Chord Energy Reports Second Quarter 2025 Financial and Operating Results, Declares Base Dividend and Issues Updated Outlook
Chord Energy (NASDAQ: CHRD) reported strong Q2 2025 financial results, exceeding expectations. The company achieved oil production of 156.7 MBopd and total production of 281.9 MBoepd, surpassing guidance. Key financial metrics include Adjusted EBITDA of $547.2MM and Adjusted FCF of $140.8MM.
The company declared a base dividend of $1.30 per share and repurchased $55.0MM of common stock at an average price of $90.80/share in Q2. Chord updated its FY25 guidance, raising oil production by 500 Bopd and reducing capital expenditure by $20MM. The company recorded a non-cash goodwill impairment charge of $539.3MM due to declining oil and gas prices.
Management updated FY25 outlook projecting Adjusted EBITDA of approximately $2.4B and Adjusted FCF of approximately $850MM at midpoint guidance.
Chord Energy (NASDAQ: CHRD) ha riportato risultati finanziari solidi per il secondo trimestre 2025, superando le aspettative. La società ha raggiunto una produzione di petrolio di 156,7 MBopd e una produzione totale di 281,9 MBoepd, oltrepassando le previsioni. Tra i principali indicatori finanziari si segnalano un EBITDA rettificato di 547,2 milioni di dollari e un flusso di cassa libero rettificato di 140,8 milioni di dollari.
La società ha dichiarato un dividendo base di 1,30 dollari per azione e ha riacquistato azioni ordinarie per 55,0 milioni di dollari a un prezzo medio di 90,80 dollari per azione nel secondo trimestre. Chord ha aggiornato le previsioni per l'intero anno 2025, aumentando la produzione di petrolio di 500 Bopd e riducendo la spesa in conto capitale di 20 milioni di dollari. È stata inoltre registrata una rettifica non monetaria per svalutazione dell'avviamento pari a 539,3 milioni di dollari a causa del calo dei prezzi del petrolio e del gas.
La direzione ha aggiornato le prospettive per il 2025 prevedendo un EBITDA rettificato di circa 2,4 miliardi di dollari e un flusso di cassa libero rettificato di circa 850 milioni di dollari al valore mediano delle previsioni.
Chord Energy (NASDAQ: CHRD) presentó sólidos resultados financieros para el segundo trimestre de 2025, superando las expectativas. La compañía alcanzó una producción de petróleo de 156,7 MBopd y una producción total de 281,9 MBoepd, superando las previsiones. Los principales indicadores financieros incluyen un EBITDA ajustado de 547,2 millones de dólares y un flujo de caja libre ajustado de 140,8 millones de dólares.
La empresa declaró un dividendo base de 1,30 dólares por acción y recompró acciones comunes por 55,0 millones de dólares a un precio promedio de 90,80 dólares por acción en el segundo trimestre. Chord actualizó sus previsiones para el año fiscal 2025, aumentando la producción de petróleo en 500 Bopd y reduciendo el gasto de capital en 20 millones de dólares. Se registró un cargo por deterioro no monetario del fondo de comercio de 539,3 millones de dólares debido a la caída de los precios del petróleo y del gas.
La dirección actualizó las perspectivas para 2025, proyectando un EBITDA ajustado de aproximadamente 2,4 mil millones de dólares y un flujo de caja libre ajustado de aproximadamente 850 millones de dólares en el punto medio de las previsiones.
Chord Energy (NASDAQ: CHRD)는 2025년 2분기 강력한 재무 실적을 발표하며 예상치를 상회했습니다. 회사는 일일 원유 생산량 156.7천 배럴(MBopd)과 총 생산량 281.9천 배럴 원유 환산(MBoepd)을 달성하여 가이던스를 초과했습니다. 주요 재무 지표로는 조정 EBITDA 5억 4720만 달러와 조정 잉여현금흐름 1억 4080만 달러가 포함됩니다.
회사는
경영진은 2025 회계연도 전망을 업데이트하며 조정 EBITDA 약 24억 달러와 조정 잉여현금흐름 약 8억 5천만 달러를 중간 가이던스 기준으로 예상했습니다.
Chord Energy (NASDAQ : CHRD) a publié des résultats financiers solides pour le deuxième trimestre 2025, dépassant les attentes. La société a atteint une production pétrolière de 156,7 MBopd et une production totale de 281,9 MBoepd, dépassant les prévisions. Les principaux indicateurs financiers incluent un EBITDA ajusté de 547,2 millions de dollars et un flux de trésorerie disponible ajusté de 140,8 millions de dollars.
