<SEC-DOCUMENT>0001193125-24-042922.txt : 20240222
<SEC-HEADER>0001193125-24-042922.hdr.sgml : 20240222
<ACCEPTANCE-DATETIME>20240222165502
ACCESSION NUMBER:		0001193125-24-042922
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240222
DATE AS OF CHANGE:		20240222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chord Energy Corp
		CENTRAL INDEX KEY:			0001486159
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34776
		FILM NUMBER:		24665776

	BUSINESS ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		STREET 2:		SUITE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		281-404-9500

	MAIL ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		STREET 2:		SUITE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Oasis Petroleum Inc.
		DATE OF NAME CHANGE:	20100303
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d787367ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(AMENDMENT NO. ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&#8194;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&#8194;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9745;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to &#167; <FONT STYLE="white-space:nowrap">240.14a-12</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Chord Energy Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s)
Filing Proxy Statement, if Other than the Registrant) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9745;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chord Energy Business Update </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wednesday, February&nbsp;21, 2024 6:00 PM Eastern Time </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Executives </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Michael Lou; EVP and Chief
Financial Officer, Chord </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Danny Brown; President and Chief Executive Officer, Chord </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ian Dundas; President and Chief Executive Officer, Enerplus </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Darrin Henke; EVP and Chief Operating Officer, Chord </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unknown Executive </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Analysts </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Derrick Whitfield; Stifel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neil
Digman; Truist Securities </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Oliver Huang; TPH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">David Deckelbaum; TE Callon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">John
Abbott; Bank of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kevin McCurdey; Pickering Energy Partners </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Presentation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Good afternoon, ladies and
gentlemen, and welcome to the Chord Energy announces Combination with Enerplus Conference Call. (Operator Instructions) This call is being recorded on Wednesday, February&nbsp;21, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I would now like to turn the conference over to Mr.&nbsp;Michael Lou. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Lou: Thank you. Good evening, everyone. Thank you for joining the call. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today we will be discussing the business combination between Chord Energy and Enerplus and also touching on fourth quarter 2023 financial and operational
results. With me on the call are Danny Brown, President and Chief Executive Officer of Chord Energy; as well as Ian Dundas, President and Chief Executive Officer of Enerplus; as well as other members of the team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please be advised that our remarks, including the answers to your questions, include statements that we believe to be forward-looking statements and
forward-looking information within the meaning of applicable laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings
releases and conference calls. Those risks include, among others, matters that we have described in our joint press release announcing the transaction and Chord&#146;s earnings releases as well as in our filings with the Securities and Exchange
Commission. We disclaim any obligation to update these forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During this conference call, we will make reference to <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures. And reconciliations to the applicable GAAP measures can be found in Chord&#146;s earnings releases and on its website. We may also reference our current investor presentation, which you can also
find on our website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#146;ll turn the call over to Chord CEO, Danny Brown. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Thanks, Michael, and thanks, everyone, for joining our call today on such short notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;re very excited to announce that Chord Energy and Enerplus &#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Audio Gap] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Which Chord will combine with Enerplus to form a
premier Williston Basin company. We view today&#146;s announcement as the next logical step for both companies as we create a stronger, more sustainable organization that we believe is positioned for continued performance and long-term growth. I
plan to spend some time commenting on the merits of the deal before turning it over to Ian for some additional thoughts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To start, both Ian and I are
proud of what our individual organizations have done over the years. Both companies have diligently worked to position their portfolios in one of the premier oil basins in North America, resulting in <FONT STYLE="white-space:nowrap">top-tier</FONT>
assets spread across the Williston Basin that are highly complementary. Both companies have generated significant free cash flow and have returned a large amount of capital to shareholders. And our teams did this while being good stewards of our
environment and the communities in which we operate. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Both Chord and Enerplus have talented, hard-working people that have accomplished a tremendous amount, for
which they should be extremely proud. Ian and I are certainly proud of them, and we look forward to getting the teams together to share best practices and drive continuous improvement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 4 of our investor presentation gives a good summary of the merits of the deal. As you can see, this combination checks all the boxes between operating,
financial and strategic goals. It enhances scale and asset quality. Additionally, it delivers accretion on all key financial metrics, which is boosted by significant synergies that we&#146;ll get into. Additionally, the combination improves our
financial strength and returns, which, of course, supports our peer-leading return of capital profile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Slide 5. You can see the terms of the
combination. The merger consideration is structured as 90% stock and 10% cash. Each Enerplus common share will be exchanged for 0.10125 shares of Chord common stock and $1.84 per share in cash. At this exchange ratio and the respective share prices
on February&nbsp;20, 2024, the combined company would have an enterprise value of approximately $11&nbsp;billion, inclusive of Enerplus&#146; net debt. Pro forma for the transaction, Chord shareholders will own approximately 67% and Enerplus
shareholders will own approximately 33% of the combined company on a fully diluted basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following close of the transaction, the Board of Directors will
increase to 11 members, which will consist of seven representatives from Chord and four representatives from Enerplus. Ian will join the board and serve as advisor to the CEO. The Chord executive leadership team will continue to run the combined
company. The combination has been unanimously approved by the board of directors of both companies. Currently, we are expecting to close by <FONT STYLE="white-space:nowrap">mid-year</FONT> 2024. Standard regulatory approvals are needed in both U.S.
