Chord Energy Reports Second Quarter 2025 Financial and Operating Results, Declares Base Dividend and Issues Updated Outlook

2025-08-06

NASDAQ - Nasdaq Stock Market · Oil · Natural Gas · Natural Gas Liquids · United States

PR Newswire

HOUSTON , Aug. 6, 2025 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today reported financial and operating results for the second quarter 2025.

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Key Takeaways and Updates:

Operational Excellence: Delivered net cash provided by operating activities and Adjusted Free Cash Flow ("Adjusted FCF") (1) above expectations, driven by efficient execution and strong asset performance; Shareholder Returns: Returned over 90% of Adjusted FCF (1) to shareholders through the base dividend of $1.30 per share and share repurchases; Share Repurchases: Repurchased $55 .0MM of common stock in 2Q25 at an average price of $90.80 /share; repurchased $45 .2MM subsequent to 2Q25 through August 1, 2025 . Reduced share count -10% on a fully-diluted basis since the Enerplus closing; Operational Execution: Drilled four 4-mile laterals to date with costs below budget; accelerating 4-mile activity and now on track to turn-in-line ("TIL") seven 4-mile laterals in FY25; Updated Outlook: Raised FY25 oil production guidance +500 Bopd and reduced capital -$20MM at the midpoint of guidance; on schedule to return a second completions crew in 4Q25; and Enhancing Adjusted FCF: Updated FY25 guidance implies a ~20% improvement in Adjusted FCF and ~25% improvement in Adjusted FCF per share vs. the February outlook (normalized for commodity pricing).

2Q25 Operational and Financial Highlights:

Production: Volumes of 156.7 MBopd (281.9 MBoepd) exceeded the high-end of guidance; CapEx: E&P and other CapEx of $355 .6MM was at the low-end of guidance; Cash Flow: Net cash provided by operating activities was $419 .8MM, with a net loss of $389 .9MM ( $6.77 /diluted share); and Adjusted EBITDA, Adjusted FCF and Adjusted Net Income: Adjusted EBITDA (1) was $547 .2MM, Adjusted FCF (1) was $140 .8MM and Adjusted Net Income (1) was $103 .2MM ( $1.79 /diluted share).

| (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 Energy delivered another outstanding quarter driven by continued operational excellence," said Danny Brown , Chord Energy's President and Chief Executive Officer. "Free cash flow was above expectations, supporting continued high shareholder payouts. The Chord team demonstrated strong execution with better downtime, greater efficiency and solid well performance leading to an increase in our full-year production guidance and reduction in capital. Our premier Williston Basin position, built with a focus on disciplined capital allocation, early adoption of new technologies, and strategic M&A, puts Chord in a strong position to drive continuous improvement amidst persistent commodity volatility. We remain focused on optimizing capital allocation while operating in a safe and sustainable manner."

2Q25 Operational and Financial Update:

The following table presents select 2Q25 operational and financial data compared to guidance released on May 6, 2025 :

| Metric | | 2Q25 Actual | | 2Q25 Guidance | | Oil Volumes (MBopd) | | 156.7 | | 153.0 – 156.0 | | NGL Volumes (MBblpd) | | 54.1 | | 47.3 – 48.8 | | Natural Gas Volumes (MMcfpd) | | 425.9 | | 408.5 – 421.5 | | Total Volumes (MBoepd) | | 281.9 | | 268.3 – 275.0 | | E&P & Other CapEx ($MM) | | $355.6 | | $355 – $385 | | Oil Discount to WTI ($/Bbl) | | $(2.15) | | $(3.05) – $(1.05) | | NGL Realization (% of WTI) | | 9 % | | 5% – 15% | | Natural Gas Realization (% of Henry Hub) | | 32 % | | 25% – 35% | | LOE ($/Boe) | | $10.02 | | $9.25 – $10.25 | | Cash GPT ($/Boe) (1) | | $2.80 | | $2.65 – $3.15 | | Cash G&A ($MM) (1) | | $21.7 | | $26.0 – $28.0 | | Production Taxes (% of Oil, NGL and Natural Gas Sales) (2) | | 7.3 % | | 8.3% – 8.8% | | Cash Interest ($MM) (1) | | $18.6 | | $16.5 – $18.5 | | Cash Tax (% of Adjusted EBITDA) (3) | | 5.9 % | | 2% – 9% |

| _ | | | (1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. | | (2) | 2Q25 includes non-recurring reimbursements of $8.5MM. | | (3) | Cash taxes paid during the three months ended June 30, 2025 were $32.1MM, or 5.9% of Adjusted EBITDA. Guidance range based on NYMEX WTI between $55/Bbl – $75/Bbl. |

Chord had 37 gross (29.3 net) operated TILs in 2Q25.

