Financial Data and Key Metrics Changes - The company reported adjusted free cash flow for Q2 2025 of approximately $141 million, returning 92% of this to shareholders [6][25] - Oil volumes exceeded guidance, reflecting strong execution and well performance, while capital expenditures were reduced by $50 million compared to the original budget [6][7] - The company's net debt as of July 31 was approximately $810 million, a decline of almost $80 million from June 30 [30] Business Line Data and Key Metrics Changes - The company has reduced its share count by approximately 10% since closing the Enerplus transaction [6] - Lease operating expenses (LOE) were reported at $10.2 per BOE, at the higher end of the guidance range due to increased workover costs [27] - The company achieved notable improvements in drilling efficiency, with spud to rig release times down about a day year over year [18] Market Data and Key Metrics Changes - Oil differentials in Q2 averaged $2.15 below WTI, slightly improving from the prior quarter [25] - NGL realizations were 9% of WTI, while natural gas realizations were 32% of Henry Hub [26] - Production taxes averaged 7.3% of commodity sales in Q2, which was below expectations due to non-recurring refunds for stripper wells [27] Company Strategy and Development Direction - The company intends to redeploy a second frac crew in Q4 2025, aiming for increased production in 2026 [8][9] - Continuous improvement initiatives are focused on increasing free cash flow through data analytics, machine learning, and artificial intelligence [12][13] - The company is committed to sustainability, emphasizing safety and minimizing environmental impact [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate substantial value in the coming years, citing strong operational performance and shareholder returns [15] - The company is focused on strong capital allocation decisions to enhance free cash flow per share rather than absolute production growth [66] - Management noted that the fourth quarter of 2025 will be a trough for production, with expectations for growth in early 2026 [68] Other Important Information - The company has made progress in reducing controllable costs across various operational areas, with a 20% improvement in free cash flow outlook since February [11] - The company plans to publish an updated sustainability report in the fall, reflecting the integration of Chord and Enerplus [14] Q&A Session Summary Question: Context on Fourmile Wells Investment - Management confirmed that permitting activity for four mile wells is well underway and they are preparing for various options [34] Question: Update on Marcellus Asset - Management stated that while Marcellus is a great asset, it is not core to their portfolio, and they will focus on maximizing its value [37] Question: Rysted Well Performance - The Rysted well has outperformed its type curve by 30%, with drilling performance exceeding expectations [42] Question: Cost of Implementing AI Initiatives - Management indicated that the cost of implementing AI initiatives is low, primarily due to having clean and organized data [60] Question: Future Production and Capital Allocation - Management emphasized that the focus is on generating strong free cash flow per share rather than absolute production growth [66] Question: Four Mile Lateral Program Milestones - The company is monitoring mechanical execution and performance of the four mile wells before scaling up the program [92]

Company Strategy & Performance - Chord Energy is positioned as a premier Williston Basin operator focused on enhancing free cash flow generation[1,9] - The company emphasizes a disciplined return of capital and balance sheet management[10] - Chord Energy has returned >$5 billion to shareholders since 2021, representing >50% of the current enterprise value[17,24] - The company is driving per share growth across key metrics, including a 12% CAGR in oil production per share since 2021[36,38] Operational Efficiency & Cost Reduction - Continuous improvements are driving approximately 20% free cash flow growth versus original guidance[25] - Capital expenditure is ~$50 million (~4%) below the original outlook due to faster cycle times and increased pumping hours[26,32] - The company is implementing 4-mile laterals, which are expected to improve inventory quality and lower breakevens, with seven TILs planned in FY25[47,51] Financial Strength & Capital Allocation - Chord Energy maintains a strong balance sheet with 0.3x leverage[15,70] - The company has >$1.8 billion of liquidity as of 2Q25[70,73] - The company aims for peer-leading return of capital, targeting 75%+ of adjusted free cash flow at current leverage[126,127]

Core Insights - Chord Energy Corporation reported a revenue of $1.18 billion for the quarter ended June 2025, reflecting a year-over-year decline of 6.4% and an EPS of $1.79 compared to $4.69 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $1.3 billion, resulting in a surprise of -8.87%, while the EPS also missed the consensus estimate of $1.88 by -4.79% [1] Financial Performance - The company’s shares have returned -1.6% over the past month, contrasting with the Zacks S&P 500 composite's +0.5% change, and currently holds a Zacks Rank 3 (Hold) [3] - Key production metrics include oil production at 156,700 BBL/D, natural gas at 425,900 Mcf/D, and NGL at 54,100 Bbls, all exceeding analyst estimates [4] - Total average daily production reached 281,900 BOE/D, surpassing the four-analyst average estimate of 272,529.70 BOE/D [4] Pricing Metrics - Average sales prices for natural gas without realized derivatives were $1.10, slightly above the $1.04 average estimate [4] - Average sales prices for NGL without realized derivatives were $5.80, below the $5.90 average estimate [4] - Average sales prices for crude oil without realized derivatives were $61.62, closely aligning with the two-analyst average estimate of $61.66 [4]