and Canada, plus a shareholder vote, including HSR review. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is a deal that is good for our shareholders; good for consumers as we should be able to
access and ultimately produce more resource than either company would have otherwise been able to do stand-alone; and good for our communities since as a larger organization, we&#146;ll be able to commit more time and resources to reducing our
environmental footprint and focusing on local communities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Slide 6. We believe this transaction creates a combined company with meaningful
scale. The combined organization will have approximately 1.3&nbsp;million net acres, with 98% of that in the Williston Basin. Additionally, combined fourth quarter &#145;23 production is 279,000 barrels of oil equivalent per day, with over 90% of
that in the Williston Basin. The transaction also combines high-quality inventory, which supports sustainable free cash flow through the different commodity cycles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe Chord and Enerplus have some of the best inventory in Bakken. To illustrate the point, since 2022 combined, Chord and Enerplus have brought 30% of
the top 100 wells online when looking at greater than six months of oil production while bringing only 15% of the wells online over the same time frame. Our combined position represents approximately 10 years of
<FONT STYLE="white-space:nowrap">low-cost</FONT> development at the current pace with significant upside beyond that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the standalone inventory of
both companies has compelling returns, the combination expands our three-mile lateral opportunity. And we will continue to pursue additional longer laterals given the success we&#146;ve had over the past two years. Just to flesh this three-mile
opportunity out a little more, over the course of 2023, Chord made significant progress in drilling, completing and cleaning out three-mile wells. Drilling times have been reduced by roughly 25% since the beginning of 2023, with it now only taking
10 to 11 days on average. On the <FONT STYLE="white-space:nowrap">clean-out</FONT> side, we&#146;ve made strong progress over the course of the year and reached TD in essentially all <FONT STYLE="white-space:nowrap">30-plus</FONT> three-mile wells
brought online in the second half. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We get asked frequently if there could be upside to our implied 80% productivity assumption for the third mile. We
believe this is a possibility, especially in light of our progress on clean-outs over the past year. However, it will take a little more time, likely until the end of this year, to get sufficient production history to effectively analyze the
three-mile declines and determine whether we can increase our EUR uplift assumptions from 140% to 150%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Enerplus team is in the early innings of
pivoting to three-mile laterals and already have over 10% of their inventory set. We see meaningful opportunity to increase this percentage in Enerplus&#146;s high-quality acreage, which supports better economics and more free cash flow.
