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 ...

Financial Data and Key Metrics Changes - In 2022, Chord Energy generated approximately $1.3 billion of adjusted free cash flow and returned over $1.2 billion to shareholders, representing about 93% of the free cash flow [11][24] - The company reported a variable dividend of $3.55 per share for Q4 2022, combined with a base dividend of $1.25 per share, yielding a total quarterly dividend of $4.80 per share [40] - Cash G&A expense for Q4 was $22.4 million, slightly higher than expected due to the merger accounting policies [22] Business Line Data and Key Metrics Changes - The company plans to complete and deliver 90 to 94 gross operated wells in 2023, with an average working interest of approximately 73% [14] - Completions activity is expected to be concentrated in the second and third quarters of 2023, with production anticipated to increase sequentially each quarter [41] Market Data and Key Metrics Changes - Crude realizations remained at a premium to WTI, averaging $0.99 premium over the quarter [46] - NGL prices fell more than WTI sequentially, resulting in lower NGL realizations as a percentage of crude [47] Company Strategy and Development Direction - The merger created a company with substantial scale in the Williston Basin, focusing on operational and corporate synergies to enhance value [4][10] - Chord Energy aims to maintain a strong return of capital framework, with a focus on shareholder returns and sustainable free cash flow [8][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration process and the company's future, highlighting a strong financial outlook capable of supporting high levels of sustainable free cash flow [10][34] - The company expects to invest approximately $825 million to $865 million in capital in 2023, accounting for inflation and previous capital pushed from Q4 2022 [17] Other Important Information - Chord plans to resume publishing a full sustainability report in 2023, focusing on GHG intensity and freshwater intensity improvements [19] - The company has approximately $593 million in cash as of December 31, 2022, with nothing drawn on its $2.75 billion borrowing base [50] Q&A Session Summary Question: What are your thoughts on the productivity of refracs in the Sanish area? - Management is exploring refracs and believes new technologies will allow them to gain value from these opportunities [28] Question: Can you provide insight on the Bakken takeaway and marketing group changes? - Management noted strong differentials in the basin and emphasized their large takeaway capacity, indicating a robust crude market [58] Question: How does the move to more 3-mile laterals impact your decline rate? - The transition to 3-mile laterals is expected to result in flatter decline rates and improved production delivery [64][66] Question: What is the rationale behind the year-over-year difference in Q4 2022 versus Q4 2023? - The difference is attributed to operational planning and the desire to avoid weather-related issues, leading to a more concentrated completion schedule [92] Question: What are the potential bolt-on opportunities in the Bakken? - Management sees a mix of opportunities in the basin and is open to accretive bolt-ons that enhance the organization [98]

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]

Capital Return and Dividends - Chord Energy introduced a return of capital plan with a base dividend of $1.25 per share per quarter, totaling $5.00 per share annually, and a $300 million share-repurchase program[115]. - The company declared a base dividend of $1.25 per share on August 3, 2022, and paid variable dividends of $5.94 per share during the six months ended June 30, 2022[149]. - A special dividend of $15.00 per share was declared on June 16, 2022, with a liability of $307.4 million recorded for the payment, including $294.9 million paid in July 2022[96]. - The company did not repurchase any shares during the six months ended June 30, 2022, but authorized a new share-repurchase program of up to $300.0 million in August 2022[151]. - The company authorized a share-repurchase program covering up to $150.0 million in February 2022, and subsequently repurchased 1,174,756 shares at a weighted average price of $106.25 per share for a total cost of $124.8 million[97]. - Future dividend payments will depend on the company's earnings, financial condition, and other relevant considerations as determined by the Board of Directors[150]. Mergers and Acquisitions - The merger with Whiting Petroleum was completed on July 1, 2022, involving the issuance of 22,671,871 shares and a cash payment of $245.4 million to Whiting shareholders[116]. - The OMP Merger resulted in Chord Energy receiving $160 million in cash and 20,985,668 common units from Crestwood[117]. - The merger with Whiting was unanimously approved by both companies' Boards of Directors and shareholders, indicating strong support for the strategic move[116]. - The company completed the OMP Merger on February 1, 2022, receiving $160.0 million in cash and 20,985,668 common units of Crestwood, resulting in a pre-tax gain on sale of $518.9 million[66]. - The company expects to finalize the purchase price allocation related to the merger, including the fair value of any assumed liabilities, within one year[106]. Financial Performance - Total revenues for Q2 2022 reached $789.4 million, up from $653.0 million in Q1 2022, driven by higher crude oil and natural gas prices[124]. - Crude oil revenues increased by $45.1 million to $418.9 million in Q2 2022, primarily due to a $66.6 million increase from higher realized prices[125]. - Average crude oil sales price rose to $111.79 per barrel in Q2 2022, an increase of $16.45 per barrel from Q1 2022[125]. - Net income from continuing operations was $130.8 million in Q2 2022, compared to a net loss of $19.6 million in Q1 2022[131]. - Crude oil, natural gas, and NGL revenues increased by $532.1 million to $1,032.1 million for the six months ended June 30, 2022, driven by higher realized prices and increased production volumes[128]. - Net cash provided by operating activities was $662.0 million for the six months ended June 30, 2022, an increase from $350.4 million in the same period of 2021[144]. Production and Operational Efficiency - Average production volumes were 64,079 barrels of oil equivalent per day ("Boepd") in Q2 2022, a decrease of 5,527 Boepd from Q1 2022[121]. - Approximately 94% of Chord Energy's gross operated crude oil production and nearly all of its gross operated natural gas production were connected to gathering systems as of June 30, 2022[119]. - The company is focused on generating free cash flow by operating efficiently and responsibly in the Williston Basin[114]. - The company expects to report production volumes on a three-stream basis starting in Q3 2022[121]. - Chord Energy's production volumes averaged 64,079 barrels of oil equivalent per day (Boepd) in Q2 2022, with 64% being oil[121]. Expenses and Liabilities - Total operating expenses for Q2 2022 were $458.9 million, compared to $362.6 million in Q1 2022[131]. - Lease operating expense ("LOE") was $11.61 per barrel of oil equivalent in Q2 2022, up from $10.07 in Q1 2022[131]. - General and administrative (G&A) expenses increased by $0.5 million to $24.8 million for the three months ended June 30, 2022, primarily due to merger-related fees[132]. - A net loss of $98.3 million was recorded on derivative instruments for the three months ended June 30, 2022, compared to a net loss of $367.9 million in the previous quarter[132]. - The company had total derivative liabilities of $494.6 million as of June 30, 2022, with $342.3 million classified as current liabilities[60]. Capital Expenditures - Capital expenditures totaled $110.4 million for the six months ended June 30, 2022, with $108.9 million allocated to exploration and production[148]. - E&P capital expenditures were $46.0 million in Q2 2022[121]. - Total capital expenditures for the three months ended June 30, 2022, were $46.9 million, compared to $63.5 million for the same period in 2021, indicating a decrease of approximately 26.2%[148]. Market Conditions and Price Fluctuations - Chord Energy's financial performance is significantly influenced by fluctuations in crude oil, NGL, and natural gas prices, which have been volatile due to global events[119]. - The company has implemented in-house commodities marketing to improve price realizations for its crude oil, natural gas, and NGLs[119]. - Average crude oil sales prices rose by $42.56 per barrel to $103.25 per barrel, while average natural gas sales prices increased by $3.87 per Mcf to $8.81 per Mcf for the same period[128].

May 4, 2022 Whiting & Oasis Strategic Merger Of Equals Important Disclosures 2 No Offer or Solicitation Communications in this investor presentation do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registr ...