Chord Energy Sells Marcellus Assets to POSCO International for $550M

Chord Energy has announced it will sell its non-operated Marcellus natural gas assets to POSCO International for $550M. The deal comes after Chord's Enerplus transaction, which led to the Marcellus assets becoming non-core.

The sale includes 32K net acres and a trailing 12-month production of 121M cf/day of 100% residue gas. This represents a price of approximately $6 per adjusted EBITDA, based on gross proceeds of $550M and $3.50/MMBtu Henry Hub pricing.

Following the sale's completion, Chord Energy will concentrate its portfolio exclusively in the Williston Basin. The company expects the divestiture to reduce annual capital expenditures by $25M and increase oil weighting by 4-5 percentage points.