Return of Capital:

Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on September 8, 2025 to shareholders of record as of August 21, 2025. 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 605,621 shares of common stock at a weighted average price of $90.80 per share totaling $55 .0MM in 2Q25, representing 100% of shareholder returns after the base dividend. Subsequent to 2Q25, the Company repurchased 423,902 shares of common stock totaling $45 .2MM through August 1, 2025 . Shares issued and outstanding as of August 1, 2025 were 57.3MM (57.7MM on a fully-diluted basis), compared to 57.6MM (58.1MM on a fully-diluted basis) as of June 30, 2025 .

Chord's Board of Directors has authorized a new share repurchase program totaling $1B , which replaces the existing program.

2025 Outlook Update:

Chord is updating its FY25 guidance to reflect 1H25 performance and its latest projections. Chord remains on track to return a second completions crew to operations in 4Q25, given current oil prices. Chord has delivered production volumes and capital better than expectations in the first half of the year, reflecting solid execution, operational efficiencies, lower downtime and strong asset performance. Chord expects to generate Adjusted EBITDA of approximately $2.4B and Adjusted FCF of approximately $850MM at the midpoint of guidance (2H25 $65 /Bbl WTI and $3.75 /MMBtu Henry Hub). Chord plans to TIL115 – 135 gross operated wells (~80% working interest), with 30 – 40 gross operated TILs planned for 3Q25 (~70% working interest).

Highlights of Chord's updated FY25 guidance include:

Oil Volumes: Raised +500 Bopd to 153.0 MBopd at midpoint, driven by strong well performance and improved uptime; E&P and Other CapEx: Lowered -$20MM to $1.35B at midpoint; now -$50MM below original plan; LOE: Maintained at $9.60 /Boe midpoint; - $0.30 /Boe below original plan; Oil Differentials: Narrowed by $0.30 /Bbl to reflect improved 2H25 market conditions; Cash Taxes: Lowered FY25 cash tax range to 3.5% – 6.5%% of Adjusted EBITDA (reflects 1H25 cash tax payments and 2H25 at $60 /Bbl - $80 /BBl WTI) reflecting our latest forecasts (previous guidance was 4% – 9% of Adjusted EBITDA); and Adjusted FCF: FY25 Adjusted FCF increasing ~$120MM (~20%) from original plan, driven by improved capital efficiency and lower operating costs (normalized $65 /Bbl WTI and $3.75 /MMBtu Henry Hub for both periods). See Chord's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations for additional information.

The following table presents select operational and financial guidance for the periods presented:

| Metric | | 3Q25 Guidance | | 4Q25 Guidance | | FY25 Guidance | | Oil Volumes (MBopd) | | 153.5 – 157.5 | | 143.5 – 148.5 | | 151.8 – 154.1 | | NGL Volumes (MBblpd) | | 50.5 – 54.5 | | 48.0 – 53.0 | | 50.2 – 52.5 | | Natural Gas Volumes (MMcfpd) | | 430.0 – 442.0 | | 422.0 – 440.0 | | 423.1 – 430.7 | | Total Volumes (MBoepd) | | 275.7 – 285.7 | | 261.8 – 274.8 | | 272.5 – 278.3 | | E&P & Other CapEx ($MM) | | $315 – $345 | | $295 – $325 | | $1,320 – $1,380 | | Oil Discount to WTI ($/Bbl) | | $(1.75) – $0.25 | | $(2.40) – $(0.40) | | $(2.15) – $(1.15) | | NGL Realization (% of WTI) | | 5% – 15% | | 10% – 20% | | 11% – 16% | | Natural Gas Realization (% of Henry Hub) | | 20% – 30% | | 30% – 40% | | 36% – 41% | | LOE ($/Boe) | | $8.70 – $9.70 | | $9.15 – $10.15 | | $9.35 – $9.85 | | Cash GPT ($/Boe) (1) | | $2.65 – $3.15 | | $2.65 – $3.15 | | $2.80 – $3.05 | | Cash G&A ($MM) (1) | | $20 – $25 | | $20 – $25 | | $90 – $100 | | Production Taxes (% of Oil, NGL and Natural Gas Sales) | | 8.3% – 8.8% | | 8.3% – 8.8% | | 7.6% – 7.8% | | Cash Interest ($MM) (1) | | $17 – $19 | | $17 – $19 | | $68 – $72 | | Cash Tax (% of Adjusted EBITDA) (2) | | 0% – 6% | | 3% – 10% | | 3.5% – 6.5% |

