Chord Energy Q3 2026 earnings rise to $182M
Chord expects approximately $3.4 billion of Adjusted EBITDA and $1.6 billion of Adjusted Free Cash Flow for 2026, alongside 162.5 MBopd oil-volume guidance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Chord Energy Corporation (CHRD) reported third-quarter 2026 total revenue of $1,705.9 million, versus $1,312.1 million a year earlier, and net income of $181.6 million, versus $130.1 million. Net cash provided by operating activities was $781.4 million. Oil production averaged 165.5 MBopd, above guidance.
Chord declared a $1.30-per-share base dividend and repurchased 1,510,156 shares for $205.0 million in 3Q26 at a weighted average $135.74 per share. FY26 oil-volume midpoint guidance is 162.5 MBopd and the CapEx midpoint is $1.46 billion. Chord expects approximately $3.4 billion of Adjusted EBITDA and $1.6 billion of Adjusted Free Cash Flow, assuming a mid-4Q26 Marcellus close and 4Q26 derivative assumptions of $90/Bbl WTI and $3.00/MMBtu Henry Hub.
Chord announced the divestiture of non-operated Marcellus assets for total gross consideration of $550.0 million, including a $55.0 million deposit received in 3Q26; closing is expected in 4Q26. Marketing agreements are expected to provide $35 million-$55 million in annualized Adjusted Free Cash Flow savings over time.
4 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
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.
Positive
- Moderate pointThird-quarter revenue was $1,705.9 million, versus $1,312.1 million.
- Moderate pointNet income was $181.6 million, versus $130.1 million.
- Moderate pointOperating cash flow was $781.4 million, versus $559.0 million.
- Moderate pointAdjusted EBITDA was $871.3 million, versus $577.8 million.
Negative
- None.
Filing Explained
As of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $1,705.9 million
Net income: $181.6 million
Net cash provided by operating activities: $781.4 million
+5 more
8 metrics
Total revenue
$1,705.9 million
Three months ended September 30, 2026; $1,312.1 million in 3Q25
Net income
$181.6 million
Three months ended September 30, 2026; $130.1 million in 3Q25
Net cash provided by operating activities
$781.4 million
Three months ended September 30, 2026; $559.0 million in 3Q25
Adjusted EBITDA
$871.3 million
Three months ended September 30, 2026; $577.8 million in 3Q25
Adjusted Free Cash Flow
$442 million
3Q26 headline amount, excluding $4.5 million of reimbursable non-op CapEx and $6.0 million of reimbursable Marcellus CapEx that exceeded expectations
Base dividend
$1.30 per share
Declared for common stock
FY26 Adjusted EBITDA
Approximately $3.4 billion
Outlook includes the impact of derivatives for 4Q26
FY26 Adjusted Free Cash Flow
$1.6 billion
Outlook includes the impact of derivatives for 4Q26
Key Terms
Adjusted EBITDA, Adjusted Free Cash Flow, Cash GPT, Lease operating expenses, +1 more
5 terms
Adjusted EBITDA financial
"approximately $3.4B of Adjusted EBITDA"
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.
Adjusted Free Cash Flow financial
"Adjusted Free Cash Flow expectations increased by ~$200MM"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Cash GPT financial
"Cash GPT ($/Boe)"
Lease operating expenses technical
"Lease operating expenses | 282,461"
Costs required to keep a leased property or asset running, including routine maintenance, repairs, utilities, insurance, property taxes and management fees that the lessee or lessor must pay while the lease is active. Investors care because these recurring outlays reduce net income and cash flow from the lease—like owning a rental where you still pay for upkeep—so they affect profitability, yield and the true return on an investment tied to leased assets.
4-mile wells technical
"24 additional 4-mile wells across five pads"
Earnings Snapshot
Total revenue: $1,705.9 million · Guidance included
Third quarter 2026
Total revenue
$1,705.9 million
versus $1,312.1 million in 3Q25
Net income
$181.6 million
versus $130.1 million in 3Q25
Net cash provided by operating activities
$781.4 million
versus $559.0 million in 3Q25
Adjusted EBITDA
$871.3 million
versus $577.8 million in 3Q25
Guidance
For FY26, Chord expects approximately $3.4 billion of Adjusted EBITDA and $1.6 billion of Adjusted Free Cash Flow, assuming the Marcellus divestiture closes mid-4Q26 and including the impact of derivatives at $90/Bbl WTI and $3.00/MMBtu Henry Hub for 4Q26.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did CHRD report for third-quarter 2026?
Chord reported total revenue of $1,705.9 million and net income of $181.6 million for the three months ended September 30, 2026. Net cash provided by operating activities was $781.4 million. The corresponding 3Q25 amounts were $1,312.1 million, $130.1 million and $559.0 million, respectively.
What is CHRD's 2026 financial outlook?
Chord expects approximately $3.4 billion of Adjusted EBITDA and $1.6 billion of Adjusted Free Cash Flow. The outlook assumes the Marcellus divestiture closes mid-4Q26 and includes the impact of derivatives at $90/Bbl WTI and $3.00/MMBtu Henry Hub for 4Q26.
When will CHRD pay its $1.30 dividend?
The $1.30-per-share base dividend is payable on December 7, 2026, to shareholders of record as of November 19, 2026.
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): November 4, 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 November 4, 2026, Chord Energy Corporation (the “Company”) announced its financial and operating results for the quarter ended September 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |||||||
99.1 | Press release dated November 4, 2026. | |||||||
| 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. | |||||||
THE INFORMATION CONTAINED IN ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.
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: November 4, 2026 | By: | /s/ Richard N. Robuck | |||||||||||||||
| Richard N. Robuck | |||||||||||||||||
| Executive Vice President, Chief Financial Officer & Treasurer | |||||||||||||||||
Exhibit 99.1
Chord Energy Reports Third Quarter 2026 Financial and Operating Results, Declares Base Dividend, and Updates 2026 Outlook
Houston, Texas — November 4, 2026 — Chord Energy Corporation (NASDAQ: CHRD) (“Chord,” “Chord Energy,” or the “Company”) today reported financial and operating results for the third quarter 2026.
