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Chord Energy Corporation (NASDAQ: CHRD) is an independent exploration and production company at the cutting edge of the oil and gas industry. Specializing in acquiring, exploiting, developing, and exploring crude oil, natural gas, and natural gas liquids, Chord Energy focuses on its extensive operations in the Williston Basin. With a history of capital discipline and differential views of market conditions, Chord Energy aims to maximize shareholder value while maintaining a conservative balance sheet.
Recently, Chord Energy has achieved significant milestones, such as the successful completion of the merger between Oasis Petroleum Inc. and Whiting Petroleum Corporation, creating a stronger and more efficient entity. This strategic move has allowed Chord to report impressive financial results, with net cash provided by operating activities reaching $408.2 million and net income standing at $216.1 million for Q2 2023. The company also reported an adjusted EBITDA of $369.6 million, demonstrating its robust financial health.
Chord Energy's operational excellence is highlighted by its three-mile lateral program, which has shown positive well performance. The acquisition of XTO assets has extended the company’s inventory runway in core areas, further enhancing capital efficiency. The company's keen focus on optimizing its portfolio through the divestment of non-core assets underscores its strategy of maintaining sustainable free cash flow generation.
On the corporate front, Chord Energy is committed to responsible operations and maintaining a strong balance sheet, ensuring disciplined capital allocation and sustainable value creation. The company declared a base-plus-variable cash dividend of $1.36 per share in August 2023, reflecting its robust return of capital plan. Additionally, Chord has increased its share repurchase authorization to $750 million, indicating confidence in its financial strategy.
Chord Energy is not only dedicated to operational and financial excellence but also to technological innovation and infrastructure development. The company’s 506,000 net acres in the Williston Basin are highly prospective for significant oil and gas horizons, including the Bakken and Three Forks formations. By focusing on these high-potential assets and leveraging advanced technology, Chord Energy continues to drive success and create long-term value for its shareholders.
Chord Energy (NASDAQ: CHRD) reported strong Q3 2024 results with oil volumes of 158.8 MBopd near the high-end of guidance and total volumes of 280.8 MBoepd above guidance. The company achieved $663.2MM in operating cash flow and $225.3MM in net income. Capital expenditure was $329.2MM, below guidance. The company returned $234MM to shareholders, including $146MM in share repurchases and declared a $1.44 per share dividend. Chord issued a three-year outlook (2025-2027), planning to spend $1.4B annually to maintain flat oil production. The company also completed the sale of its DJ Basin assets for $36.1MM and updated its FY24 guidance with increased oil volumes and reduced capital spending.
Chord Energy Corp. (Nasdaq: CHRD) has announced it will release its third quarter 2024 financial and operating results on Wednesday, November 6, 2024, after market close. The company will host a live webcast and conference call on Thursday, November 7, 2024, at 10:00 a.m. Central. Following the earnings release, Chord Energy will participate in several energy conferences and investor events throughout November and December 2024, including the Bank of America Global Energy Conference, Wolfe Research Conference, Capital One Securities Energy Conference, Mizuho Power, Energy & Infrastructure Conference, and Wells Fargo Midstream, Energy & Utilities Symposium.
Chord Energy (NASDAQ: CHRD) has released its 2023 Sustainability Report, highlighting the company's commitment to sustainable operations and transparent reporting. Key achievements include:
- A 9% decrease in operated Scope 1 GHG emissions intensity compared to 2022
- A 44% decrease in operated Scope 1 methane emissions intensity compared to 2022
- Joining the World Bank's Zero Routine Flaring initiative
- A 36% reduction in Total Recordable Incident Rate (TRIR) compared to 2022
- Donations of approximately $1 million to charitable organizations
The report also highlights corporate governance achievements, including 90% of directors having prior E&P experience and 100% of committee chairs being women in 2023. The report's contents were guided by frameworks such as TCFD, SASB, GRI, and AXPC ESG Metrics Framework.
Chord Energy (NASDAQ: CHRD) reported strong Q2 2024 results, with oil volumes of 118.1 MBopd at the high end of guidance. Total production reached 207.2 MBoepd, exceeding guidance. The company generated $460.9 million in net cash from operations and $213.4 million in net income. Adjusted EBITDA was $567.9 million and Adjusted Free Cash Flow was $216.1 million.
Chord completed its combination with Enerplus on May 31, 2024, creating a premier Williston Basin operator. The company expects to achieve over $200 million in annual synergies from the integration. Chord declared a base-plus-variable cash dividend of $2.52 per share and repurchased $61.7 million of shares in Q2.
For full-year 2024, Chord projects Adjusted EBITDA of $2.9 billion and Adjusted Free Cash Flow of $1.2 billion on a pro forma basis. The company updated its FY2024 guidance, increasing midpoint oil production slightly while maintaining capital expenditure targets.
Chord Energy Corp. (Nasdaq: CHRD) has announced its schedule for the release of its second quarter 2024 financial and operating results. The company will unveil the results on Wednesday, August 7, 2024 after market close, followed by a live webcast and conference call on Thursday, August 8, 2024 at 9:00 a.m. Central. Investors and analysts can join the webcast or participate in the conference call via phone. A recording of the call will be available until August 15, 2024. Additionally, Chord Energy plans to participate in several energy conferences and investor events throughout August and September 2024, including the Wolfe Research Investor Event, Piper Sandler Investor Event, Barclays CEO Energy-Power Conference, Pickering Energy Partners TE&M Fest, and Mizuho Energy Investor Event.
Chord Energy and Enerplus announced the completion of their business combination, creating a premier operator in the Williston Basin with enhanced scale and financial strength. The arrangement was approved by shareholders and received court approval. Chord expects over $200MM in annual synergies, an increase from the original $150MM estimate. The combined entity, led by Chord's existing management, aims to maximize shareholder value through capital discipline and sustainable cash flow. Enerplus shareholders received Chord shares and cash, and Enerplus stock will be delisted. Updated 2024 guidance reflects the merger, with projections for oil, NGL, and natural gas volumes, as well as CapEx adjustments. The credit agreement was amended to increase the borrowing base to $3B.
Chord Energy (CHRD) reported strong first quarter 2024 financial and operational results, exceeding guidance in oil volumes and lease operating expenses, with net cash provided by operating activities of $406.7MM and net income of $199.4MM. They also declared a base-plus-variable cash dividend and issued an outlook. The pending combination with Enerplus is on track, expected to close on May 31, 2024. Chord remains focused on operational efficiency, capital discipline, and shareholder returns.
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