Financial Data and Key Metrics Changes - The company generated $116 million of adjusted free cash flow during the quarter, which includes the removal of around $11 million of capital from non-operated wellbores sold [62] - Production taxes were reported at 8.4% of oil and gas revenue, which was at the higher end of the guidance range [2] - The company returned approximately $1.1 billion in dividends and $198 million via share buybacks over the past 12 months [60] Business Line Data and Key Metrics Changes - Oil volumes were strong in the second quarter, exceeding midpoint guidance by about 1.5%, while total volumes were above the high end of guidance driven by NGL volumes [95] - The company has seen improvements in well delivery and performance from new wells, particularly with the three-mile laterals [87][90] - The three-mile lateral program is expected to continue, with the company assuming a 40% uplift in estimated ultimate recovery (EUR) for these wells [64] Market Data and Key Metrics Changes - NGL realizations were impacted by lower Conway prices and higher gathering and processing fees, but are expected to improve as prices recover [72] - The company noted that oil continues to become a larger portion of revenue, which is taxed at a higher rate than gas and NGLs [73] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, efficient operations, and maintaining a strong balance sheet while committing to responsible operations [14] - The integration of two premier Williston Basin operators has strengthened the organization, allowing for improved financial and operational synergies [59][84] - The company aims to maintain a capital-efficient program, particularly in the Bakken region, to drive superior returns for shareholders [3] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of gas prices and the potential for improved realizations as market conditions stabilize [2][72] - The company plans to provide a maintenance-level capital plan for 2024, focusing on capital efficiency [78] - Management highlighted the importance of infrastructure in supporting drilling activities and minimizing constraints in new areas [45][47] Other Important Information - The company expects to publish its first sustainability report as a combined entity in the third quarter, emphasizing its commitment to safety and emissions improvement [69] - The full-year capital budget guidance was increased by about $20 million at the midpoint, reflecting higher fourth-quarter frac activity associated with the XTO acquisition [109] Q&A Session Summary Question: Can you provide more details on cleaning out the three-mile wells? - Management indicated that while there may be times when not 100% of the well is cleaned out, spending additional time to ensure complete cleaning can significantly enhance production contributions from the well [99][112] Question: What are the implications of the tracer data on recovery assumptions? - Management noted that if the early results align with expectations, there is potential to increase recovery assumptions for the last mile of the lateral closer to 100% [116] Question: How is the company addressing potential constraints in new drilling areas? - Management assured that infrastructure planning is in place to avoid significant constraints as drilling expands into new areas [45][47]

Chord Energy Corp (NASDAQ:CHRD) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Michael Lou - CFO & EVP Daniel Brown - President, CEO & Director Charles Rimer - EVP & COO Conference Call Participants Phillips Johnston - Capital One Securities Derrick Whitfield - Stifel, Nicolaus & Company Scott Hanold - RBC Capital Markets Bertrand Donnes - Truist Securities Oliver Huang - Tudor, Pickering, Holt & Co. John Abbott - Bank of America Merrill Lynch Operator Good morning, and welcom ...

1) CHRD wells reflect recent Indian Hills TILs and remove zero producing days. Peer offset data taken from IHS. Production data normalized to 10k' lateral length. 2) Reflects average well performance for all wells brought online by both Oasis and Whiting from 07/01/22 to 3/31/23. Zero production days removed. Emissions Reductions | --- | --- | --- | |----------------------------------------------------------------------------------------------|--------------|------------------------------------------------- ...

Significant Accounting Policies Table of Contents The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production tha ...

Businesses across all industries are facing increasing scrutiny from stakeholders related to their ESG practices. Businesses that do not adapt to or comply with investor or stakeholder expectations and standards, which are continuing to evolve, or businesses that are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock price of s ...