La société a déclaré un dividende de base de 1,30 $ par action et a racheté 55,0 millions de dollars d’actions ordinaires à un prix moyen de 90,80 $ par action au deuxième trimestre. Chord a mis à jour ses prévisions pour l’exercice 2025, augmentant la production pétrolière de 500 Bopd et réduisant les dépenses d’investissement de 20 millions de dollars. La société a enregistré une charge de dépréciation non monétaire de l’écart d’acquisition de 539,3 millions de dollars en raison de la baisse des prix du pétrole et du gaz.
La direction a actualisé ses perspectives pour 2025 en prévoyant un EBITDA ajusté d’environ 2,4 milliards de dollars et un flux de trésorerie disponible ajusté d’environ 850 millions de dollars selon le point médian des prévisions.
Chord Energy (NASDAQ: CHRD) meldete starke Finanzergebnisse für das zweite Quartal 2025 und übertraf die Erwartungen. Das Unternehmen erreichte eine Ölproduktion von 156,7 MBopd und eine Gesamtproduktion von 281,9 MBoepd, was über den Prognosen lag. Wichtige Finanzkennzahlen sind ein bereinigtes EBITDA von 547,2 Mio. USD und ein bereinigter freier Cashflow von 140,8 Mio. USD.
Das Unternehmen erklärte eine Basisdividende von 1,30 USD je Aktie und kaufte im zweiten Quartal Aktien im Wert von 55,0 Mio. USD zu einem Durchschnittspreis von 90,80 USD pro Aktie zurück. Chord aktualisierte seine Prognose für das Geschäftsjahr 2025, erhöhte die Ölproduktion um 500 Bopd und senkte die Investitionsausgaben um 20 Mio. USD. Aufgrund sinkender Öl- und Gaspreise wurde eine nicht zahlungswirksame Firmenwertabschreibung in Höhe von 539,3 Mio. USD verbucht.
Das Management aktualisierte die Prognose für 2025 und erwartet ein bereinigtes EBITDA von etwa 2,4 Mrd. USD sowie einen bereinigten freien Cashflow von etwa 850 Mio. USD beim mittleren Prognosewert.
- Oil production exceeded guidance at 156.7 MBopd
- Returned over 90% of Adjusted FCF to shareholders through dividends and buybacks
- Reduced share count by 10% since Enerplus closing
- Raised FY25 oil production guidance by 500 Bopd
- Reduced capital expenditure guidance by $20MM
- FY25 Adjusted FCF increasing ~20% from original plan
- Board authorized new $1B share repurchase program
- Recorded net loss of $389.9MM ($6.77/diluted share)
- Recognized $539.3MM non-cash goodwill impairment charge
- Q4 2025 production guidance shows sequential decline in oil volumes
- Revolving credit facility has $180MM in borrowings
Insights
Chord Energy delivers strong Q2 with raised production guidance, reduced capex, and substantial shareholder returns despite oil price weakness.
Chord Energy reported solid Q2 2025 results that beat expectations while demonstrating impressive capital discipline and shareholder return focus. The company exceeded oil production guidance at 156.7 MBopd vs. 153-156 MBopd guided range, while keeping capital expenditures at the low end of guidance at $355.6 million.
The efficiency improvements are particularly noteworthy - Chord has successfully drilled four 4-mile laterals to date with costs below budget and is accelerating this program with plans to turn-in-line seven 4-mile laterals in 2025. These operational efficiencies have enabled management to raise FY25 oil production guidance by 500 Bopd while simultaneously reducing capital spending by $20 million at the midpoint.
From a financial perspective, Chord generated $140.8 million in Adjusted Free Cash Flow despite a challenging commodity price environment with realized oil prices of just $61.62/barrel, down significantly from $69.11/barrel in Q1 and $78.89/barrel a year ago. The company returned over 90% of this FCF to shareholders through a $1.30/share base dividend and $55 million in share repurchases at an average price of $90.80/share.
The balance sheet remains healthy with $1.83 billion in liquidity and total debt of $930 million. While the company recorded a $539.3 million non-cash goodwill impairment charge due to declining oil prices and market capitalization, this had no impact on cash flow or operations.
Management's updated FY25 guidance now implies a ~20% improvement in Adjusted FCF and ~25% improvement in Adjusted FCF per share versus the February outlook when normalized for commodity pricing. The company appears well-positioned to continue optimizing capital allocation even amid persistent commodity volatility.
Key Takeaways and Updates:
- Operational Excellence: Delivered net cash provided by operating activities and Adjusted Free Cash Flow ("Adjusted FCF")(1) above expectations, driven by efficient execution and strong asset performance;
- Shareholder Returns: Returned over
90% of Adjusted FCF(1) to shareholders through the base dividend of$1.30 - Share Repurchases: Repurchased
$55 $90.80 $45 10% on a fully-diluted basis since the Enerplus closing; - Operational Execution: Drilled four 4-mile laterals to date with costs below budget; accelerating 4-mile activity and now on track to turn-in-line ("TIL") seven 4-mile laterals in FY25;
- Updated Outlook: Raised FY25 oil production guidance +500 Bopd and reduced capital -
$20M M at the midpoint of guidance; on schedule to return a second completions crew in 4Q25; and - Enhancing Adjusted FCF: Updated FY25 guidance implies a ~
20% improvement in Adjusted FCF and ~25% improvement in Adjusted FCF per share vs. the February outlook (normalized for commodity pricing).
