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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [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 for the nine months ended September 30, 2025 and 2024:
Rate per Share
BaseVariableTotalTotal Dividends Declared
(In thousands)
Q3 2025$1.30 $— $1.30 $74,772 
Q2 20251.30 — 1.30 75,733 
Q1 20251.30 — 1.30 77,429 
Total$3.90 $— $3.90 $227,934 
Q3 2024$1.25 $1.27 $2.52 $157,090 
Q2 20241.25 1.69 2.94 124,708 
Q1 20241.25 2.00 3.25 137,541 
Total $3.75 $4.96 $8.71 $419,339 
Total dividends declared in the table above include $0.6 million and $2.0 million associated with dividend equivalent rights on unvested equity-based compensation awards for the three and nine months ended September 30, 2025, respectively, and $1.6 million and $5.9 million for the three and nine months ended September 30, 2024, respectively.
On November 4, 2025, the Company declared a base cash dividend of $1.30 per share of common stock. The dividend will be payable on December 5, 2025 to shareholders of record as of November 19, 2025.
Share Repurchase Program
In August 2025, the Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company’s common stock, which replaced the Company’s previous $750.0 million share repurchase program. The Company has repurchased, and may repurchase in the future, shares pursuant to a Rule 10b5-1 trading plan under the Securities Exchange Act of 1934, as amended, which permits the Company to repurchase shares at times that may otherwise be prohibited under its insider trading policy. The share repurchase program does not require the Company to make purchases within a particular time frame.
During the nine months ended September 30, 2025, the Company repurchased 3,388,561 shares of common stock at a weighted average price of $104.61 per common share for a total cost of $354.5 million, excluding accrued excise tax of $3.3 million. As of September 30, 2025, there was $962.2 million of capacity remaining under the Company’s $1.0 billion share repurchase program.
During the nine months ended September 30, 2024, the Company repurchased 1,509,996 shares of common stock at a weighted average price of $157.47 per common share for a total cost of $237.8 million, under its previous $750.0 million repurchase program.
Warrants
The Company had 888,406 warrants expire on September 1, 2025. As of September 30, 2025, the Company had no remaining warrants outstanding. During each of the three and nine months ended September 30, 2025, an immaterial amount of warrants were exercised, and during the three and nine months ended September 30, 2024, there were 922,475 and 1,993,326 warrants exercised, respectively.