Chord Energy Corporation reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024, following its acquisition of Enerplus Corporation on May 31, 2024. The acquisition, valued at approximately $4.1 billion, involved issuing 20,680,097 shares of common stock and paying $375.8 million in cash to Enerplus shareholders. This strategic move is expected to enhance Chord's operational and financial synergies.
For the third quarter of 2024, Chord Energy's total revenues reached $1,450.5 million, a substantial increase from $1,123.4 million in Q3 2023. Oil, NGL, and gas revenues also rose to $1,121.0 million, compared to $840.6 million in the same quarter last year. However, net income for Q3 2024 was $225.3 million, slightly up from $209.1 million in Q3 2023, while basic earnings per share decreased to $3.63 from $5.01.
For the nine months ended September 30, 2024, total revenues increased to $3,796.4 million from $2,932.0 million in the same period of 2023. However, net income for the nine-month period fell to $638.0 million from $722.1 million in 2023, with basic earnings per share declining to $12.61 from $17.28.
The company’s total assets surged to $13.0 billion as of September 30, 2024, up from $6.9 billion at the end of 2023, primarily due to the acquisition of Enerplus. Total liabilities also increased significantly to $4.3 billion from $1.8 billion, with long-term debt rising to $867.2 million from $395.9 million. The increase in debt was largely attributed to the financing of the Enerplus acquisition.
Operating expenses for Q3 2024 totaled $1,174.6 million, up from $771.5 million in Q3 2023, reflecting higher costs associated with expanded operations post-acquisition. The company reported a decrease in operating income to $272.9 million from $352.7 million in the prior year.
In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $1.5 billion, an increase from $1.3 billion in the same period of 2023. Chord Energy also declared a cash dividend of $2.52 per share in Q3 2024, up from $1.36 per share in Q3 2023, and initiated a new $750 million share repurchase program in October 2024.
Overall, Chord Energy's financial performance reflects a robust growth trajectory following its strategic acquisition, despite some declines in profitability metrics compared to the previous fiscal period.
About Chord Energy Corp
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