2Q25 Operational and Financial Highlights:
- Production: Volumes of 156.7 MBopd (281.9 MBoepd) exceeded the high-end of guidance;
- CapEx: E&P and other CapEx of
$355 - Cash Flow: Net cash provided by operating activities was
$419 $389 $6.77 - Adjusted EBITDA, Adjusted FCF and Adjusted Net Income: Adjusted EBITDA(1) was
$547 $140 $103 $1.79
(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under |
"Chord Energy delivered another outstanding quarter driven by continued operational excellence," said Danny Brown, Chord Energy's President and Chief Executive Officer. "Free cash flow was above expectations, supporting continued high shareholder payouts. The Chord team demonstrated strong execution with better downtime, greater efficiency and solid well performance leading to an increase in our full-year production guidance and reduction in capital. Our premier Williston Basin position, built with a focus on disciplined capital allocation, early adoption of new technologies, and strategic M&A, puts Chord in a strong position to drive continuous improvement amidst persistent commodity volatility. We remain focused on optimizing capital allocation while operating in a safe and sustainable manner."
2Q25 Operational and Financial Update:
The following table presents select 2Q25 operational and financial data compared to guidance released on May 6, 2025:
Metric | 2Q25 Actual | 2Q25 Guidance | ||
Oil Volumes (MBopd) | 156.7 | 153.0 – 156.0 | ||
NGL Volumes (MBblpd) | 54.1 | 47.3 – 48.8 | ||
Natural Gas Volumes (MMcfpd) | 425.9 | 408.5 – 421.5 | ||
Total Volumes (MBoepd) | 281.9 | 268.3 – 275.0 | ||
E&P & Other CapEx ($MM) | ||||
Oil Discount to WTI ($/Bbl) | ||||
NGL Realization (% of WTI) | 9 % | |||
Natural Gas Realization (% of Henry Hub) | 32 % | |||
LOE ($/Boe) | ||||
Cash GPT ($/Boe)(1) | ||||
Cash G&A ($MM)(1) | ||||
Production Taxes (% of Oil, NGL and Natural Gas Sales)(2) | 7.3 % | |||
Cash Interest ($MM)(1) | ||||
Cash Tax (% of Adjusted EBITDA)(3) | 5.9 % |
___________________ | |
(1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. |
(2) | 2Q25 includes non-recurring reimbursements of |
(3) | Cash taxes paid during the three months ended June 30, 2025 were |
Chord had 37 gross (29.3 net) operated TILs in 2Q25.
Return of Capital:
Chord declared a base dividend of
The Company repurchased 605,621 shares of common stock at a weighted average price of
Chord's Board of Directors has authorized a new share repurchase program totaling
2025 Outlook Update:
Chord is updating its FY25 guidance to reflect 1H25 performance and its latest projections. Chord remains on track to return a second completions crew to operations in 4Q25, given current oil prices. Chord has delivered production volumes and capital better than expectations in the first half of the year, reflecting solid execution, operational efficiencies, lower downtime and strong asset performance. Chord expects to generate Adjusted EBITDA of approximately
Highlights of Chord's updated FY25 guidance include:
- Oil Volumes: Raised +500 Bopd to 153.0 MBopd at midpoint, driven by strong well performance and improved uptime;
- E&P and Other CapEx: Lowered -
$20M M to$1.35B $50M M below original plan; - LOE: Maintained at
$9.60 $0.30 - Oil Differentials: Narrowed by
$0.30 - Cash Taxes: Lowered FY25 cash tax range to
3.5% –6.5% % of Adjusted EBITDA (reflects 1H25 cash tax payments and 2H25 at$60 $80 4% –9% of Adjusted EBITDA); and - Adjusted FCF: FY25 Adjusted FCF increasing ~
$120M M (~20% ) from original plan, driven by improved capital efficiency and lower operating costs (normalized$65 $3.75
The following table presents select operational and financial guidance for the periods presented:
Metric | 3Q25 Guidance | 4Q25 Guidance | FY25 Guidance | |||
Oil Volumes (MBopd) | 153.5 – 157.5 | 143.5 – 148.5 | 151.8 – 154.1 | |||
NGL Volumes (MBblpd) | 50.5 – 54.5 | 48.0 – 53.0 | 50.2 – 52.5 | |||
Natural Gas Volumes (MMcfpd) | 430.0 – 442.0 | 422.0 – 440.0 | 423.1 – 430.7 | |||
Total Volumes (MBoepd) | 275.7 – 285.7 | 261.8 – 274.8 | 272.5 – 278.3 | |||
E&P & Other CapEx ($MM) | ||||||
Oil Discount to WTI ($/Bbl) | ||||||
