Oasis Petroleum Stock

Chord Energy Corporation operates as an independent exploration and production (E&P) company.

The company engages in the acquisition, exploration, development and production of crude oil, NGL's and natural gas with quality and sustainable long-lived assets in the Williston Basin.

As of December 31, 2023, the company had 1,029,263 net leasehold acres in the Williston Basin, approximately all of which is held by production. The company is exploiting significant resource potential from the Middle Bakken and Three Forks formations, which are present across a substantial portion of its acreage. During the year ended December 31, 2023, the company had average daily production of 173,425 net Boepd.

Properties

As of December 31, 2023, the company's operations were focused on the North Dakota and Montana areas of the Williston Basin targeting the Middle Bakken and Three Forks formations. The company is one of the top producers in the Williston Basin, and it has the largest acreage position of any operator in the Williston Basin. The company focuses its operations on the Williston Basin because of its high oil content, multiple producing horizons, substantial resource potential and management's previous professional history in the basin. The Williston Basin also generally has established infrastructure and access to materials and services.

Marketing

The company principally sells its crude oil, NGL and natural gas production to refiners, marketers and other purchasers that have access to nearby pipeline and rail facilities. In an effort to improve price realizations, the company manages its commodities marketing activities in-house, which enables it to market and sell its crude oil, NGL and natural gas to a broad array of potential purchasers. The company sells a significant amount of its crude oil production through bulk sales at delivery points on crude oil gathering systems to a variety of purchasers at prevailing market prices under short-term contracts that normally provide for it to receive a market-based price, which incorporates regional differentials that include, but are not limited to, transportation costs.

As of December 31, 2023, substantially all of the company's gross operated crude oil and natural gas production was connected to gathering systems. In addition, from time to time the company may enter into third-party purchase and sales transactions to, among other things, improve price realizations, optimize transportation costs, blend to meet pipeline specifications or to cover production shortfalls.

Delivery Commitments

As of December 31, 2023, the company had certain agreements with an aggregate requirement to deliver or transport a minimum quantity of approximately 20.6 MMBbl of crude oil, 12.0 MMBbl of NGLs, 438.7 Bcf of natural gas and 1.6 MMBbl of water, prior to any applicable volume credits, within specified timeframes, the majority of which are five years or less. The company is required to make periodic deficiency payments for any shortfalls in delivering the minimum volume commitments under certain agreements.

Regulation

The Federal Energy Regulatory Commission (FERC) regulates interstate natural gas transportation rates, and terms and conditions of service, which affects the marketing of natural gas that the company produces, as well as the revenues it receives for the sale of its natural gas.

With regard to the company's physical sales of energy commodities, the company is required to observe anti-market manipulation laws and related regulations enforced by FERC and/or the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC).

Certain of the company's pipelines are subject to regulation by the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) under the Hazardous Liquids Pipeline Safety Act (HLPSA) with respect to crude oil and condensates and the Natural Gas Pipeline Safety Act (NGPSA) with respect to natural gas. The company is also subject to the requirements of the Resource Conservation and Recovery Act (RCRA) and comparable state statutes.

Operations associated with the company's production and development activities generate drilling muds, produced waters and other waste streams, some of which may be disposed of by means of injection into underground wells situated in non-producing subsurface formations. These injection wells are regulated pursuant to the federal Safe Drinking Water Act (the SDWA) Underground Injection Control (the UIC) program and analogous state laws.

The company is subject to a number of federal and state laws and regulations, including the federal Occupational Safety and Health Act and comparable state statutes, whose purpose is to protect the health and safety of workers. In addition, the U.S. Occupational Safety and Health Administration hazard communication standard, the U.S. Environmental Protection Agency community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state regulations require that information be maintained concerning hazardous materials used or produced in the company's operations and that this information be provided to employees, state and local government authorities and citizens.

History

The company was founded in 2007. It was incorporated in 2010 pursuant to the laws of the state of Delaware. The company was formerly known as Oasis Petroleum Inc. and changed its name to Chord Energy Corporation in 2022.