Additionally, we&#146;re continuing to evaluate four-mile laterals. And we expect to drill our first four-milers at the end of this year. If successful, these initiatives should further improve returns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Slide 7, you can see our pro forma market cap is over $10&nbsp;billion, significantly increasing our size, positioning the combined company nicely within
our new <FONT STYLE="white-space:nowrap">large-cap</FONT> peer group. The combined oil cut is high at 56% and positions us well given the current commodity backdrop. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 8 shows inventory quality and depth as estimated by an independent research firm which tries to use
similar modeling methods across each company represented. The key takeaway is their analysis shows the pro forma Chord right in the mix with <FONT STYLE="white-space:nowrap">large-cap</FONT> names on inventory depth and quality. While we evaluate
our inventory differently than Enverus, we believe that they are objective and try to be consistent. With this in mind, the scale of the combined company is competitive with <FONT STYLE="white-space:nowrap">large-cap</FONT> peers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to slide 9. As we think about potential synergies, the opportunity is significant. The combined company expects to benefit from administrative, capital
and operating synergies of up to $150&nbsp;million per year. Administrative synergies are expected to begin immediately in 2024 and increase in 2025 up to $40&nbsp;million. Capital synergies are expected to increase to up to $55&nbsp;million during
2025, and operating synergies initiate in 2025 and are expected to increase up to $55&nbsp;million in 2026. The combined company will leverage best practices to further advance efficiencies across the business. The
<FONT STYLE="white-space:nowrap">after-tax</FONT> present value of synergies is expected to exceed $750&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you are aware, this is a
cross-border transaction. The team has evaluated the tax ramifications, and we do not expect there to be much tax leakage on a pro forma basis. To expand on this a bit, the core team has made great progress reducing downtime through the course of
2023. As a combined company, we see additional opportunity to make progress on improving downtime, which is important given base production is the vast majority of any year&#146;s volumes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, we&#146;ll be looking at ways to drive LOE down through field standardization, data analytics, lower failure rates among other items. You can
refer to the appendix for more detail on synergy potential. I should note, our respective teams have spent considerable time together and look forward to digging in on further synergies. We are confident we can deliver based on the capability and
level of rigor from both teams. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now turning to Slide 10. We see our superior profitability. Our high oil cut of 56% underpins healthy cash margins. As we
just discussed, we are focused on expanding margins further through a variety of initiatives. Additionally, the transaction is accretive to all financial metrics. And the accretion didn&#146;t come at the cost of financial strength. We maintain our <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> credit profile with net debt to EBITDA of 0.2x at close and minimal near-term maturities. With leverage well below peers, we have additional flexibility for our
strategic initiatives and return of capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Slide 11. Chord has significantly outperformed our new
<FONT STYLE="white-space:nowrap">large-cap</FONT> peers over the past several years through a combination of mergers, acquisitions and divestitures, focus on returns and returning significant capital to shareholder. All of this was done while
maintaining a healthy balance sheet. Notably, Chord has paid $45 per share in dividends since 2021 while the underlying equity has appreciated significantly as well. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So accretion is obviously important to shareholder returns. And as we discussed earlier, the outlook is strong on that front. The pro forma company expects
approximately $1.2&nbsp;billion of free cash flow and a reinvestment rate of approximately 51% in 2024 at $79 per barrel WTI and $250 per MMBtu NYMEX gas. Return of capital following closing is expected to remain at Chord&#146;s precombination level
of 75%-plus of free cash flow, given the strong balance sheet. Chord&#146;s base dividend remains unchanged at $5 per year. The base dividend will continue to be supplemented by share repurchases and variable dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 12 shows our relative valuation and yield, which we view as attractive seeing as they are based on pro forma analyst consensus expectations and
don&#146;t include the impact of synergies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And finally, Slide 13 summarizes the merits of the deal. And I think it&#146;s important to note that both
Chord and Enerplus have maintained a disciplined approach to M&amp;A. We&#146;re confident the combination is the right move and will result in significant value creation for both of our respective shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, both Chord and Enerplus have a tremendous track record of being responsible corporate citizens and respecting all of our stakeholders. We remain
committed to ESG and sustainability and capitalizing on combined best practices. We also remain committed to supporting the communities where we operate and look forward to building on each company&#146;s relationship with the MHA nation and their
leadership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To sum things up, the combined company is expected to generate significant free cash flow from its
<FONT STYLE="white-space:nowrap">low-cost</FONT> asset base, improve efficiencies and execute disciplined capital spending through business cycles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With
that, I&#146;ll turn the call over to Ian to provide some thoughts on the combination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ian Dundas: Thanks, Danny. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I believe the value-enhancing opportunities from this combination are compelling. This transaction
represents a unique opportunity to drive meaningful cost and operational synergies, an improving profitability profile and will position the pro forma business to continue to deliver strong value creation on a sustainable basis over the long term.