NGL Realization (% of WTI) | ||||||
Natural Gas Realization (% of Henry Hub) | ||||||
LOE ($/Boe) | ||||||
Cash GPT ($/Boe)(1) | ||||||
Cash G&A ($MM)(1) | ||||||
Production Taxes (% of Oil, NGL and Natural Gas Sales) | ||||||
Cash Interest ($MM)(1) | ||||||
Cash Tax (% of Adjusted EBITDA)(2) |
___________________ | |
(1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for more information. |
(2) | Cash Tax guidance reflects 2H25 WTI prices between |
Select Operational and Financial Data:
The following table presents select operational and financial data for the periods presented:
2Q25 | 1Q25 | 2Q24 | |||
Production data: | |||||
Crude oil (MBopd) | 156.7 | 153.7 | 118.1 | ||
NGLs (MBblpd) | 54.1 | 48.1 | 40.5 | ||
Natural gas (MMcfpd)(2) | 425.9 | 414.5 | 291.5 | ||
Total production (MBoepd) | 281.9 | 270.9 | 207.2 | ||
Percent crude oil | 55.6 % | 56.7 % | 57.0 % | ||
Average sales prices: | |||||
Crude oil, without realized derivatives ($/Bbl) | $ 61.62 | $ 69.11 | $ 78.89 | ||
Differential to NYMEX WTI ($/Bbl) | (2.15) | (2.30) | (1.71) | ||
Crude oil, with realized derivatives ($/Bbl) | 62.58 | 69.08 | 78.53 | ||
Crude oil realized derivatives (gain) loss ($MM) | (13.7) | 0.4 | (3.9) | ||
NGL, without realized derivatives ($/Bbl) | 5.80 | 14.18 | 9.99 | ||
NGL, with realized derivatives ($/Bbl) | 5.80 | 14.18 | 9.99 | ||
Natural gas, without realized derivatives ($/Mcf)(2) | 1.10 | 2.30 | 0.67 | ||
Natural gas, with realized derivatives ($/Mcf) | 1.11 | 2.31 | 0.67 | ||
Natural gas realized derivatives (gain) loss ($MM) | (0.4) | (0.1) | — | ||
Selected financial data ($MM): | |||||
Revenues: | |||||
Crude oil revenues | $ 878.9 | $ 956.1 | $ 848.1 | ||
NGL revenues | 28.6 | 61.3 | 36.8 | ||
Natural gas revenues | 42.8 | 85.9 | 17.8 | ||
Total oil, NGL and natural gas revenues | $ 950.3 | $ 1,103.3 | $ 902.7 | ||
Cash flows: | |||||
Net cash provided by operating activities: | $ 1,076.7 | $ 656.9 | $ 460.9 | ||
Non-GAAP financial measures(1): | |||||
Adjusted EBITDA | $ 547.2 | $ 695.5 | $ 567.9 | ||
Adjusted FCF | 140.8 | 290.5 | 216.1 | ||
Adjusted Net Income Attributable to Common Stockholders | 103.2 | 240.9 | 234.9 | ||
Select operating expenses: | |||||
LOE | $ 257.0 | $ 233.1 | $ 176.6 | ||
Gathering, processing and transportation expenses ("GPT") | 74.1 | 73.3 | 63.1 | ||
Production taxes | 69.0 | 74.6 | 79.5 | ||
Depreciation, depletion and amortization | 377.0 | 349.8 | 227.9 | ||
Total select operating expenses | $ 777.1 | $ 730.8 | $ 547.1 | ||
Earnings (loss) per share: | |||||
Basic earnings (loss) per share | $ (6.71) | $ 3.67 | $ 4.36 | ||
Diluted earnings (loss) per share | (6.77) | 3.66 | 4.25 | ||
Adjusted diluted earnings per share (Non-GAAP)(1) | 1.79 | 4.04 | 4.69 |
___________________ | |
(1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. |
(2) | Marcellus natural gas volumes and realized natural gas price were 129.9 MMcfpd and |
Goodwill Impairment:
At June 30, 2025, the Company assessed its goodwill balance for impairment as a result of the decline in its market capitalization during the second quarter, which was impacted by a decline in crude oil and natural gas prices. As a result of this assessment, the Company recognized a non-cash impairment charge of
Capital Expenditures:
The following table presents the Company's capital expenditures ("CapEx") by category for the periods presented (in millions):
1Q25 | 2Q25 | 1H25 | |||
CapEx: | |||||
E&P | $ 354.8 | $ 354.5 | $ 709.3 | ||
Other | 0.6 | 1.1 | 1.7 | ||
Total E&P and other CapEx | 355.4 | 355.6 | 711.0 | ||
Capitalized interest | 1.1 | 1.1 | 2.2 | ||
Acquisitions | 17.9 | 8.3 | 26.2 | ||
Total CapEx | $ 374.4 | $ 365.0 | $ 739.4 |
Balance Sheet and Liquidity:
The following table presents key balance sheet data and liquidity metrics as of June 30, 2025 (in millions):
June 30, 2025 | |
Revolving credit facility(1) | $ 2,000.0 |
Revolver borrowings | $ 180.0 |
Senior notes | 750.0 |
Total debt | $ 930.0 |
Cash and cash equivalents | $ 40.5 |
Letters of credit | 29.9 |
Liquidity | $ 1,830.6 |
___________________ | |
(1) | |
Contact:
Chord Energy Corporation
Bob Bakanauskas, VP, Investor Relations
