Chord Energy repurchases $205M of shares in Q3 2026
Chord announced a non-operated Marcellus asset divestiture for $550 million gross consideration; September 30 cash was $804.7 million and debt was $1,482.2 million.
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Form Type
8-K
Rhea-AI Filing Summary
Chord Energy Corporation (CHRD) reported preliminary operational and financial results for the three months ended September 30, 2026. Oil, natural gas and NGL volumes exceeded the high end of guidance, while capital expenditures were in line with guidance. The company repurchased $205 million of shares in 3Q26 at an average $135.74 per share and reported another $44.3 million quarter-to-date in 4Q26 at an average $142.32 per share.
Chord announced a divestiture of non-operated Marcellus assets for $550 million in gross consideration, including a $55 million deposit paid in 3Q26. Cash and cash equivalents were $804.7 million and total debt was $1,482.2 million as of September 30, 2026.
Michael Lou was appointed president and CEO and a director effective October 19, 2026, succeeding Daniel Brown, who resigned from those roles effective that date to pursue another professional opportunity. Brown resigned without Good Reason and is not entitled to severance-related payments or benefits. The results are preliminary and subject to completion of normal reporting processes and the quarterly review; actual results could differ materially, and the independent accounting firm has not audited, reviewed, compiled or performed procedures on them.
Filing Explained
As of this filing, Chord had not made a material new compensation arrangement or grant for Michael Lou’s appointment; his previously reported compensation arrangements, grants and awards remain in effect. Chord said it would amend the filing with further information about his appointment within four business days after that information is determined or becomes available.
8-K Event Classification
4 items: 2.02, 5.02, 7.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
3Q26 share repurchases: $205 million
Average 3Q26 repurchase price: $135.74 per share
4Q26 quarter-to-date share repurchases: $44.3 million
+5 more
8 metrics
3Q26 share repurchases
$205 million
During 3Q26
Average 3Q26 repurchase price
$135.74 per share
During 3Q26
4Q26 quarter-to-date share repurchases
$44.3 million
Quarter-to-date in 4Q26
Average 4Q26 quarter-to-date repurchase price
$142.32 per share
Quarter-to-date in 4Q26
Marcellus divestiture gross consideration
$550 million
Announced divestiture of non-operated Marcellus assets
Marcellus divestiture deposit
$55 million
Paid during 3Q26
Cash and cash equivalents
$804.7 million
As of September 30, 2026
Total debt
$1,482.2 million
As of September 30, 2026
Key Terms
adjusted free cash flow, Adjusted EBITDA, realized hedges, non-op CapEx
4 terms
adjusted free cash flow financial
"The Company defines adjusted free cash flow as Adjusted EBITDA less Cash Interest and CapEx"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Adjusted EBITDA financial
"Adjusted EBITDA less Cash Interest and CapEx"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
realized hedges financial
"loss on realized hedges of $48.7MM"
non-op CapEx financial
"approximately $4.5MM of reimbursable non-op CapEx"
Earnings Snapshot
3Q26 share repurchases: $205 million at an average price of $135.74 per share · Guidance included
Three months ended September 30, 2026
3Q26 share repurchases
$205 million at an average price of $135.74 per share
4Q26 quarter-to-date share repurchases
$44.3 million at an average price of $142.32 per share
Cash and cash equivalents
$804.7 million as of September 30, 2026
Total debt
$1,482.2 million as of September 30, 2026
Guidance
Oil, natural gas and NGL volumes exceeded the high end of guidance; CapEx was in line with guidance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did CHRD repurchase in 3Q26?
Chord Energy repurchased $205 million of shares in 3Q26 at an average price of $135.74 per share. It also reported $44.3 million of repurchases quarter-to-date in 4Q26 at an average price of $142.32 per share.
What is the consideration for Chord Energy’s Marcellus divestiture?
Chord announced the divestiture of non-operated Marcellus assets for $550 million in total gross consideration, including a $55 million deposit paid during 3Q26.
Are CHRD’s third-quarter 2026 results final?
Chord described the results as preliminary. Its condensed consolidated financial statements for the quarter were not yet available, and the results are subject to completion of normal financial reporting processes and the quarterly review; actual results could differ materially.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________
FORM 8-K
____________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 2026
____________________________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (281 ) 404-9500
Not Applicable.
