Chord Energy
Chord Energy is a U.S. independent oil and gas company focused on hydrocarbon exploration, development, and production in the Williston Basin.
Last updated August 31, 2026
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Overview
Chord Energy Corporation is an independent U.S. energy company whose operations are concentrated in the Williston Basin of North Dakota and Montana. The company explores for, develops, and produces hydrocarbons, using horizontal drilling and hydraulic fracturing as part of its production model. Although its corporate identity is now Chord Energy, the business traces its operating history to Oasis Petroleum, a company established in 2007 by Thomas B. Nusz and Taylor L. Reid with financing from EnCap Investments. The company was created around the acquisition and development of unconventional oil and gas acreage in the Williston Basin. Shortly after formation, it purchased approximately 175,000 net acres and existing production in North Dakota. It expanded its regional footprint through further acquisitions in 2008 and 2009, then accessed public equity markets through an initial public offering in 2010. Its acquisition-led growth continued during the following decade, including a major 2013 purchase of Williston Basin acreage and a 2016 transaction with SM Energy involving additional acreage and operated drilling locations. Oasis also developed midstream activities, but those operations were separated through a corporate spin-off in 2017. In the same year, the company entered the Delaware Basin by acquiring acreage in that region. The Delaware Basin assets were subsequently sold in 2021, reflecting a refocusing of the portfolio toward the Williston Basin. Like many exploration and production companies exposed to commodity prices and capital-market conditions, Oasis experienced financial pressure during the 2020 energy downturn. It filed for Chapter 11 bankruptcy protection in September 2020 and completed its restructuring by emerging in November of that year. A major strategic change occurred in July 2022, when Oasis Petroleum merged with Whiting Petroleum. The combined company adopted the Chord Energy name, creating a larger Williston Basin-focused producer. The transaction broadened the company’s operated asset base and reinforced its emphasis on scale, drilling inventory, and production efficiency within the basin. In May 2024, Chord announced and completed a further expansion through its acquisition of Enerplus for approximately $3.7 billion in cash and stock, according to the referenced company history. As of December 31, 2024, Chord reported proved reserves of 883 million barrels of oil equivalent. The reserve mix was approximately 57% petroleum, 19% natural gas liquids, and 24% natural gas. This composition reflects the company’s position as a liquids-oriented unconventional producer while retaining exposure to associated natural gas and natural gas liquids. Its principal business remains upstream exploration and production rather than refining, retail fuel distribution, or a broad international energy portfolio. Chord Energy’s positioning is therefore based on concentrated regional expertise, a large operated resource base, and disciplined development of unconventional oil and gas assets. Its corporate history combines organic drilling with repeated acquisitions, restructuring, portfolio rationalization, and merger-led consolidation. The company’s geographic concentration gives it operational focus but also leaves its performance sensitive to Williston Basin geology, infrastructure, regulatory conditions, and fluctuations in oil and gas prices.
History
Chord Energy originated as Oasis Petroleum, an independent exploration and production company founded in February 2007 by Thomas B. Nusz and Taylor L. Reid with backing from EnCap Investments. Its initial strategy centered on acquiring and developing unconventional oil and gas resources in the Williston Basin, a major producing region spanning parts of North Dakota and Montana. In June 2007, Oasis acquired approximately 175,000 net acres in North Dakota together with existing production. The company continued building its regional position in 2008 and 2009 through purchases of additional acreage and production nearby. These early transactions established the concentrated basin-focused model that would remain central to the company’s identity. In 2010, Oasis became a public company through an initial public offering that raised more than $400 million, giving it access to equity capital for drilling and acquisitions. The company expanded substantially in 2013 by acquiring approximately 161,000 net acres in the Williston Basin. In 2016, it purchased approximately 55,000 net acres and 226 gross operated drilling locations from SM Energy. These transactions increased its inventory of drilling opportunities and strengthened its operated position in the basin. Oasis also pursued infrastructure-related activities, but it completed a corporate