Key Takeaways and Updates:
•Operational Strength: Cash Flow from Operations and Adjusted Free Cash Flow(1) exceeded expectations in 3Q26, supported by production volumes above the high-end of guidance and strong price realizations;
•Raising Volumes & Adjusted Free Cash Flow Estimates: Strong operational performance led Chord to increase FY26 oil volumes ~1% to 162.5 MBopd and FY26 Adjusted Free Cash Flow expectations increased by ~$200MM since the August outlook;
•Shareholder Returns: Returned capital through the $1.30/share base dividend and $205MM of share repurchases at an average price of $135.74/share during 3Q26 with another $78MM repurchased in 4Q26 as of October 30, 2026 at an average price of $146.84/share;
•Marketing Optimization: Executed numerous third-party marketing agreements YTD, which are expected to deliver $35MM-$55MM annualized Adjusted Free Cash Flow savings over time, and also identified additional small-scale midstream investment opportunities. See “Marketing Update” below for additional information;
•Executing 4-Mile Laterals: Successfully executed and turned in line (“TIL”) 24 additional 4-mile wells across five pads;
•Enhancing Base Production: Continuing to benefit from strength in base production performance which is driving volumes above the initial 2026 plan;
•Driving Run-Rate Savings: Expected annual run-rate savings now $225MM, more than double the amount expected in the initial 2025 update, with the recent increase driven by base production optimization and further marketing improvements; and
•Marcellus Divestiture: Announced divestiture of non-operated Marcellus assets for total gross consideration of $550.0 million, including $55.0 million deposit received during 3Q26. Closing is expected in 4Q26.
3Q26 Operational and Financial Highlights:
•Strong Volumes: Oil volumes of 165.5 MBopd were above the top-end of guidance. Natural gas and NGL volumes were also above the top-end of guidance;
•Capital Discipline: CapEx of $371MM, after excluding $4.5MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations, was slightly below midpoint of guidance;
•Realizations: Oil differentials were favorable to expectations as were natural gas and NGL realizations;
•Profitability: Net income was $181.6MM ($3.29/diluted share) and Adjusted Net Income(1) was $332.9MM ($6.08/diluted share); and
•Cash Generation: Net cash provided by operating activities was $781.4MM, Adjusted EBITDA(1) was $871.3MM and Adjusted Free Cash Flow(1) was $442MM (excluding $4.5MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations).
(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles (“GAAP”).
“Chord’s operational momentum continues and the team delivered solid results in the third quarter,” said Michael Lou, Chord Energy’s President and Chief Executive Officer. “Third quarter volumes were above the top-end of guidance and Chord raised FY26 oil volume guidance for the second time this year. We continue to execute on our strategy and make further progress on key projects, including our 4-mile program and base production enhancement. Chord also executed several third-party
1
marketing agreements that, alongside other initiatives implemented over the past two years, increased annual run-rate savings to $225 million. Chord continues to drive efficiency through every aspect of the business, which puts the Company in a strong position to enhance economics and benefit from higher prices while improving our resiliency to create value through the commodity cycle.”
Mr. Lou continued, “As I step into the CEO role, I’m honored to lead Chord through our next chapter. We have built a top-tier organization with talented leaders and employees who are passionate about executing on our strategy and driving long-term value for our shareholders. I’m proud of the tremendous progress Chord has made over the past several years and look forward to driving further improvements. I am eager to work with the Chord team as well as our communities and other stakeholders to build upon our strong operational and financial performance, while safely producing the affordable and reliable energy the world needs.”
3Q26 Operational and Financial Update:
The following table presents select 3Q26 operational and financial data compared to guidance released on August 5, 2026 and the Preliminary 3Q26 results released on October 19, 2026:
___________________
| Metric | 3Q26 Actual | Preliminary 3Q26 Results | 3Q26 Guidance | |||||||||||
| Oil Volumes (MBopd) | 165.5 | 165.4 - 165.6 | 161.5 - 164.5 | |||||||||||
| NGL Volumes (MBblpd) | 55.1 | 55.0 - 55.2 | 50.0 - 52.0 | |||||||||||
| Natural Gas Volumes (MMcfpd) | 420.6 | 420.4 - 420.8 | 397.0 - 405.0 | |||||||||||
| Total Volumes (MBoepd) | 290.8 | 290.5 - 290.9 | 277.7 - 284.0 | |||||||||||
CapEx ($MM)(1) | $381.8 | $379 - $385 | $360 - $390 | |||||||||||
| Oil Premium/(Discount) to WTI ($/Bbl) | $0.11 | $0.06 - $0.16 | $(0.70) - $0.30 | |||||||||||
| NGL Realization (% of WTI) | 14% | 13% - 15% | 4% - 10% | |||||||||||
| Natural Gas Realization (% of Henry Hub) | 36% | 35% - 37% | 20% - 30% | |||||||||||
LOE ($/Boe) | $10.56 | $10.51 - $10.61 | $10.00 - $11.00 | |||||||||||
Cash GPT ($/Boe)(2) | $2.77 | — | $2.75 - $3.15 | |||||||||||
Cash G&A ($MM)(2) | $25.5 | — | $25 - $27 | |||||||||||
| Production Taxes (% of Oil, NGL and Natural Gas Sales) | 8.2% | 8.1% - 8.3% | 8.0% - 8.4% | |||||||||||
Cash Interest ($MM)(2) | $26.0 | — | $25 - $27 | |||||||||||
Cash Tax ($MM)(3) | $32.0 | $32.0 | — | |||||||||||
Cash Tax (% of Adjusted EBITDA(2)) | 3.7% | — | 3% - 9% | |||||||||||
___________________
(1)3Q26 includes $4.5MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations.
(2)Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for a reconciliation to the most directly comparable financial measures under GAAP.
