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{{Short description|US Energy Company}}
{{Distinguish | text = the company that discovered oil in the Siritica region of Libya in 1959}}
{{Infobox company
{{Infobox company
| name = Oasis Petroleum Inc.
| name = Chord Energy Corporation
| logo = File:Oasis petroleum logo.svg
| logo = Chord Energy logo.svg
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NASDAQ|OAS}}|[[S&P 600]] component}}
| traded_as = {{ubl|{{Nasdaq|CHRD}}|[[List of S&P 400 companies|S&P 400]] component}}
| industry = [[Petroleum industry]]
| industry = [[Petroleum industry]]
| foundation = {{Start date and age|2007}}
| founded = {{Start date and age|2022|07|01}}
| predecessors = {{ubl|Oasis Petroleum|[[Whiting Petroleum]]}}
| founder = Thomas B. Nusz<br>Taylor L. Reid
| hq_location = [[Houston, Texas]], U.S.
| hq_location = [[Houston, Texas]], U.S.
| key_people = {{nowrap| Thomas B. Nusz, [[Chairman]] & [[CEO]]<br>Taylor L. Reid, [[President (corporate title)|President]]<br>Michael H. Lou, [[CFO]]}}
| key_people = {{nowrap|Daniel E. Brown ([[President (corporate title)|president]] & [[Chief executive officer|CEO]])<BR>Michael H. Lou ([[Chief financial officer|CFO]])<BR>[[Susan M. Cunningham]] (director)}}
| products = [[Petroleum]]<br>[[Natural gas]]
| products = [[Petroleum]]<br>[[Natural gas]]
| production = {{convert|88|e3BOE|lk=in}} per day (2019)
| production = {{convert|171|e3BOE|lk=in}} per day (2022)
⚫
| website = {{URL|https://chordenergy.com/}}
| revenue = {{decrease}} $2.071 billion (2019)
| net_income = {{decrease}} -$0.128 billion (2019)
| assets = {{decrease}} $7.499 billion (2019)
| equity = {{decrease}} $3.837 billion (2019)
| num_employees = 609 (2019)
⚫
| website = {{URL|oasispetroleum.com}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1486159/000148615920000018/oas-20191231.htm | title=Oasis Petroleum Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
⚫
'''Oasis Petroleum''' is a company engaged in [[hydrocarbon exploration]] and [[hydraulic fracturing]] in the [[Williston Basin]] as well as in the [[Delaware Basin]] of the [[Permian Basin (North America)|Permian Basin]] in West Texas. It is organized in [[Delaware]] and headquartered in [[Houston, Texas]], with an office in [[Williston, North Dakota]].


⚫
'''Chord Energy Corporation''' is a company engaged in [[hydrocarbon exploration]] and [[hydraulic fracturing]] in the [[Williston Basin]] in North Dakota and Montana. It is organized in [[Delaware]] and headquartered in [[Houston, Texas]], with an office in [[Williston, North Dakota]]. The company was formerly known as Oasis Petroleum.
As of December 31, 2019, the company had {{convert|286.4|e6BOE|lk=in}} of estimated proved reserves, including {{convert|243|e6BOE|lk=in}} in the Williston Basin and {{convert|44|e6BOE|lk=in}} in the Delaware Basin. The reserves were 70% [[petroleum]] and 30% [[natural gas]].<ref name=10K/>


==History==
==History==
[[File:Oasis petroleum logo.svg|thumb|Oasis Petroleum logo]]
In February 2007, the company was founded by Thomas B. Nusz and Taylor L. Reid and was financed by [[EnCap Investments]].<ref name=prospectus>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1486159/000095012310058973/h69816b4e424b4.htm | title=Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares | publisher=[[U.S. Securities and Exchange Commission]] | date=June 16, 2010}}</ref>
In February 2007, Oasis Petroleum was founded by Thomas B. Nusz and Taylor L. Reid and was financed by [[EnCap Investments]].<ref name=prospectus>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1486159/000095012310058973/h69816b4e424b4.htm | title=Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares | publisher=[[U.S. Securities and Exchange Commission]] | date=June 16, 2010}}</ref> In June 2007, the company acquired 175,000 net acres and {{convert|1|e3BOE|lk=in}} per day of production in [[Williston, North Dakota]] for $83 million.<ref name=prospectus/>


In June 2007, the company acquired 175,000 net acres and {{convert|1|e3BOE|lk=in}} per day of production in [[Williston, North Dakota]] for $83 million.<ref name=prospectus/>
In 2008–2009, the company acquired an additional 131,000 net acres and {{convert|1.1|e3BOE|lk=in}} per day of production nearby for $54 million.<ref name=prospectus/>