[Key Highlights and Updates](index=1&type=section&id=Key%20Highlights%20and%20Updates) Chord Energy exceeded Q2 2025 production guidance, managed capital efficiently, delivered strong shareholder returns, and improved its full-year outlook - **Q2 2025 Financial Highlights** | Metric | Value | Per Share | | :--- | :--- | :--- | | Net Cash from Operating Activities | $419.8MM | - | | Net Loss | ($389.9MM) | ($6.77)/diluted share | | Adjusted EBITDA (Non-GAAP) | $547.2MM | - | | Adjusted FCF (Non-GAAP) | $140.8MM | - | | Adjusted Net Income (Non-GAAP) | $103.2MM | $1.79/diluted share | - Returned over **90%** of Adjusted Free Cash Flow to shareholders via a **$1.30 per share** base dividend and share repurchases[6](index=6&type=chunk) - Repurchased **$55.0 million** of common stock in Q2 2025 and an additional **$45.2 million** subsequent to the quarter end through August 1, 2025[6](index=6&type=chunk) - The company updated its FY25 outlook, raising oil production guidance by **500 Bopd** and reducing capital expenditure guidance by **$20 million** at the midpoint[6](index=6&type=chunk) [Q2 2025 Operational and Financial Performance](index=2&type=section&id=Q2%202025%20Operational%20and%20Financial%20Performance) Chord Energy surpassed Q2 2025 production targets and managed capital efficiently, despite reporting a GAAP net loss due to a goodwill impairment [Performance vs. Guidance](index=2&type=section&id=Performance%20vs.%20Guidance) Q2 2025 production exceeded guidance across all commodities, with total volumes reaching **281.9 MBoepd**, while capital expenditures were at the low end of the forecast - **Q2 2025 Actuals vs. Guidance** | Metric | 2Q25 Actual | 2Q25 Guidance | | :--- | :--- | :--- | | Total Volumes (MBoepd) | 281.9 | 268.3 – 275.0 | | Oil Volumes (MBopd) | 156.7 | 153.0 – 156.0 | | E&P & Other CapEx ($MM) | $355.6 | $355 – $385 | - The company turned-in-line (TIL) **37 gross (29.3 net)** operated wells during the second quarter of 2025[8](index=8&type=chunk) [Key Financial Metrics](index=3&type=section&id=Key%20Financial%20Metrics) Q2 2025 revenues decreased to **$950.3 million** due to lower commodity prices, resulting in a **$389.9 million** GAAP net loss, while Adjusted Net Income was **$103.2 million** - **Selected Financial Data Comparison ($MM)** | Metric | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Total Revenues | $950.3 | $1,103.3 | $902.7 | | Net Cash from Ops | $1,076.7 | $656.9 | $460.9 | | Adjusted EBITDA | $547.2 | $695.5 | $567.9 | | Adjusted FCF | $140.8 | $290.5 | $216.1 | | Diluted EPS (GAAP) | $(6.77) | $3.66 | $4.25 | | Adjusted Diluted EPS | $1.79 | $4.04 | $4.69 | - **Production and Pricing Comparison** | Metric | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Total Production (MBoepd) | 281.9 | 270.9 | 207.2 | | Crude Oil Production (MBopd) | 156.7 | 153.7 | 118.1 | | Avg. Crude Oil Price ($/Bbl) | $61.62 | $69.11 | $78.89 | [Goodwill Impairment](index=4&type=section&id=Goodwill%20Impairment) A **$539.3 million** non-cash goodwill impairment charge was recognized in Q2 2025, reducing the goodwill balance to zero due to market capitalization decline - A non-cash impairment charge of **$539.3 million** was recognized to reduce the carrying value of goodwill to zero as of June 30, 2025[20](index=20&type=chunk) [Capital Expenditures](index=4&type=section&id=Capital%20Expenditures) Total capital expenditures for Q2 2025 were **$365.0 million**, with E&P capital expenditures remaining consistent at **$354.5 million** - **Capital Expenditures by Category ($ millions)** | Category | 2Q25 | 1Q25 | 1H25 | | :--- | :--- | :--- | :--- | | E&P | $354.5 | $354.8 | $709.3 | | Other | $1.1 | $0.6 | $1.7 | | **Total E&P and other CapEx** | **$355.6** | **$355.4** | **$711.0** | | Acquisitions | $8.3 | $17.9 | $26.2 | | **Total CapEx** | **$365.0** | **$374.4** | **$739.4** | [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) Chord Energy declared a **$1.30 per share** base dividend, repurchased **$55.0 million** in Q2, and authorized a new **$1 billion** share repurchase program - Declared a base dividend of **$1.30 per share**, payable on September 8, 2025, to shareholders of record as of August 21, 2025[9](index=9&type=chunk) - Repurchased **605,621 shares** for **$55.0 million** in Q2 2025 and an additional **423,902 shares** for **$45.2 million** subsequent to the quarter end[10](index=10&type=chunk) - The Board of Directors has authorized a new **$1 billion** share repurchase program, which replaces the existing program[11](index=11&type=chunk) [Updated 2025 Outlook](index=2&type=section&id=Updated%202025%20Outlook) Chord Energy updated its FY25 guidance, raising oil production by **500 Bopd** and reducing capital expenditures by **$20 million**, projecting a **20%** increase in Adjusted FCF - **Updated FY25 Guidance Highlights** | Metric | Change from Previous Guidance | New Midpoint | | :--- | :--- | :--- | | Oil Volumes | Raised +500 Bopd | 153.0 MBopd | | E&P and Other CapEx | Lowered -$20MM | $1.35B | | Cash Taxes (% of Adj. EBITDA) | Lowered to 3.5% - 6.5% | 5.0% | - The updated guidance implies a **~$120 million (~20%)** increase in FY25 Adjusted FCF compared to the original plan, driven by improved capital efficiency and lower operating costs[17](index=17&type=chunk) - **FY25 Guidance Details** | Metric | FY25 Guidance | | :--- | :--- | | Total Volumes (MBoepd) | 272.5 – 278.3 | | E&P & Other CapEx ($MM) | $1,320 – $1,380 | | LOE ($/Boe) | $9.35 – $9.85 | [Financial Position](index=5&type=section&id=Financial%20Position) As of June 30, 2025, Chord Energy reported over **$1.8 billion** in liquidity, with total debt at **$930.0 million** and cash of **$40.5 million** - **Balance Sheet and Liquidity as of June 30, 2025 ($ millions)** | Metric | Value | | :--- | :--- | | Revolving Credit Facility | $2,000.0 | | Revolver Borrowings | $180.0 | | Senior Notes | $750.0 | | **Total Debt** | **$930.0** | | Cash and Cash Equivalents | $40.5 | | **Liquidity** | **$1,830.6** | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) Unaudited consolidated financial statements for Q2 2025 show total assets of **$12.5 billion**, a net loss of **$389.9 million**, and **$1.08 billion** in operating cash flow for the first half [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets were **$12.55 billion** as of June 30, 2025, with total liabilities at **$4.45 billion** and stockholders' equity at **$8.10 billion** - **Balance Sheet Summary (in thousands)** | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,523,685 | $1,579,118 | | Total Assets | $12,546,596 | $13,032,007 | | Total Current Liabilities | $1,576,635 | $1,683,978 | | Total Liabilities | $4,450,372 | $4,329,745 | | Total Stockholders' Equity | $8,096,224 | $8,702,262 | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues were **$1.18 billion**, resulting in a net loss of **$389.9 million** due to a **$541.9 million** impairment charge - **Statement of Operations Summary (in thousands)** | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $1,180,560 | $1,260,680 | | Total Operating Expenses | $1,583,253 | $987,145 | | Operating Income (Loss) | $(403,215) | $289,021 | | Net Income (Loss) | $(389,905) | $213,361 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash from operations was **$1.08 billion**, with **$677.8 million** used in investing and **$395.4 million** in financing activities - **Cash Flow Summary (Six Months Ended June 30, in thousands)** | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1,076,703 | $867,574 | | Net Cash used in Investing Activities | $(677,782) | $(1,150,576) | | Net Cash from (used in) Financing Activities | $(395,384) | $162,393 | [Non-GAAP Financial Measures](index=13&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP measures like Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted Net Income, providing insight into core operational performance [Adjusted EBITDA and Adjusted Free Cash Flow](index=14&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20Free%20Cash%20Flow) Q2 2025 Adjusted EBITDA was **$547.2 million**, and Adjusted Free Cash Flow was **$140.8 million**, reflecting operational cash generation after key adjustments - **Reconciliation of Net Income to Adjusted EBITDA and Adjusted FCF (Q2 2025, in thousands)** | Metric | Value | | :--- | :--- | | Net Income (Loss) | $(389,905) | | Adjustments (Interest, Tax, DD&A, Impairment, etc.) | $937,131 | | **Adjusted EBITDA** | **$547,226** | | Cash Interest | $(18,642) | | E&P and other capital expenditures | $(355,589) | | Cash taxes paid | $(32,148) | | **Adjusted Free Cash Flow** | **$140,847** | [Adjusted Net Income and Adjusted Diluted Earnings Per Share](index=16&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Diluted%20Earnings%20Per%20Share) Q2 2025 Adjusted Net Income was **$103.2 million** (**$1.79 per diluted share**), contrasting with a GAAP net loss of **$389.9 million** due to impairment - **Reconciliation of Net Income to Adjusted Net Income (Q2 2025, in thousands)** | Metric | Value | | :--- | :--- | | Net Income (Loss) | $(389,905) | | Impairment | $539,317 | | Net (gain) loss on derivative instruments | $(82,231) | | Other Adjustments & Tax Impact | $36,587 | | **Adjusted Net Income** | **$103,768** | - **Reconciliation of Diluted EPS to Adjusted Diluted EPS (Q2 2025)** | Metric | Value | | :--- | :--- | | Diluted earnings (loss) per share | $(6.75) | | Impairment per share | $9.33 | | Other Adjustments per share | $(0.79) | | **Adjusted Diluted Earnings Per Share** | **$1.79** | [Other Non-GAAP Reconciliations](index=13&type=section&id=Other%20Non-GAAP%20Reconciliations) Q2 2025 cash-based metrics include Cash GPT of **$71.8 million**, Cash G&A of **$21.7 million**, and Cash Interest of **$18.6 million** - **Q2 2025 Cash-Based Metrics (in thousands)** | Metric | GAAP Value | Adjustments | Non-GAAP Value | | :--- | :--- | :--- | :--- | | GPT | $74,100 | $(2,270) | $71,830 | | G&A | $32,540 | $(10,840) | $21,700 | | Interest Expense | $18,788 | $(146) | $18,642 |

