Chord Energy (CHRD) is strengthening its Williston Basin position with a $550MM acquisition of assets from ExxonMobil (XOM) subsidiary XTO Energy. The deal adds scale, efficiency and low-cost inventory for CHRD, and sets up several midstream assets for future growth.
The transaction with XTO, announced Sept. 15, includes ~48,000 net acres and ~90 net 10,000-foot-equivalent drilling locations. The assets currently produce ~9 Mboe/d (78% oil) and have a modest 23% projected base decline, CHRD said.
Located adjacent to Chord’s existing footprint, the acquired acreage enables longer laterals and improved capital efficiency, supporting breakevens near $40/bbl. The deal builds on CHRD’s 2023 purchase of 62,000 net acres from XTO, reinforcing a consolidation strategy designed to unlock scale and efficiency in the Williston.
In the Bakken Energy Path, East Daley Analytics tracks oil, gas and NGL volumes from individual wells through midstream infrastructure, including pipelines and processing plants. We estimate XTO’s total Williston crude oil production averaged 78 Mb/d in 1Q25. The acquired assets complement CHRD’s current 235 Mb/d production while lowering the producer’s average Williston breakeven costs for new wells (previously $56/bbl vs the basin average of $47/bbl).
East Daley’s Bakken Energy Path shows the acquired volumes primarily flow to the ONEOK (OKE) Bakken and Hess Midstream (HESM) Tioga systems — already key outlets for CHRD (see map). This overlap enhances infrastructure synergies and aligns development with established midstream networks.
The deal underscores a broader consolidation wave in the Williston Basin. As operators combine acreage and extend laterals, drilling margins expand and capital efficiency improves, and the basin achieves a more durable production profile. For CHRD, the result is a more resilient foundation for sustained output — and a stronger platform for long-term growth. – Gage Dwan Tickers: CHRD, HESM, OKE, XOM.
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