(Former name or former address, if changed since last report)
____________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 19, 2026, Chord Energy Corporation (the “Company”) issued a press release reporting certain preliminary financial results for the three-month period ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of President & Chief Executive Officer
On October 16, 2026, Daniel Brown notified the Company of his decision to resign as President & Chief Executive Officer, as a member of the Board of Directors of the Company (the “Board”), and from all other positions he holds with the Company and its subsidiaries, effective October 19, 2026, to pursue another professional opportunity. Because Mr. Brown is resigning from his employment with the Company without Good Reason (as defined in the Company’s Executive Severance Plan), he will not be entitled to any severance related payments or benefits.
Mr. Brown’s resignation was not the result of any disagreement with the Company on any matter relating to operations, policies, or practices.
Appointment of President & Chief Executive Officer and Director
On October 18, 2026, the Board appointed and elected Michael Lou as President & Chief Executive Officer of the Company and as principal executive officer under Section 16a-1(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), effective as of October 19, 2026. In addition, the Board appointed Mr. Lou as a director of the Company, effective as of October 19, 2026, to fill the vacancy resulting from Mr. Brown’s resignation from the Board. Currently, Mr. Lou will not serve on any committees of the Board.
Mr. Lou, age 52, previously served as the Company’s Executive Vice President, Chief Strategy Officer and Chief Commercial Officer from March 2024 through October 2026. Formerly, he was Executive Vice President and Chief Financial Officer of the Company from July 2022 to March 2024. Prior to the merger of Whiting Petroleum Corporation and Oasis Petroleum Inc., he served in roles including Chief Financial Officer and Executive Vice President for Oasis Petroleum Inc. and its subsidiaries, and President and Director of the general partner of Oasis Midstream Partners LP. Mr. Lou began his career in investment banking, where he spent 10 years holding positions of increasing responsibility at a number of global investment banks focused in the energy sector. Mr. Lou holds a Bachelor of Science in Electrical Engineering from Southern Methodist University.
There are no arrangements or understandings between Mr. Lou and any other persons pursuant to which he was selected to serve as the Company’s Chief Executive Officer. There are no family relationships between Mr. Lou and any director or executive officer of the Company, and Mr. Lou has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
As of the date of filing of this Current Report on Form 8-K, the Company has not entered into any material plan, contract or arrangement or made any amendment thereto or made any grant or award with or to Mr. Lou in connection with Mr. Lou’s appointment as President & Chief Executive Officer. Mr. Lou remains subject to the Company’s Executive Severance Plan and Mr. Lou’s previously reported compensatory arrangements, grants and awards remain in effect. The Company intends to file an amendment to this filing containing the information called for by Item 5.02(c)(3) and/or Item 5.02(d)(5) of Form 8-K within four business days after the information is determined or becomes available.
Item 7.01 Regulation FD Disclosure.
On October 19, 2026, the Company issued a press release announcing the leadership transition described in Item 5.02 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |||||||
99.1 | Press release dated October 19, 2026, announcing select preliminary third quarter 2026 financial results. | |||||||
99.2 | Press release dated October 19, 2026, announcing leadership transition. | |||||||
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
In accordance with General Instruction B.2 of Form 8-K, the information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in any such filing. The filing of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is or may be required to be disclosed solely by reason of Regulation FD.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CHORD ENERGY CORPORATION (Registrant) | |||||||||||||||||
| Date: October 19, 2026 | By: | /s/ Richard Robuck | |||||||||||||||
| Richard Robuck | |||||||||||||||||
| Executive Vice President, Chief Financial Officer & Treasurer | |||||||||||||||||
Exhibit 99.1
Chord Energy Provides Preliminary 3Q26 Operational and Financial Results
Houston, Texas – October 19, 2026 - Chord Energy Corporation (NASDAQ: CHRD) ("Chord," "Chord Energy," or the "Company") today provided an update on operational and financial performance in 3Q26.
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: $205MM of share repurchases at an average price of $135.74/share during 3Q26 and another $44.3MM QTD in 4Q26 at an average price of $142.32/share;
•Announced divestiture of non-operated Marcellus assets for total gross consideration of $550MM, including $55MM deposit paid during 3Q26; and
•Cash and cash equivalents of $804.7MM and total debt of $1,482.2MM on 9/30/26.