⚫
In 2010, the company became a [[public company]] via an [[initial public offering]] which raised over $400 million.<ref>{{cite news | url=https://www.reuters.com/article/oasis/update-1-oasis-petroleum-prices-ipo-at-14-shr-idUSN1618159720100617 | title=Oasis Petroleum prices IPO at $14/shr | work=[[Reuters]] | date=June 24, 2010}}</ref>
In 2008-2009, the company acquired an additional 131,000 net acres and {{convert|1.1|e3BOE|lk=in}} per day of production nearby for $54 million.<ref name=prospectus/>

⚫
In 2010, the company became a [[public company]] via an [[initial public offering]] which raised over $400 million.<ref>{{cite news | url=https://www.reuters.com/article/oasis/update-1-oasis-petroleum-prices-ipo-at-14-shr-idUSN1618159720100617 | title=Oasis Petroleum prices IPO at $14/shr | work=[[Reuters]] | date=June 24, 2010}}</ref>

In 2011, two contract employees for Carlson Well Services died and two others were seriously injured in an accident while working on one of Oasis' wells in the Williston Field.<ref>{{cite news | url=https://bismarcktribune.com/news/state-and-regional/two-dead-two-injured-in-oil-well-explosion-near-williston/article_a2bfd086-dff7-11e0-86cc-001cc4c03286.html | title=Two dead, two injured in oil well explosion near Williston | first=Lauren | last=Donovan | work=[[The Bismarck Tribune]] | date=September 16, 2011}}</ref> In March 2012, the [[Occupational Safety and Health Administration]] (OSHA) cited the well service company for willfully exposing workers to unsafe conditions on the oil service rig at Oasis' well site.<ref>{{cite web | url=https://www.osha.gov/news/newsreleases/region8/03132011 | title=US Department of Labor's OSHA cites Carlson Well Service in Powers Lake, ND, for exposing workers to unsafe conditions at oil service rig | date=March 13, 2012 | website=osha.gov | access-date=April 1, 2020}}</ref>


In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion.<ref>{{cite news | url=https://www.ogj.com/articles/2013/09/oasis-petroleum-adding-to-its-williston-basin-assets.html | title=Oasis Petroleum adding to its Williston basin assets | work=[[Oil & Gas Journal]] | date=September 5, 2013}}</ref>
In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion.<ref>{{cite news | url=https://www.ogj.com/articles/2013/09/oasis-petroleum-adding-to-its-williston-basin-assets.html | title=Oasis Petroleum adding to its Williston basin assets | work=[[Oil & Gas Journal]] | date=September 5, 2013}}</ref>


In 2016, the company acquired 55,000 net acres and 226 gross operated drilling locations in the Williston Basin from [[SM Energy]] for $785 million.<ref>{{cite news | url=https://www.ogj.com/articles/2016/10/oasis-to-buy-williston-assets-from-sm-energy-for-785-million.html | title=Oasis to buy Williston assets from SM Energy for $785 million | first=Matt | last=Zborowski | publisher=[[Oil & Gas Journal]] | date=October 18, 2016}}</ref>
In 2016, the company acquired 55,000 net acres and 226 gross operated drilling locations in the Williston Basin from [[SM Energy]] for $785 million.<ref>{{cite news | url=https://www.ogj.com/articles/2016/10/oasis-to-buy-williston-assets-from-sm-energy-for-785-million.html | title=Oasis to buy Williston assets from SM Energy for $785 million | first=Matt | last=Zborowski | work=[[Oil & Gas Journal]] | date=October 18, 2016}}</ref>


In 2017, the company completed an initial public offering of its midstream operations.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-launches-initial-public-offering-300516851.html | title=Oasis Midstream Partners LP Launches Initial Public Offering | publisher=[[PR Newswire]] | date=September 11, 2017}}</ref><ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/09/21/houston-based-e-p-company-s-new-midstream-mlp.html | title=Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=September 21, 2017}}</ref>
In 2017, the company completed the [[corporate spin-off]] of its midstream operations.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-launches-initial-public-offering-300516851.html | title=Oasis Midstream Partners LP Launches Initial Public Offering | publisher=[[PR Newswire]] | date=September 11, 2017}}</ref><ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/09/21/houston-based-e-p-company-s-new-midstream-mlp.html | title=Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below expected range | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=September 21, 2017}}</ref> The same year, Oasis Petroleum acquired 20,300 net acres in the Delaware Basin for $946 million.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/oasis-petroleum-announces-delaware-basin-acquisition-and-provides-operational-updates-300569710.html | title=Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates | publisher=[[PR Newswire]] | date=December 11, 2017}}</ref><ref>{{cite news | url=https://www.chron.com/business/energy/article/Oasis-Petroleum-in-946-million-deal-for-Delaware-12424301.php | title=Oasis Petroleum in $946 million deal for Delaware Basin land | first=Collin | last=Eaton | work=[[Houston Chronicle]] | date=December 12, 2017}}</ref><ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/12/12/oasis-petroleum-acquires-delaware-basin-acreage.html | title=Oasis Petroleum acquires Delaware Basin acreage for nearly $1B | first=Jen | last=Para | work=[[American City Business Journals]] | date=December 12, 2017}}</ref> It sold these assets in 2021.<ref>{{Cite news | url=https://www.willistonherald.com/news/oil_and_energy/oasis-petroleum-is-selling-its-permian-assets-for-half-what-it-paid-for-them-in/article_7620c668-ba6f-11eb-89ae-77e174fc6720.html | title=Oasis Petroleum is selling its Permian Assets for half what it paid for them in 2017 | first=Renée | last=Jean | work=[[Williston Herald]] | date=May 21, 2021}}</ref>