(281) 404-9600
ir@chordenergy.com
Conference Call Information
Investors, analysts and other interested parties are invited to listen to the webcast:
Date: | Thursday, August 7, 2025 | |
Time: | 10:00 a.m. Central | |
Live Webcast: | https://app.webinar.net/Q1jBz3bLb7k |
To join the conference call by phone without operator assistance (including sell-side analysts wishing to ask a question), you may register and enter your phone number at https://emportal.ink/4k0K0dL to receive an instant automated call back and be immediately placed into the call.
You may also 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: | 1-646-357-8785 | |
Conference ID: | 82050 |
A 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, August 14, 2025 by dialing:
Replay dial-in: | 1-888-660-6345 | |
Intl. replay: | 1-646-517-4150 | |
Replay access: | 82050 # |
The call will also be available for replay for approximately 30 days at https://www.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 the benefits and synergies of the Enerplus combination, 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, production levels and reinvestment rates, anticipated financial and operating results and other guidance and the effects, benefits and synergies of the Enerplus combination. 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 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 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 supply limitations, 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
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 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
Comparability of Financial Statements
The results reported for the three and six months ended June 30, 2025 reflect the consolidated results of Chord, including combined operations with Enerplus Corporation ("Enerplus"), while the results reported for the three and six months ended June 30, 2024 reflect the consolidated results of Chord, including the combined operations with Enerplus beginning on May 31, 2024, unless otherwise noted.
Chord Energy Corporation | |||
June 30, 2025 | December 31, 2024 | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 40,487 | $ 36,950 | |
Accounts receivable, net | 1,279,056 | 1,298,973 | |
Inventory | 102,031 | 94,299 | |
Prepaid expenses | 17,874 | 30,875 | |
Derivative instruments | 82,069 | 35,944 | |
Other current assets | 2,168 | 82,077 | |
Total current assets | 1,523,685 | 1,579,118 | |
Property, plant and equipment | |||
Oil and gas properties (successful efforts method) | 13,602,081 | 12,770,786 | |
Other property and equipment | 59,938 | 58,158 | |
Less: accumulated depreciation, depletion and amortization | (2,851,535) | (2,142,775) | |
Total property, plant and equipment, net | 10,810,484 | 10,686,169 | |
Derivative instruments | 7,962 | 5,629 | |
Investment in unconsolidated affiliate | 131,603 | 142,201 | |
Long-term inventory | 26,403 | 25,973 | |
Operating right-of-use assets | 23,846 | 38,004 | |
Goodwill | — | 530,616 | |
Other assets | 22,613 | 24,297 | |
Total assets | $ 12,546,596 | $ 13,032,007 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable | $ 74,043 | $ 68,751 | |
Revenues and production taxes payable | 681,508 | 752,742 | |
Accrued liabilities | 760,652 | 732,296 | |
Accrued interest payable | 18,586 | 4,693 | |
Derivative instruments | 342 | 1,230 | |
Advances from joint interest partners | 2,715 | 2,434 | |
Current operating lease liabilities | 29,351 | 37,629 | |
Other current liabilities | 9,438 | 84,203 | |
Total current liabilities | 1,576,635 | 1,683,978 | |
Long-term debt | 918,901 | 842,600 | |
Deferred tax liabilities | 1,545,492 | 1,496,442 | |
Asset retirement obligations | 392,742 | 282,369 | |
Derivative instruments | 2,500 | 1,016 | |
Operating lease liabilities | 8,234 | 15,190 | |
Other liabilities | 5,868 | 8,150 | |
Total liabilities | 4,450,372 | 4,329,745 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Common stock, | 675 | 673 | |
Treasury stock, at cost: 9,497,003 shares at June 30, 2025 and 6,896,886 shares at | (1,210,171) | (936,157) | |
