,200,000		$ 8,900,000
Credit Facility \| Elected Commitments
Debt Instrument [Line Items]
Credit facility borrowing base		$ 1,500,000,000
Amended and Restated Credit Facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate (as a percent)					0.10%
Amended and Restated Credit Facility \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage					0.375%
Amended and Restated Credit Facility \| Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate (as a percent)					1.75%
Amended and Restated Credit Facility \| Credit Facility \| Minimum \| Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Spread on variable rate (as a percent)					0.75%
Amended and Restated Credit Facility \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage					0.50%
Amended and Restated Credit Facility \| Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable rate (as a percent)					2.75%
Amended and Restated Credit Facility \| Credit Facility \| Maximum \| Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Spread on variable rate (as a percent)					1.75%

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 165,546
Liabilities assumed in Arrangement	138,489
Liabilities incurred during period	1,888
Liabilities settled during period	(891)
Liabilities settled through divestitures	(244)
Accretion expense during period	6,451
Revisions to estimates	1,594
Balance at end of period	$ 312,833

Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Current portion of asset retirement obligations	$ 37,016	$ 10,507

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 31, 2024
Income Tax Contingency [Line Items]
Effective tax rate (as a percent)	26.80%	24.40%	24.70%	23.90%
Enerplus Corporation Acquisition
Income Tax Contingency [Line Items]
Deferred tax liabilities					$ 1,179,200

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to settle legacy Enerplus equity-based compensation awards	$ 102,393
Equity-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 5,400	$ 15,300	$ 10,100	$ 27,200
Liability-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				139,578
Weighted average grant date fair value (in dollars per share)				$ 165.85
Restricted Stock Units (RSUs) \| Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Restricted Stock Units (RSUs) \| Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock Units (RSUs) \| Vesting period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Performance Share Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Performance Share Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Absolute TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares granted (in shares)				14,677
Weighted average grant date value (in dollars per share)				$ 233.19
Absolute TSR PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted percentage of earnings (as a percent)				0.00%
Absolute TSR PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted percentage of earnings (as a percent)				300.00%
Relative TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted percentage of earnings (as a percent)				100.00%
Additional shares granted (in shares)				44,033
Weighted average grant date value (in dollars per share)				$ 198.73
Relative TSR PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted percentage of earnings (as a percent)				0.00%
Relative TSR PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted percentage of earnings (as a percent)				200.00%
Leverage Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Awards granted (in shares)				0
Leverage Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Leverage Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				10,531
Weighted average grant date fair value (in dollars per share)				$ 163.75
Number of shares for cash payment value (in shares)		1		1

Equity-Based Compensation - Schedule of Assumptions (Details) - $ / shares	Mar. 04, 2024	Feb. 20, 2024
Absolute TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years	3 years
Risk-free interest rates	4.40%	4.40%
Implied equity volatility	35.00%	35.00%
Stock price on date of grant (in dollars per share)	$ 160.23	$ 163.75
Relative TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years	3 years
Risk-free interest rates	4.40%	4.40%
Implied equity volatility	35.00%	35.00%
Stock price on date of grant (in dollars per share)	$ 160.23	$ 163.75

