Chord Energy Corporation (CHRD)

Chord Energy Reports First Quarter 2026 Financial and Operating Results, Updates 2026 Outlook and Declares Base DividendMay 5, 2026 4:15 PM
PR Newswire (US) HOUSTON, May 5, 2026 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord," "Chord Energy," or the "Company") today reported financial and operating results for the first quarter 2026. Key Takeaways and Updates: Operational Strength: Cash Flow from Operations and Adjusted Free Cash Flow exceeded expectations in 1Q26, supported by oil volumes above the high-end of guidance and capital in line with expectations;Improving Efficiency: Strong drilling and completions ("D&C") and production operations led Chord to increase FY26 oil volumes by 2 MBopd to 161 MBopd while keeping capital unchanged;4-Mile Lateral Update: Successfully executed and turned in line ("TIL") the Toonie 5-well pad, representing Chord's first full 4-mile DSU development. Execution and performance are in line with expectations; Shareholder Returns: Returned $145MM to shareholders through a base dividend of $1.30 per share and $71MM of share repurchases.1Q26 Operational and Financial Highlights:Strong Volumes: Oil volumes of 158.0 MBopd exceeded the high-end of guidance and were 2.6% above the midpoint of guidance;Capital Discipline: CapEx of $342MM (excluding $3.0MM of reimbursable non-op CapEx) was in-line with the midpoint of guidance;Cost Control: LOE of $9.87/Boe was in-line with the midpoint of guidance;Realizations: Gas realizations were favorable, reflecting seasonally strong regional benchmark prices;Profitability: Net income was $108.6MM and Adjusted Net Income(1) was $258.9MM ($4.56/diluted share); andCash Generation: Net cash provided by operating activities was $507.5MM, Adjusted EBITDA(1) was $713.0MM and Adjusted Free Cash Flow(1) was $324.0MM (excluding $3.0MM of reimbursable non-op CapEx).(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP")."Chord delivered strong first quarter execution, demonstrated efficient operations, and generated free cash flow above expectations," said Danny Brown, Chord Energy's President and Chief Executive Officer. "Oil volumes exceeded the high-end of guidance with capital and operating expenses in line. This strong operational performance supported robust free cash flow, enabling high return of capital to shareholders. The Chord team also achieved a key operational  milestone, with the successful delivery of our first four-mile pad during the quarter. Additionally, D&C cycle times continue to show positive trends.  Separately, Chord has identified and is implementing multiple base production enhancement initiatives that are expected to grow volumes with a minimal increase to costs, further improving our free cash flow outlook. Chord's high-quality, oil-weighted asset base combined with our relentless focus on continuous improvement position us well to maximize free cash flow and deliver long-term value for shareholders. I want to thank the entire Chord team for their continued focus on safe, efficient execution and their commitment to making our company better every day."1Q26 Operational and Financial Update:The following table presents select 1Q26 operational and financial data compared to guidance released on February 25, 2026:Metric
1Q26 Actual
1Q26 GuidanceOil Volumes (MBopd)
158.0
152.5 – 155.5NGL Volumes (MBblpd)
49.0
48.0 – 49.0Natural Gas Volumes (MMcfpd)
411.4
401.0 – 409.0Total Volumes (MBoepd)
275.6
267.3 – 272.7CapEx ($MM)(1)
$344.9
$325 – $355Oil Discount to WTI ($/Bbl)
$(2.35)
$(1.60) – $(2.60)NGL Realization (% of WTI)
12 %
5% – 15%Natural Gas Realization (% of Henry Hub)
64 %
50% – 60%LOE ($/Boe)
$9.87
$9.40 – $10.40Cash GPT ($/Boe)(2)
$2.79
$2.75 – $3.25Cash G&A ($MM)(2)
$26.9
$23 – $28Production Taxes (% of Oil, NGL and Natural Gas Sales)
7.5 %
7.5% – 7.9%Cash Interest ($MM)(2)
$26.0
$25 – $27Cash Tax (% of Adjusted EBITDA)
2.9 %
0% – 3%____________________(1)1Q26 includes $3.0MM of reimbursable non-op CapEx.(2)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP.Chord had 37 gross (30 net) operated TILs in 1Q26.Return of Capital:Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on June 5, 2026 to shareholders of record as of May 20, 2026.The Company repurchased 559,064 shares of common stock at a weighted average price of $126.53 per share totaling $70.7MM in 1Q26. Shares issued and outstanding were 56.3MM (57.1MM on a fully-diluted basis) as of March 31, 2026, compared to 56.8MM (57.2MM on a fully-diluted basis) as of December 31, 2025. Details regarding the Return of Capital calculation can be found in the Company's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations.Operations Update:4-Mile Laterals:  At the end of the first quarter, Chord brought online the five-well Toonie pad, representing the Company's first full 4-mile DSU development. Capital costs were in line with expectations, supported by multi-well efficiencies, including simulfrac operations. Early performance is in line with expectations. Chord is scaling its 4-mile development in 2026, with approximately 40% of TILs and 60% of spuds expected to be 4-mile laterals. The broader program is expected to benefit from continued multi-well execution efficiencies.Execution: Chord continues to demonstrate strong operational execution and improving cycle times across its Williston Basin program. The Company remains the most active operator in the Bakken and the leader in the development of extended-reach laterals, including 4-mile wells. Drilling performance continues to improve, with the majority of 4-mile laterals successfully drilled in a single run, minimizing cycle times and driving cost efficiencies. Chord is also realizing cost savings from operating both its frac fleets on dual fuel, significantly reducing exposure to diesel price volatility. Completions execution remains strong, with consistent cleanout performance to total depth. Additionally, the Company continues to reduce facilities-related capital through infrastructure optimization, with the majority of the development program benefiting from equipment re-use and scalable facility design.  Production/LOE: Chord delivered strong production above expectations in 1Q26 through its disciplined base optimization efforts, focused on low-cost, high-return initiatives. Key areas of focus include the application of AI to optimize artificial lift, expanding workover activity, various chemical treatment programs, logistics optimization, reducing cycle times to return non-producing wells, as well as other initiatives.2026 Outlook Update: Chord is updating its 2026 guidance to reflect 1Q26 performance, production optimization initiatives, faster cycle times, and its latest forecasts. Chord is driving base production higher through various initiatives discussed above, resulting in a higher volume outlook with minimal impact on costs. In 2026, Chord expects to generate approximately $3.1B of Adjusted EBITDA and $1.4B of Adjusted Free Cash Flow including the impact of derivatives ($80/Bbl WTI and $3.25/MMBtu Henry Hub for 2Q26-4Q26).Key Update Summary:Volumes: FY26 oil volumes increased 2 MBopd at midpoint to 161 MBopd;  2Q26 midpoint oil volume guidance of 164.0 MBopd reflects positive impacts from production optimization initiatives and faster D&C cycle times. 3Q26 volumes are expected to be similar levels to 2Q26 before declining in 4Q26;Capital: FY26 CapEx remains unchanged from the February 2026 guidance of $1.4B at midpoint;2Q26 CapEx guidance of $425MM at midpoint reflects faster D&C cycle times. CapEx is expected to decline in 3Q26 and fall further in 4Q26;Realizations: FY26 oil realization outlook improved to reflect current market premiums to WTI.  FY26 NGL realizations adjusted to reflect higher absolute pricing, but a lower percentage of WTI.  FY26 natural gas realizations are essentially unchanged from February 2026 guidance;LOE: Midpoint FY26 LOE increased $0.15/BOE to $9.95/BOE reflecting various production enhancement initiatives; andActivity: Chord continues to plan to TIL 135 – 165 gross operated wells (~40% 3-mile laterals and ~40% 4-mile laterals) with an average working interest of ~75%.The following table presents select operational and financial guidance for the periods presented:Metric
2Q26 Guidance
FY26 GuidanceOil Volumes (MBopd)
162.5 - 165.5
160.0 - 162.0NGL Volumes (MBblpd)
50.5 - 51.5
49.5 - 50.5Natural Gas Volumes (MMcfpd)
400.0 - 408.0
401.0 - 407.0Total Volumes (MBoepd)
279.7 - 285.0
276.4 - 280.3CapEx ($MM)
$410 - $440
$1,355 - $1,445Oil Premium/(Discount) to WTI ($/Bbl)
$0.50 - $1.50
$(0.50) - $0.50NGL Realization (% of WTI)
4% - 10%
4% - 12%Natural Gas Realization (% of Henry Hub)
25% - 35%
36% - 44%LOE ($/Boe)
$9.70 - $10.70
$9.55 - $10.35Cash GPT ($/Boe)(1)
$2.70 - $3.20
$2.70 - $3.10Cash G&A ($MM)(1)
$24 - $26
$98 - $103Production Taxes (% of Oil, NGL and Natural Gas Sales)
7.9% - 8.3%
7.8% - 8.1%Cash Interest ($MM)(1)
$25 - $27
$100 - $108Cash Tax (% of Adjusted EBITDA)(2)
2% - 8%
4% - 9%___________________(1)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP.(2)2Q26-4Q26 reflects $70/Bbl – $100/Bbl WTI.Select Operational and Financial Data: The following table presents select operational and financial data for the periods presented:
1Q26