Additional paid-in capital | 7,327,295 | 7,336,091 | |
Retained earnings | 1,978,425 | 2,301,655 | |
Total stockholders' equity | 8,096,224 | 8,702,262 | |
Total liabilities and stockholders' equity | $ 12,546,596 | $ 13,032,007 | |
Chord Energy Corporation | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenues | |||||||
Oil, NGL and gas revenues | $ 950,266 | $ 902,667 | $ 2,053,690 | $ 1,650,829 | |||
Purchased oil and gas sales | 230,294 | 358,013 | 341,916 | 695,111 | |||
Total revenues | 1,180,560 | 1,260,680 | 2,395,606 | 2,345,940 | |||
Operating expenses | |||||||
Lease operating expenses | 256,966 | 176,647 | 490,040 | 335,853 | |||
Gathering, processing and transportation expenses | 74,100 | 63,130 | 147,415 | 117,114 | |||
Purchased oil and gas expenses | 231,745 | 356,356 | 343,113 | 692,118 | |||
Production taxes | 68,965 | 79,522 | 143,607 | 143,433 | |||
Depreciation, depletion and amortization | 376,997 | 227,928 | 726,806 | 396,822 | |||
General and administrative expenses | 32,540 | 82,077 | 70,917 | 107,789 | |||
Impairment and exploration | 541,940 | 1,485 | 543,923 | 7,639 | |||
Total operating expenses | 1,583,253 | 987,145 | 2,465,821 | 1,800,768 | |||
Gain (loss) on sale of assets, net | (522) | 15,486 | 4,993 | 16,788 | |||
Operating income (loss) | (403,215) | 289,021 | (65,222) | 561,960 | |||
Other income (expense) | |||||||
Net gain (loss) on derivative instruments | 82,231 | 4,608 | 61,950 | (22,969) | |||
Net gain (loss) from investment in unconsolidated affiliate | (962) | 5,862 | (5,862) | 22,158 | |||
Interest expense, net of capitalized interest | (18,788) | (12,208) | (34,606) | (19,800) | |||
Loss on debt extinguishment | — | — | (3,494) | — | |||
Other income | 5,045 | 4,081 | 4,546 | 6,907 | |||
Total other income (expense), net | 67,526 | 2,343 | 22,534 | (13,704) | |||
Income (loss) before income taxes | (335,689) | 291,364 | (42,688) | 548,256 | |||
Income tax expense | (54,216) | (78,003) | (127,380) | (135,541) | |||
Net income (loss) | $ (389,905) | $ 213,361 | $ (170,068) | $ 412,715 | |||
Earnings (loss) per share: | |||||||
Basic | $ (6.71) | $ 4.36 | $ (2.89) | $ 9.12 | |||
Diluted | $ (6.77) | $ 4.25 | $ (2.93) | $ 8.87 | |||
Weighted average shares outstanding: | |||||||
Basic | 57,786 | 48,665 | 58,420 | 45,048 | |||
Diluted | 57,786 | 49,916 | 58,501 | 46,313 | |||
Chord Energy Corporation | |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (170,068) | $ 412,715 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 726,806 | 396,822 | |
Loss on debt extinguishment | 3,494 | — | |
Gain on sale of assets | (4,993) | (16,788) | |
Impairment | 539,318 | 3,919 | |
Deferred income taxes | 49,050 | 70,699 | |
Net (gain) loss from investment in unconsolidated affiliate | 5,862 | (22,158) | |
Net (gain) loss on derivative instruments | (61,950) | 22,969 | |
Equity-based compensation expenses | 12,997 | 10,130 | |
Deferred financing costs amortization and other | (11,297) | 7,343 | |
Working capital and other changes: | |||
Change in accounts receivable, net | 4,479 | (69,496) | |
Change in inventory | (5,738) | (5,557) | |
Change in prepaid expenses | 5,463 | 17,262 | |
Change in accounts payable, interest payable and accrued liabilities | (20,031) | 3,065 | |
Change in other assets and liabilities, net | 3,311 | 36,649 | |
Net cash provided by operating activities | 1,076,703 | 867,574 | |
Cash flows from investing activities: | |||
Capital expenditures | (704,388) | (538,733) | |
Acquisitions | (26,191) | (645,971) | |
Proceeds from divestitures | 6,921 | 20,876 | |
Derivative settlements | 14,090 | (16,339) | |
Contingent consideration received | 25,000 | 25,000 | |
Distributions from investment in unconsolidated affiliate | 6,786 | 4,591 | |
Net cash used in investing activities | (677,782) | (1,150,576) | |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 2,435,000 | 825,000 | |
Principal payments on revolving credit facility | (2,700,000) | (250,000) | |
Repayment and discharge of senior notes | (401,432) | — | |
Issuance of senior notes | 750,000 | — | |
Deferred financing costs | (13,443) | — | |
Repurchases of common stock | (274,014) | (93,745) | |