spin-off of its midstream operations in 2017. That separation left the company more directly focused on upstream exploration and production. Oasis briefly diversified geographically in 2017 by acquiring approximately 20,300 net acres in the Delaware Basin. The company later sold those assets in 2021, a portfolio decision that returned its emphasis to the Williston Basin. The period also included severe financial stress across the U.S. oil and gas sector. In September 2020, Oasis filed for Chapter 11 bankruptcy protection. It emerged from bankruptcy in November of the same year after restructuring its obligations. In July 2022, Oasis Petroleum merged with Whiting Petroleum. The combined business was renamed Chord Energy, marking a significant transition from the legacy Oasis identity to a new corporate brand. The merger increased the scale of the combined Williston Basin portfolio and reinforced a strategy based on regional concentration, operated drilling, and production of oil, natural gas liquids, and associated natural gas. Chord continued its acquisition strategy in 2024 by acquiring Enerplus in a cash-and-stock transaction valued at approximately $3.7 billion. The deal further enlarged the company’s Williston Basin resource base. At December 31, 2024, Chord reported 883 million barrels of oil equivalent in proved reserves, consisting of approximately 57% petroleum, 19% natural gas liquids, and 24% natural gas. The company’s development model combines acreage ownership, horizontal drilling, hydraulic fracturing, and infrastructure-linked production management. Its history is characterized by basin specialization, acquisition-led growth, a midstream separation, a temporary geographic expansion and subsequent divestiture, financial restructuring, and consolidation with other independent producers. Chord Energy remains an active upstream company headquartered in Houston, with an additional office in Williston, North Dakota.
- 2024
Enerplus acquisition
[1]Chord Energy acquired Enerplus in a cash-and-stock transaction valued at approximately $3.7 billion.
- 2022
Merger with Whiting Petroleum
[1]Oasis Petroleum merged with Whiting Petroleum and adopted the Chord Energy name.
- 2020
Chapter 11 restructuring
[1]Oasis filed for Chapter 11 bankruptcy protection in September and emerged from bankruptcy in November.
- 2017
Midstream spin-off and Delaware Basin entry
[1]Oasis separated its midstream operations and acquired approximately 20,300 net acres in the Delaware Basin.
- 2016
SM Energy asset acquisition
[1]Oasis acquired approximately 55,000 net acres and 226 gross operated drilling locations from SM Energy.
- 2013
Major Williston Basin acreage acquisition
[1]The company acquired approximately 161,000 net acres in the Williston Basin.
- 2010
Initial public offering
[1]Oasis became a public company through an initial public offering that raised more than $400 million.
- 2007
Oasis Petroleum is founded
[1]Thomas B. Nusz and Taylor L. Reid founded Oasis Petroleum with financing from EnCap Investments.
- 2007
Initial Williston Basin acquisition
[1]Oasis acquired approximately 175,000 net acres and existing production in North Dakota.
Products and positioning
A U.S. independent exploration and production company concentrated on oil-weighted unconventional resources in the Williston Basin, with growth driven by acreage acquisitions, horizontal drilling, hydraulic fracturing, mergers, and portfolio consolidation.
Hydrocarbon production
Crude oil
Crude oil is Chord Energy’s principal hydrocarbon output and the largest component of its proved reserve base. Production comes primarily from unconventional Williston Basin assets developed through horizontal drilling and hydraulic fracturing. The company’s basin concentration gives it an oil-weighted operating profile while exposing it to crude prices, regional differentials, transportation capacity, and drilling economics.
Hydrocarbon production
Natural gas liquids
Natural gas liquids are produced alongside crude oil and natural gas from Chord Energy’s Williston Basin wells. They form a meaningful portion of the company’s proved reserves and provide an additional revenue stream beyond crude oil. Their value depends on the composition of production, processing arrangements, transportation, and market prices for individual liquids such as ethane, propane, and butane.
Hydrocarbon production
Natural gas
Natural gas is produced primarily as associated gas from the company’s oil-oriented unconventional wells. Although it represents a smaller share of proved reserves than petroleum, it remains an important part of the production stream. Gathering, processing, pipeline access, flaring constraints, and regional gas prices influence the economics of this output.
Brand decisions
2024
Acquire EnerplusM&ABackground
Chord pursued additional scale in its core operating region through a combination with Enerplus.
Action taken
Chord Energy acquired Enerplus for approximately $3.7 billion in cash and stock.
