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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Authorized Shares of Common Stock
On May 14, 2024, Chord stockholders approved an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 120,000,000 to 240,000,000 in connection with the Arrangement. This amendment became effective on May 31, 2024.
Issuance of Common Stock
Pursuant to the Arrangement Agreement, each Enerplus common share issued and outstanding immediately prior to the effective time of the Arrangement was converted into the right to receive 0.10125 shares of Chord common stock, par value $0.01 per share. As a result of the completion of the Arrangement on May 31, 2024, the Company issued 20,680,097 shares of common stock to Enerplus shareholders.
Dividends
The following table summarizes the Company’s fixed and variable dividends declared by quarter for the years ended December 31, 2024, 2023 and 2022:
Rate per Share
BaseVariableSpecialTotalTotal Dividends Declared
(In thousands)
Q4 2024$1.250 $0.190 $— $1.440 $88,271 
Q3 20241.250 1.270 — 2.520 157,090 
Q2 20241.250 1.690 — 2.940 124,708 
Q1 20241.250 2.000 — 3.250 137,541 
Total$5.000 $5.150 $— $10.150 $507,610 
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) $7.0 million, $14.4 million and $41.6 million associated with dividend equivalent rights on unvested equity-based compensation awards for the year ended December 31, 2024, 2023 and 2022 respectively, and (ii) a special dividend of $15.00 per share of common stock declared in connection with the Merger, or $307.4 million in aggregate, that was paid on July 8, 2022 to stockholders of record as of June 29, 2022.
As of December 31, 2024, the Company had dividends payable of $16.7 million related to dividend equivalent rights accrued on equity-based compensation awards, including $16.1 million that was recorded under accrued liabilities and $0.6 million that was recorded under other liabilities on the Consolidated Balance Sheet.
On February 25, 2025, the Company declared a base cash dividend of $1.30 per share of common stock. The dividend will be payable on March 26, 2025 to shareholders of record as of March 11, 2025.
Share Repurchase Program
The Company’s Board of Directors authorized a share repurchase program in October 2024 of up to $750 million of the Company’s common stock. This program replaces previous share repurchase programs of up to (i) $750 million of the Company’s common stock authorized in October 2023, (ii) $300 million of the Company’s common stock authorized in August 2022, and (iii) $150 million of the Company’s common stock authorized in February 2022.
During the year ended December 31, 2024, the Company repurchased 3,114,007 shares of common stock at a weighted average price of $142.20 per common share for a total cost of $442.8 million, under both of the October 2023 and October 2024 share repurchase programs. As of December 31, 2024, there was $592.6 million of capacity remaining under the Company’s October 2024 program. Subsequent to December 31, 2024, the Company repurchased 558,285 shares of common stock at a weighted average price of $116.41 per common share for a total cost of $65.0 million.
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 taxes of $0.4 million under both of the August 2022 and October 2023 share repurchase programs.
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 were indexed to the Company’s common stock and were classified as equity, were exercisable until November 19, 2024, at which time all unexercised warrants expired and the rights of the holders of such warrants to purchase common stock terminated. The Company had 124,495 legacy Oasis warrants expire on November 19, 2024.
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 Company had 395,809 legacy Whiting Series A Warrants expire on September 1, 2024. 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.
As of December 31, 2024, the Company had 888,742 legacy Whiting Series B Warrants outstanding, with an exercise price of $133.70 per share that expire on September 1, 2025.
During the years ended December 31, 2024 and 2023, there were 1,823,608 and 1,746,859 warrants exercised, respectively.