4Q25
1Q25Production data:





Crude oil (MBopd)158.0

153.0
153.7NGL (MBblpd)49.0

52.4
48.1Natural gas (MMcfpd)(1)411.4

404.2
414.5Total production (MBoepd)275.6

272.8
270.9Percent crude oil57.3 %

56.1 %
56.7 %Average sales prices:





Crude oil, without realized derivatives ($/Bbl)$         70.05

$         56.90
$         69.11Differential to NYMEX WTI ($/Bbl)(2.35)

(2.24)
(2.30)Crude oil, with realized derivatives ($/Bbl)69.57

58.62
69.08Crude oil realized derivatives gain (loss) ($MM)6.9

(24.3)
0.4NGL, without realized derivatives ($/Bbl)8.66

4.88
14.18NGL, with realized derivatives ($/Bbl)8.66

4.88
14.18Natural gas, without realized derivatives ($/Mcf)(2)3.14

1.40
2.30Natural gas, with realized derivatives ($/Mcf)2.82

1.56
2.31Natural gas realized derivatives gain (loss) ($MM)11.6

(5.9)
(0.1)Selected financial data ($MM):





Revenues:





Crude oil revenues$         996.3

$         801.0
$         956.1NGL revenues38.2

23.5
61.3Natural gas revenues116.1

52.1
85.9Total oil, NGL and natural gas revenues$       1,150.6

$         876.6
$       1,103.3Cash flows:





Net cash provided by operating activities:$         507.5

$         405.0
$         656.9Non-GAAP financial measures(3):





Adjusted EBITDA$         713.0

$         506.4
$         695.5Adjusted FCF(4)321.2

167.0
290.5Adjusted Net Income Attributable to Common Stockholders258.9

72.7
240.9Select operating expenses:





LOE$         244.9

$         244.0
$         233.1Gathering, processing and transportation expenses ("GPT")67.0

70.5
73.3Production taxes86.7

68.8
74.6Depreciation, depletion and amortization384.2

368.4
349.8Total select operating expenses$         782.8

$         751.7
$         730.8Select operating expenses ($/Boe):





LOE$           9.87

$           9.72
$           9.56GPT2.70

2.81
3.01Production taxes3.50

2.74
3.06Depreciation, depletion and amortization15.20

14.17
14.09Total select operating expenses$         31.27

$         29.44
$         29.72Earnings per share:





Basic earnings per share $           1.90

$           1.48
$           3.67Diluted earnings per share1.90

1.48
3.66Adjusted diluted earnings per share (Non-GAAP)(3)4.56

1.28
4.04___________________(1)Marcellus natural gas volumes were 130.5 MMcfpd in 1Q26, 119.0 MMcfpd in 4Q25 and 128.5 MMcfpd in 1Q25.(2)Marcellus natural gas realized prices were $6.40/Mcf in 1Q26, $3.19/Mcf in 4Q25 and $4.71/Mcf in 1Q25.(3)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP.(4)1Q26, 4Q25 and 1Q25 include $3.0MM, $8.0MM and $3.7MM of reimbursable non-op CapEx, respectively.Capital Expenditures:The following table presents the Company's capital expenditures ("CapEx") by category for the period presented (in millions):
1Q26CapEx ($MM):        
E&P(1)$            330.6Midstream14.2Other0.1Total CapEx(2)$            344.9__________________ (1)1Q26 includes $3.0MM of reimbursable non-op CapEx.(2)1Q26 excludes capitalized interest costs of $0.9MM.Acquisitions:Acquisition and leasehold costs were $5.0MM in 1Q26.Balance Sheet and Liquidity:The following table presents key balance sheet data and liquidity metrics as of March 31, 2026 (in millions):
March 31, 2026Revolving credit facility(1)$           2,000.0

Revolver borrowings$                   —Senior notes1,500.0Total debt$           1,500.0

Cash and cash equivalents$              225.8Letters of credit32.6Liquidity$           2,193.2___________________(1)$2.75B borrowing base and $2.0B of elected commitments.Contact:Chord Energy Corporation
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.comConference Call Information Investors, analysts and other interested parties are invited to listen to the webcast:Date:
Wednesday, May 6, 2026Time:
10:00 a.m. CentralLive Webcast:
https://app.webinar.net/A4B3GZlRDo1 You may use the following dial-in information to join the conference call by phone with operator assistance:Dial-in:
1-800-836-8184Intl. Dial-in:
1-646-357-8785Conference ID:
27702A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Wednesday, May 13, 2026 by dialing:Replay dial-in:
1-888-660-6345Intl. replay:
1-646-517-4150Replay access:
27702 #The call will also be available for replay for approximately 30 days at https://www.chordenergy.comForward-Looking Statements and Cautionary Statements Certain statements in this press release, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements regarding future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, advancement of its extended lateral program and production levels, anticipated financial and operating results and other guidance. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.These forward-looking statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in crude oil, NGL and natural gas realized prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs, and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with production levels, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine, military conflicts in the Red Sea Region, Iran, and the wider Middle East and their effect on commodity prices, changes or uncertainty in general economic and geopolitical conditions, inflation rates and the impact of associated monetary policy responses, including fluctuating interest rates, logistical challenges and supply chain disruptions, including as a result of conflicts, our business strategy, including the continued implementation of our 4-mile well program, the geographic concentration of our operations, uncertainties in estimating proved reserves and forecasting production results, drilling and completion of wells, operational factors affecting the commencement or maintenance of producing wells, the availability of infrastructure and midstream service providers, our ability to realize the anticipated benefits from acquisitions, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Chord's business and other important factors that could cause actual results to differ materially from those projected as described in Chord's reports filed with the U.S. Securities and Exchange Commission (the "SEC").Any forward-looking statement speaks only as of the date on which such statement is made and Chord undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Additional information concerning other risk factors is also contained in Chord's most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.About Chord EnergyChord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.Chord Energy CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share data)

March 31, 2026
December 31, 2025



ASSETS


Current assets


Cash and cash equivalents$          225,802
$          189,531Accounts receivable, net1,352,546
1,116,685Inventory100,218
115,713Prepaid expenses30,226
33,767Derivative instruments1,161
77,312Other current assets3,683
5,061Total current assets1,713,636
1,538,069Property, plant and equipment


Oil and gas properties (successful efforts method)15,205,562
14,848,968Other property and equipment60,508
60,395Less: accumulated depreciation, depletion and amortization(3,950,750)
(3,572,834)Total property, plant and equipment, net11,315,320
11,336,529Derivative instruments3,518
8,366Investment in equity securities140,096
119,698Long-term inventory26,417
30,759Operating right-of-use assets8,968
12,749Other assets28,899
28,104Total assets$       13,236,854
$       13,074,274



LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities


Accounts payable$            90,764
$            41,795Revenues and production taxes payable716,094
618,258Accrued liabilities686,320
735,386Accrued interest payable4,301
28,594Derivative instruments154,366
—Current operating lease liabilities11,146
14,656Other current liabilities10,123
11,898Total current liabilities1,673,114
1,450,587Long-term debt1,480,469
1,479,581Deferred tax liabilities1,582,722
1,615,850Asset retirement obligations428,773
432,802Derivative instruments10,204
—Operating lease liabilities9,565
10,518Other liabilities5,660
4,982Total liabilities5,190,507
4,994,320Commitments and contingencies


Stockholders' equity


Common stock, $0.01 par value: 240,000,000 shares authorized, 67,231,897
shares issued and 56,284,329 shares outstanding at March 31, 2026; and
240,000,000 shares authorized, 67,150,747 shares issued and 56,762,243 shares
outstanding at December 31, 2025676
675Treasury stock, at cost: 10,947,568 shares at March 31, 2026 and 10,388,504
shares at December 31, 2025(1,375,456)
(1,304,092)Additional paid-in capital7,343,454
7,339,735Retained earnings2,077,673
2,043,636Total stockholders' equity8,046,347
8,079,954Total liabilities and stockholders' equity$       13,236,854
$       13,074,274 Chord Energy CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share data)

Three Months Ended March 31,
2026
2025



Revenues


Oil, NGL and gas revenues$      1,150,589
$      1,103,425Purchased oil and gas sales515,046
111,622Total revenues1,665,635
1,215,047Operating expenses


Lease operating expenses244,909
233,074Gathering, processing and transportation expenses67,018
73,314Purchased oil and gas expenses509,832
111,368Production taxes86,711
74,642Depreciation, depletion and amortization384,215
349,809General and administrative expenses37,508
38,377Exploration and impairment2,563
1,983Total operating expenses1,332,756
882,567Gain on sale of assets, net343
5,516Operating income333,222
337,996Other income (expense)