Tax withholding on vesting of equity-based awards | (21,793) | (57,357) | |
Dividends paid | (168,846) | (281,681) | |
Payments on finance lease liabilities | (856) | (834) | |
Proceeds from warrants exercised | — | 21,010 | |
Net cash provided by (used in) financing activities | (395,384) | 162,393 | |
Increase (decrease) in cash and cash equivalents | 3,537 | (120,609) | |
Cash and cash equivalents: | |||
Beginning of period | 36,950 | 317,998 | |
End of period | $ 40,487 | $ 197,389 | |
Supplemental non-cash transactions: | |||
Change in accrued capital expenditures | $ (3,950) | $ 24,389 | |
Change in asset retirement obligations | 100,632 | 3,476 | |
Non-cash consideration exchanged in Merger | — | 3,732,137 | |
Dividends payable | 973 | 19,502 | |
Non-GAAP Financial Measures
The 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 GPT
The 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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
GPT | $ 74,100 | $ 63,130 | $ 147,415 | $ 117,114 | |||
Pipeline imbalances | (2,270) | (488) | (1,722) | (681) | |||
Loss on derivative transportation contract(1) | — | (2,647) | — | (5,877) | |||
Cash GPT | $ 71,830 | $ 59,995 | $ 145,693 | $ 110,556 | |||
___________________ | |
(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&A
The 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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
General and administrative expenses | $ 32,540 | $ 82,077 | $ 70,917 | $ 107,789 | |||
Merger costs(1) | (2,929) | (54,687) | (8,064) | (62,794) | |||
Equity-based compensation expenses | (6,121) | (5,359) | (12,997) | (10,130) | |||
Other non-cash adjustments | (1,790) | (199) | 193 | 1,461 | |||
Cash G&A | $ 21,700 | $ 21,832 | $ 50,049 | $ 36,326 | |||
___________________ | |
(1) | Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. |
Cash Interest
The 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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
Interest expense | $ 18,788 | $ 12,208 | $ 34,606 | $ 19,800 | |||
Capitalized interest | 1,109 | 1,158 | 2,188 | 1,867 | |||
Amortization of deferred financing costs | (1,255) | (1,366) | (2,526) | (2,258) | |||
Cash Interest | $ 18,642 | $ 12,000 | $ 34,268 | $ 19,409 | |||
Adjusted EBITDA and Adjusted Free Cash Flow
The 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 E&P and other capital expenditures (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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
Net income (loss) | $ (389,905) | $ 213,361 | $ (170,068) | $ 412,715 | |||
Interest expense, net of capitalized interest | 18,788 | 12,208 | 34,606 | 19,800 | |||
Loss on debt extinguishment | — | — | 3,494 | — | |||
Income tax expense | 54,216 | 78,003 | 127,380 | 135,541 | |||
Depreciation, depletion and amortization | 376,997 | 227,928 | 726,806 | 396,822 | |||
Merger costs(1) | 2,929 | 54,687 | 8,064 | 62,794 | |||
Impairment and exploration expenses(2) | 541,940 | 1,485 | 543,923 | 7,639 | |||
(Gain) loss on sale of assets | 522 | (15,486) | (4,993) | (16,788) | |||
Net (gain) loss on derivative instruments | (82,231) | (4,608) | (61,950) | 22,969 | |||
Realized gain (loss) on commodity price derivative contracts | 14,090 | (3,896) | 13,839 | (5,257) | |||
Net (gain) loss from investment in unconsolidated affiliate | 962 | (5,862) | 5,862 | (22,158) | |||
Distributions from investment in unconsolidated affiliate | 2,377 | 2,305 | 4,736 | 4,591 | |||
Equity-based compensation expenses | 6,121 | 5,359 | 12,997 | 10,130 | |||
Other non-cash adjustments | 420 | 2,455 | (1,960) | 3,919 | |||
Adjusted EBITDA | 547,226 | 567,939 | 1,242,736 | 1,032,717 | |||
Cash interest | (18,642) | (12,000) | (34,268) | (19,409) | |||
E&P and other capital expenditures | (355,589) | (314,311) | (711,028) | (572,059) | |||
Cash taxes paid | (32,148) | (25,500) | (66,098) | (25,500) | |||
Adjusted Free Cash Flow | $ 140,847 | $ 216,128 | $ 431,342 | $ 415,749 | |||
Net cash provided by operating activities | $ 419,810 | $ 460,875 | $ 1,076,703 | $ 867,574 | |||
Changes in working capital | 49,725 | 8,229 | 12,516 | 18,078 | |||