We are excited about the opportunities our combination creates for our shareholders, our people and all of our other stakeholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combined footprint
is remarkable, and Enerplus&#146; Chord inventory is a strong complement to Chord&#146;s position. Building on the success Chord has had with three-mile laterals across our position should drive further upside to our premier Williston position. We
see significant opportunity to expand to longer laterals and believe the combined company is in a strong position to be the basin leader on this front. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Danny noted, we believe the transaction is very good for shareholders of both companies. It is an excellent strategic fit. It is accretive to key financial
metrics while retaining a pristine balance sheet. The large stock component provides Enerplus shareholders with a strong near-term return on their investment and further upside from ownership in the combined entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the operational side, both companies have a strong execution track record. Over the last few years, drilling and completion times have improved for both
companies and currently rank in the top tier for Williston operators. Additionally, the enhanced size and scale that comes with this combination supports more consistent activity, which lends itself to more efficient operations. You can see these
benefits highlighted in the synergies announced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Chord team has a proven track record of executing on integration and synergy capture as we saw with
the integrations of QEP, Whiting-Oasis and last year&#146;s XTO acquisition. On the Enerplus side, we have also been active in the ND market in recent years and have a lot of integration experience to bring to bear. We look forward to working with
the Chord team to capture these savings and make our combined business better to deliver more value to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And finally, on a personal note, it
has been a privilege to lead Enerplus over these past 11 years. I want to thank our employees and their families for their dedication and all the hard work over the years that has allowed us to build such a great organization. We are now ready to
get going on the integration with the goal of making an even stronger, more competitive company. Together, we will achieve things that neither company could on a standalone basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And with that, I will hand it back over to Danny. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown:
Thank you, Ian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So in closing, I just want to say that we are very excited and happy to announce this transaction and believe the combination of the two
companies&#146; premier asset bases, operational abilities and technical acumen will drive further success and create a stronger, larger company positioned to deliver competitive returns and peer-leading shareholder distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks for listening. And now we&#146;ll turn the call over to Q&amp;A. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Questions and Answers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Thank you. Ladies and
gentlemen, we will now begin the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session. (Operator Instructions) Your first question comes from the line of Derrick Whitfield from Stifel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Derrick Whitfield: Congrats to you both on the transaction. For my first question, I wanted to lean in on operational synergies. Could you walk through some
of the D&amp;C synergy drivers on Page 16 in cost per foot terms? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Thanks for the question, Derrick. I think as we think about our
opportunity to improve from a D&amp;C standpoint, we&#146;re leaning a little bit on some of the experience we had with Oasis-Whiting, where we were able to use some of the best combined practices of both organizations. And so we used Oasis
practices in some areas. We used whiting practices in other areas. And really, by having that open dialogue, we were able to just really glean and use different bit technology, use different casing profiles. And it really allowed us to improve
there. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So when we think about the D&amp;C for this transaction, we&#146;ve had the teams together at a very high level because we really haven&#146;t
been able to involve too many people in this approach so far. But even through that very short period of time, we&#146;ve been able to identify up to $55&nbsp;million in synergies associated with that. So some of this includes expanding into
three-mile laterals, and some of it improves just the overall process that we think we&#146;ll be able to drill and complete that. But I&#146;m going to ask Darrin, maybe, to expand on it just a little more. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Darrin Henke: Yes. Thank you, Danny. I&#146;m happy to expand further on that. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You look at Chord&#146;s performance. In the first quarter, we drilled our fastest <FONT
STYLE="white-space:nowrap">two-mile</FONT> well spud to rig release in 7.4 days. We&#146;re averaging <FONT STYLE="white-space:nowrap">two-mile</FONT> wells in 8.9 days spud to rig release. Looking at three-mile wells, we drilled our fastest well at
9.5 days spud to rig release this quarter. And over the fourth quarter, we averaged 10.3 days spud to rig release. Those in general are 1.5 days to two days faster than what we were seeing on the Enerplus. And so that will be a synergy that we can
capture just almost immediately. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fact that we&#146;re drilling 70% to 75% of the Chord wells this year were planning to be three-mile laterals, and
we&#146;re also going to expand what Enerplus had planned this year. And it&#146;ll take time for us to do all the permitting work and regulatory work to make that happen. But clearly, Chord has demonstrated quite the ability on three-mile wells.