Net loss on derivative instruments(241,471)
(20,281)Net gain (loss) from investment in equity securities22,829
(4,900)Interest expense, net of capitalized interest(26,596)
(15,818)Loss on debt extinguishment—
(3,494)Other income (expense), net6,329
(501)Total other expense, net(238,909)
(44,994)Income before income taxes94,313
293,002Income tax benefit (expense)14,295
(73,165)Net income$         108,608
$         219,837Earnings per share:


Basic$             1.90
$             3.67Diluted$             1.90
$             3.66Weighted average shares outstanding:


Basic56,717
59,502Diluted56,774
59,665 Chord Energy CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)

Three Months Ended March 31,
2026
2025



Cash flows from operating activities:


Net income$     108,608
$     219,837Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation, depletion and amortization384,215
349,809Loss on debt extinguishment —
3,494Gain on sale of assets(343)
(5,516)Deferred income taxes(33,128)
29,765Net loss on derivative instruments241,471
20,281Net (gain) loss from investment in equity securities(22,829)
4,900Equity-based compensation expenses8,042
6,876Settlement of asset retirement obligations(9,833)
(8,521)Deferred financing costs amortization and other(3,067)
(1,241)Working capital and other changes:


Change in accounts receivable, net(264,809)
(25,369)Change in inventory14,980
(9,499)Change in prepaid expenses4,630
5,205Change in accounts payable, interest payable and accrued liabilities81,698
60,353Change in other assets and liabilities, net(2,168)
6,519Net cash provided by operating activities507,467
656,893Cash flows from investing activities:


Capital expenditures(351,284)
(308,913)Acquisitions(4,978)
(17,876)Proceeds from divestitures326
6,204Derivative settlements4,099
972Contingent consideration received25,000
25,000Distributions from investment in equity securities2,432
2,343Net cash used in investing activities(324,405)
(292,270)Cash flows from financing activities:


Proceeds from revolving credit facility5,000
1,060,000Principal payments on revolving credit facility(5,000)
(1,445,000)Repayment and discharge of senior notes—
(401,432)Issuance of senior notes—
750,000Deferred financing costs—
(12,999)Repurchases of common stock(67,738)
(215,153)Tax withholding on vesting of equity-based awards(4,323)
(14,356)Dividends paid(74,184)
(86,464)Payments on finance lease liabilities(546)
(415)Net cash used in financing activities(146,791)
(365,819)Increase (decrease) in cash and cash equivalents36,271
(1,196)Cash and cash equivalents:


Beginning of period189,531
36,950End of period$     225,802
$       35,754Supplemental non-cash transactions:


Change in accrued capital expenditures$       (7,872)
$       46,208Change in asset retirement obligations1,486
540Change in dividends payable388
7,623Non-GAAP Financial MeasuresThe following are non-GAAP financial measures not prepared in accordance with GAAP that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes that the foregoing are useful supplemental measures that provide an indication of the results generated by the Company's principal business activities. However, these measures are not recognized by GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures provided by other issuers. From time to time, the Company provides forward-looking forecasts of these measures; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measures. The reconciling items in future periods could be significant. To see how the Company reconciles its historical presentations of these non-GAAP financial measures to the most directly comparable GAAP measures, please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap.Cash GPTThe Company defines Cash GPT as total GPT expenses less non-cash valuation charges on pipeline imbalances. Cash GPT is not a measure of GPT expenses as determined by GAAP. Management believes that the presentation of Cash GPT provides useful additional information to investors and analysts to assess the cash costs incurred to market and transport the Company's commodities from the wellhead to delivery points for sale without regard to the change in value of its pipeline imbalances, which vary monthly based on commodity prices.The following table presents a reconciliation of the GAAP financial measure of GPT expenses to the non-GAAP financial measure of Cash GPT for the periods presented:
Three Months Ended March 31,
2026
2025




(In thousands)GPT$       67,018
$       73,314Pipeline imbalances2,307
549Cash GPT$       69,325
$       73,863Cash G&AThe Company defines Cash G&A as total G&A expenses less G&A expenses directly attributable to certain merger and acquisition activity, non-cash equity-based compensation expenses and other non-cash charges. Cash G&A is not a measure of G&A expenses as determined by GAAP. Management believes that the presentation of Cash G&A provides useful additional information to investors and analysts to assess the Company's operating costs in comparison to peers without regard to the aforementioned charges, which can vary substantially from company to company.The following table presents a reconciliation of the GAAP financial measure of G&A expenses to the non-GAAP financial measure of Cash G&A for the periods presented:
Three Months Ended March 31,
2026
2025




(In thousands)General and administrative expenses$       37,508
$       38,377Merger and acquisition costs(1)—
(5,135)Equity-based compensation expenses(8,042)
(6,876)Other non-cash adjustments(2,534)
1,983Cash G&A$       26,932
$       28,349___________________(1)1Q25 primarily includes costs directly attributable to the arrangement with Enerplus.Cash InterestThe Company defines Cash Interest as interest expense plus capitalized interest less amortization of deferred financing costs. Cash Interest is not a measure of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on the Company's debt to finance its operating activities and the Company's ability to maintain compliance with its debt covenants.The following table presents a reconciliation of the GAAP financial measure of interest expense to the non-GAAP financial measure of Cash Interest for the periods presented:
Three Months Ended March 31,
2026
2025




(In thousands)Interest expense$       26,596
$       15,818Capitalized interest933
1,079Amortization of deferred financing costs(1,531)
(1,270)Cash Interest$       25,998
$       15,627Adjusted EBITDA and Adjusted Free Cash FlowThe Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization ("DD&A"), merger costs, exploration expenses, impairment expenses, loss on debt extinguishment and other similar non-cash or non-recurring charges. The Company defines Adjusted Free Cash Flow as Adjusted EBITDA less Cash Interest and CapEx (excluding capitalized interest and acquisition capital).Adjusted EBITDA and Adjusted Free Cash Flow are not measures of net income or cash flows from operating activities as determined by GAAP. Management believes that the presentation of Adjusted EBITDA and Adjusted Free Cash Flow provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, its ability to generate cash from its business operations without regard to its financing methods or capital structure and the Company's ability to maintain compliance with its debt covenants.The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow for the periods presented:
Three Months Ended March 31,
2026
2025




(In thousands)Net income$      108,608
$      219,837Interest expense, net of capitalized interest26,596
15,818Loss on debt extinguishment—
3,494Income tax (benefit) expense(14,295)
73,165Depreciation, depletion and amortization384,215
349,809Merger and acquisition costs(1)—
5,135Exploration and impairment expenses2,563
1,983Gain on sale of assets, net(343)
(5,516)Net loss on derivative instruments241,471
20,281Realized loss on commodity price derivative contracts(18,500)
(251)Net (gain) loss from investment in equity securities(22,829)
4,900Distributions from investment in equity securities2,432
2,359Equity-based compensation expenses8,042
6,876Other non-cash adjustments(4,914)
(2,379)Adjusted EBITDA713,046
695,511Cash interest(25,998)
(15,627)CapEx(2)(344,886)
(355,439)Cash taxes paid(21,000)
(33,949)Adjusted Free Cash Flow$      321,162
$      290,496



Net cash provided by operating activities$      507,467
$      656,893Changes in working capital165,669
(37,209)Interest expense, net of capitalized interest26,596
15,818Current income tax expense18,833
43,400Merger and acquisition costs(1)—
5,135Exploration expenses2,557
1,982Realized loss on commodity price derivative contracts(18,500)
(251)Distributions from investment in equity securities2,432
2,359Settlement of asset retirement obligations9,833
8,521Deferred financing costs amortization and other3,073
1,242Other non-cash adjustments(4,914)
(2,379)Adjusted EBITDA713,046
695,511Cash interest(25,998)
(15,627)CapEx(2)(344,886)
(355,439)Cash taxes paid(21,000)
(33,949)Adjusted Free Cash Flow$      321,162
$      290,496___________________(1)1Q25 primarily includes costs directly attributable to the arrangement with Enerplus.(2)1Q26 and 1Q25 include $3.0MM and $3.7MM of reimbursable non-op CapEx, respectively, and exclude capitalized interest costs of $0.9MM and $1.1MM, respectively.Adjusted Net Income and Adjusted Diluted Earnings Per Share Adjusted Net Income and Adjusted Diluted Earnings Per Share are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items, including non-cash changes in the fair value of derivative instruments, non-cash changes in the fair value of the Company's investment in an unconsolidated affiliate, impairment, loss on debt extinguishment and other similar non-cash charges (2) merger and acquisition costs and (3) the impact of taxes based on an estimated tax rate applicable to those adjusting items in the same period. Adjusted Net Income is not a measure of net income as determined by GAAP.The Company calculates earnings per share under the two-class method in accordance with GAAP. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Adjusted Diluted Earnings Per Share is calculated as (i) Adjusted Net Income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented.The following table presents reconciliations of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income and the GAAP financial measure of diluted earnings per share to the non-GAAP financial measure of Adjusted Diluted Earnings Per Share for the periods presented:
Three Months Ended March 31,
2026
2025




