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 ...

Oasis Petroleum, Inc. (OAS) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Michael Lou - Chief Financial Officer and Executive Vice President Daniel Brown - Chief Executive Officer Taylor Reid - President and Chief Operating Officer Conference Call Participants Derrick Whitfield - Stifel Financial Corp Jordan Levy - Truist Securities Noel Parks - Tuohy Brothers Operator Good day and welcome to the Oasis Petroleum First Quarter Earnings Results Conference Call. All participants ...

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 March 31, 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 Oasis Petroleum Inc. (Exact name of registrant as specified in its charter) Delaware 80-0554627 (State or other juri ...

Financial Data and Key Metrics Changes - In Q4 2021, the company reported net income of $292 million or $7.34 per diluted share, compared to $198 million or $5 per share in the previous quarter [10] - Adjusted net income for Q4 was $168 million or $4.23 per diluted share, up from $142 million or $3.57 per share in Q3 [10] - Adjusted EBITDAX increased to $226 million from $201 million in the previous quarter, driven by better commodity prices and a slight increase in oil production [10] - Production averaged 92,800 BOE per day in Q4, slightly up from 92,100 BOE per day in Q3, with oil production averaging 52,900 barrels per day, an increase from 51,800 barrels in Q3 [10] Business Line Data and Key Metrics Changes - The company invested approximately $66 million in CapEx during Q4, bringing 16 gross, 12 net wells into production, and drilled 17 gross, 10.4 net operated wells [12] - Lease operating expenses were $62 million or $7.31 per BOE for Q4, impacted by expensed workovers [13] - Cash G&A expenses totaled $12 million for Q4, averaging around $1.16 per BOE for the year [13] Market Data and Key Metrics Changes - Natural gas prices benefited from a premium at the Ventura point compared to Henry Hub, while NGL prices averaged around 37% of WTI oil in Q4, up from less than 20% in the same quarter last year [11][13] - The company reported a significant increase in proved reserves, totaling 326 million BOE with a pretax PV10 value of $4.4 billion at year-end, compared to 260 million BOE and $1.2 billion at year-end 2020 [13][14] Company Strategy and Development Direction - The company initiated its first-ever regular dividend of $0.25 per share, marking the first step in a capital return plan [16] - Management is focused on a methodical approach to returning capital to shareholders, including potential stock buybacks and variable dividends [17][36] - The company anticipates a higher activity level in 2022, with larger working interests in wells drilled and completed in the Sanish Field due to acquisitions [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2022, expecting to generate over $900 million in EBITDA and over $500 million in adjusted free cash flow under a $70 WTI price scenario [21] - The company is cautious about the M&A environment, noting challenges due to rising commodity prices but remains open to opportunities [25] - Management emphasized the importance of maintaining a strong balance sheet while pursuing growth and returning capital to shareholders [45] Other Important Information - The company has a strong financial position entering 2022, with plans to continue pursuing acquisition opportunities while returning capital to shareholders [20] - The company is actively managing inflationary pressures and has locked in many big-ticket items for the first half of 2022 [18] Q&A Session Summary Question: What drove the strong production in Q4? - Management noted good performance from wells and new completion techniques being tested, particularly in the Sanish Field [22][23] Question: What is the outlook for M&A opportunities? - Management is monitoring the M&A environment closely, considering both small bolt-on opportunities and larger deals, but remains cautious due to high commodity prices [25] Question: How does the company view its return of capital strategy? - Management confirmed that the dividend is the first step, with more to come, including potential stock buybacks and variable dividends [32][36] Question: What is the expected production cadence for 2022? - Management indicated a slow first half of the year with significant growth expected in the second half due to drilling and completion activities [37][39] Question: How will free cash flow be utilized? - Management aims to balance returning capital to shareholders while maintaining flexibility for acquisitions, with a focus on keeping a strong balance sheet [45][46]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________ FORM 10-K _______________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-------------------------------------------------------------------------------------- ...