(3)Represents actual cash taxes paid in 3Q26 presented on a cash basis and does not include changes in accrued tax amounts included in working capital and deferred taxes within our condensed consolidated financial statements.
Chord had 29 gross (22 net) operated TILs in 3Q26.
Return of Capital:
Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on December 7, 2026 to shareholders of record as of November 19, 2026.
The Company repurchased 1,510,156 shares of common stock at a weighted average price of $135.74/share totaling $205.0MM in 3Q26. Shares outstanding were 53.7MM (54.4MM on a fully-diluted basis) as of September 30, 2026, compared to 55.2MM (56.0MM on a fully-diluted basis) as of June 30, 2026. Additionally, Chord repurchased another $78MM of shares in 4Q26 as of October 30, 2026 at an average price of $146.84/share. Details regarding the Return of Capital calculation can be found in the Company’s most recent investor presentation located on its website at https://ir.chordenergy.com/presentations.
The Company repurchased 1,510,156 shares of common stock at a weighted average price of $135.74/share totaling $205.0MM in 3Q26. Shares outstanding were 53.7MM (54.4MM on a fully-diluted basis) as of September 30, 2026, compared to 55.2MM (56.0MM on a fully-diluted basis) as of June 30, 2026. Additionally, Chord repurchased another $78MM of shares in 4Q26 as of October 30, 2026 at an average price of $146.84/share. Details regarding the Return of Capital calculation can be found in the Company’s most recent investor presentation located on its website at https://ir.chordenergy.com/presentations.
2
Marketing Update:
Chord has executed numerous third-party marketing agreements year-to-date, which are expected to deliver $35MM-$55MM of annualized Adjusted Free Cash Flow savings. These agreements encompass crude oil, natural gas and water marketing and midstream services across the Company’s Williston Basin acreage position, reflecting Chord’s ongoing commitment to continuous improvement, cost efficiency and value creation.
Additionally, Chord has identified additional small-scale midstream investment opportunities with competitive economics. These projects are largely focused on water gathering and disposal and are expected to lead to total FY26 midstream CapEx of $50MM vs. $30MM in February guidance.
Operations Update:
•4-Mile Laterals: As of 3Q26, the Company has turned in line 47 total 4-mile wells. Execution and production results continue to be in line with expectations, supported by multi-well efficiencies. Chord has scaled its 4-mile program throughout 2026, with 70% of its lateral footage drilled as 4-mile wells, as of September 30, 2026.
•Execution: Chord continues to demonstrate strong operational execution and improved cycle times across its Williston Basin program. The Company continues to drive 4-mile efficiencies, with 70% of its laterals being drilled in a single run. As compared to 2025, Chord’s 2026 frac productivity has improved by over 20%, achieving a mile per day of completed lateral length in 3Q26. Cleanouts continue to reach total depth, ensuring contribution from the toe.
•Production/LOE: Continued execution improvements on base production helped drive production above the high-end of guidance. This has been driven by a broad set of initiatives across logistics, mechanical optimization, returning shut-in wells to production, and various chemical treatments. The team continues to generate new ideas, aided by AI screening tools, and Chord is testing multiple new approaches within its chemical workover program.
2026 Outlook Update:
Chord is updating its 2026 guidance to reflect 3Q26 performance and its latest forecasts, which assumes the Marcellus divestiture closes mid-4Q26. In 2026, Chord expects to generate approximately $3.4B of Adjusted EBITDA and $1.6B of Adjusted Free Cash Flow, including the impact of derivatives ($90/Bbl WTI and $3.00/MMBtu Henry Hub for 4Q26).
Key Update Summary:
•Volumes: FY26 oil volume midpoint guidance increased ~1% from 161.0 MBopd to 162.5 MBopd;
•4Q26 oil volume midpoint guidance of 161.0 MBopd reflects continued strong operational performance from production optimization and the development program;
•Capital: FY26 CapEx midpoint guidance increasing from $1.4B to $1.46B;
•FY26 CapEx range includes ~$20MM in incremental midstream spending vs. August guidance;
•4Q26 CapEx midpoint guidance of $330MM reflects higher midstream spending and higher operated and non-operated activity;
•FY26 CapEx excludes ~$10MM of 2H26 Marcellus CapEx that exceeded expectations vs. original guidance, which will be fully reimbursed at closing;
•Realizations: Adjusting realization guidance to reflect the current market outlook and for the Marcellus divestiture;
▪LOE: Adjusting for impacts of the Marcellus divestiture;
•Cash GPT: Lowering Cash GPT guidance reflecting the impact of marketing optimization discussed above and the Marcellus divestiture;
•Cash Taxes: Adjusting FY26 for YTD performance. Cash Tax (% of Adjusted EBITDA) FY26 midpoint guidance remains essentially unchanged vs. August guidance; and
•Activity: Chord plans to TIL 149–155 gross operated wells in FY26 with an average working interest of ~75%. 4Q26 volumes and 4Q26 CapEx reflect a sequential decline in activity as a result of dropping the second frac crew in July, with plans to reinstate the second crew in late 2026 or early 2027.
3
The following table presents select operational and financial guidance for the periods presented. Guidance includes Marcellus through anticipated mid 4Q26 close.