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended				6 Months Ended
	Aug. 07, 2024 $ / shares	May 31, 2024 shares	Feb. 21, 2024 $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	May 14, 2024 shares	May 13, 2024 shares	Dec. 31, 2023 $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)				240,000,000				240,000,000		240,000,000	120,000,000	120,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01				$ 0.01				$ 0.01
Dividends declared (in dollars per share) \| $ / shares				$ 2.94	$ 3.25	$ 3.22	$ 4.80	$ 6.19	$ 8.02
Repurchase of common stock (in shares)								558,579	319,458
Repurchase of common stock, average cost (in dollars per share) \| $ / shares								$ 164.23	$ 143.41
Share repurchases, total cost \| $				$ 61,747	$ 29,999	$ 30,815	$ 15,003	$ 91,700	$ 45,800
Stock repurchase program, remaining authorized repurchase amount \| $				591,300				591,300
Stock repurchase program, authorized amount \| $				$ 750,000				$ 750,000
Warrants outstanding (in shares)				2,161,803,000				2,161,803,000
Warrants exercised (in shares)				650,695		26,488		1,070,851	109,402
Enerplus Corporation Acquisition
Equity, Class of Treasury Stock [Line Items]
Conversion ratio			0.10125
Shares issued (in shares)		20,680,097
Warrant Exercise Price One
Equity, Class of Treasury Stock [Line Items]
Warrants outstanding (in shares)				432,558,000				432,558,000
Exercise price (in dollars per share) \| $ / shares				$ 75.57				$ 75.57
Warrant Exercise Price Two
Equity, Class of Treasury Stock [Line Items]
Warrants outstanding (in shares)				774,327,000				774,327,000
Exercise price (in dollars per share) \| $ / shares				$ 116.37				$ 116.37
Warrant Exercise Price Three
Equity, Class of Treasury Stock [Line Items]
Warrants outstanding (in shares)				954,918,000				954,918,000
Exercise price (in dollars per share) \| $ / shares				$ 133.70				$ 133.70
Dividend Equivalent Rights On Unvested Equity-Based Compensation Awards
Equity, Class of Treasury Stock [Line Items]
Dividends declared associated with dividend equivalent rights on equity-based awards \| $				$ 1,900		$ 3,800		$ 4,300	$ 8,800
Subsequent Event \| Base-Plus-Variable Cash Dividend
Equity, Class of Treasury Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 2.52

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 2.94	$ 3.25	$ 3.22	$ 4.80	$ 6.19	$ 8.02
Dividends payable	$ 124,708	$ 137,541	$ 137,507	$ 204,884	$ 262,249	$ 342,391
Base
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 2.50	$ 2.50
Variable
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 1.69	$ 2.00	$ 1.97	$ 3.55	$ 3.69	$ 5.52

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 213,361	$ 216,071	$ 412,715	$ 513,070
Distributed and undistributed earnings allocated to participating securities	(1,032)	(726)	(1,824)	(1,453)
Net income attributable to common stockholders (basic)	212,329	215,345	410,891	511,617
Reallocation of distributed and undistributed earnings allocated to participating securities	10	12	17	20
Net income attributable to common stockholders (diluted)	$ 212,339	$ 215,357	$ 410,908	$ 511,637
Weighted average common shares outstanding, basic (in shares)	48,665	41,494	45,048	41,531
Dilutive effect of share-based awards (in shares)	375	933	438	917
Dilutive effect of warrants (in shares)	876	959	827	819
Weighted average common shares outstanding, diluted (in shares)	49,916	43,386	46,313	43,267
Basic earnings per share (in dollars per share)	$ 4.36	$ 5.19	$ 9.12	$ 12.32
Diluted earnings per share (in dollars per share)	$ 4.25	$ 4.96	$ 8.87	$ 11.83
Anti-dilutive weighted average common shares (in shares)	1,818	4,118	2,028	4,340

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Surety Bond
Commitments and Contingencies [Line Items]
Off-balance sheet commitments	$ 73.9
Credit Facility \| Credit Facility
Commitments and Contingencies [Line Items]
Letters of credit outstanding	$ 30.2	$ 8.9

Leases (Details) - USD ($)	3 Months Ended	6 Months Ended
Leases (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	May 31, 2024
Lessee, Lease, Description [Line Items]
Asset impairment charge	$ 0	$ 0	$ 17,500,000
Equipment
Lessee, Lease, Description [Line Items]
Operating lease liabilities				$ 29,000,000
Building
Lessee, Lease, Description [Line Items]
Operating lease liabilities				7,500,000
Vehicles
Lessee, Lease, Description [Line Items]
Operating lease liabilities				$ 6,500,000

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