| _ | | | (1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for more information. | | (2) | Cash Tax guidance reflects 2H25 WTI prices between $60/Bbl – $80/Bbl. |

Select Operational and Financial Data:

The following table presents select operational and financial data for the periods presented:

| | 2Q25 | | 1Q25 | | 2Q24 | | Production data: | | | | | | | Crude oil (MBopd) | 156.7 | | 153.7 | | 118.1 | | NGLs (MBblpd) | 54.1 | | 48.1 | | 40.5 | | Natural gas (MMcfpd) (2) | 425.9 | | 414.5 | | 291.5 | | Total production (MBoepd) | 281.9 | | 270.9 | | 207.2 | | Percent crude oil | 55.6 % | | 56.7 % | | 57.0 % | | Average sales prices: | | | | | | | Crude oil, without realized derivatives ($/Bbl) | $ 61.62 | | $ 69.11 | | $ 78.89 | | Differential to NYMEX WTI ($/Bbl) | (2.15) | | (2.30) | | (1.71) | | Crude oil, with realized derivatives ($/Bbl) | 62.58 | | 69.08 | | 78.53 | | Crude oil realized derivatives (gain) loss ($MM) | (13.7) | | 0.4 | | (3.9) | | NGL, without realized derivatives ($/Bbl) | 5.80 | | 14.18 | | 9.99 | | NGL, with realized derivatives ($/Bbl) | 5.80 | | 14.18 | | 9.99 | | Natural gas, without realized derivatives ($/Mcf) (2) | 1.10 | | 2.30 | | 0.67 | | Natural gas, with realized derivatives ($/Mcf) | 1.11 | | 2.31 | | 0.67 | | Natural gas realized derivatives (gain) loss ($MM) | (0.4) | | (0.1) | | — | | Selected financial data ($MM): | | | | | | | Revenues: | | | | | | | Crude oil revenues | $ 878.9 | | $ 956.1 | | $ 848.1 | | NGL revenues | 28.6 | | 61.3 | | 36.8 | | Natural gas revenues | 42.8 | | 85.9 | | 17.8 | | Total oil, NGL and natural gas revenues | $ 950.3 | | $ 1,103.3 | | $ 902.7 | | Cash flows: | | | | | | | Net cash provided by operating activities: | $ 1,076.7 | | $ 656.9 | | $ 460.9 | | Non-GAAP financial measures (1) : | | | | | | | Adjusted EBITDA | $ 547.2 | | $ 695.5 | | $ 567.9 | | Adjusted FCF | 140.8 | | 290.5 | | 216.1 | | Adjusted Net Income Attributable to Common Stockholders | 103.2 | | 240.9 | | 234.9 | | Select operating expenses: | | | | | | | LOE | $ 257.0 | | $ 233.1 | | $ 176.6 | | Gathering, processing and transportation expenses ("GPT") | 74.1 | | 73.3 | | 63.1 | | Production taxes | 69.0 | | 74.6 | | 79.5 | | Depreciation, depletion and amortization | 377.0 | | 349.8 | | 227.9 | | Total select operating expenses | $ 777.1 | | $ 730.8 | | $ 547.1 | | Earnings (loss) per share: | | | | | | | Basic earnings (loss) per share | $ (6.71) | | $ 3.67 | | $ 4.36 | | Diluted earnings (loss) per share | (6.77) | | 3.66 | | 4.25 | | Adjusted diluted earnings per share (Non-GAAP) (1) | 1.79 | | 4.04 | | 4.69 |

| _ | | | (1) | Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. | | (2) | Marcellus natural gas volumes and realized natural gas price were 129.9 MMcfpd and $2.49/Mcf, respectively, in 2Q25. |