| Metric | 4Q26 Guidance | FY26 Guidance | ||||||||||||
| Oil Volumes (MBopd) | 159.5 - 162.5 | 162.0 - 163.0 | ||||||||||||
| NGL Volumes (MBblpd) | 53.0 - 55.0 | 52.5 - 53.0 | ||||||||||||
| Natural Gas Volumes (MMcfpd) | 351.0 - 359.0 | 398.0 - 400.0 | ||||||||||||
| Total Volumes (MBoepd) | 271.0 - 277.3 | 280.9 - 282.7 | ||||||||||||
CapEx ($MM)(1) | $305 - $355 | $1,435 - $1,485 | ||||||||||||
| Oil Premium/(Discount) to WTI ($/Bbl) | $0.50 - $1.50 | $(0.09) - $0.16 | ||||||||||||
| NGL Realization (% of WTI) | 15% - 25% | 13% - 15% | ||||||||||||
| Natural Gas Realization (% of Henry Hub) | 30% - 40% | 41% - 43% | ||||||||||||
| LOE ($/Boe) | $10.50 - $11.50 | $10.31 - $10.55 | ||||||||||||
Cash GPT ($/Boe)(2) | $2.40 - $2.80 | $2.70 - $2.80 | ||||||||||||
Cash G&A ($MM)(2) | $25 - $29 | $99 - $103 | ||||||||||||
| Production Taxes (% of Oil, NGL and Natural Gas Sales) | 8.0% - 8.4% | 8.1% - 8.2% | ||||||||||||
Cash Interest ($MM)(2) | $25 - $27 | $103 - $105 | ||||||||||||
Cash Tax (% of Adjusted EBITDA(2))(3) | 5% - 11% | 5% - 6% | ||||||||||||
___________________
(1)FY26 CapEx excludes $8.2MM of reimbursable non-op CapEx YTD and ~$10MM of 2H26 Marcellus CapEx that exceeded expectations vs. original guidance, which will be fully reimbursed at closing;
(2)Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for a reconciliation to the most directly comparable financial measures under GAAP.
(3)4Q26 reflects $70/Bbl – $100/Bbl WTI.
Select Operational and Financial Data:
The following table presents select operational and financial data for the periods presented:
4
| 3Q26 | 2Q26 | 3Q25 | |||||||||||||||
| Production data: | |||||||||||||||||
| Crude oil (MBopd) | 165.5 | 165.4 | 155.7 | ||||||||||||||
NGL (MBblpd) | 55.1 | 53.0 | 55.1 | ||||||||||||||
Natural gas (MMcfpd)(1) | 420.6 | 408.0 | 420.1 | ||||||||||||||
| Total production (MBoepd) | 290.8 | 286.4 | 280.9 | ||||||||||||||
| Percent crude oil | 56.9 | % | 57.8 | % | 55.4 | % | |||||||||||
| Average sales prices: | |||||||||||||||||
| Crude oil, without realized derivatives ($/Bbl) | $ | 85.80 | $ | 93.99 | $ | 63.59 | |||||||||||
| Differential to NYMEX WTI ($/Bbl) | 0.11 | 1.27 | (1.41) | ||||||||||||||
Crude oil, with realized derivatives ($/Bbl) | 81.95 | 86.94 | 64.16 | ||||||||||||||
Crude oil realized derivatives gain (loss) ($MM) | (58.6) | (106.2) | 8.3 | ||||||||||||||
NGL, without realized derivatives ($/Bbl) | 11.92 | 9.25 | 4.89 | ||||||||||||||
NGL, with realized derivatives ($/Bbl) | 11.92 | 9.25 | 4.89 | ||||||||||||||
Natural gas, without realized derivatives ($/Mcf)(2) | 1.07 | 0.94 | 0.81 | ||||||||||||||
Natural gas, with realized derivatives ($/Mcf) | 1.32 | 1.29 | 1.11 | ||||||||||||||
Natural gas realized derivatives gain (loss) ($MM) | 10.0 | 13.0 | 11.5 | ||||||||||||||
| Selected financial data ($MM): | |||||||||||||||||
| Revenues: | |||||||||||||||||
Crude oil revenues | $ | 1,306.6 | $ | 1,415.0 | $ | 910.8 | |||||||||||
NGL revenues | 60.5 | 44.6 | 24.8 | ||||||||||||||
Natural gas revenues | 41.3 | 34.7 | 31.2 | ||||||||||||||
| Total oil, NGL and natural gas revenues | $ | 1,408.4 | $ | 1,494.3 | $ | 966.8 | |||||||||||
| Cash flows: | |||||||||||||||||
| Net cash provided by operating activities: | $ | 781.4 | $ | 1,116.2 | $ | 559.0 | |||||||||||
| Net income: | |||||||||||||||||
| Net income | $ | 181.6 | $ | 525.2 | $ | 130.1 | |||||||||||
Non-GAAP financial measures(3): | |||||||||||||||||
| Adjusted EBITDA | $ | 871.3 | $ | 923.5 | $ | 577.8 | |||||||||||
Adjusted Free Cash Flow(4) | 431.5 | 413.4 | 218.6 | ||||||||||||||
| Adjusted Net Income Attributable to Common Stockholders | 332.9 | 361.7 | 134.5 | ||||||||||||||
| Select operating expenses: | |||||||||||||||||
| LOE | $ | 282.5 | $ | 267.8 | $ | 248.6 | |||||||||||
| Gathering, processing and transportation expenses (“GPT”) | 81.6 | 62.8 | 73.1 | ||||||||||||||
| Production taxes | 115.8 | 125.9 | 79.5 | ||||||||||||||
| Depreciation, depletion and amortization | 390.7 | 409.2 | 374.9 | ||||||||||||||
| Total select operating expenses | $ | 870.6 | $ | 865.7 | $ | 776.1 | |||||||||||
| Select operating expenses ($/Boe): | |||||||||||||||||
| LOE | $ | 10.56 | $ | 10.28 | $ | 9.62 | |||||||||||
| GPT | 3.05 | 2.41 | 2.83 | ||||||||||||||
| Production taxes | 4.33 | 4.83 | 3.08 | ||||||||||||||
| Depreciation, depletion and amortization | 14.61 | 15.70 | 14.51 | ||||||||||||||
| Total select operating expenses | $ | 32.55 | $ | 33.22 | $ | 30.04 | |||||||||||
| Earnings per share: | |||||||||||||||||
| Basic earnings per share | $ | 3.30 | $ | 9.30 | $ | 2.26 | |||||||||||
| Diluted earnings per share | 3.29 | 9.28 | 2.26 | ||||||||||||||
Adjusted diluted earnings per share (Non-GAAP)(3) | 6.08 | 6.44 | 2.35 | ||||||||||||||
___________________
(1)Marcellus natural gas volumes were 118.6 MMcfpd in 3Q26, 116.9 MMcfpd in 2Q26 and 117.5 MMcfpd in 3Q25.