And you&#146;ll see us doing that going forward postclosing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: I think the other thing to mention on a DCE standpoint, Derrick, is we&#146;ve
also &#151; just from a facilities perspective, one thing that we really did have, I think, or maybe leading the basin in is the way we approach our facilities in doing a standardized modular facility approach. And so these end up being much less
expensive than stick-building your facilities on location. And it&#146;s also a lot safer and it&#146;s a better environmental footprint as well. So that&#146;s another part, sort of a synergy, that we&#146;ll roll through into the overall DC&amp;E
cost. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Derrick Whitfield: And then as my <FONT STYLE="white-space:nowrap">follow-up,</FONT> with respect to the LOE synergy, could you talk to the delayed
nature of implementation? I imagine in part it&#146;s when you&#146;re going to change out lift. But any other color you could add would be greatly appreciated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: So I think you&#146;re hitting on it, Derrick. And our experience, again, we&#146;re able to lean a little bit on the recent transaction with
Oasis-Whiting. What we saw there is it took about a year before we saw the operational synergies roll through. And part of that is &#151; and I&#146;ll give an example. One of the legacy organizations in the previous transaction had a different rod
installation practice and a different material practice than the other, which led to much longer run times on our rod pumps. And so we had a lower failure rate over time. So when you have that lower failure rate, you don&#146;t have to do the repair
work. But that takes time to bear fruit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so as we think about these operational practices, some of it&#146;s about reducing future failure rate. And
it&#146;s the lack of future workovers and future LOE that really rolls through. And so that&#146;s part of that delay, is just you implement different operating practices and then you see the benefit of it later. And that&#146;s certainly what we
saw with Whiting and Oasis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: And your next question comes from the line of Neil Digman from Truist Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neil Digman: Congrats. Danny, my first question, you&#146;ve definitely listed now a long list of potential savings. I&#146;m curious about potential
marketing or OFS opportunities given you all now will be the dominant player in the basin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Well, Neil, I&#146;d say when we &#151; probably
won&#146;t get too much into marketing. We won&#146;t get the teams together to start talking about any of that until sometime postclose. From an OFS perspective, I think both companies had good contracts with folks in the basin. Both had premier
programs. I think the real savings we may see from that sort of practice isn&#146;t so much through per job savings, although we could see some of that. But it&#146;s really about the operational efficiency we&#146;re going to pick up through the
program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so you can imagine running one completion crew but not being able to run it through the course of the year. If you&#146;re able to sign a
longer contract, because you&#146;ve got that program through the entire course of the year, you&#146;re going to do &#151; you&#146;re able to not only get contract &#151; see contract savings, but your operation is actually much more efficient as
well. So your per job cost goes down on two fronts. So that&#146;s how we&#146;re thinking about it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neil Digman: Yes. Makes sense. And then could you
just remind &#151; did you all say what you&#146;re anticipating for effective date and assume closed and then what type of, if any, lockup there will be? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: So looking at anticipated close of potentially by midyear. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neil Digman: Okay. And then any lockup on that, guys? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny
Brown: No. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: And your next question comes on the line of Oliver Huang from TPH. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neil Digman: Congrats on the deal. Just a quick question on the longer laterals. I know in the past you all
have highlighted 55% to 60% of remaining inventory being conducive to three-mile lateral development on a Chord stand-alone basis. And it looks like you all are highlighting greater than 40% of pro forma inventory in that bucket, which doesn&#146;t
really imply that many Enerplus locations falling into that three-mile lateral bucket. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So just wondering, how much of that Enerplus inventory could be
developed at three-mile laterals potentially and if there are any leasehold limitations that are preventing you all from doing so? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unknown Executive:
Yes. So the way I think about that is they just started, Enerplus, to start thinking about getting three-mile laterals. And so I think we mentioned in our prepared remarks, we&#146;re just over 10% set up for three miles. But we have not actually
had the time to do the Tetris work to continue to figure out what that could look like on a pro forma basis combined. And on top of that, there&#146;s just a lot of permitting work that needs to be done. So we actually think there&#146;s more upside
to the 40% number we announced. We just wanted to start conservatively in order to be able to move that up over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oliver Huang: Awesome. That&#146;s
helpful. One other question on the completion side of things. I know you all have generally run more conservative spacing to maximize <FONT STYLE="white-space:nowrap">per-well</FONT> IRRs. Are you all planning to make any changes with respect to the
