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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Authorized Shares of Common Stock
On May 14, 2024, Chord stockholders approved an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 120,000,000 to 240,000,000 in connection with the Arrangement. This amendment became effective on May 31, 2024.
Issuance of Common Stock
Pursuant to the Arrangement Agreement, each Enerplus common share issued and outstanding immediately prior to the effective time of the Arrangement was converted into the right to receive 0.10125 shares of Chord common stock, par value $0.01 per share. As a result of the completion of the Arrangement on May 31, 2024, the Company issued 20,680,097 shares of common stock to Enerplus shareholders.
Dividends
The following table summarizes the Company’s fixed and variable dividends declared for the three months ended March 31, 2025 and 2024:
Rate per Share
BaseVariableTotalTotal Dividends Declared
(In thousands)
Q1 2025$1.30 $— $1.30 $77,429 
Q1 20241.25 2.00 3.25 137,541 
Total dividends declared in the table above includes $0.8 million and $2.5 million associated with dividend equivalent rights on unvested equity-based compensation awards for the three months ended March 31, 2025 and 2024, respectively.
On May 6, 2025, the Company declared a base cash dividend of $1.30 per share of common stock. The dividend will be payable on June 9, 2025 to shareholders of record as of May 21, 2025.
Share Repurchase Program
In October 2024, the Board of Directors authorized a new share repurchase program of $750.0 million of the Company’s common stock, which replaced the Company’s previous $750.0 million share repurchase program. The Company has repurchased, and may repurchase in the future, shares pursuant to a Rule 10b5-1 trading plan under the Securities Exchange Act of 1934, as amended, which permits the Company to repurchase shares at times that may otherwise be prohibited under its insider trading policy. The share repurchase program does not require the Company to make purchases within a particular time frame.
During the three months ended March 31, 2025, the Company repurchased 1,994,496 shares of common stock at a weighted average price of $108.54 per common share for a total cost of $216.5 million, excluding accrued excise tax of $2.0 million. As of March 31, 2025, there was $376.1 million of capacity remaining under the Company’s $750.0 million share repurchase program. Subsequent to March 31, 2025, the Company repurchased 494,344 shares of common stock at a weighted average price of $91.01 per common share for a total cost of $45.0 million.
During the three months ended March 31, 2024, the Company repurchased 193,269 shares of common stock at a weighted average price of $155.20 per common share for a total cost of $30.0 million, under its previous repurchase program, which was replaced by its current $750.0 million share repurchase program.
Warrants
As of March 31, 2025, the Company had 888,742 warrants outstanding with an exercise price of $133.70 per share that expire on September 1, 2025.
During the three months ended March 31, 2025, there were no warrants exercised, and during the three months ended March 31, 2024, there were 420,157 warrants exercised.