5
(2)Marcellus natural gas realized prices were $2.03/Mcf in 3Q26, $2.10/Mcf in 2Q26 and $2.16/Mcf in 3Q25.
(3)Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for a reconciliation to the most directly comparable financial measures under GAAP.
(4)3Q26, 2Q26 and 3Q25 include $4.5MM, $0.7MM and $11.7MM of reimbursable non-op CapEx, respectively.
Capital Expenditures:
The following table presents the Company’s CapEx by category for the periods presented (in millions):
1Q26 | 2Q26 | 3Q26 | YTD26 | ||||||||||||||||||||
| CapEx ($MM): | |||||||||||||||||||||||
E&P(1) | $ | 330.6 | $ | 402.3 | $ | 370.6 | $ | 1,103.5 | |||||||||||||||
| Midstream | 14.2 | 14.2 | 10.0 | 38.4 | |||||||||||||||||||
| Other | 0.1 | 0.2 | 1.2 | 1.5 | |||||||||||||||||||
Total CapEx(2) | $ | 344.9 | $ | 416.7 | $ | 381.8 | $ | 1,143.4 | |||||||||||||||
__________________
(1)YTD26 includes $8.2MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations.
(2)YTD26 excludes capitalized interest costs of $2.7MM.
Acquisitions:
Acquisition and leasehold costs were $3.5MM in 3Q26.
Balance Sheet and Liquidity:
The following table presents key balance sheet data and liquidity metrics as of September 30, 2026 (in millions):
| September 30, 2026 | |||||
Revolving credit facility(1) | $ | 2,000.0 | |||
| Revolver borrowings | $ | — | |||
| Senior notes | 1,500.0 | ||||
| Total debt | $ | 1,500.0 | |||
| Cash and cash equivalents | $ | 804.7 | |||
| Letters of credit | 30.3 | ||||
| Liquidity | $ | 2,774.4 | |||
___________________
(1)$2.75B borrowing base and $2.0B of elected commitments.
6
Contact:
Chord Energy Corporation
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.com
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.com
Conference Call Information
Investors, analysts and other interested parties are invited to listen to the webcast:
| Date: | Thursday, November 5, 2026 | |||||||
| Time: | 10:00 a.m. Central | |||||||
| Live Webcast: | https://app.webinar.net/eyOML5z9GVX | |||||||
You may 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: | 92041 | |||||||
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, November 12, 2026 by dialing:
| Replay dial-in: | 1-888-660-6345 | |||||||
| Intl. replay: | 1-646-517-4150 | |||||||
| Replay access: | 92041 # | |||||||
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 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 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,
7
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.
8
Chord Energy Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 804,713 | $ | 189,531 | |||||||
| Accounts receivable, net | 1,448,229 | 1,116,685 | |||||||||
| Inventory | 111,978 | 115,713 | |||||||||
| Prepaid expenses | 32,453 | 33,767 | |||||||||
| Derivative instruments | 281 | 77,312 | |||||||||
| Other current assets | 5,640 | 5,061 | |||||||||
| Current assets held for sale | 444,421 | — | |||||||||
| Total current assets | 2,847,715 | 1,538,069 | |||||||||
| Property, plant and equipment | |||||||||||
| Oil and gas properties (successful efforts method) | 15,441,121 | 14,848,968 | |||||||||
| Other property and equipment | 61,740 | 60,395 | |||||||||
| Less: accumulated depreciation, depletion and amortization | (4,599,957) | (3,572,834) | |||||||||
| Total property, plant and equipment, net | 10,902,904 | 11,336,529 | |||||||||
| Derivative instruments | — | 8,366 | |||||||||
| Investment in equity securities | 143,507 | 119,698 | |||||||||
| Long-term inventory | 26,042 | 30,759 | |||||||||
| Operating right-of-use assets | 14,141 | 12,749 | |||||||||
| Other assets | 36,967 | 28,104 | |||||||||
| Total assets | $ | 13,971,276 | $ | 13,074,274 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 106,525 | $ | 41,795 | |||||||
| Revenues and production taxes payable | 824,478 | 618,258 | |||||||||
| Accrued liabilities | 920,542 | 735,386 | |||||||||
| Accrued interest payable | 4,237 | 28,594 | |||||||||
| Derivative instruments | 163,505 | — | |||||||||
| Current operating lease liabilities | 10,565 | 14,656 | |||||||||
| Other current liabilities | 45,883 | 11,898 | |||||||||
| Current liabilities held for sale | 52,862 | — | |||||||||
| Total current liabilities | 2,128,597 | 1,450,587 | |||||||||
| Long-term debt, net | 1,482,245 | 1,479,581 | |||||||||
| Deferred tax liabilities | 1,667,325 | 1,615,850 | |||||||||
| Asset retirement obligations | 389,037 | 432,802 | |||||||||
| Derivative instruments | 13,373 | — | |||||||||
| Operating lease liabilities | 13,562 | 10,518 | |||||||||
| Other liabilities | 10,516 | 4,982 | |||||||||
| Total liabilities | 5,704,655 | 4,994,320 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity | |||||||||||
Common stock, $0.01 par value: 240,000,000 shares authorized, 67,253,511 shares issued and 53,691,441 shares outstanding at September 30, 2026; and 240,000,000 shares authorized, 67,150,747 shares issued and 56,762,243 shares outstanding at December 31, 2025 | 676 | 675 | |||||||||
Treasury stock, at cost: 13,562,070 shares at September 30, 2026 and 10,388,504 shares at December 31, 2025 | (1,731,331) | (1,304,092) | |||||||||
| Additional paid-in capital | 7,358,236 | 7,339,735 | |||||||||
| Retained earnings | 2,639,040 | 2,043,636 | |||||||||
| Total stockholders’ equity | 8,266,621 | 8,079,954 | |||||||||
| Total liabilities and stockholders’ equity | $ | 13,971,276 | $ | 13,074,274 | |||||||
9
Chord Energy Corporation
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Oil, NGL and gas revenues | $ | 1,408,368 | $ | 966,847 | $ | 4,053,241 | $ | 3,020,537 | |||||||||||||||
| Purchased oil and gas sales | 297,533 | 345,234 | 1,490,980 | 687,150 | |||||||||||||||||||