In 2017, the company acquired 20,300 net acres in the Delaware Basin for $946 million.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/oasis-petroleum-announces-delaware-basin-acquisition-and-provides-operational-updates-300569710.html | title=Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates | publisher=[[PR Newswire]] | date=December 11, 2017}}</ref><ref>{{cite news | url=https://www.chron.com/business/energy/article/Oasis-Petroleum-in-946-million-deal-for-Delaware-12424301.php | title=Oasis Petroleum in $946 million deal for Delaware Basin land | first=Collin | last=Eaton | work=[[Houston Chronicle]] | date=December 12, 2017}}</ref><ref>{{cite news | url=https://www.bizjournals.com/houston/news/2017/12/12/oasis-petroleum-acquires-delaware-basin-acreage.html | title=Oasis Petroleum acquires Delaware Basin acreage for nearly $1B | first=Jen | last=Para | work=[[American City Business Journals]] | date=December 12, 2017}}</ref>
In September 2020, the company filed prematurely for [[Chapter 11]] [[bankruptcy]]; it emerged from bankruptcy in November 2020.<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/oasis-petroleum-successfully-completes-financial-restructuring-301177693.html | title=Oasis Petroleum Successfully Completes Financial Restructuring | publisher=[[PR Newswire]] | date=November 19, 2020}}</ref><ref>{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/oasis-petroleum-emerges-from-chapter-11-bankruptcy-61386979 | title=Oasis Petroleum emerges from Chapter 11 bankruptcy | first=Stephen Cedric | last=Jumchai | work=[[S&P Global]] | date=November 19, 2020}}</ref>


In July 2022, the company merged with [[Whiting Petroleum]] and was renamed Chord Energy.<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/whiting-and-oasis-complete-combination-establishing-chord-energy-301579674.html | title=Whiting and Oasis Complete Combination, Establishing Chord Energy | publisher=[[PR Newswire]] | date=July 1, 2022}}</ref><ref>{{Cite news | url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/070522-whiting-oasis-complete-merger-renamed-chord-energy | title=Whiting, Oasis complete merger, renamed Chord Energy | first=Starr | last=Spencer | work=[[S&P Global]] | date=July 5, 2022}}</ref>
In September 2020, the company filed for [[Chapter 11]] bankruptcy as a result of the economic effects of the [[Covid-19 pandemic]]. According to the company's chief executive, Thomas Nusz, "Due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry."<ref>{{Cite news|url=https://www.ft.com/content/6d32e095-2ce4-481b-9737-49911ec4792a|title=Oasis Petroleum files for bankruptcy||date=2020-09-30|access-date=2020-09-30}}</ref>


In February 2024, Chord Energy announced the acquisition of Canada's Enerplus for operations in the [[Williston Basin]] in [[North Dakota]]. The deal is valued at $11 billion.<ref>{{cite web |website=Reuters |title=Chord Energy, Enerplus to form $11 bln Williston-focused oil firm |url=https://www.reuters.com/business/energy/chord-energy-buy-canadas-enerplus-2024-02-21/|date=February 22, 2024 }}</ref>
==References==
==References==
{{Reflist|1}}
{{Reflist|1}}


==External links==
==External links==
*{{Official|https://www.chordenergy.com}}
{{Finance links
{{Finance links
| name = Oasis Petroleum Inc.
| name = Chord Energy Corporation
| google = OAS
| symbol = CHRD
| yahoo = OAS
| google = CHRD:NASDAQ
| bloomberg = OAS:US
| yahoo = CHRD
| symbol = OAS
| bloomberg = CHRD:US
| sec_cik = OAS
| reuters = CHRD.O
| sec_cik = 1486159
}}
}}


{{Petroleum industry}}
{{Petroleum industry}}
{{S&P 400 companies}}
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[[Category:2007 establishments in Texas]]

