Chord Energy Acquires $550M Bakken Assets from Exxon's XTO

Chord Energy has agreed to acquire $550M worth of Williston Basin assets from Exxon Mobil's XTO Energy, expanding its Bakken shale presence. The deal covers 48,000 net acres with 90 net drilling locations and near-term output of 9,000 barrels of oil equivalent per day. CEO Danny Brown called the acquisition "highly accretive" and expects leverage to return below 0.5x by mid-2026. The move follows a wave of consolidation across U.S. shale, with Exxon Mobil streamlining its unconventional portfolio and focusing on its Permian Basin operations and global LNG growth.

Chord Energy has agreed to acquire $550 million worth of Williston Basin assets from Exxon Mobil's XTO Energy, expanding its Bakken shale presence. The deal covers 48,000 net acres with 90 net drilling locations and near-term output of 9,000 barrels of oil equivalent per day. CEO Danny Brown called the acquisition "highly accretive" and expects leverage to return below 0.5x by mid-2026. The move follows a wave of consolidation across U.S. shale, with Exxon Mobil streamlining its unconventional portfolio and focusing on its Permian Basin operations and global LNG growth Exxon’s XTO sells $550 million Williston basin assets to Chord Energy^[1].

The acquisition includes 48,000 net acres in the Williston core, with an 86% operated working interest and 100% held by production. Chord expects the transaction to 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 will lower Chord's overall portfolio breakeven levels Exxon’s XTO sells $550 million Williston basin assets to Chord Energy^[1].

Chord Energy 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. The company expects to close the deal by year-end, with post-closing net leverage between 0.5x and 0.6x, and a return to below 0.5x leverage by mid-2026, depending on commodity prices Exxon’s XTO sells $550 million Williston basin assets to Chord Energy^[1].

The transaction is part of Chord's strategy to expand its footprint in the Bakken play, which has been a key focus for the company. Chord, formed through the 2022 merger of Whiting Petroleum and Oasis Petroleum, has focused on developing the Bakken play. The company got larger in the Bakken last year through a $4 billion acquisition of Enerplus Corp Chord Buys Exxon Mobil's Williston Assets for $550MM^[2].

Exxon Mobil has been streamlining its unconventional portfolio, prioritizing investment in the Permian Basin and global LNG growth. The company was reportedly seeking a buyer for some of its Bakken assets last year. Active and permitted horizontal wells operated by XTO Energy in the Williston Basin Chord Buys Exxon Mobil's Williston Assets for $550MM^[2].