| Total revenues | 1,705,901 | 1,312,081 | 5,544,221 | 3,707,687 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Lease operating expenses | 282,461 | 248,604 | 795,209 | 738,644 | |||||||||||||||||||
| Gathering, processing and transportation expenses | 81,587 | 73,052 | 211,370 | 220,467 | |||||||||||||||||||
| Purchased oil and gas expenses | 296,191 | 340,947 | 1,477,684 | 684,060 | |||||||||||||||||||
| Production taxes | 115,829 | 79,509 | 328,418 | 223,116 | |||||||||||||||||||
| Depreciation, depletion and amortization | 390,749 | 374,919 | 1,184,201 | 1,101,725 | |||||||||||||||||||
| General and administrative expenses | 32,009 | 21,861 | 99,411 | 92,778 | |||||||||||||||||||
| Impairment and exploration | 2,030 | 2,034 | 7,280 | 545,957 | |||||||||||||||||||
| Total operating expenses | 1,200,856 | 1,140,926 | 4,103,573 | 3,606,747 | |||||||||||||||||||
| Gain (loss) on sale of assets, net | (28) | (365) | 311 | 4,628 | |||||||||||||||||||
| Operating income | 505,017 | 170,790 | 1,440,959 | 105,568 | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Net gain (loss) on derivative instruments | (246,002) | 20,724 | (379,607) | 82,674 | |||||||||||||||||||
| Net gain (loss) from investment in equity securities | 7,186 | (4,646) | 31,158 | (10,507) | |||||||||||||||||||
| Interest expense, net of capitalized interest | (26,747) | (18,717) | (80,006) | (53,324) | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | (3,494) | |||||||||||||||||||
| Other income, net | 6,189 | 2,146 | 14,704 | 6,692 | |||||||||||||||||||
| Total other income (expense), net | (259,374) | (493) | (413,751) | 22,041 | |||||||||||||||||||
| Income before income taxes | 245,643 | 170,297 | 1,027,208 | 127,609 | |||||||||||||||||||
| Income tax expense | (64,081) | (40,186) | (211,852) | (167,566) | |||||||||||||||||||
| Net income (loss) | $ | 181,562 | $ | 130,111 | $ | 815,356 | $ | (39,957) | |||||||||||||||
| Earnings (loss) per share: | |||||||||||||||||||||||
| Basic | $ | 3.30 | $ | 2.26 | $ | 14.51 | $ | (0.72) | |||||||||||||||
| Diluted | $ | 3.29 | $ | 2.26 | $ | 14.47 | $ | (0.72) | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 54,583 | 57,157 | 55,762 | 57,141 | |||||||||||||||||||
| Diluted | 54,745 | 57,157 | 56,329 | 57,195 | |||||||||||||||||||
10
Chord Energy Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 815,356 | $ | (39,957) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | 1,184,201 | 1,101,725 | |||||||||
| Loss on debt extinguishment | — | 3,494 | |||||||||
| Gain on sale of assets | (311) | (4,628) | |||||||||
| Impairment | 37 | 539,323 | |||||||||
| Deferred income taxes | 51,475 | 106,699 | |||||||||
| Net (gain) loss on derivative instruments | 379,607 | (82,674) | |||||||||
| Net (gain) loss from investment in equity securities | (31,158) | 10,507 | |||||||||
| Equity-based compensation expenses | 23,448 | 19,464 | |||||||||
| Settlement of asset retirement obligations | (27,747) | (21,163) | |||||||||
| Deferred financing costs amortization and other | (3,289) | 1,881 | |||||||||
| Working capital and other changes: | |||||||||||
| Change in accounts receivable, net | (360,346) | 71,401 | |||||||||
| Change in inventory | 3,640 | (12,343) | |||||||||
| Change in prepaid expenses | 4,077 | 4,686 | |||||||||
| Change in accounts payable, interest payable and accrued liabilities | 338,767 | (56,034) | |||||||||
| Change in other assets and liabilities, net | 27,248 | (6,711) | |||||||||
| Net cash provided by operating activities | 2,405,005 | 1,635,670 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (1,097,275) | (1,044,820) | |||||||||
| Acquisitions | (10,697) | (27,434) | |||||||||
| Acquisition deposit | — | (55,000) | |||||||||
| Proceeds from divestitures | 298 | 10,735 | |||||||||
| Deposit received for assets held for sale | 55,000 | — | |||||||||
| Derivative settlements | (117,331) | 31,954 | |||||||||
| Contingent consideration received | 25,000 | 25,000 | |||||||||
| Distributions from investment in equity securities | 7,350 | 9,182 | |||||||||
| Contributions to investments | (7,851) | — | |||||||||
| Net cash used in investing activities | (1,145,506) | (1,050,383) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from revolving credit facility | 85,000 | 3,687,000 | |||||||||
| Principal payments on revolving credit facility | (85,000) | (4,132,000) | |||||||||
| Repayment and discharge of senior notes | — | (401,432) | |||||||||
| Issuance of senior notes | — | 1,500,000 | |||||||||
| Deferred financing costs | — | (21,881) | |||||||||
| Repurchases of common stock | (418,662) | (357,837) | |||||||||
| Tax withholding on vesting of equity-based awards | (4,947) | (22,100) | |||||||||
| Dividends paid | (219,074) | (243,418) | |||||||||
| Payments on finance lease liabilities | (1,634) | (1,384) | |||||||||
| Proceeds from warrants exercised | — | 23 | |||||||||
Net cash provided by (used in) financing activities | (644,317) | 6,971 | |||||||||
Increase in cash and cash equivalents | 615,182 | 592,258 | |||||||||
| Cash and cash equivalents: | |||||||||||
| Beginning of period | 189,531 | 36,950 | |||||||||
| End of period | $ | 804,713 | $ | 629,208 | |||||||
| Supplemental cash flow information: | |||||||||||
| Cash paid for income taxes | $ | 119,192 | $ | 73,099 | |||||||
| Supplemental non-cash transactions: | |||||||||||
| Change in accrued capital expenditures | $ | 47,576 | $ | (252) | |||||||
| Change in asset retirement obligations | 4,900 | 102,364 | |||||||||
| Change in dividends payable | 879 | 1,173 | |||||||||
11
Non-GAAP Financial Measures