Chord Energy Corporation (NASDAQ:CHRD) Q4 2022 Results Conference Call February 23, 2023 11:00 AM ET Company Participants Michael Lou - Chief Financial Officer Danny Brown - President and Chief Executive Officer Chip Rimer - Chief Operating Officer Conference Call Participants Derrick Whitfield - Stifel Neal Dingmann - Truist Securities Phillips Johnston - Capital One John Abbott - Bank of America Paul Diamond - Citi Operator Good day, and welcome to the Chord Energy Fourth Quarter 2022 Earnings Conference ...

November 2, 2022 Stronger Together Positioned for Value Creation Chord Energy Chord (noun) /kord/ ̂ 1. A straight line joining two points on a curve 2. Musical notes played in unison to produce harmony Striking a new chord and creating a new harmony in the industry. Chord Energy combines complementary, high-quality assets and outstanding talent and operational practices. The companies were already strategically like-minded and culturally aligned, so as Chord Energy, we are ideally positioned to enhance retu ...

Chord Energy Corporation (NASDAQ:CHRD) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Michael Lou – Chief Financial Officer Danny Brown – President and Chief Executive Officer Chip Rimer – Chief Operating Officer Conference Call Participants Scott Hanold – RBC Capital Markets Derrick Whitfield – Stifel Patrick Enright – Truist Securities Phillips Johnston – Capital One David Deckelbaum – Cowen Paul Diamond – Citi Operator Good day, everyone and welcome to the Chord Energy ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-34776 | --- | --- | |------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - Chord Energy reported pro-forma volumes of 158,600 barrels of oil equivalent per day, at the high end of the previously provided range [31] - Pro forma free cash flow exceeded $300 million in the second quarter [34] - The company updated its full year 2022 capital budget range to $730 million to $760 million, reflecting increased service pricing and expected completion activity [25] Business Line Data and Key Metrics Changes - The company identified over $100 million per year of merger synergies expected to be realized over time [15] - Cash G&A expense was $32.6 million, with $23.6 million excluding merger-related costs [34] - The average lease operating expense (LOE) was $10.06 per BOE, with expectations for a decrease in the second half of the year [32] Market Data and Key Metrics Changes - Crude and gas realizations were strong in the second quarter, with markets remaining tight around the Williston area [31] - Production taxes were approximately 7.4% of oil and gas revenue, with guidance for the third quarter reflecting an increase to 7.7% to 8.1% due to recent tax changes [33] Company Strategy and Development Direction - The company is committed to a return of capital strategy, planning to pay out 75% or more of free cash flow when projected normalized leverage is below 0.5 times EBITDA [17] - A base dividend was increased to $1.25 per share per quarter, representing an increase of over 100% [19] - The company remains focused on ESG initiatives, increasing transparency and committing to sustainable operations [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance despite challenges from severe weather and merger integration [22] - The company anticipates good uptime and outperformance across recent well completions, leading to an updated guidance above initial expectations [24] - Management emphasized the importance of maintaining a strong balance sheet while being open to future consolidation opportunities [50] Other Important Information - The company has a new repurchase authorization for $300 million, in addition to $125 million already repurchased [21] - Chord Energy has $400 million of senior unsecured notes due in June 2026, with recent upgrades in debt ratings from Moody's and S&P [35] Q&A Session Summary Question: Can you elaborate on the primary drivers of the announced increase in PV10 synergies from the merger? - Management indicated that the integration process has allowed for a thorough review of operations, leading to improvements across various categories [41][42] Question: What is the company's appetite for further industry consolidation? - Management remains open to examining further consolidation opportunities while focusing on the integration of the current merger [50] Question: How sustainable is the high payout ratio over time? - Management believes the company has significant inventory depth and is confident in maintaining a strong balance sheet while returning capital to shareholders [53][57] Question: What are the implications of the capital program for 2023? - Management indicated a maintenance to maintenance-plus program for 2023, with low levels of growth expected [64][67] Question: How does the company plan to balance cash flow returns with potential M&A opportunities? - Management emphasized the flexibility afforded by a strong balance sheet, allowing for opportunistic actions without the need to build a large cash balance [74]