Aftermath
The acquisition expanded Chord’s Williston Basin resource base and contributed to its reported 2024 proved reserves of 883 million barrels of oil equivalent.
Transaction value. $3.7 billion (2024 acquisition)
2022
Merge with Whiting PetroleumM&ABackground
Oasis and Whiting were both independent producers with substantial Williston Basin positions.
Action taken
The companies merged in July 2022, and the combined organization was renamed Chord Energy.
Aftermath
The transaction created a larger Williston Basin-focused producer and replaced the Oasis Petroleum identity with Chord Energy.
2021
Exit the Delaware BasinStrategyBackground
Oasis had entered the Delaware Basin in 2017 through an acreage acquisition while maintaining its long-standing Williston Basin position.
Action taken
The company sold its Delaware Basin assets in 2021.
Aftermath
The portfolio became more concentrated in the Williston Basin.
2017
Separate the midstream businessStrategyBackground
Oasis had developed midstream operations alongside its upstream exploration and production activities.
Action taken
The company completed a corporate spin-off of its midstream operations, leaving the upstream business as the primary corporate focus.
Aftermath
The separation clarified Oasis’s identity as an exploration and production company.
Recent events
Oasis Midstream Partners and Crestwood complete merger[2]
Reported:
Oasis Petroleum announced the closing of the previously announced merger between Oasis Midstream Partners and Crestwood Equity Partners.
Oasis appoints Marguerite Woung-Chapman to its board[3]
Reported:
Oasis Petroleum announced the appointment of Marguerite Woung-Chapman to its board, effective immediately.
Oasis Petroleum completes acquisition of Williston Basin assets[4]
Reported:
Oasis Petroleum announced that it completed its previously announced strategic acquisition of Williston Basin assets from Diamondback Energy. The cash payment at closing was $511.3 million, net of the deposit and purchase-price adjustments.
Oasis announces sale of Permian Basin assets[5]
Reported:
Oasis Petroleum announced definitive agreements to sell its entire Permian Basin position for total gross potential consideration of $481 million. The primary transaction was expected to close around June 30, 2021, subject to customary closing conditions; two smaller transactions had already closed.
Oasis updates 2021 outlook following Permian divestiture announcement[5]
Reported:
Oasis updated its 2021 outlook to reflect the Permian divestment, including revised full-year production and capital expenditure guidance.
Oasis Midstream Partners announces acquisition of remaining DevCo interests[6]
Reported:
Oasis Midstream Partners announced an agreement to acquire Oasis Petroleum’s remaining interests in Bobcat DevCo and Beartooth DevCo, while eliminating incentive distribution rights, in a transaction with approximately $510 million in total consideration. The transaction was expected to close before the end of March, subject to customary closing conditions.
Oasis Petroleum completes financial restructuring[7]
Reported:
Oasis Petroleum announced that it had completed its financial restructuring and emerged from Chapter 11, reducing prepetition debt by $1.8 billion.
Oasis Petroleum files for Chapter 11 bankruptcy protection[8]
Reported:
Oasis Petroleum Inc. filed for Chapter 11 bankruptcy protection on September 30, 2020. The company said it expected to reduce debt by $1.8 billion through restructuring and secured $450 million in debtor-in-possession financing.
Oasis Petroleum announces third-quarter 2019 results[9]
Reported:
Oasis Petroleum announced its financial and operating results for the third quarter of 2019.
Sources10 sources
- 1Chord Energyen.wikipedia.org
- 2Oasis Midstream Partners与Crestwood完成合并prnewswire.com
- 3Oasis任命Marguerite Woung-Chapman为董事prnewswire.com
- 4Oasis Petroleum完成威利斯顿盆地资产收购prnewswire.com
- 5Oasis宣布出售Permian盆地资产prnewswire.com
- 6Oasis Midstream Partners宣布收购剩余DevCo权益prnewswire.com
- 7Oasis Petroleum完成财务重组prnewswire.com
- 8Oasis Petroleum申请第11章破产保护financialpost.com
- 9Oasis Petroleum 公布 2019 年第三季度业绩prnewswire.com
- 10Oasis Petroleum Inc. Announces Quarter and Year Ending December 31, 2019 Earnings and Provides an Operational Update and 2020 Outlookprnewswire.com
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