Core Insights - Chord Energy Corporation reported strong operational and financial results for Q2 2025, exceeding expectations in free cash flow and production volumes, while maintaining a focus on capital discipline and shareholder returns [4][7][12]. Operational and Financial Highlights - Oil production volumes reached 156.7 MBopd, exceeding guidance of 153.0 – 156.0 MBopd [6] - NGL volumes were 54.1 MBblpd, surpassing guidance of 47.3 – 48.8 MBblpd [6] - Natural gas volumes were 425.9 MMcfpd, above the guidance range of 408.5 – 421.5 MMcfpd [6] - Total production volumes were 281.9 MBoepd, exceeding the guidance of 268.3 – 275.0 MBoepd [6] - Adjusted EBITDA for Q2 2025 was $547.2 million, while adjusted free cash flow was $140.8 million [7][15] - The company returned over 90% of adjusted free cash flow to shareholders through dividends and share repurchases [7] Shareholder Returns - A base dividend of $1.30 per share was declared, payable on September 8, 2025 [9] - The company repurchased $55.0 million of common stock at an average price of $90.80 per share during Q2 2025 [10] - A new share repurchase program totaling $1 billion was authorized, replacing the existing program [11] Updated Outlook - Full-year 2025 oil production guidance was raised by 500 Bopd, with a reduction in capital expenditures by $20 million at the midpoint of guidance [12][14] - The company expects to generate approximately $2.4 billion in adjusted EBITDA and $850 million in adjusted free cash flow for the second half of 2025 [12] - The updated guidance reflects improved capital efficiency and lower operating costs, with a projected 20% increase in adjusted free cash flow compared to earlier forecasts [14] Financial Performance - Total revenues for Q2 2025 were $950.3 million, compared to $902.7 million in Q2 2024 [15] - The company reported a net loss of $389.9 million for Q2 2025, with diluted earnings per share of $(6.77) [15] - Goodwill impairment of $539.3 million was recognized due to a decline in market capitalization [17] Capital Expenditures and Liquidity - E&P and other capital expenditures for Q2 2025 were $355.6 million, at the low end of guidance [7] - As of June 30, 2025, total debt was $930 million, with cash and cash equivalents of $40.5 million [21]