(In thousands)Net income$     108,608
$     219,837Net loss on derivative instruments241,471
20,281Realized loss on commodity price derivative contracts(18,500)
(251)Net (gain) loss from investment in equity securities(22,829)
4,900Distributions from investment in equity securities2,432
2,359Merger and acquisition costs(1)—
5,135Gain on sale of assets, net(343)
(5,516)Amortization of deferred financing costs1,531
1,270Loss on debt extinguishment—
3,494Other non-cash adjustments(4,908)
(2,378)Tax impact(2)(46,517)
(6,889)Adjusted net income260,945
242,242Distributed and undistributed earnings allocated to participating securities(2,023)
(1,351)Adjusted net income attributable to common stockholders$     258,922
$     240,891
















Three Months Ended March 31,
2026
2025



Diluted earnings per share$       1.91
$       3.68Net loss on derivative instruments4.25
0.34Realized loss on commodity price derivative contracts(0.33)
—Net (gain) loss from investment in equity securities(0.40)
0.08Distributions from investment in equity securities0.04
0.04Merger and acquisition costs(1)—
0.09Gain on sale of assets, net(0.01)
(0.09)Amortization of deferred financing costs0.03
0.02Loss on debt extinguishment—
0.06Other non-cash adjustments(0.09)
(0.04)Tax impact(2)(0.80)
(0.12)Adjusted Diluted Earnings Per Share4.60
4.06Less: Distributed and undistributed earnings allocated to participating securities(0.04)
(0.02)Adjusted Diluted Earnings Per Share$       4.56
$       4.04



Diluted weighted average shares outstanding (in thousands)56,774
59,665



Tax rate applicable to adjustment items(2)23.4 %
23.5 %_____________________(1)1Q25 primarily includes costs directly attributable to the arrangement with Enerplus.(2)The tax impact is computed by applying an estimated tax rate to the adjustments for certain non-cash and non-recurring items.  View original content to download multimedia:https://www.prnewswire.com/news-releases/chord-energy-reports-first-quarter-2026-financial-and-operating-results-updates-2026-outlook-and-declares-base-dividend-302763142.htmlSOURCE Chord Energy Original: Chord Energy Reports First Quarter 2026 Financial and Operating Results, Updates 2026 Outlook and Declares Base Dividend

Chord Energy Schedules First Quarter 2026 Earnings Release and Conference CallApril 21, 2026 5:00 PM
PR Newswire (US)

HOUSTON, April 21, 2026 /PRNewswire/ -- Chord Energy Corp. (Nasdaq: CHRD) ("Chord" or the "Company") plans to announce its first quarter 2026 financial and operating results on Tuesday, May 5, 2026 after market close. The Company will host a live webcast and conference call on Wednesday, May 6, 2026 at 10:00 a.m. Central.







Investors, analysts and other interested parties are invited to listen to the webcast:Date:Wednesday, May 6, 2026Time:10:00 a.m. CentralLive Webcast:https://app.webinar.net/A4B3GZlRDo1You may use the following dial-in information to join the conference call by phone with operator assistance:Dial-in:1-800-836-8184 Intl. Dial-in:1-646-357-8785Conference ID: 27702Website: www.chordenergy.comA recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Wednesday, May 13, 2026 by dialing:Replay dial-in:1-888-660-6345 Intl. replay: 1-646-517-4150 Replay access: 27702 #The call will also be available for replay for approximately 30 days at www.chordenergy.com.Additionally, Chord Energy plans to participate in the following energy conferences and investor events:May 13, 2026
TPHCO Hotter 'N Hell Energy Conference - Houston, TXMay 28, 2026
Goldman Sachs Leveraged Finance & Credit Conference - Dana Point, CAJune 02, 2026
RBC Capital Markets Global Energy, Power & Infrastructure Conference - New York, NYJune 03, 2026
Bank of America Energy & Power Credit Conference - New York, NYJune 24, 2026
J.P. Morgan Energy, Power & Renewables Conference - New York, NYAbout Chord Energy Corp. Chord Energy Corp. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.Contact:
Chord Energy Corporation
Bob Bakanauskas - Vice President, Finance
(281) 404-9600
ir@chordenergy.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/chord-energy-schedules-first-quarter-2026-earnings-release-and-conference-call-302749353.htmlSOURCE Chord Energy

Original: Chord Energy Schedules First Quarter 2026 Earnings Release and Conference Call

The price of energy will be going up. Margin added upon cost of supplies should mean higher profits going forward. Never mind that consumers will be gouged.

And another ne 26-day high

Hit a new 26-week high!

Chord Energy Reports Fourth Quarter and Full-Year 2025 Financial and Operating Results, Issues 2026 Outlook and Declares Base DividendFebruary 25, 2026 4:05 PM
PR Newswire (US)

HOUSTON, Feb. 25, 2026 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today reported financial and operating results for the fourth quarter and full-year 2025 and announced its 2026 outlook.







Key Takeaways and Updates: Strong Execution: Cash Flow from Operations and Adjusted Free Cash Flow exceeded expectations in 4Q25, supported by oil volumes at the high-end of guidance and capital below expectations;FY25 Improving Efficiency: FY25 CapEx was more than $100MM below pro forma FY24 with pro forma oil volumes 1% higher year-over-year;FCF Enhancements: Generated approximately $160MM in incremental run-rate free cash flow in FY25 through continuous improvement initiatives;Driving Per-Share Value: In FY25, Chord continued its multi-year track record of growing production per share while paying out significant cash to shareholders and maintaining a strong balance sheet;FY26 Plan: 2026 volume and capital guidance consistent with November outlook;4-Mile Lateral Update: Successful turn-in-line ("TIL") of seven 4-mile wells in FY25, with three of the seven TIL'd after 3Q25. Production continues to be at or above expectations, with average well costs below budget. Chord expects ~40% of wells TIL'd in FY26 to be 4-mile laterals;Low-Breakeven Inventory: Improved inventory quality by lowering weighted average breakeven >10% year-over-year;XTO Acquisition: Completed acquisition of core Williston Basin assets from XTO Energy Inc. ("XTO");LOE Improved: FY25 Lease Operating Expenses ("LOE") of $9.73/Boe was below initial expectations, despite lower FY25 gas volumes; andShareholder Payouts: Declared aggregate base dividends of $5.20/share and repurchased 3.5MM shares of common stock. Chord's fully-diluted share count was 57.2MM at YE25, reduced by >5% year-over-year.4Q25 Operational and Financial Highlights:Strong Volumes: Oil volumes of 153.0 MBopd was at the high-end of guidance;Capital Discipline: CapEx of $305.2MM (excluding $8.0MM of reimbursable non-op CapEx) was below the low-end of guidance;Cost Control: LOE of $9.72/Boe was in-line with the midpoint of guidance;Profitability: Net income was $84.4MM and Adjusted Net Income(1) was $72.7MM ($1.28/diluted share);Cash Generation: Net cash provided by operating activities was $405.0MM, Adjusted EBITDA(1) was $506.4MM and Adjusted Free Cash Flow(1) was $175.0MM (excluding $8.0MM of reimbursable non-op CapEx); andShareholder Returns: Approximately 50% of Adjusted Free Cash Flow(1) was returned to shareholders in 4Q25 through the base dividend of $1.30 per share and share repurchases of $10.0MM.(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP")."2025 was an outstanding year for Chord," said Danny Brown, Chord Energy's President and Chief Executive Officer. "We demonstrated consistent execution, both increasing volumes and lowering capital relative to original expectations. Importantly, Chord also significantly enhanced its cost structure through multiple initiatives, which resulted in improved free cash flow while increasing and improving the quality of our inventory. The company made significant progress derisking its extended lateral program and is hitting the ground running in 2026."Mr. Brown continued, "Fourth quarter results continue our pattern of strong performance, with higher than expected production supported by solid execution and well results, all while maintaining our focus on cost control. Chord also guided to a strong first quarter, despite challenging weather in December and January. Chord's outlook is compelling, supported by deep, low-cost, oil-weighted inventory, a strong balance sheet, excellent track record on execution, and a relentless focus on continuous improvement.  I'd like to express my deepest appreciation to the Chord team for their continued efforts to achieve, and exceed, our goals and for their focus on making our organization better. Chord is well positioned to handle the ongoing volatility with commodity prices, generating solid free cash flow at current prices, with notable upside to the next upcycle. We look forward to continuing to execute and deliver value for our shareholders."4Q25 Operational and Financial Update:The following table presents select 4Q25 operational and financial data compared to guidance released on November 4, 2025:Metric
4Q25 Actual
4Q25 GuidanceOil Volumes (MBopd)
153.0
149.0 – 153.0NGL Volumes (MBblpd)
52.4
49.5 – 53.5Natural Gas Volumes (MMcfpd)
404.2
421.0 – 433.0Total Volumes (MBoepd)
272.8
268.7 – 278.7CapEx ($MM)(1)
$313.2
$315 – $345Oil Discount to WTI ($/Bbl)
$(2.24)
$(2.80) – $(0.80)NGL Realization (% of WTI)
8 %
5% – 15%Natural Gas Realization (% of Henry Hub)
39 %
30% – 40%LOE ($/Boe)
$9.72
$9.20 – $10.20Cash GPT ($/Boe)(2)
$2.82
$2.70 – $3.00Cash G&A ($MM)(2)
$26.8
$20.0 – $25.0Production Taxes (% of Oil, NGL and Natural Gas Sales)
7.8 %
8.3% – 8.8%Cash Interest ($MM)(2)
$26.3
$25.0 – $27.0Cash Tax (% of Adjusted EBITDA)
— %
0% – 3%




