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Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends
The following table summarizes the Company’s fixed and variable dividends declared by quarter for the years ended December 31, 2023 and 2022:
Rate per Share
BaseVariableSpecialTotalTotal Dividends Declared
(In thousands)
Q4 2023$1.250 $1.250 $— $2.500 $107,867 
Q3 20231.250 0.110 — 1.360 58,374 
Q2 20231.250 1.970 — 3.220 137,507 
Q1 20231.250 3.550 — 4.800 204,884 
Total$5.000 $6.880 $— $11.880 $508,632 
Q4 2022$1.250 $2.420 $— $3.670 $157,673 
Q3 20221.250 — — 1.250 70,242 
Q2 20220.585 2.940 15.000 18.525 379,369 
Q1 20220.585 3.000 — 3.585 73,074 
Total $3.670 $8.360 $15.000 $27.030 $680,358 
Total dividends declared in the table above includes (i) $14.4 million and $41.6 million associated with dividend equivalent rights on unvested equity-based compensation awards for the year ended December 31, 2023 and 2022, respectively, and (ii) a special dividend of $15.00 per share of common stock declared in connection with the Merger (the “Special Dividend”), or $307.4 million in aggregate, that was paid on July 8, 2022 to stockholders of record as of June 29, 2022. The Special Dividend was accounted for separately from the Merger and recognized as a reduction of retained earnings during the second quarter of 2022, which was the period when the Special Dividend was declared.
As of December 31, 2023, the Company had dividends payable of $37.6 million related to dividend equivalent rights accrued on equity-based compensation awards, including $23.8 million that was recorded under accrued liabilities and $13.8 million that was recorded under other liabilities on the Consolidated Balance Sheet.
On February 21, 2024, the Company declared a base-plus-variable cash dividend of $3.25 per share of common stock. The dividend will be payable on March 19, 2024 to shareholders of record as of March 5, 2024.
Share Repurchase Program
The Company’s Board of Directors authorized a share repurchase program in October 2023 of up to $750 million of the Company’s common stock. This program replaces previous share repurchase programs of up to (i) $300 million of the Company’s common stock authorized in August 2022, and (ii) $150 million of the Company’s common stock authorized in February 2022.
During the year ended December 31, 2023, the Company repurchased 1,533,791 shares of common stock at a weighted average price of $157.08 per common share for a total cost of $240.9 million, excluding accrued excise tax of $0.4 million, under both of the August 2022 and October 2023 share repurchase programs. As of December 31, 2023, there was $683.0 million of capacity remaining under the Company’s $750 million program.
During the year ended December 31, 2022, the Company repurchased 1,378,070 shares of common stock at a weighted average price of $110.24 per common share for a total cost of $151.9 million under both of the February and August 2022 share repurchase programs.
Warrants
Legacy Oasis warrants. On November 19, 2020, the Company entered into a Warrant Agreement with Computershare Inc. and Computershare Trust Company N.A., as warrant agent. The warrants, which are indexed to the Company’s common stock and are classified as equity, are exercisable until November 19, 2024, at which time all unexercised warrants will expire and the rights of the holders of such warrants to purchase common stock will terminate. In the event that a holder of a warrant elects to
exercise their option to acquire shares of the Company’s common stock, the warrant is required to be settled through physical settlement or net share settlement.
The warrants were initially exercisable for a price of $94.57 per warrant. The number of shares of Chord common stock for which a warrant is exercisable and the exercise prices are subject to adjustment from time to time upon the occurrence of certain events, including stock splits, reverse stock splits or stock dividends to holders of common stock or a reclassification in respect of common stock. Pursuant to the terms of the Warrant Agreement, the exercise price per warrant decreased to $75.57 per warrant effective June 30, 2022 in connection with the payment of the Special Dividend.