type of spacing that Enerplus had previously been running on their asset base? They were probably running a few extra wells, including a couple on the [ 3/4 ] depending on where you are in the basin. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Yes. I think as we get the teams together, we&#146;ve got a spacing philosophy that&#146;s generally a little wider, has wells that are a little
longer, somewhat due to the lease geometry we have with some larger completions. And that&#146;s worked well for us over time. I think as we get the teams together, we&#146;re going to evaluate on, really, a DSU and sort of a DSU by DSU basis
what&#146;s the appropriate development methodology for that specific area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so we will &#151; one of the things we know is that if we &#151; we
don&#146;t want to overcapitalize areas. But by the same token, what we don&#146;t want to do is space out too wide so that we&#146;re missing high return opportunities within that DSU. So I think you may see spacing a little wider as we move
forward. But it&#146;s something we need to get the teams together and share best practices and share learnings. And it&#146;s one of the opportunities for actual value enhancement as we think about this deal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Our next question comes from the line of David Deckelbaum from TE Callon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Deckelbaum: Congrats on the deal, everyone. I am curious. I know you said that you wouldn&#146;t issue pro forma guidance until the deal closes. But I
guess can you give us a sense of the appropriate rig and frac crew program? Are you baking in a better balance of rigs versus completion crews? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think
you alluded to it in your last comments, Danny, on just having a dedicated crew for a longer duration time. Is that inherently what&#146;s driving that $55&nbsp;million CapEx? And I guess what does that balance look like between the two companies
pro forma? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Yes. I think as we move forward, it&#146;s going to take &#151; as you can imagine, so there is an inertia to a development
program. And so you&#146;ve got to get all your permits done. You&#146;ve got your infrastructure laid out. And so unfortunately, we can&#146;t &#151; they don&#146;t move really quickly. And we haven&#146;t been able to get the teams together to
really work a pro forma development plan in detail, and we&#146;ll have some restrictions on doing that up until close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so we will &#151; through the
transition process, we&#146;ll develop a combined development program. Clearly we&#146;ve got assumptions we&#146;re using now, but we&#146;ll refine that as we move forward. And then postclose, we&#146;ll roll out a full new development plan for
the postclose organization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And in that process, you know, one of the advantages we will get with this is more continuous operations and a better balance
of being able to run operations continuously. And when I say better balance, just not the need to start and stop crews as the year moves on because the overall pro forma program will be larger. And we should be able to pick up some operational
benefit as a result of that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Deckelbaum: I appreciate the response. And I know it&#146;s &#151; just curious how you&#146;re thinking going forward
now. With this deal, you guys both scale up. You&#146;re staying in basin and consolidating this area. And there&#146;s obviously some ample synergies there. Does this change how you think about the company&#146;s position in the marketplace going
forward? Or do you anticipate this being the beginning of further consolidation in the basin that&#146;s been already fairly heavily consolidated? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny
Brown: Well, I&#146;d say it&#146;s hard to speculate on what happens moving forward. We&#146;re really focused on this deal and what this deal does for both of our respective organizations. Michael? </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Lou: Yes. I think that another way to think about it, David, is we&#146;ve got about, on the Chord
side, 100 a day of production. With Enerplus we&#146;re adding &#151; we&#146;re getting to about 150 a day of production. We&#146;re still only about 12% to 13% of the Bakken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s not &#151; there&#146;s a lot of players still. And I get it that it&#146;s somewhat consolidated. We certainly have some big players in the basin.
I think this just puts us in a really nice position now. And we&#146;ll continue to look at what can further be done in the basin. But certainly, other people in other basins have consolidated way more than where the Bakken is. And so we think
there&#146;s still continued opportunities. And we&#146;re just in a good position overall. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: (Operator Instructions) Your next question comes
from the line of John Abbott from Bank of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Abbott: Just to go back to David&#146;s question that was just asked on looking at potential
opportunities to further consolidate in the Bakken. You did mention the fact that you have a strong balance sheet, post this deal roughly about 0.2x. Would you want some time &#151; would you be willing to act on &#151; if it came available, would
you be willing to act on something sooner versus later? Or do you want to see the synergies from this transaction? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Again, John, I&#146;d say
it&#146;s kind of hard to speculate on future hypothetical opportunities. I think the strong pro forma balance sheet we have is going to give us a lot of flexibility, and that could give us flexibility from a return of capital standpoint to whether
resiliency with commodity price fluctuations or to pursue different growth opportunities. And so I think we&#146;ll take those things as we see them in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But the #1 priority is going to be putting these companies together, really coming together to get the best out of both organizations. Both organizations have