(1)4Q25 includes $8.0MM of reimbursable non-op CapEx.(2)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP.Chord had 30 gross (27 net) operated TILs in 4Q25 and 122 gross (99 net) operated TILs in FY25.Estimated Net Proved Reserves:During 2025, the Company added 103.8 million barrels of oil equivalent ("MMBoe") of estimated net proved reserves as a result of successful drilling in the Williston Basin and 38.0 MMBoe from the purchase of reserves in place associated with the acquisition of Williston Basin assets from XTO in 4Q25. Chord's estimated net proved reserves at December 31, 2025 were 917.5 MMBoe and consisted of 514.7 million barrels ("MMBbl") of crude oil, 174.1 MMBbl of NGL and 1,372.1 billion cubic feet ("Bcf") of natural gas. The Company's estimated net proved reserves and PV-10 do not include probable or possible reserves and were determined using the preceding 12-month unweighted arithmetic average of the first-day-of-the-month index prices for crude oil and natural gas, which were held constant throughout the life of the properties. For the year ended December 31, 2025, the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months were $65.34 per Bbl for crude oil and $3.39 per MMBtu for natural gas. These prices were adjusted for quality, energy content, transportation fees and market differentials. The information in the following table does not give any effect to or reflect our commodity derivatives. Future operating costs, production taxes, plugging and abandonment costs and capital costs were based on current costs as of year-end. The Company's estimated net proved reserves and related PV-10 at December 31, 2025 were based on reports independently prepared by Netherland, Sewell & Associates, Inc., the Company's independent reserve engineers.The table below summarizes the Company's estimated net proved reserves and related PV-10 at December 31, 2025:
Crude Oil
(MMBbl)
NGL (MMBbl)
Natural Gas
(Bcf)
Net Estimated
Reserves
(MMBoe)
PV-10(1) ($MM)









Developed314.5
127.1
1,127.9
629.5
$                 6,409.1Undeveloped200.2
47.0
244.2
288.0
2,663.3Total Proved514.7
174.1
1,372.1
917.5
$                 9,072.4




(1)PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effect of income taxes on discounted future net cash flows. We believe PV-10 is a useful measure for investors when evaluating the relative monetary significance of our oil and gas properties and as a basis for comparison of the relative size and value of our proved reserves to our peers without regard to income taxes, which can vary between individual companies for various and unique factors. The PV-10 does not purport to present the fair value of our proved oil, NGL and natural gas reserves.Return of Capital:Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on March 27, 2026 to shareholders of record as of March 12, 2026. Details regarding the Return of Capital calculation can be found in the Company's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations.The Company repurchased 103,057 shares of common stock at a weighted average price of $97.01 per share totaling $10.0MM in 4Q25, representing 100% of shareholder returns after the base dividend. Shares issued and outstanding as of December 31, 2025 were 56.8MM (57.2MM on a fully-diluted basis), compared to 56.9MM (57.3MM on a fully-diluted basis) as of September 30, 2025.Operations Update:4-Mile Laterals: Chord continues to advance its 4-mile lateral program. In 2025, Chord TIL'd seven 4-mile wells including three incremental TILs since Chord's last update in November. Initial well performance across the 4-mile program is meeting or exceeding expectations, and average well costs have been below budget. For all seven 4-mile wells, tracer data is indicating contribution from the full lateral. Chord has reduced 4-mile well costs by more than 10% versus 2025 initial budget designs, supported by strong performance and efficient execution, including single-run cleanouts. Chord's first 4-mile DSU development, the Toonie pad, has commenced fracking and will be brought online in 1Q26.Execution: Chord's drilling, completions and facilities teams continue to drive operational improvement while achieving strong safety performance. In 2025, the team drove efficiencies that delivered production volumes above expectations on lower capital spending. The drilling team led the Williston Basin in total lateral footage drilled in 2025, while successfully offsetting the cost impacts of higher steel prices through improved execution. The completions team was a basin leader in 4-mile cleanout times in 2025 and continues to improve performance while lowering costs with more reliance on simulfrac, expanded dual fuel utilization to reduce diesel consumption and implementation of continuous pumping. The facilities team continues to innovate while lowering costs through design optimization, including larger facilities and expanded re-utilization efforts.Production/LOE: Chord continues to enhance base production, while lowering costs. Improved runtimes and base production enhancements supported Chord's ability to exceed production expectations in 2025. With a focus on artificial lift optimization, the production team has achieved a >50% improvement in ESP replacement cycle times and a >25% improvement in failure rates since the beginning of 2025. In 2025, Chord scaled AI-driven machine learning to approximately 99% of wells on rod lift to optimize pumping operations, with early performance delivering a ~25% improvement in rod pump run times. Optimization improvements have reduced failures, resulting in approximately 1,200 fewer workover rig days in 2025 and improved safety performance.2026 Outlook: Chord's 2026 program seeks to maintain stable production levels, while maximizing free cash flow. The February 2026 outlook is consistent with Chord's preliminary outlook discussed in November, which estimated 2026 oil volumes of 157 – 161 MBopd for approximately $1.4B of CapEx. In 2026, Chord expects to generate approximately $2.3B of Adjusted EBITDA and $700MM of Adjusted Free Cash Flow ($64/Bbl WTI and $3.75/MMBtu Henry Hub).Highlights of Chord's FY26 guidance include:   Volumes: Oil volumes are expected to be 159 MBopd at the midpoint of guidance. Chord expects 1Q26 volumes to be 154 MBopd at midpoint, reflecting ~1 MBopd of weather-related impacts. Oil volumes in 2Q26 are expected to increase sequentially, with further growth into 3Q26. Chord will continue to monitor non-operated activity and evaluate higher operated activity if non-op activity decreases;Capital: CapEx is expected to total $1.4B at the midpoint of guidance, with ~90% related to operated and non-operated drilling and completion activity. Chord expects ~80% of FY26 CapEx to be incurred 1Q26 - 3Q26.Midstream: Chord plans ~$30MM of midstream projects (vs. $18MM in FY25) that are included in the $1.4B midpoint CapEx guidance. These projects are small-scale, primarily focused on water disposal, enabling Chord to achieve better economics compared to third-party providers;Realizations: NGL and natural gas realizations are expected to be above the FY26 midpoint in 1Q26 and 4Q26 and below the FY26 midpoint in 2Q26 and 3Q26, reflecting pricing seasonality;Cash Taxes: Expected to range between 1% and 5% of EBITDA at $55/Bbl-$70/Bbl WTI with 1H26 lower than 2H26; andActivity: Chord plans to TIL 135 – 165 gross operated wells (~40% 3-mile laterals and ~40% 4-mile laterals) with an average working interest of ~75%.The following table presents select operational and financial guidance for the periods presented:Metric
1Q26 Guidance
FY26 GuidanceOil Volumes (MBopd)
152.5 – 155.5
157.0 – 161.0NGL Volumes (MBblpd)
48.0 – 49.0
49.5 – 50.5Natural Gas Volumes (MMcfpd)
401.0 – 409.0
403.0 – 413.0Total Volumes (MBoepd)
267.3 – 272.7
273.7 – 280.3CapEx ($MM)
$325 – $355
$1,350 – $1,450Oil Discount to WTI ($/Bbl)
$(1.60) – $(2.60)
$(1.50) – $(2.50)NGL Realization (% of WTI)
5% – 15%
5% – 15%Natural Gas Realization (% of Henry Hub)
50% – 60%
35% – 45%LOE ($/Boe)
$9.40 – $10.40
$9.30 – $10.30Cash GPT ($/Boe)(1)
$2.75 – $3.25
$2.65 – $3.15Cash G&A ($MM)(1)
$23 – $28
$90 – $100Production Taxes (% of Oil, NGL and Natural Gas Sales)
7.5% – 7.9%
7.7% – 8.1%Cash Interest ($MM)(1)
$25 – $27
$100 – $110Cash Tax (% of Adjusted EBITDA)(2)
0% – 3%
1% – 5%