“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:
Preliminary 3Q26 CapEx includes approximately $4.5MM of reimbursable non-op CapEx. Additionally, Marcellus-related preliminary CapEx exceeded expectations by approximately $6MM during 3Q26. These two items together would adjust Preliminary 3Q26 CapEx downward by approximately $10.5MM. NYMEX WTI averaged $85.69/Bbl and NYMEX Henry Hub averaged $2.96/MMBtu during 3Q26. Lastly, during 3Q26, Chord had a loss on realized hedges of $48.7MM and received distributions from its investment in equities securities of $2.3MM-$2.5MM.
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
Exhibit 99.2
Chord Energy Announces Leadership Transition
Michael Lou Appointed President & Chief Executive Officer
HOUSTON – Oct. 19, 2026 – Chord Energy Corporation (NASDAQ: CHRD) (“Chord,” “Chord Energy,” or the “Company”) today announced that Michael Lou has been appointed President & Chief Executive Officer, effective today. Additionally, Mr. Lou has been appointed and elected to the Chord Energy Board of Directors. Mr. Lou succeeds Danny Brown, who is stepping down immediately as President and Chief Executive Officer and from the Chord Energy Board of Directors to pursue another professional opportunity.
Mr. Lou has more than 25 years of experience in the oil and gas industry, including 17 years in various positions of leadership at Chord and its predecessor companies. In his roles as Chief Strategy Officer and Chief Commercial Officer as well as Chief Financial Officer, Mr. Lou has been instrumental in shaping and driving the Company’s strategic and financial outcomes, including growing the organization to the largest operator in the Williston Basin while maintaining a pristine balance sheet.
“Michael has been an instrumental member of the Chord leadership team and a key driver of our success,” said Susan Cunningham, Chair of the Chord Energy Board of Directors. “He has helped profitably scale the business, and has led strategic and commercial initiatives while demonstrating strong business acumen and the ability to lead across the organization. His deep knowledge of Chord and his proven leadership make him well-suited to lead the Company. The Board has full confidence in Michael’s ability to build upon Chord’s momentum.”
“On behalf of the entire Board, I thank Danny for his leadership and contributions to Chord Energy,” said
Ms. Cunningham. “Chord Energy is implementing this leadership change from a position of strength, as the organization delivers continually improving execution, while lowering costs and driving resilient adjusted free cash flow generation. Our succession planning and the depth of our executive team position Chord well for continued success.”
“I am honored to be named Chord Energy’s President & CEO,” said Mr. Lou. “We have built a top-tier organization with talented leaders and employees who are passionate about executing on our strategy and driving long-term value for shareholders. Chord has made tremendous progress and is well positioned as a stronger, more efficient, and more resilient company. I look forward to working with the Chord team as well as our communities and other stakeholders to build upon our strong operational and financial performance, while safely producing the affordable and reliable energy the world needs.”
Mr. Brown said, “It has been a privilege to serve as Chord’s CEO. It is difficult to leave such a great company and all of the talented people I've had the pleasure to work with, but I depart knowing the business is in great shape and the future holds continued success. I am proud of what the team has accomplished, building a multi-year track record of disciplined capital allocation and portfolio optimization, advancing continuous improvement initiatives and delivering strong returns for shareholders, while building strong relationships in the communities we serve. I am confident that Michael and the rest of the management team will build on this progress and lead Chord to continued success.”
About Michael Lou
Prior to his appointment as President & Chief Executive Officer, Michael Lou served as Chord Energy’s Executive Vice President, Chief Strategy Officer and Chief Commercial Officer from March 2024 through October 2026. Formerly, he was Executive Vice President and Chief Financial Officer from July 2022 to March 2024. Prior to the merger of Whiting Petroleum and Oasis Petroleum, he served in roles including Chief Financial Officer and Executive Vice President for Oasis Petroleum and its subsidiaries and President and Director of the general partner of Oasis Midstream Partners.
Mr. Lou began his career in investment banking, where he spent 10 years holding positions of increasing responsibility at several global investment banks focused in the energy sector.
Mr. Lou holds a Bachelor of Science in Electrical Engineering from Southern Methodist University.
Contact:
Chord Energy Corporation
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.com
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.
Forward-Looking Statements
This press release may include certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the management transition, Company operations and results after the management transition. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. These risks and assumptions are described in the Company’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company 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.