Chord Energy Provides Preliminary 3Q26 Operational and Financial Results
Share repurchases continued into Q4, while preliminary production exceeded guidance and realized hedges generated a loss.
Sentiment and the balance of points
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Rhea-AI Summary
Chord Energy (NASDAQ: CHRD) reported preliminary third-quarter 2026 production above the high end of guidance across oil, natural gas and natural gas liquids.
Total production was 290.5–290.9 thousand barrels of oil equivalent per day, versus guidance of 277.7–284.0 thousand. Capital spending of $379–$385 million was within guidance. Chord repurchased $205 million of shares during the quarter and another $44.3 million quarter-to-date in Q4. It announced a non-operated Marcellus asset divestiture for $550 million in gross consideration, including a $55 million deposit paid during Q3.
At September 30, cash and cash equivalents were $804.7 million and total debt was $1,482.2 million. Realized hedges produced a $48.7 million loss. Chord said adjusted free cash flow exceeded expectations. Results remain preliminary and subject to potentially material adjustments.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointPreliminary Q3 total production of 290.5–290.9 thousand barrels of oil equivalent daily exceeded guidance of 277.7–284.0 thousand.
- Moderate pointQ3 share repurchases totaled $205 million at an average price of $135.74 per share. 2.4% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Announced non-operated Marcellus divestiture carries $550 million gross consideration, including a $55 million deposit paid during Q3. 6.5% of market cap
- Moderate pointPreliminary Q3 natural gas liquids realization was 13%–15% of WTI, above guidance of 4%–10%.
- Moderate pointPreliminary Q3 natural gas realization was 35%–37% of Henry Hub, above guidance of 20%–30%.
- Moderate pointAdjusted free cash flow exceeded expectations, Chord said.
5 minor points
- Minor pointPreliminary Q3 oil production of 165.4–165.6 thousand barrels daily exceeded guidance of 161.5–164.5 thousand.
- Minor pointPreliminary Q3 natural gas liquids production of 55.0–55.2 thousand barrels daily exceeded guidance of 50.0–52.0 thousand.
- Minor pointPreliminary Q3 natural gas production of 420.4–420.8 million cubic feet daily exceeded guidance of 397.0–405.0 million.
- Minor pointQ4 quarter-to-date share repurchases totaled $44.3 million at an average price of $142.32 per share.
- Minor pointQ3 equity investment distributions received totaled $2.3–$2.5 million.
Negative
- Moderate pointQ3 realized hedges generated a $48.7 million loss.
- Minor pointTotal debt stood at $1,482.2 million on September 30, 2026.
- Minor pointMarcellus-related preliminary Q3 capital spending exceeded expectations by approximately $6 million.
- Minor pointQ3 cash taxes paid totaled $32.0 million.
- Minor pointPreliminary results remain subject to potentially material adjustments; independent accountants have performed no procedures on them.
Key Figures
- 3Q26 share repurchases
- $205MM
- During 3Q26
- Average repurchase price
- $135.74/share
- 3Q26 share repurchases
- 4Q26 QTD share repurchases
- $44.3MM
- QTD in 4Q26
- Average repurchase price
- $142.32/share
- 4Q26 QTD share repurchases
- Marcellus divestiture consideration
- $550MM
- Total gross consideration
- Deposit paid
- $55MM
- Paid during 3Q26 for the Marcellus divestiture
- Cash and cash equivalents
- $804.7MM
- As of September 30, 2026
- Total debt
- $1,482.2MM
- As of September 30, 2026
Previous Earnings Reports
-
Q3 2024 oil volumes were near the high end of guidance and total volumes exceeded guidance.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ngls technical
wti financial
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AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights:
- Operational Strength: Volumes exceeded the high-end of guidance across oil, natural gas and NGLs, and CapEx was in line with guidance;
- Shareholder Returns:
$205M M of share repurchases at an average price of$135.74 $44 $142.32 - Announced divestiture of non-operated Marcellus assets for total gross consideration of
$550M M, including$55M M deposit paid during 3Q26; and - Cash and cash equivalents of
$804 $1,482
"The entire organization delivered another strong quarter of operational and financial performance," said Michael Lou, Chord Energy's President & Chief Executive Officer. "Strong performance across new and existing wells and better than expected downtime performance drove volumes above the top-end of guidance. Strong volumes, in line capital and favorable price realizations drove adjusted free cash flow above expectations. Chord continues to be focused on disciplined capital allocation, operational efficiency, and attractive return of capital, and our balance sheet continues to strengthen with robust adjusted free cash flow generation and strategic actions."