No holder of a warrant, by virtue of holding or having a beneficial interest in a warrant, will have the right to vote, receive dividends, receive notice as stockholders with respect to any meeting of stockholders for the election of directors or any other matter, or exercise any rights whatsoever as a stockholder of Chord unless, until and only to the extent such holders become holders of record of shares of Chord common stock issued upon settlement of the warrants.
Assumed Whiting warrants. Pursuant to the Merger Agreement, all of Whiting’s outstanding warrants immediately prior to the effective time of the Merger were assumed by the Company at the closing of the Merger. Prior to the Merger, each legacy Whiting warrant was exercisable for one share of Whiting common stock. Following the completion of the Merger and the Company’s assumption of the legacy Whiting warrants, each such warrant was exercisable for 0.5774 shares of the Company’s common stock, which reflects an adjustment in accordance with the exchange ratio under the Merger Agreement. Also, in accordance with the Merger Agreement, the exercise price of each such legacy Whiting warrant per share of the Company’s common stock was adjusted to equal the quotient of (x) the exercise price of such warrant per share of Whiting common stock immediately prior to the effective time of the Merger less $6.25 divided by (y) the exchange ratio of 0.5774.
Therefore, as a result of the completion of the Merger on July 1, 2022, the Company assumed (i) 4,833,455 legacy Whiting Series A Warrants which were exercisable for an aggregate amount of 2,790,837 shares of the Company’s common stock at an exercise price of $116.37 per share and (ii) 2,418,832 legacy Whiting Series B Warrants which were exercisable for an aggregate amount of 1,396,634 shares of the Company’s common stock at an exercise price of $133.70 per share.
In the event that a holder of Whiting warrants elects to exercise their option to acquire shares of the Company’s common stock, the Company shall issue a net number of exercised shares of common stock. The net number of exercised shares is calculated as (i) the number of Whiting warrants exercised multiplied by (ii) the difference between the 30 day daily volume weighted average price of the common stock leading up to the exercise date and the relevant exercise price, calculated as a percentage of the current market price on the exercise date.
The legacy Whiting Series A Warrants are exercisable until September 1, 2024 and the legacy Whiting Series B Warrants are exercisable until September 1, 2025, at which respective times all unexercised Whiting warrants will expire and the rights of the holders of such Whiting warrants to acquire common stock will terminate. Pursuant to the Whiting warrant agreements, no holder of a Whiting warrant, by virtue of holding or having a beneficial interest in a Whiting warrant, will have the right to vote, receive dividends, receive notice as stockholders with respect to any meeting of stockholders for the election of directors or any other matter, or exercise any rights whatsoever as a stockholder of Chord unless, until and only to the extent such holders become holders of record of shares of Chord common stock issued upon settlement of the Whiting warrants.
The number of shares of Chord common stock for which a Whiting warrant is exercisable and the exercise prices are subject to adjustment from time to time upon the occurrence of certain events, including stock splits, reverse stock splits or stock dividends to holders of common stock or a reclassification in respect of common stock.
Chord warrants. The following table summarizes the Company’s outstanding warrants as of December 31, 2023:
Warrants(1)
Exercise Price(2)
Legacy Oasis575,717$75.57 
Legacy Whiting - Series A1,318,369$116.37 
Legacy Whiting - Series B1,338,568$133.70 
Total3,232,654
__________________ 
(1)Represents the number of warrants in terms of shares of Chord common stock.
(2)The exercise price of legacy Whiting warrants was adjusted in accordance with the Merger Agreement.

During the year ended December 31, 2023, there were 1,746,859 warrants exercised.
Authorized Shares of Common Stock
On June 28, 2022, the Company’s stockholders approved an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 60,000,000 to 120,000,000 in connection with the Merger. The amendment became effective on July 1, 2022.
Issuance of Common Stock
Pursuant to the Merger Agreement, each share of Whiting common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive 0.5774 shares of common stock, par value $0.01 per share, of the Company. As a result of the completion of the Merger on July 1, 2022, the Company issued 22,671,871 shares of common stock to Whiting stockholders.