done an incredible job. And we can learn from each other and get better, though. So I think the first and foremost, is we&#146;re going to get the most out of putting these two companies together. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Abbott: And just looking at the pro forma portfolio, I mean, there&#146;s a &#151; on Enerplus&#146;s side, there is a position in Appalachia. Will there
be opportunities for divestitures coming out of this? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: Yes. I think as we look at the Appalachian position, it represents about &#151;
it&#146;s a great &#151; it&#146;s in a great spot in a basin &#151; core position in a basin with a good operator. It represents only about 2% of the pro forma EBITDA. So I think as we &#151; it&#146;s a very small part of the overall company. And
as we look at &#151; we&#146;ll treat it like all aspects of our portfolio. We&#146;ll continually evaluate all aspects of our portfolio on should they stay in or should they not stay in. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: And your next question comes from the line of Kevin McCurdey from Pickering Energy Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin McCurdey: Congratulations on potentially becoming the largest Williston producer. Just one question for me. We expected you guys to have a <FONT
STYLE="white-space:nowrap">mid-single-digit</FONT> cash tax rate in 2024. Can you remind us where Enerplus is and what, if any, you would expect there to be a change after this transaction? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Lou: Yes. So we&#146;ve done a bunch of work on that cash tax side. The combined entity is going to have a very similar type of cash tax profile going
forward. We don&#146;t think that there&#146;s a lot of tax leakage in the transaction overall. So we&#146;ll continue to give a little bit more guidance on that going forward, but it&#146;s in a similar neighborhood to what we&#146;ve been talking
about on the Chord side. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unknown Executive: Yes. Maybe a hair less, but yeah, very &#151; it&#146;ll be similar on a pro forma basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin McCurdey: And is that going to continue out into past 2024? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Lou: Correct. That will be continuing on past that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: (Operator Instructions) There are no further questions at this time. Mr.&nbsp;Brown, please proceed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danny Brown: I&#146;d just like to thank everybody for joining the call today. It&#146;s an exciting day for both Chord and Enerplus shareholders as we are
able to announce this very important transaction and a combination that we think is really going to benefit both of our shareholders as we move forward. So thank you for giving us your time this afternoon and for joining our call. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Thank you. Ladies and gentlemen, this does conclude our conference for today. Thank you all for participating. You may all disconnect. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Offer or Solicitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a
solicitation of any vote or approval with respect to Chord Energy Corporation&#146;s, a Delaware corporation (&#147;Chord&#148;), acquisition of Enerplus Corporation, a corporation organized and existing under the laws of the Province of Alberta,
Canada (&#147;Enerplus&#148;), in a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">stock-and-cash</FONT></FONT> transaction (such transaction, the &#147;Arrangement&#148;), or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Important Additional Information </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Arrangement, Chord and Enerplus intend to file materials with the U.S. Securities and Exchange Commission (the
&#147;SEC&#148;) and on SEDAR+, as applicable. Chord intends to file the definitive proxy statement on Schedule 14A (the &#147;Proxy Statement&#148;) with the SEC in connection with the solicitation of proxies to obtain Chord stockholder approval of
the Arrangement, and Enerplus intends to file the management information circular and proxy statement (the &#147;Circular&#148;) with the SEC and on SEDAR+ in connection with the solicitation of proxies to obtain Enerplus shareholder approval of the
Arrangement. After the Proxy Statement is cleared by the SEC, Chord intends to mail a definitive Proxy Statement to the stockholders of Chord. This communication is not a substitute for the Proxy Statement, the Circular or for any other document
that Chord or Enerplus may file with the SEC or on SEDAR+ and/or send to Chord stockholders and/or Enerplus&#146; shareholders in connection with the Arrangement. INVESTORS AND SECURITY HOLDERS OF CHORD AND ENERPLUS ARE URGED TO CAREFULLY AND
THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY CHORD AND/OR ENERPLUS WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CHORD, ENERPLUS, THE ARRANGEMENT, THE RISKS RELATED THERETO AND RELATED MATTERS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Stockholders of Chord and shareholders of Enerplus will be able to obtain free copies of the Proxy Statement and the Circular, as each may be
amended from time to time, and other relevant documents filed by Chord and/or Enerplus with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Chord
will be available free of charge from Chord&#146;s website at www.chordenergy.com under the &#147;Investors&#148; tab or by contacting Chord&#146;s Investor Relations Department at <FONT STYLE="white-space:nowrap">(281)&nbsp;404-9600&nbsp;or</FONT>
ir@chordenergy.com. Copies of documents filed with the SEC or on SEDAR+ by Enerplus will be available free of charge from Enerplus&#146; website at www.enerplus.com under the &#147;Investors&#148; tab or by contacting Enerplus&#146; Investor
