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Enerplus Corporation (TSX: ERF, NYSE: ERF) is a distinguished North American oil and gas exploration and production company dedicated to responsibly developing high-quality crude oil and natural gas assets. Enerplus operates primarily in Canada and the United States, targeting premier plays such as the Bakken, the Marcellus, and Canadian waterfloods, as well as emerging natural gas plays like Wilrich and Duvernay.
Enerplus boasts an impressive annual production rate, approaching 100,000 barrels of oil equivalent per day (boe/day). The company emphasizes maintaining high safety standards and minimizing its environmental footprint, which underscores its commitment to sustainability and responsible operations.
Enerplus is known for its unique corporate culture that prioritizes a rewarding work environment. The company seeks individuals who are ambitious, effective, and enjoy their work, which sets it apart from other exploration and production firms.
Recently, Enerplus has entered into a definitive arrangement agreement with Chord Energy Corporation, valued at approximately $11 billion in stock and cash. This merger will bolster the combined company's position in the Williston Basin, covering approximately 1.3 million net acres with a production rate of 287 MBoepd in Q4 2023. The merger is expected to enhance free cash flow and shareholder returns.
The merger terms stipulate that each Enerplus common share will be exchanged for 0.10125 shares of Chord common stock and $1.84 in cash, resulting in Enerplus shareholders owning about 33% of the combined entity. The deal is anticipated to close by mid-2024, pending necessary approvals from shareholders and regulatory bodies.
The combined company will be led by Danny Brown as President and CEO, with Ian Dundas serving as an Advisor to the CEO. The board will expand to 11 members, incorporating representatives from both companies.
Enerplus remains committed to environmental, social, and governance (ESG) principles, with continuous improvements in its business practices. Further information and updates about the merger can be found on the Enerplus and Chord Energy websites.
Chord Energy and Enerplus announced the completion of their business combination, creating a premier operator in the Williston Basin with enhanced scale and financial strength. The arrangement was approved by shareholders and received court approval. Chord expects over $200MM in annual synergies, an increase from the original $150MM estimate. The combined entity, led by Chord's existing management, aims to maximize shareholder value through capital discipline and sustainable cash flow. Enerplus shareholders received Chord shares and cash, and Enerplus stock will be delisted. Updated 2024 guidance reflects the merger, with projections for oil, NGL, and natural gas volumes, as well as CapEx adjustments. The credit agreement was amended to increase the borrowing base to $3B.
Enerplus Corporation (TSX & NYSE: ERF) announced the acquisition of Bruin E&P HoldCo, LLC for US$465 million. This acquisition enhances Enerplus's position in the Williston Basin, adding 151,000 net acres and approximately 24,000 BOE per day of production. Expected synergies include a 30% increase in adjusted funds flow per share and an 80% increase in free cash flow per share within the first year. The deal is projected to generate over $200 million in free cash flow for 2021, maintaining a robust financial position with a net debt to adjusted funds flow ratio below 1.3x.
Eurofins has enhanced its SARS-CoV-2 variant detection capabilities, revealing a commitment to improving public health responses to COVID-19. The company will increase its ARTIC Next Generation Sequencing capacity to over 5,000 full genomes daily. Additionally, the new NovaType RT-PCR assay, capable of identifying the B.1.1.7 and B.1.351 variants, is being rolled out across Eurofins' global laboratories. These initiatives aim to support health authorities in monitoring variants effectively, with the assay already available in Germany and set for wider distribution.
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