Goodwill Impairment:

At June 30, 2025 , the Company assessed its goodwill balance for impairment as a result of the decline in its market capitalization during the second quarter, which was impacted by a decline in crude oil and natural gas prices. As a result of this assessment, the Company recognized a non-cash impairment charge of $539.3 million within impairment and exploration expenses on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2025 to reduce the carrying value of its goodwill to zero as of June 30, 2025 .

Capital Expenditures:

The following table presents the Company's capital expenditures ("CapEx") by category for the periods presented (in millions):

| | 1Q25 | | 2Q25 | | 1H25 | | CapEx: | | | | | | | E&P | $ 354.8 | | $ 354.5 | | $ 709.3 | | Other | 0.6 | | 1.1 | | 1.7 | | Total E&P and other CapEx | 355.4 | | 355.6 | | 711.0 | | Capitalized interest | 1.1 | | 1.1 | | 2.2 | | Acquisitions | 17.9 | | 8.3 | | 26.2 | | Total CapEx | $ 374.4 | | $ 365.0 | | $ 739.4 |

Balance Sheet and Liquidity:

The following table presents key balance sheet data and liquidity metrics as of June 30, 2025 (in millions):

| | June 30, 2025 | | Revolving credit facility (1) | $ 2,000.0 | | | | | Revolver borrowings | $ 180.0 | | Senior notes | 750.0 | | Total debt | $ 930.0 | | | | | Cash and cash equivalents | $ 40.5 | | Letters of credit | 29.9 | | Liquidity | $ 1,830.6 |

| _ | | | (1) | $2.75B borrowing base and $2.0B of elected commitments. |

Contact:

Chord Energy Corporation Bob Bakanauskas , VP, Investor Relations (281) 404-9600 ir@chordenergy.com

Conference Call Information

Investors, analysts and other interested parties are invited to listen to the webcast:

To join the conference call by phone without operator assistance (including sell-side analysts wishing to ask a question), you may register and enter your phone number at https://emportal.ink/4k0K0dL to receive an instant automated call back and be immediately placed into the call.

You may also use the following dial-in information to join the conference call by phone with operator assistance:

| Dial-in: | | 1-800-836-8184 | | Intl. Dial-in: | | 1-646-357-8785 | | Conference ID: | | 82050 |

A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, August 14, 2025 by dialing:

| Replay dial-in: | | 1-888-660-6345 | | Intl. replay: | | 1-646-517-4150 | | Replay access: | | 82050 # |

The call will also be available for replay for approximately 30 days at https://www.chordenergy.com

Forward-Looking Statements and Cautionary Statements

Certain statements in this press release, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements regarding the benefits and synergies of the Enerplus combination, future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, production levels and reinvestment rates, anticipated financial and operating results and other guidance and the effects, benefits and synergies of the Enerplus combination. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

These statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in crude oil, NGL and natural gas prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine , military conflicts in the Red Sea Region and war between Israel and Hamas and the potential for escalation of hostilities across the surrounding countries in the Middle East and their effect on commodity prices, changes in general economic and geopolitical conditions, including as a result of the change in administration in the federal government of the United States , inflation rates and the impact of associated monetary policy responses, including increased interest rates, the ultimate results of integrating the operations of Chord, the effects of the Enerplus combination on Chord, including Chord's future financial condition, results of operations, strategy and plans, the ability of Chord to realize the anticipated benefits or synergies of the Enerplus combination in the timeframe expected or at all, developments in the global economy, as well as any public health crisis and resulting demand and supply for crude oil, NGLs and natural gas, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, the availability of midstream service providers, 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, 2024 , subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States . For more information, please visit the Company's website at www.chordenergy.com .