[[Category:2010 initial public offerings]]
[[Category:Companies based in Houston]]
[[Category:Companies based in Houston]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Energy companies established in 2007]]
[[Category:Non-renewable resource companies established in 2007]]
[[Category:Oil companies of the United States]]
[[Category:Oil companies of the United States]]
[[Category:Petroleum in Texas]]
[[Category:Petroleum in Texas]]
⚫
[[Category:2022 establishments in Texas]]
[[Category:Companies based in Harris County, Texas]]
[[Category:Companies in the S&P 400]]

Latest revision as of 08:22, 24 April 2024

Chord Energy Corporation
Company typePublic
IndustryPetroleum industry
Predecessors
FoundedJuly 1, 2022; 2 years ago (2022-07-01)
HeadquartersHouston, Texas, U.S.
Key people
Daniel E. Brown (president & CEO)
Michael H. Lou (CFO)
Susan M. Cunningham (director)
ProductsPetroleum
Natural gas
Production output
171 thousand barrels of oil equivalent (1,050,000 GJ) per day (2022)
Websitechordenergy.com

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

History

[edit]
Oasis Petroleum logo

In February 2007, Oasis Petroleum was founded by Thomas B. Nusz and Taylor L. Reid and was financed by EnCap Investments.[1] In June 2007, the company acquired 175,000 net acres and 1 thousand barrels of oil equivalent (6,100 GJ) per day of production in Williston, North Dakota for $83 million.[1]

In 2008–2009, the company acquired an additional 131,000 net acres and 1.1 thousand barrels of oil equivalent (6,700 GJ) per day of production nearby for $54 million.[1]

In 2010, the company became a public company via an initial public offering which raised over $400 million.[2]

In 2013, the company acquired 161,000 net acres in the Williston Basin for $1.5 billion.[3]

In 2016, the company acquired 55,000 net acres and 226 gross operated drilling locations in the Williston Basin from SM Energy for $785 million.[4]

In 2017, the company completed the corporate spin-off of its midstream operations.[5][6] The same year, Oasis Petroleum acquired 20,300 net acres in the Delaware Basin for $946 million.[7][8][9] It sold these assets in 2021.[10]

In September 2020, the company filed prematurely for Chapter 11 bankruptcy; it emerged from bankruptcy in November 2020.[11][12]

In July 2022, the company merged with Whiting Petroleum and was renamed Chord Energy.[13][14]

In February 2024, Chord Energy announced the acquisition of Canada's Enerplus for operations in the Williston Basin in North Dakota. The deal is valued at $11 billion.[15]

References

[edit]
  1. ^ a b c "Oasis Petroleum Inc. COMMON STOCK 42,000,000 shares". U.S. Securities and Exchange Commission. June 16, 2010.
  2. ^ "Oasis Petroleum prices IPO at $14/shr". Reuters. June 24, 2010.
  3. ^ "Oasis Petroleum adding to its Williston basin assets". Oil & Gas Journal. September 5, 2013.
  4. ^ Zborowski, Matt (October 18, 2016). "Oasis to buy Williston assets from SM Energy for $785 million". Oil & Gas Journal.
  5. ^ "Oasis Midstream Partners LP Launches Initial Public Offering" (Press release). PR Newswire. September 11, 2017.
  6. ^ Pulsinelli, Olivia (September 21, 2017). "Oasis Petroleum's MLP Oasis Midstream Partners prices IPO below expected range". American City Business Journals.
  7. ^ "Oasis Petroleum Announces Delaware Basin Acquisition and Provides Operational Updates" (Press release). PR Newswire. December 11, 2017.
  8. ^ Eaton, Collin (December 12, 2017). "Oasis Petroleum in $946 million deal for Delaware Basin land". Houston Chronicle.
  9. ^ Para, Jen (December 12, 2017). "Oasis Petroleum acquires Delaware Basin acreage for nearly $1B". American City Business Journals.
  10. ^ Jean, Renée (May 21, 2021). "Oasis Petroleum is selling its Permian Assets for half what it paid for them in 2017". Williston Herald.
  11. ^ "Oasis Petroleum Successfully Completes Financial Restructuring" (Press release). PR Newswire. November 19, 2020.
  12. ^ Jumchai, Stephen Cedric (November 19, 2020). "Oasis Petroleum emerges from Chapter 11 bankruptcy". S&P Global.
  13. ^ "Whiting and Oasis Complete Combination, Establishing Chord Energy" (Press release). PR Newswire. July 1, 2022.
  14. ^ Spencer, Starr (July 5, 2022). "Whiting, Oasis complete merger, renamed Chord Energy". S&P Global.
  15. ^ "Chord Energy, Enerplus to form $11 bln Williston-focused oil firm". Reuters. February 22, 2024.
[edit]
  • Official website
  • Business data for Chord Energy Corporation:
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