(1)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for more information.(2)1Q26 and FY26 reflect $55/Bbl – $70/Bbl WTI. Select Operational and Financial Data: The following table presents select operational and financial data for the periods presented:
4Q25

3Q25
FY25Production data:





Crude oil (MBopd)153.0

155.7
154.8NGL (MBblpd)52.4

55.1
52.5Natural gas (MMcfpd)(1)404.2

420.1
416.2Total production (MBoepd)272.8

280.9
276.6Percent crude oil56.1 %

55.4 %
56.0 %Average sales prices:





Crude oil, without realized derivatives ($/Bbl)$              56.90

$              63.59
$              62.78Differential to NYMEX WTI ($/Bbl)(2.24)

(1.41)
(2.02)Crude oil, with realized derivatives ($/Bbl)58.62

64.16
63.59Crude oil realized derivatives gain ($MM)(24.3)

(8.3)
(45.9)NGL, without realized derivatives ($/Bbl)4.88

4.89
7.22NGL, with realized derivatives ($/Bbl)4.88

4.89
7.22Natural gas, without realized derivatives ($/Mcf)(2)1.40

0.81
1.40Natural gas, with realized derivatives ($/Mcf)1.56

1.11
1.51Natural gas realized derivatives gain ($MM)(5.9)

(11.5)
(17.9)Selected financial data ($MM):





Revenues:





Crude oil revenues$              801.0

$              910.8
$           3,546.9NGL revenues23.5

24.8
138.2Natural gas revenues52.1

31.2
212.0Total oil, NGL and natural gas revenues$              876.6

$              966.8
$           3,897.1Cash flows:





Net cash provided by operating activities:$              405.0

$              559.0
$           2,040.7Non-GAAP financial measures(3):





Adjusted EBITDA$              506.4

$              577.8
$           2,327.0Adjusted FCF(4)167.0

218.6
816.9Adjusted Net Income Attributable to Common Stockholders72.7

134.5
551.2Select operating expenses:





LOE$              244.0

$              248.6
$              982.6Gathering, processing and transportation expenses ("GPT")70.5

73.1
290.9Production taxes68.8

79.5
291.9Depreciation, depletion and amortization368.4

374.9
1,470.2Total select operating expenses$              751.7

$              776.1
$           3,035.6Select operating expenses ($/Boe):





LOE$                9.72

$                9.62
$                9.73GPT2.81

2.83
2.88Production taxes2.74

3.08
2.89Depreciation, depletion and amortization14.17

14.06
14.12Total select operating expenses$              29.44

$              29.59
$              29.62Earnings per share:





Basic earnings per share $                1.48

$                2.26
$                0.74Diluted earnings per share1.48

2.26
0.74Adjusted diluted earnings per share (Non-GAAP)(3)1.28

2.35
9.53




(1)Marcellus natural gas volumes were 119.0 MMcfpd in 4Q25, 117.5 MMcfpd in 3Q25 and 123.7 MMcfpd in FY25.(2)Marcellus natural gas realized prices were $3.19/Mcf in 4Q25, $2.16/Mcf in 3Q25 and $3.15/Mcf in FY25.(3)Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP.(4)4Q25, 3Q25 and FY25 include $8.0MM, $11.7MM and $19.7MM of reimbursable non-op CapEx, respectively.Capital Expenditures:The following table presents the Company's capital expenditures ("CapEx") by category for the periods presented (in millions):
1Q25
2Q25
3Q25
4Q25
FY25CapEx ($MM):








E&P(1)$                  353.7
$                  351.2
$                331.1
$                301.6
$               1,337.6Midstream1.1
3.3
2.5
11.4
18.3Other0.6
1.1
—
0.2
1.9Total CapEx(2)$                  355.4
$                  355.6
$                333.6
$                313.2
$               1,357.8




(1)4Q25 and FY25 include $8.0MM and $19.7MM of reimbursable non-op CapEx, respectively.(2)4Q25 and FY25 exclude capitalized interest costs of $1.1MM and $4.4MM, respectively.In addition, acquisition and leasehold costs were $548.7MM and $576.5MM in 4Q25 and FY25, respectively, including $542.2MM associated with the acquisition of Williston Basin assets from XTO in 4Q25.Balance Sheet and Liquidity:The following table presents key balance sheet data and liquidity metrics as of December 31, 2025 (in millions):
December 31, 2025Revolving credit facility(1)$                   2,000.0

Revolver borrowings$                           —Senior notes1,500.0Total debt$                   1,500.0

Cash and cash equivalents$                      189.5Letters of credit32.8Liquidity$                   2,156.7




(1)$2.75B borrowing base and $2.0B of elected commitments.Contact:Chord Energy Corporation
Bob Bakanauskas, VP, Investor Relations
(281) 404-9600
ir@chordenergy.comConference Call Information Investors, analysts and other interested parties are invited to listen to the webcast:Date:
Thursday, February 26, 2026Time:
10:00 a.m. CentralLive Webcast:
https://app.webinar.net/mBbx0VZ0w4oYou may use the following dial-in information to join the conference call by phone with operator assistance:Dial-in:
1-800-836-8184Intl. Dial-in:
1-646-357-8785Conference ID:
22774A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, March 5, 2026 by dialing:Replay dial-in:
1-888-660-6345Intl. replay:
1-646-517-4150Replay access:
22774 #The call will also be available for replay for approximately 30 days at https://www.chordenergy.comForward-Looking Statements and Cautionary Statements Certain statements in this press release, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements regarding future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, advancement of its extended lateral program and production levels, anticipated financial and operating results and other guidance. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.These forward-looking statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in crude oil, NGL and natural gas realized prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with production levels, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine, military conflicts in the Red Sea Region and the wider Middle East and their effect on commodity prices, changes or uncertainty in general economic and geopolitical conditions, inflation rates and the impact of associated monetary policy responses, including fluctuating interest rates, logistical challenges and supply chain disruptions, our business strategy, including the continued implementation of our 4-mile well program, the geographic concentration of our operations, uncertainties in estimating proved reserves and forecasting production results, drilling and completion of wells, operational factors affecting the commencement or maintenance of producing wells, the availability of infrastructure and midstream service providers, our ability to realize the anticipated benefits from acquisitions, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Chord's business and other important factors that could cause actual results to differ materially from those projected as described in Chord's reports filed with the U.S. Securities and Exchange Commission (the "SEC").Any forward-looking statement speaks only as of the date on which such statement is made and Chord undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Additional information concerning other risk factors is also contained in Chord's most recently filed Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.About Chord EnergyChord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.Comparability of Financial StatementsThe results reported for the year ended December 31, 2025 reflect the consolidated results of Chord, while the results reported for the year ended December 31, 2024 reflect the consolidated results of Chord, including combined operations with Enerplus Corporation ("Enerplus") beginning on May 31, 2024, unless otherwise noted.Chord Energy CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share data)

December 31, 2025
December 31, 2024



ASSETS


Current assets


Cash and cash equivalents$                189,531
$                  36,950Accounts receivable, net1,116,685
1,298,973Inventory115,713
94,299Prepaid expenses33,767
30,875Derivative instruments77,312
35,944Other current assets5,061
82,077Total current assets1,538,069
1,579,118Property, plant and equipment


Oil and gas properties (successful efforts method)14,848,968
12,770,786Other property and equipment60,395
58,158Less: accumulated depreciation, depletion and amortization(3,572,834)
(2,142,775)Total property, plant and equipment, net11,336,529
10,686,169Derivative instruments8,366
5,629Investment in equity securities119,698
142,201Long-term inventory30,759
25,973Operating right-of-use assets12,749
38,004Goodwill—
530,616Other assets28,104
24,297Total assets$           13,074,274
$           13,032,007



LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities


Accounts payable$                  41,795
$                  68,751Revenues and production taxes payable618,258
752,742Accrued liabilities735,386
732,296Accrued interest payable28,594
4,693Derivative instruments—
1,230Current operating lease liabilities14,656
37,629Other current liabilities11,898
86,637Total current liabilities1,450,587
1,683,978Long-term debt1,479,581
842,600Deferred tax liabilities1,615,850
1,496,442Asset retirement obligations432,802
282,369Derivative instruments—
1,016Operating lease liabilities10,518
15,190Other liabilities4,982
8,150Total liabilities4,994,320
4,329,745Commitments and contingencies


Stockholders' equity


Common stock, $0.01 par value: 240,000,000 shares authorized, 67,150,747 shares
issued and 56,762,243 shares outstanding at December 31, 2025; and 240,000,000
shares authorized, 66,967,779 shares issued and 60,070,893 shares outstanding at
December 31, 2024675
673Treasury stock, at cost: 10,388,504 shares at December 31, 2025 and 6,896,886
shares at December 31, 2024(1,304,092)
(936,157)Additional paid-in capital7,339,735
7,336,091Retained earnings2,043,636
2,301,655Total stockholders' equity8,079,954
8,702,262Total liabilities and stockholders' equity$           13,074,274
$           13,032,007 Chord Energy CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share data)

Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024







Revenues






Oil, NGL and gas revenues$          876,603
$       1,064,297
$       3,897,140
$       3,836,138Purchased oil and gas sales292,836
390,377
979,986
1,414,944Total revenues1,169,439
1,454,674
4,877,126
5,251,082Operating expenses






Lease operating expenses243,966
241,500
982,610
824,408Gathering, processing and transportation expenses70,451
73,092
290,917
267,559Purchased oil and gas expenses291,068
390,618
975,128
1,412,357Production taxes68,764
88,987
291,880
333,397Depreciation, depletion and amortization368,446
350,740
1,470,171
1,107,776General and administrative expenses33,516
45,682
126,294
205,585Impairment and exploration5,454
2,113
551,412
17,021Total operating expenses1,081,665
1,192,732
4,688,412
4,168,103Gain on sale of assets, net4,083
3,274
8,711
17,088Operating income91,857
265,216
197,425
1,100,067Other income (expense)






Net gain (loss) on derivative instruments44,944
(17,190)
127,618
12,563Net gain (loss) from investment in equity securities(2,450)
28,037
(12,957)
51,284Interest expense, net of capitalized interest(26,826)
(17,577)
(80,150)
(56,523)Loss on debt extinguishment—
—
(3,494)
—Other income, net8,350
795
15,042
5,047Total other income (expense), net24,018
(5,935)
46,059
12,371Income before income taxes115,875
259,281
243,484
1,112,438Income tax expense(31,459)
(48,685)
(199,025)
(263,811)Net income$            84,416
$          210,596
$            44,459
$          848,627Earnings per share:






Basic$                1.48
$                3.45
$                0.74
$              16.32Diluted$                1.48
$                3.43
$                0.74
$              16.02Weighted average shares outstanding:






Basic56,839
60,770
57,812
51,796Diluted56,839
61,221
57,852
52,748 Chord Energy CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)

Year Ended December 31,
2025
2024



Cash flows from operating activities:


Net income$          44,459
$        848,627Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation, depletion and amortization1,470,171
1,107,776Loss on debt extinguishment 3,494
—Gain on sale of assets(8,711)
(17,088)Impairment539,324
9,839Deferred income taxes119,407
221,921Net (gain) loss from investment in equity securities12,957
(51,284)Net gain on derivative instruments(127,618)
(12,563)Equity-based compensation expenses25,703
22,996Deferred financing costs amortization and other(31,318)
1,056Working capital and other changes:


Change in accounts receivable, net181,873
(7,746)Change in inventory(16,800)
(14,307)Change in prepaid expenses(3,153)
10,850Change in accounts payable, interest payable and accrued liabilities(165,041)
30,047Change in other assets and liabilities, net(4,090)
(52,897)Net cash provided by operating activities2,040,657
2,097,227Cash flows from investing activities:


Capital expenditures(1,347,937)
(1,179,075)Acquisitions, net of cash acquired(575,668)
(655,023)Proceeds from divestitures, net of cash divested24,762
60,748Derivative settlements56,267
(12,672)Contingent consideration received25,000
25,000Distributions from investment in equity securities11,595
7,205Net cash used in investing activities(1,805,981)
(1,753,817)Cash flows from financing activities:


Proceeds from revolving credit facility3,826,000
3,535,000Principal payments on revolving credit facility(4,271,000)
(3,090,000)Repurchase of senior unsecured notes(401,432)
(63,000)Issuance of senior notes1,500,000
—Deferred financing costs(29,413)
(3,313)Repurchases of common stock(364,877)
(444,235)Tax withholding on vesting of equity-based awards(22,101)
(63,386)Dividends paid(317,763)
(529,910)Payments on finance lease liabilities(1,917)
(1,458)Proceeds from warrants exercised408
35,844Net cash used in financing activities(82,095)
(624,458)Increase (decrease) in cash and cash equivalents152,581
(281,048)Cash and cash equivalents:


Beginning of period36,950
317,998End of period$        189,531
$          36,950Supplemental cash flow information:


Cash paid for interest, net of capitalized interest$          51,698
$          49,509Supplemental non-cash transactions:


Change in accrued capital expenditures$            7,453
$          43,235Change in asset retirement obligations152,388
6,220Non-cash consideration exchanged in business combinations—
3,732,137Dividends payable1,372
16,658Non-GAAP Financial MeasuresThe following are non-GAAP financial measures not prepared in accordance with GAAP that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes that the foregoing are useful supplemental measures that provide an indication of the results generated by the Company's principal business activities. However, these measures are not recognized by GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures provided by other issuers. From time to time, the Company provides forward-looking forecasts of these measures; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measures. The reconciling items in future periods could be significant. To see how the Company reconciles its historical presentations of these non-GAAP financial measures to the most directly comparable GAAP measures, please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap.Cash GPTThe Company defines Cash GPT as total GPT expenses less non-cash valuation charges on pipeline imbalances and non-cash mark-to-market adjustments on transportation contracts accounted for as derivative instruments. Cash GPT is not a measure of GPT expenses as determined by GAAP. Management believes that the presentation of Cash GPT provides useful additional information to investors and analysts to assess the cash costs incurred to market and transport the Company's commodities from the wellhead to delivery points for sale without regard to the change in value of its pipeline imbalances, which vary monthly based on commodity prices, and without regard to the non-cash mark-to-market adjustments on transportation contracts classified as derivative instruments.The following table presents a reconciliation of the GAAP financial measure of GPT expenses to the non-GAAP financial measure of Cash GPT for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024








(In thousands)GPT$           70,451
$           73,092
$         290,917
$         267,559Pipeline imbalances414
(1,179)
(573)
(3,975)Loss on derivative transportation contract(1)—
—
—
(5,877)Cash GPT$           70,865
$           71,913
$         290,344
$         257,707




(1)The Company had a buy/sell transportation contract that qualified as a derivative. The changes in the fair value of this contract were recorded to GPT expense. As of June 30, 2024, the term of this contract expired.Cash G&AThe Company defines Cash G&A as total G&A expenses less G&A expenses directly attributable to certain merger and acquisition activity, non-cash equity-based compensation expenses and other non-cash charges. Cash G&A is not a measure of G&A expenses as determined by GAAP. Management believes that the presentation of Cash G&A provides useful additional information to investors and analysts to assess the Company's operating costs in comparison to peers without regard to the aforementioned charges, which can vary substantially from company to company.The following table presents a reconciliation of the GAAP financial measure of G&A expenses to the non-GAAP financial measure of Cash G&A for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024








(In thousands)General and administrative expenses$           33,516
$           45,682
$         126,294
$         205,585Merger and acquisition costs(1)(1,609)
(8,962)
(9,750)
(89,258)Equity-based compensation expenses(6,238)
(6,943)
(25,700)
(22,996)Other non-cash adjustments1,096
1,432
2,505
2,068Cash G&A$           26,765
$           31,209
$           93,349
$           95,399




(1)FY25 and FY24 primarily include costs directly attributable to the arrangement with Enerplus.Cash InterestThe Company defines Cash Interest as interest expense plus capitalized interest less amortization of deferred financing costs. Cash Interest is not a measure of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on the Company's debt to finance its operating activities and the Company's ability to maintain compliance with its debt covenants.The following table presents a reconciliation of the GAAP financial measure of interest expense to the non-GAAP financial measure of Cash Interest for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024








(In thousands)Interest expense$           26,826
$           17,577
$           80,150
$           56,523Capitalized interest1,102
1,198
4,419
4,905Amortization of deferred financing costs(1,659)
(1,140)
(5,545)
(4,538)Cash Interest$           26,269
$           17,635
$           79,024
$           56,890Adjusted EBITDA and Adjusted Free Cash FlowThe Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization ("DD&A"), merger costs, exploration expenses, impairment expenses, loss on debt extinguishment and other similar non-cash or non-recurring charges. The Company defines Adjusted Free Cash Flow as Adjusted EBITDA less Cash Interest and CapEx (excluding capitalized interest and acquisition capital).Adjusted EBITDA and Adjusted Free Cash Flow are not measures of net income or cash flows from operating activities as determined by GAAP. Management believes that the presentation of Adjusted EBITDA and Adjusted Free Cash Flow provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, ability to generate cash from its business operations without regard to its financing methods or capital structure and the Company's ability to maintain compliance with its debt covenants.The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024