The following are non-GAAP financial measures included in this press release and 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 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 without unreasonable efforts. 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. 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.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| GPT | $ | 81,587 | $ | 73,052 | $ | 211,370 | $ | 220,467 | |||||||||||||||
| Pipeline imbalances | (7,397) | 734 | 5,970 | (988) | |||||||||||||||||||
| Cash GPT | $ | 74,190 | $ | 73,786 | $ | 217,340 | $ | 219,479 | |||||||||||||||
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 costs, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| General and administrative expenses | $ | 32,009 | $ | 21,861 | $ | 99,411 | $ | 92,778 | |||||||||||||||
Merger and acquisition costs(1) | — | (77) | — | (8,141) | |||||||||||||||||||
| Non-cash equity-based compensation expenses | (6,634) | (6,464) | (23,448) | (19,461) | |||||||||||||||||||
| Other non-cash adjustments | 164 | 1,215 | (2,369) | 1,408 | |||||||||||||||||||
| Cash G&A | $ | 25,539 | $ | 16,535 | $ | 73,594 | $ | 66,584 | |||||||||||||||
___________________
(1)3Q25 and YTD25 primarily include merger and acquisition costs directly attributable to the arrangement with Enerplus.
12
Cash Interest
The Company defines Cash Interest as total 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Interest expense | $ | 26,747 | $ | 18,717 | $ | 80,006 | $ | 53,324 | |||||||||||||||
| Capitalized interest | 863 | 1,128 | 2,695 | 3,316 | |||||||||||||||||||
| Amortization of deferred financing costs | (1,597) | (1,359) | (4,717) | (3,885) | |||||||||||||||||||
| Cash Interest | $ | 26,013 | $ | 18,486 | $ | 77,984 | $ | 52,755 | |||||||||||||||
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 and acquisition 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, CapEx (excluding capitalized interest and acquisition capital) and cash taxes paid.
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, its 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.
13
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net income (loss) | $ | 181,562 | $ | 130,111 | $ | 815,356 | $ | (39,957) | |||||||||||||||
| Interest expense, net of capitalized interest | 26,747 | 18,717 | 80,006 | 53,324 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 3,494 | |||||||||||||||||||
| Income tax expense | 64,081 | 40,186 | 211,852 | 167,566 | |||||||||||||||||||
| Depreciation, depletion and amortization | 390,749 | 374,919 | 1,184,201 | 1,101,725 | |||||||||||||||||||
Merger and acquisition costs(1) | — | 77 | — | 8,141 | |||||||||||||||||||
Impairment and exploration expenses(2) | 2,030 | 2,034 | 7,280 | 545,957 | |||||||||||||||||||
| (Gain) loss on sale of assets, net | 28 | 365 | (311) | (4,628) | |||||||||||||||||||
| Net (gain) loss on derivative instruments | 246,002 | (20,724) | 379,607 | (82,674) | |||||||||||||||||||
| Realized gain (loss) on commodity price derivative contracts | (48,653) | 19,770 | (160,278) | 33,609 | |||||||||||||||||||
| Net (gain) loss from investment in equity securities | (7,186) | 4,646 | (31,158) | 10,507 | |||||||||||||||||||
| Distributions from investment in equity securities | 2,468 | 2,395 | 7,350 | 7,132 | |||||||||||||||||||
| Non-cash equity-based compensation expenses | 6,634 | 6,464 | 23,448 | 19,461 | |||||||||||||||||||
| Other non-cash adjustments | 6,843 | (1,185) | (9,528) | (3,145) | |||||||||||||||||||
| Adjusted EBITDA | 871,305 | 577,775 | 2,507,825 | 1,820,512 | |||||||||||||||||||
| Cash Interest | (26,013) | (18,486) | (77,984) | (52,755) | |||||||||||||||||||
CapEx(3) | (381,807) | (333,652) | (1,143,442) | (1,044,680) | |||||||||||||||||||
| Cash taxes paid | (32,000) | (7,000) | (120,382) | (73,099) | |||||||||||||||||||
| Adjusted Free Cash Flow | $ | 431,485 | $ | 218,637 | $ | 1,166,017 | $ | 649,978 | |||||||||||||||
| Net cash provided by operating activities | $ | 781,384 | $ | 558,967 | $ | 2,405,005 | $ | 1,635,670 | |||||||||||||||
| Changes in working capital | 45,722 | (13,515) | (13,385) | (999) | |||||||||||||||||||
| Interest expense, net of capitalized interest | 26,747 | 18,717 | 80,006 | 53,324 | |||||||||||||||||||
| Current income tax expense (benefit) | 53,719 | (17,463) | 160,377 | 60,868 | |||||||||||||||||||
Merger and acquisition costs(1) | — | 77 | — | 8,141 | |||||||||||||||||||
| Exploration expenses | 2,022 | 2,026 | 7,242 | 6,630 | |||||||||||||||||||
| Realized gain (loss) on commodity price derivative contracts | (48,653) | 19,770 | (160,278) | 33,609 | |||||||||||||||||||
| Distributions from investment in equity securities | 2,468 | 2,395 | 7,350 | 7,132 | |||||||||||||||||||
| Settlement of asset retirement obligations | 9,812 | 3,228 | 27,747 | 21,163 | |||||||||||||||||||
| Deferred financing costs amortization and other | (8,759) | 4,758 | 3,289 | (1,881) | |||||||||||||||||||
| Other non-cash adjustments | 6,843 | (1,185) | (9,528) | (3,145) | |||||||||||||||||||
| Adjusted EBITDA | 871,305 | 577,775 | 2,507,825 | 1,820,512 | |||||||||||||||||||
| Cash Interest | (26,013) | (18,486) | (77,984) | (52,755) | |||||||||||||||||||
CapEx(3) | (381,807) | (333,652) | (1,143,442) | (1,044,680) | |||||||||||||||||||
Cash taxes paid(4) | (32,000) | (7,000) | (120,382) | (73,099) | |||||||||||||||||||
| Adjusted Free Cash Flow | $ | 431,485 | $ | 218,637 | $ | 1,166,017 | $ | 649,978 | |||||||||||||||
___________________
(1)3Q25 and YTD25 primarily include merger and acquisition costs directly attributable to the arrangement with Enerplus.