Relations Department at <FONT STYLE="white-space:nowrap">(403)&nbsp;298-1707.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participants in the Solicitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Chord, Enerplus and their respective directors and certain of their executive officers and other members of management and employees may be
deemed, under SEC rules, to be participants in the solicitation of proxies from Chord&#146;s stockholders and Enerplus&#146; shareholders in connection with the Arrangement. Information regarding the executive officers and directors of Chord is
included in its definitive proxy statement for its 2023 annual meeting under the headings &#147;Item 1 &#150; Election of Directors&#148;, &#147;Our Executive Officers&#148;, &#147;Compensation Discussion and Analysis&#148;, &#147;Executive
Compensation&#148; and &#147;Security Ownership of Certain Beneficial Owners and Management&#148;, which was filed with the SEC on March&nbsp;16, 2023 and is available at
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1486159/000148615923000007/chrd-20230316.htm. Information regarding the executive officers and directors of Enerplus is included in its information circular and proxy statement for its
2023 annual meeting under the headings &#147;Director Compensation&#148; and &#147;Executive Compensation&#148;, which was filed on SEDAR+ on April&nbsp;4, 2023 and is available
<FONT STYLE="white-space:nowrap">at&nbsp;https://www.sec.gov/Archives/edgar/data/1126874/000110465923041270/tm235372d3_ex99-2.htm.</FONT> Additional&nbsp;information regarding the persons who may be deemed participants and their direct and indirect
interests, by security holdings or otherwise, will be set forth in the Proxy Statement, the Circular and other materials when they are filed with the SEC or on SEDAR+ in connection with the Arrangement. Free copies of these documents may be obtained
as described in the paragraphs above. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements and Cautionary Statements </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements in this document concerning the Arrangement, including any statements regarding the expected timetable for completing the
Arrangement, the results, effects, benefits and synergies of the Arrangement, future opportunities for the combined company, future financial performance and condition, guidance and any other statements regarding Chord&#146;s or Enerplus&#146;
future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are &#147;forward-looking&#148; statements based on assumptions currently believed to be valid.
Forward-looking statements are all statements other than statements of historical facts. The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;ensure,&#148; &#147;expect,&#148; &#147;if,&#148; &#147;intend,&#148; &#147;estimate,&#148;
&#147;probable,&#148; &#147;project,&#148; &#147;forecasts,&#148; &#147;predict,&#148; &#147;outlook,&#148; &#147;aim,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;potential,&#148; &#147;may,&#148;
&#147;might,&#148; &#147;anticipate,&#148; &#147;likely&#148; &#147;plan,&#148; &#147;positioned,&#148; &#147;strategy,&#148; and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify
forward-looking statements. Specific forward-looking statements include statements regarding Chord&#146;s or Enerplus&#146; plans and expectations with respect to the Arrangement and the anticipated impact of the Arrangement on the combined
company&#146;s results of operations, financial position, growth opportunities and competitive position. The forward-looking statements are intended to be subject to the safe harbor provided by Section&nbsp;27A of the Securities Act of 1933,
Section&nbsp;21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These
forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that shareholders of Enerplus may not approve the
Arrangement or stockholders of Chord may not approve the issuance of shares of Chord common stock in connection with the Arrangement; the risk that any other condition to closing may not be satisfied; that either party may terminate the Arrangement
Agreement, dated February&nbsp;21, 2024, by and among Chord, Enerplus and the other parties thereto (such agreement, the &#147;Arrangement Agreement&#148;), or that the closing might be delayed or not occur at all; the risk that the Arrangement
Agreement is terminated and either Chord or Enerplus is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of Chord or Enerplus, including those resulting from the
announcement or completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Chord and Enerplus; the effects of the business combination of
Chord and Enerplus, including the combined company&#146;s future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in
capital markets and the ability of the combined company to finance operations in the manner expected; regulatory approval of the Arrangement; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and
business disruption may be greater than expected following the public announcement or consummation of the Arrangement. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation,
strategies for the combined company&#146;s operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional factors that could cause results to differ materially from those described above can be found in Chord&#146;s Annual Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> the year ended December&nbsp;31, 2022, and subsequent Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q,&nbsp;which</FONT> are on file with the SEC and available from
Chord&#146;s website at www.chordenergy.com under the &#147;Investors&#148; tab, and in other documents Chord files with the SEC and in Enerplus&#146; annual information form for the year ended December&nbsp;31, 2022, which is on file with the SEC
and on SEDAR+ and available from Enerplus&#146; website at www.enerplus.com under the &#147;Investors&#148; tab, and in other documents Enerplus files with the SEC or on SEDAR+. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Chord nor
Enerplus assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by
applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