Chord Energy Corporation (CHRD) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better th ...

Core Viewpoint - Chord Energy Corp. is set to announce its second quarter 2025 financial and operating results on August 6, 2025, followed by a live webcast and conference call on August 7, 2025 [1] Financial Results Announcement - The financial results will be announced after market close on August 6, 2025 [1] - A live webcast and conference call will take place on August 7, 2025, at 10:00 a.m. Central [1] Conference Call Details - Investors can join the conference call via phone or webcast [1][2] - Dial-in information includes a toll-free number (1-800-836-8184) and an international number (1-646-357-8785) [2] - A recording of the conference call will be available for replay starting at 1:00 p.m. Central on the day of the call until August 14, 2025 [2] Upcoming Events - Chord Energy plans to participate in several energy conferences and investor events from August to September 2025, including: - Citi 2025 Global Power & Energy Conference on August 14, 2025 [3] - Wolfe Research Fall Energy Summit on August 20, 2025 [3] - Barclays CEO Energy-Power Conference on September 3, 2025 [3] Company Overview - Chord Energy Corp. is an independent exploration and production company with a focus on the Williston Basin [4] - The company emphasizes capital discipline and aims to generate free cash flow through efficient and responsible operations [4]

Core Insights - Chord Energy Corporation (CHRD) has a strong track record of beating earnings estimates, particularly in the last two quarters with an average surprise of 19.57% [1][5] - The company reported earnings of $3.6 per share for the most recent quarter, which was below the expected $4.04, resulting in a surprise of 12.22% [2] - In the previous quarter, Chord Energy exceeded expectations by reporting $3.49 per share against a consensus estimate of $2.75, achieving a surprise of 26.91% [2] Earnings Estimates and Predictions - Chord Energy's earnings estimates have been trending higher, supported by its history of earnings surprises [5] - The company currently has a positive Earnings ESP of +8.80%, indicating bullish sentiment among analysts regarding its near-term earnings potential [8] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong possibility of another earnings beat in the upcoming report [8] Earnings ESP and Market Behavior - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7] - A negative Earnings ESP does not necessarily indicate an earnings miss, but it can reduce predictive power [8]

Group 1 - Chord Energy Corporation (CHRD) is experiencing significant activity in the options market, particularly with the Sep 19, 2025 $65 Call option showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Analysts currently rate Chord Energy as a Zacks Rank 3 (Hold) within the Oil and Gas - Exploration and Production - United States industry, which is in the bottom 36% of the Zacks Industry Rank [3] Group 2 - Over the past 60 days, no analysts have raised their earnings estimates for Chord Energy, while four have lowered their estimates, resulting in a decrease of the Zacks Consensus Estimate for the current quarter from $2.68 to $1.77 per share [3] - The high implied volatility may indicate a trading opportunity, as options traders often seek to sell premium on options with high implied volatility, hoping the stock does not move as much as expected by expiration [4]

Core Viewpoint - Chord Energy Corporation has experienced a 2.7% increase in share price over the past month, underperforming the S&P 500, with expectations of a potential pullback ahead of its next earnings release [1] Group 1: Earnings Estimates - Estimates for Chord Energy Corporation have trended downward over the past month, with a consensus estimate shift of -29.36% [2] - The overall direction and magnitude of estimate revisions have led to a Zacks Rank of 5 (Strong Sell) for Chord Energy Corporation, indicating expectations of below-average returns in the coming months [4] Group 2: VGM Scores - Chord Energy Corporation holds a Growth Score of B, a Momentum Score of F, and a Value Score of B, resulting in an aggregate VGM Score of B, which is relevant for investors not focused on a single strategy [3] Group 3: Industry Performance - Chord Energy Corporation is part of the Zacks Oil and Gas - Exploration and Production - United States industry, where Magnolia Oil & Gas Corp has gained 7.9% over the past month [5] - Magnolia Oil & Gas Corp reported revenues of $350.3 million for the last quarter, reflecting a year-over-year increase of +9.7%, with an EPS of $0.55 compared to $0.49 a year ago [6] - For the current quarter, Magnolia Oil & Gas Corp is expected to post earnings of $0.39 per share, indicating a year-over-year change of -30.4%, with a Zacks Consensus Estimate change of -8.3% over the last 30 days [6][7]