(2)YTD25 includes non-cash goodwill impairment charge of $539.3 million as a result of the decline in the Company’s market capitalization during 2Q25.
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(3)3Q26, 3Q25, YTD26 and YTD25 include $4.5MM, $11.7MM, $8.2MM, and $15.4MM of reimbursable non-op CapEx, respectively, and exclude capitalized interest costs. 3Q26 and YTD26 also includes $6.0MM of reimbursable Marcellus CapEx that exceeded expectations.
(4)Represents actual cash taxes paid presented on a cash basis and does not include changes in accrued tax amounts included in working capital and deferred taxes within our condensed consolidated financial statements.
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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 equity securities, impairment, loss on debt extinguishment and other similar non-cash charges (2) merger and acquisition 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net income (loss) | $ | 181,562 | $ | 130,111 | $ | 815,356 | $ | (39,957) | |||||||||||||||
| Net (gain) loss on derivative instruments | 246,002 | (20,724) | 379,607 | (82,674) | |||||||||||||||||||
| Realized gain (loss) on commodity price derivative contracts | (48,653) | 19,770 | (160,278) | 33,609 | |||||||||||||||||||
| Net (gain) loss from investment in equity securities | (7,186) | 4,646 | (31,158) | 10,507 | |||||||||||||||||||
| Distributions from investment in equity securities | 2,468 | 2,395 | 7,350 | 7,132 | |||||||||||||||||||
Impairment(1) | 8 | 5 | 37 | 539,323 | |||||||||||||||||||
Merger and acquisition costs(2) | — | 77 | — | 8,141 | |||||||||||||||||||
| (Gain) loss on sale of assets, net | 28 | 365 | (311) | (4,628) | |||||||||||||||||||
| Amortization of deferred financing costs | 1,597 | 1,359 | 4,717 | 3,885 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 3,494 | |||||||||||||||||||
| Other non-cash adjustments | 6,843 | (1,185) | (9,528) | (3,145) | |||||||||||||||||||
Tax impact(3) | (47,062) | (1,570) | (44,548) | 5,572 | |||||||||||||||||||
| Adjusted Net Income | 335,607 | 135,249 | 961,244 | 481,259 | |||||||||||||||||||
| Less: Distributed and undistributed earnings allocated to participating securities | (2,695) | (780) | (7,640) | (2,004) | |||||||||||||||||||
| Adjusted Net Income attributable to common stockholders | $ | 332,912 | $ | 134,469 | $ | 953,604 | $ | 479,255 | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Diluted earnings (loss) per share | $ | 3.32 | $ | 2.28 | $ | 14.59 | $ | (0.70) | |||||||||||||||
| Net (gain) loss on derivative instruments | 4.49 | (0.36) | 6.79 | (1.45) | |||||||||||||||||||
| Realized gain (loss) on commodity price derivative contracts | (0.89) | 0.35 | (2.87) | 0.59 | |||||||||||||||||||
| Net (gain) loss from investment in equity securities | (0.13) | 0.08 | (0.56) | 0.18 | |||||||||||||||||||
| Distributions from investment in equity securities | 0.05 | 0.04 | 0.13 | 0.12 | |||||||||||||||||||
Impairment(1) | — | — | — | 9.43 | |||||||||||||||||||
Merger and acquisition costs(2) | — | — | — | 0.14 | |||||||||||||||||||
| (Gain) loss on sale of assets, net | — | 0.01 | (0.01) | (0.08) | |||||||||||||||||||
| Amortization of deferred financing costs | 0.03 | 0.02 | 0.08 | 0.07 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 0.06 | |||||||||||||||||||
| Other non-cash adjustments | 0.12 | (0.02) | (0.17) | (0.05) | |||||||||||||||||||
Tax impact(3) | (0.86) | (0.04) | (0.78) | 0.11 | |||||||||||||||||||
| Adjusted Diluted Earnings Per Share | 6.13 | 2.36 | 17.20 | 8.42 | |||||||||||||||||||
| Less: Distributed and undistributed earnings allocated to participating securities | (0.05) | (0.01) | (0.14) | (0.04) | |||||||||||||||||||
| Adjusted Diluted Earnings Per Share | $ | 6.08 | $ | 2.35 | $ | 17.06 | $ | 8.38 | |||||||||||||||
Diluted weighted average shares outstanding (in thousands) | 54,745 | 57,157 | 55,881 | 57,195 | |||||||||||||||||||
Tax rate applicable to adjustment items(3) | 23.4 | % | 23.5 | % | 23.4 | % | 23.5 | % | |||||||||||||||
_____________________
(1)YTD25 includes non-cash goodwill impairment charge of $539.3 million as a result of the decline in the Company’s market capitalization during 2Q25.
(2)3Q25 and YTD25 primarily include merger and acquisition costs directly attributable to the arrangement with Enerplus.
(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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