This Unknown Oil Company Is Turning into a Monster Dividend Stock
Most investors probably haven't heard of Chord Energy (NASDAQ: CHRD) yet. It's a relative newcomer to the fossil fuel sector, having been formed in early July by the merger of Whiting Petroleum and Oasis Petroleum.
However, dividend investors will want to get to know this oil stock. It recently revealed its updated capital plan, which included a massive dividend increase and signaled the potential for further boosts in the future that have the potential to turn it into a monster dividend stock.
The combination of Whiting and Oasis created a larger-scale oil producer focused on the Williston Basin of North Dakota. The company has a top-tier position, with 972,000 net acres in the region and a combined production base of 171,100 barrels of oil equivalent per day. That increased scale positions Chord Energy to produce significant and sustainable free cash flow.
Source Fool.com
