Chord Energy to Buy Assets in Williston Basin for $550 Million

(Reuters) – U.S energy firm Chord Energy  said on Monday it would buy assets in the Williston Basin from Exxon Mobil’s unit XTO Energy for $550 million.

The Williston Basin is located in parts of North Dakota, Montana and Canada, and is a major U.S. shale oil and gas region centered by the Bakken formation.

The company said it would acquire 48,000 net acres in the Williston core and expects near-term production to be around 9 million barrels of oil equivalent per day, mostly oil, with a low decline rate and strong potential to improve margins on existing wells.

Chord Energy added that the deal is expected to be accretive to cash flow, free cash flow and net asset value, and will be funded through a combination of cash and borrowings.

The transaction is expected to close by year-end.

See Press Release with More Details Here

Reporting by Katha Kalia in Bengaluru; Editing by Alan Barona

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