Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination

The tables below present the total consideration transferred and its allocation to the identifiable assets acquired and liabilities assumed as of the acquisition date on October 31, 2025. Certain estimated values for the acquisition, including oil and natural gas properties, are not yet finalized.


	Purchase Price Consideration
	(In thousands)
Cash consideration transferred	$	542,198

The tables below present the total consideration transferred and its 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. Since the acquisition date, the Company recorded adjustments to the purchase price allocation to recognize an increase in inventory acquired of $9.2 million and an increase in accrued liabilities assumed of $8.7 million, and a corresponding decrease to goodwill, totaling $0.5 million.


	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 16—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 16—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 12—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.

Schedule of Purchase Price Allocation


	Preliminary Purchase Price Allocation

	(In thousands)
Assets acquired:
Oil and gas properties (successful efforts method)	$	557,167
Other property and equipment	235
Inventory	2,185
Total assets acquired	$	559,587

Liabilities assumed:
Asset retirement obligations	$	16,473
Revenue and production taxes payable	916
Total liabilities assumed	$	17,389

Net assets acquired	$	542,198


	Final Purchase Price Allocation

	(In thousands)
Assets acquired:
Cash and cash equivalents	$	239,921
Accounts receivable, net	281,492
Inventory	14,878
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	$	5,865,925

Liabilities assumed:
Accounts payable	$	1,965
Revenues and production taxes payable	199,706
Accrued liabilities	195,034
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	$	1,793,978

Net assets acquired	$	4,071,947
Goodwill	539,316
Purchase price consideration	$	4,611,263

The tables below present 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 of December 31, 2023, the purchase price was finalized with an immaterial adjustment to the preliminary purchase price allocation.


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


	Purchase Price Allocation

	(In thousands)
Assets acquired:
Oil and gas properties (successful efforts method)	$	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 Consolidated Statement of Operations for the period presented.


	Year Ended December 31, 2024

	(In thousands)
Revenues	$	866,382
Income before income taxes	81,698

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.


	Year Ended December 31,
	2024		2023

	(In thousands, except per share data)
Revenues	$	5,852,567	$	5,442,727
Net income	1,030,629		1,305,443

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Chord Energy Corp 10-K