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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 Corp. (Nasdaq: CHRD) will announce its First Quarter 2023 financial and operational results on May 3, 2023, after market close. A live webcast is scheduled for May 4, 2023, at 10:00 a.m. Central Time, for discussion of these results. The company invites investors and analysts to participate and to listen to a replay of the conference call available after 1:00 p.m. Central Time on the same day until May 11, 2023. Upcoming participation in several energy conferences is also announced, including the Citi Energy and Climate Technology Conference on May 9, 2023, and Goldman Sachs Eighth Annual Leveraged Finance and Credit Conference on May 23, 2023. Chord Energy focuses on developing oil-rich resources in the Williston Basin and emphasizes capital discipline and free cash flow generation.
Chord Energy Corporation (NASDAQ: CHRD) reported its 4Q22 and FY22 results, showing significant cash generation and a strong balance sheet. Despite severe winter weather impacting production, the company produced 171.3 MBoepd in 4Q22 with net cash from operations at $478.4MM and net income of $377.6MM. Chord declared a cash dividend of $4.80 per share, payable on March 21, 2023. The company plans to invest $825MM - $865MM in 2023, focusing on capital efficiency and sustained production levels. Estimated net proved reserves stood at 655.6 MMBoe, with a PV-10 value of $14.5 billion.
Crestwood Equity Partners reported a full-year 2022 net income of $72.5 million and Adjusted EBITDA of $762.1 million, a 27% increase year-over-year. This growth was driven by expanded operations in the Williston and Delaware Basins, despite challenges from extreme weather and delays in producer development. The divestiture of Tres Palacios for $335 million will bolster debt reduction efforts. For 2023, the company anticipates Adjusted EBITDA between $780 million and $860 million, with capital investments of $135 million to $155 million. The focus remains on operational execution, enhancing balance sheet strength, and continuing integration of acquired assets.
Chord Energy Corp. (NASDAQ: CHRD) announced it will report its Fourth Quarter 2022 financial and operational results on February 22, 2023, after market close. A live webcast and conference call is scheduled for February 23, 2023, at 10:00 a.m. Central Time. The event will allow analysts and investors to engage directly with the Company regarding its performance. Participants can access the webcast via the provided link. The Company will also attend several upcoming energy conferences, including the Credit Suisse Annual Vail Summit on February 27, 2023.
Chord Energy Corporation (NASDAQ: CHRD) reported strong financial results for 3Q22, including a production of 172.5 MBoe/d and net income of $941.6MM. The company declared a cash dividend of $3.67 per share and returned 85% of adjusted free cash flow to shareholders. CapEx for the quarter was $230.1MM, lower than expected. Chord successfully monetized 16MM units of Crestwood Equity Partners for $428.2MM and has a robust cash position of $658.9MM against $400.0MM in debt. The outlook for 4Q22 anticipates oil volumes between 97.5 MBbl/d and 100.5 MBbl/d.
Crestwood Equity Partners LP (CEQP) announced its third quarter 2022 results, reflecting a net loss of $43 million, slightly higher than a net loss of $39.6 million in Q3 2021. However, the company reported a significant 50% year-over-year increase in Adjusted EBITDA, reaching $209 million, driven by operational growth in the Williston and Delaware Basins. Their distributable cash flow surged 53% to $131 million, resulting in a coverage ratio of 1.9x. Crestwood's revised full-year Adjusted EBITDA guidance is now $780 million to $800 million, reflecting the impact of recent divestitures and operational adjustments.
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