(WO) — Chord Energy has entered into a $550 million agreement to acquire Williston basin assets from Exxon Mobil’s XTO Energy, expanding its footprint in one of the basin’s most prolific regions.

Image: XTO Energy
The deal includes 48,000 net acres in the Williston core, with an 86% operated working interest and 100% held by production. Chord said the assets add 90 net drilling locations and are expected to contribute about 9,000 boed of production (78% oil) at closing.
“These assets are in one of the best areas of the Williston Basin and have significant overlap with Chord’s existing footprint, setting the stage for long-lateral development,” said Danny Brown, Chord’s president and CEO. “We expect the transaction will create significant accretion for shareholders across all key metrics while maintaining pro forma leverage below the peer group.”
The acquired properties carry a low breakeven cost in the $40s per barrel, which Chord said will lower its overall portfolio breakeven levels. The company also highlighted potential to boost operating margins on producing wells and extend its drilling inventory.
The transaction is effective Sept. 1 and expected to close by year-end. Post-closing, Chord anticipates net leverage between 0.5x and 0.6x, with a return to below 0.5x leverage by mid-2026, depending on commodity prices.
Chord has already repurchased more than 788,000 shares worth $83 million in the third quarter under its shareholder return framework, which distributes more than half of adjusted free cash flow.