(In thousands)Net income$           84,416
$         210,596
$           44,459
$         848,627Interest expense, net of capitalized interest26,826
17,577
80,150
56,523Loss on debt extinguishment—
—
3,494
—Income tax expense31,459
48,685
199,025
263,811Depreciation, depletion and amortization368,446
350,740
1,470,171
1,107,776Merger and acquisition costs(1)1,609
8,962
9,750
89,258Impairment and exploration expenses(2)5,454
2,113
551,412
17,021Gain on sale of assets, net(4,083)
(3,274)
(8,711)
(17,088)Net (gain) loss on derivative instruments(44,944)
17,190
(127,618)
(12,563)Realized gain on commodity price derivative contracts30,200
5,187
63,809
883Net (gain) loss from investment in equity securities2,450
(28,037)
12,957
(51,284)Distributions from investment in equity securities2,414
2,341
9,545
9,255Equity-based compensation expenses6,238
6,943
25,700
22,996Other non-cash adjustments(4,048)
1,036
(7,193)
12,055Adjusted EBITDA506,437
640,059
2,326,950
2,347,270Cash interest(26,269)
(17,635)
(79,024)
(56,890)CapEx(3)(313,204)
(330,319)
(1,357,884)
(1,231,550)Cash taxes paid—
(15,180)
(73,099)
(53,721)Adjusted Free Cash Flow$         166,964
$         276,925
$         816,943
$      1,005,109







Net cash provided by operating activities$         404,987
$         566,455
$      2,040,657
$      2,097,227Changes in working capital8,210
57,391
7,211
34,053Interest expense, net of capitalized interest26,826
17,577
80,150
56,523Current income tax expense (benefit)18,750
(26,353)
79,618
41,889Merger and acquisition costs(1)1,609
8,962
9,750
89,258Exploration expenses5,453
2,112
12,085
7,183Realized gain on commodity price derivative contracts30,200
5,187
63,809
883Distributions from investment in equity securities2,414
2,341
9,545
9,255Deferred financing costs amortization and other12,036
5,351
31,318
(1,056)Other non-cash adjustments(4,048)
1,036
(7,193)
12,055Adjusted EBITDA506,437
640,059
2,326,950
2,347,270Cash interest(26,269)
(17,635)
(79,024)
(56,890)CapEx(3)(313,204)
(330,319)
(1,357,884)
(1,231,550)Cash taxes paid—
(15,180)
(73,099)
(53,721)Adjusted Free Cash Flow$         166,964
$         276,925
$         816,943
$      1,005,109




(1)FY25 and FY24 primarily include costs directly attributable to the arrangement with Enerplus.(2)FY25 includes non-cash goodwill impairment charge of $539.3MM, as a result of the decline in the Company's market capitalization during 2Q25.(3)4Q25 and FY25 include $8.0MM and $19.7MM of reimbursable non-op CapEx, respectively, and exclude capitalized interest costs of $1.1MM and $4.4MM, respectively.Adjusted Net Income and Adjusted Diluted Earnings Per Share Adjusted Net Income and Adjusted Diluted Earnings Per Share are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items, including non-cash changes in the fair value of derivative instruments, non-cash changes in the fair value of the Company's investment in an unconsolidated affiliate, impairment, loss on debt extinguishment and other similar non-cash charges (2) merger costs and (3) the impact of taxes based on an estimated tax rate applicable to those adjusting items in the same period. Adjusted Net Income is not a measure of net income as determined by GAAP.The Company calculates earnings per share under the two-class method in accordance with GAAP. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Adjusted Diluted Earnings Per Share is calculated as (i) Adjusted Net Income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented.The following table presents reconciliations of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income and the GAAP financial measure of diluted earnings per share to the non-GAAP financial measure of Adjusted Diluted Earnings Per Share for the periods presented:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024








(In thousands)Net income$       84,416
$     210,596
$       44,459
$     848,627Net (gain) loss on derivative instruments(44,944)
17,190
(127,618)
(12,563)Realized gain on commodity price derivative contracts30,200
5,187
63,809
883Net (gain) loss from investment in equity securities2,450
(28,037)
12,957
(51,284)Distributions from investment in equity securities2,414
2,341
9,545
9,255Impairment(1)—
1
539,324
9,839Merger and acquisition costs(2)1,609
8,962
9,750
89,258Gain on sale of assets, net(4,083)
(3,274)
(8,711)
(17,088)Amortization of deferred financing costs1,659
1,140
5,545
4,538Loss on debt extinguishment—
—
3,494
—Other non-cash adjustments(4,048)
1,036
(7,193)
12,055Tax impact(3)3,467
(853)
9,029
(10,646)Adjusted net income73,140
214,289
554,390
882,874Distributed and undistributed earnings allocated to
participating securities(423)
(785)
(3,182)
(3,502)Adjusted net income attributable to common
stockholders$       72,717
$     213,504
$     551,208
$     879,372
























Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024









Diluted earnings per share$           1.49
$           3.44
$           0.77
$         16.09Net (gain) loss on derivative instruments(0.79)
0.28
(2.21)
(0.24)Realized gain on commodity price derivative contracts0.53
0.08
1.10
0.02Net (gain) loss from investment in equity securities0.04
(0.46)
0.22
(0.97)Distributions from investment in equity securities0.04
0.04
0.16
0.18Impairment(1)—
—
9.32
0.19Merger and acquisition costs(2)0.03
0.15
0.17
1.69Gain on sale of assets, net(0.07)
(0.05)
(0.15)
(0.32)Amortization of deferred financing costs0.03
0.02
0.10
0.09Loss on debt extinguishment—
—
0.06
—Other non-cash adjustments(0.07)
0.02
(0.12)
0.23Tax impact(3)0.06
(0.02)
0.17
(0.22)Adjusted Diluted Earnings Per Share1.29
3.50
9.59
16.74Less: Distributed and undistributed earnings allocated to
participating securities(0.01)
(0.01)
(0.06)
(0.07)Adjusted Diluted Earnings Per Share$           1.28
$           3.49
$           9.53
$         16.67







Diluted weighted average shares outstanding (in thousands)56,839
61,221
57,852
52,748







Tax rate applicable to adjustment items(3)23.5 %
18.8 %
23.5 %
23.7 %




(1)FY25 includes non-cash goodwill impairment charge of $539.3MM as a result of the decline in the Company's market capitalization during 2Q25.(2)FY25 and FY24 primarily include costs directly attributable to the arrangement with Enerplus.(3)The tax impact is computed by applying an estimated tax rate to the adjustments for certain non-cash and non-recurring items. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/chord-energy-reports-fourth-quarter-and-full-year-2025-financial-and-operating-results-issues-2026-outlook-and-declares-base-dividend-302697507.htmlSOURCE Chord Energy

Original: Chord Energy Reports Fourth Quarter and Full-Year 2025 Financial and Operating Results, Issues 2026 Outlook and Declares Base Dividend

Chord Energy Schedules Fourth Quarter and Year-End 2025 Earnings Release and Conference CallFebruary 10, 2026 4:05 PM
PR Newswire (US)

HOUSTON, Feb. 10, 2026 /PRNewswire/ -- Chord Energy Corp. (Nasdaq: CHRD) ("Chord" or the "Company") plans to announce its fourth quarter and year-end 2025 financial and operating results on Wednesday, February 25, 2026 after market close. The Company will host a live webcast and conference call on Thursday, February 26, 2026 at 10:00 a.m. Central.







Investors, analysts and other interested parties are invited to listen to the webcast:Date:Thursday, February 26, 2026Time:10:00 a.m. CentralLive Webcast:https://app.webinar.net/mBbx0VZ0w4oYou may use the following dial-in information to join the conference call by phone with operator assistance:Dial-in:1-800-836-8184 Intl. Dial-in:1-646-357-8785Conference ID: 22774Website: www.chordenergy.comA recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, March 5, 2026 by dialing:Replay dial-in:1-888-660-6345 Intl. replay: 1-646-517-4150 Replay access: 22774 #The call will also be available for replay for approximately 30 days at www.chordenergy.com.Additionally, Chord Energy plans to participate in the following energy conferences and investor events:March 03, 2026
J.P. Morgan Global Leveraged Finance Conference - Miami, FLMarch 03, 2026
Morgan Stanley Energy & Power Conference - New York, NYMarch 17, 2026
Piper Sandler Annual Energy Conference - Las Vegas, NVMarch 23, 2026
38th Annual Roth Conference - Laguna Niguel, CAAbout Chord Energy Corp. Chord Energy Corp. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.Contact:Chord Energy Corporation
Bob Bakanauskas - Vice President, Investor Relations
(281) 404-9600
ir@chordenergy.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/chord-energy-schedules-fourth-quarter-and-year-end-2025-earnings-release-and-conference-call-302684302.htmlSOURCE Chord Energy

Original: Chord Energy Schedules Fourth Quarter and Year-End 2025 Earnings Release and Conference Call

Energy has been gaining some ground, so how come this once high-flying stock is lagging?

Looking for a higher than average volume day around the week of the 20th.

Still feel like this is going to bleed a little more .. couldnt pull the trigger.

Looking really good here. Im going to pick up 300 shares in the am.

I tode you boys. I am the daddy of oil stocks, listen to pepedaddy and get rich…….or go broke…..bwahaaaa

Ready to rumble here boys. Another sweet pick here. Thank me later