US oil and gas company Chord Energy has finalised its acquisition of Canadian company Enerplus, creating an exploration and production (E&P) company focused on the Williston Basin. 

The deal, which was first announced in February 2024, values the combined entity at approximately $11bn. 

Under the terms of the agreement, Enerplus shareholders received 0.10125 shares of Chord common stock in addition to $1.84 in cash for each common share held.  

In total, Chord issued around 20.7 million shares as part of the stock consideration. 

With the deal's closure, Enerplus' common shares have ceased trading on the New York Stock Exchange and are scheduled to be delisted from the Toronto Stock Exchange after the market closes on 3 June 2024.  

The post-transaction structure has Chord shareholders owning roughly 67% and Enerplus shareholders owning around 33% of the combined company, on a fully diluted basis. 

The newly formed E&P company boasts a premier position in the Williston Basin, with a low-cost inventory spanning approximately 1.3 million net acres.  

Combined production for Q4 2023 stood at 287,000 barrels of oil equivalent per day. 

Chord Energy president and CEO Danny Brown said: "We are excited to complete the combination with Enerplus, creating a premier Williston Basin operator with enhanced scale, significant low-cost inventory, financial strength and peer-leading shareholder returns.  

“We are leveraging best practices from both companies to create a stronger, more efficient organisation and, at this point, see over $200m of annual synergies versus our original estimate of $150m." 

Last month, ConocoPhillips agreed to acquire Marathon Oil in an all stock transaction. 

ConocoPhillips aims to bolster its US onshore portfolio with the addition of more than two billion barrels of resources through this acquisition.