Interest expense, net of capitalized interest | 18,788 | 12,208 | 34,606 | 19,800 | |||
Current income tax expense | 34,931 | 34,271 | 78,331 | 64,841 | |||
Merger costs(1) | 2,929 | 54,687 | 8,064 | 62,794 | |||
Exploration expenses | 2,623 | 1,485 | 4,605 | 3,720 | |||
Realized gain (loss) on commodity price derivative contracts | 14,090 | (3,896) | 13,839 | (5,257) | |||
Distributions from investment in unconsolidated affiliate | 2,377 | 2,305 | 4,736 | 4,591 | |||
Deferred financing costs amortization and other | 1,533 | (4,680) | 11,296 | (7,343) | |||
Other non-cash adjustments | 420 | 2,455 | (1,960) | 3,919 | |||
Adjusted EBITDA | 547,226 | 567,939 | 1,242,736 | 1,032,717 | |||
Cash interest | (18,642) | (12,000) | (34,268) | (19,409) | |||
E&P and other capital expenditures | (355,589) | (314,311) | (711,028) | (572,059) | |||
Cash taxes paid | (32,148) | (25,500) | (66,098) | (25,500) | |||
Adjusted Free Cash Flow | $ 140,847 | $ 216,128 | $ 431,342 | $ 415,749 | |||
___________________ | |
(1) | Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. |
(2) | Includes non-cash goodwill impairment charge of |
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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
Net income (loss) | $ (389,905) | $ 213,361 | $ (170,068) | $ 412,715 | |||
Net (gain) loss on derivative instruments | (82,231) | (4,608) | (61,950) | 22,969 | |||
Realized gain (loss) on commodity price derivative | 14,090 | (3,896) | 13,839 | (5,257) | |||
Net (gain) loss from investment in unconsolidated | 962 | (5,862) | 5,862 | (22,158) | |||
Distributions from investment in unconsolidated affiliate | 2,377 | 2,305 | 4,736 | 4,591 | |||
Impairment(1) | 539,317 | — | 539,318 | 3,919 | |||
Merger costs(2) | 2,929 | 54,687 | 8,064 | 62,794 | |||
(Gain) loss on sale of assets, net | 522 | (15,486) | (4,993) | (16,788) | |||
Amortization of deferred financing costs | 1,255 | 1,366 | 2,526 | 2,258 | |||
Loss on debt extinguishment | — | — | 3,494 | — | |||
Other non-cash adjustments | 420 | 2,455 | (1,960) | 3,919 | |||
Tax impact(3) | 14,032 | (8,288) | 7,140 | (13,952) | |||
Adjusted net income | 103,768 | 236,034 | 346,008 | 455,010 | |||
Distributed and undistributed earnings allocated to | (614) | (1,121) | (1,436) | (1,494) | |||
Adjusted net income attributable to common | $ 103,154 | $ 234,913 | $ 344,572 | $ 453,516 | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Diluted earnings (loss) per share | $ (6.75) | $ 4.25 | $ (2.91) | $ 8.87 | |||
Net (gain) loss on derivative instruments | (1.42) | (0.09) | (1.06) | 0.50 | |||
Realized gain (loss) on commodity price derivative | 0.24 | (0.08) | 0.24 | (0.11) | |||
Net (gain) loss from investment in unconsolidated | 0.02 | (0.12) | 0.10 | (0.48) | |||
Distributions from investment in unconsolidated affiliate | 0.04 | 0.05 | 0.08 | 0.10 | |||
Impairment(1) | 9.33 | — | 9.22 | 0.08 | |||
Merger costs(2) | 0.05 | 1.10 | 0.14 | 1.36 | |||
(Gain) loss on sale of assets, net | 0.01 | (0.31) | (0.09) | (0.36) | |||
Amortization of deferred financing costs | 0.02 | 0.03 | 0.04 | 0.05 | |||
Loss on debt extinguishment | — | — | 0.06 | — | |||
Other non-cash adjustments | 0.02 | 0.05 | (0.03) | 0.08 | |||
Tax impact(3) | 0.24 | (0.17) | 0.12 | (0.30) | |||
Adjusted Diluted Earnings Per Share | 1.80 | 4.71 | 5.91 | 9.79 | |||
Less: Distributed and undistributed earnings allocated to | (0.01) | (0.02) | (0.02) | (0.03) | |||
Adjusted Diluted Earnings Per Share | $ 1.79 | $ 4.69 | $ 5.89 | $ 9.76 | |||
Diluted weighted average shares outstanding (in thousands) | 57,786 | 49,916 | 58,501 | 46,313 | |||
Tax rate applicable to adjustment items(2) | 23.5 % | 26.8 % | 23.5 % | 24.7 % | |||
_____________________ | |
(1) | Includes non-cash goodwill impairment charge of |
(2) | Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. |
(3) | The tax impact is computed by applying an estimated tax rate to the adjustments for certain non-cash and non-recurring items. |
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SOURCE Chord Energy
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