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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.
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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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