3Q26 Operational and Financial Update:
The following table presents select preliminary operational and financial data compared to guidance released in August 2026:
|
|
Previous 3Q26 Guidance |
Preliminary 3Q26 Results |
|
Oil volumes (MBopd) |
161.5 – 164.5 |
165.4 – 165.6 |
|
NGL volumes (MBblpd) |
50.0 – 52.0 |
55.0 – 55.2 |
|
Natural gas volumes (MMcfpd) |
397.0 – 405.0 |
420.4 – 420.8 |
|
Total volumes (MBoepd) |
277.7 – 284.0 |
290.5 – 290.9 |
|
CapEx ($MM) |
|
|
|
Oil Premium/(Discount) to WTI ($/Bbl) |
|
|
|
NGL realization (% of WTI) |
|
|
|
Natural gas realization (% of Henry Hub) |
|
|
|
LOE ($/Boe) |
|
|
|
Production taxes (% of oil, NGL and gas sales) |
|
|
|
Cash taxes paid ($MM) |
|
|
Preliminary 3Q26 CapEx includes approximately
Preliminary Financial Data
The Company's condensed consolidated financial statements for the three-month period ended September 30, 2026 are not yet available. The Company has prepared the preliminary financial data presented in this press release based on the most current information available to management. Accordingly, the operational and financial results presented in this press release are subject to the completion of the Company's normal financial reporting processes and any adjustments that may result from the completion of the quarterly review and finalization of our consolidated financial statements. As a result, the Company's actual financial results could be different from this preliminary financial data, and any differences could be material. The preliminary financial information has been prepared by and is the responsibility of the Company's management. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to these preliminary results (including any financial data). Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect to these preliminary results.
Non-GAAP Financial Measures
Non-GAAP financial measures, including adjusted free cash flow referenced in this press release, are not prepared in accordance with GAAP and 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 these measures 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.
Adjusted Free Cash Flow
The Company defines adjusted free cash flow as Adjusted EBITDA less Cash Interest and CapEx (excluding capitalized interest and acquisition capital).
Adjusted free cash flow is not a measure of cash flows from operating activities as determined by GAAP. Management believes that the presentation of adjusted free cash flow provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, and its ability to generate cash from its business operations without regard to its financing methods or capital structure.
Contact:
Chord Energy Corporation
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.com
Forward-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," "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 preliminary unaudited third quarter financial results, Chord's plans and expectations with respect to the return of capital plan, production levels, anticipated financial and operating results, other guidance, and the effects and anticipated benefits of the Marcellus divestiture. 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, the ability to complete or realize the anticipated benefits from the Marcellus divestiture, 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 Energy
Chord 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.
Media Contact: IR@chordenergy.com
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SOURCE Chord Energy
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Chord Energy's preliminary Q3 2026 production compare with guidance?
Preliminary total production was 290.5–290.9 thousand barrels of oil equivalent per day, above guidance of 277.7–284.0 thousand. Oil, natural gas liquids and natural gas volumes each exceeded the high end of their respective guidance ranges.
How much stock did Chord Energy repurchase in Q3 2026 and early Q4?
Chord repurchased $205 million of shares during Q3 at an average price of $135.74 per share, followed by $44.3 million quarter-to-date in Q4 at an average price of $142.32 per share.
What adjustments did Chord Energy identify for preliminary Q3 2026 capital spending?
Approximately $4.5 million of reimbursable non-operated capital spending and approximately $6 million of above-expectation Marcellus-related spending would together adjust preliminary Q3 capital spending downward by approximately $10.5 million. Reported preliminary capital spending was $379–$385 million.
What were Chord Energy's preliminary Q3 2026 operating costs and oil price realization?
Preliminary lease operating expenses were $10.51–$10.61 per barrel of oil equivalent, production taxes were 8.1%–8.3% of oil, natural gas liquids and gas sales, and oil realized a $0.06–$0.16 per barrel premium to WTI. Each was within its respective guidance range.