Financial Data and Key Metrics Changes - In 2024, Chord Energy returned $944 million to shareholders, with a significant portion through share repurchases, reflecting a strong commitment to capital discipline and shareholder returns [13][14] - The adjusted free cash flow for Q4 2024 was approximately $282 million, exceeding expectations due to strong volumes and cost control [39] - The company increased its base dividend by 4% to $1.30 per share [17] Business Line Data and Key Metrics Changes - Chord's oil production per share grew at a 12% compounded annual growth rate over the last three years, demonstrating effective capital-efficient development [14] - Fourth quarter oil volumes were above the midpoint of guidance, indicating strong operational performance [15][40] Market Data and Key Metrics Changes - Oil realization in Q4 averaged about $1.50 below WTI, with expectations for widening differentials in Q1 2025 due to increased basin production [40] - NGL realizations were 14% from WTI, near the top end of guidance, while natural gas realizations were stronger than expected at 43% of Henry Hub [41] Company Strategy and Development Direction - Chord Energy solidified its leading position in the Williston Basin through a combination with Enerplus, focusing on operational synergies and best practices [10] - The company plans to maintain a capital-efficient development program in 2025, with expectations to run a maintenance capital program and decrease rig count mid-year [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong inventory and low-cost structure, projecting approximately $860 million of free cash flow in 2025 [21] - The company remains focused on sustainability and operational efficiency, aiming to minimize environmental impact while delivering reliable energy [23] Other Important Information - Chord successfully drilled and completed its first four-mile lateral well, indicating progress in operational capabilities and potential for future efficiency gains [27][72] - The company completed its semiannual borrowing base redetermination, setting the borrowing base at $2.75 billion [47] Q&A Session Summary Question: Can you provide context around your outlook for capital in 2025? - Management indicated that the 2025 capital outlook is conservative and does not include potential efficiency improvements, with several factors that could drive capital lower [50][52] Question: Is the simulfrac included in the plan for 2025? - The full crew is performing simulfracs, while the partial crew is not, with expectations for efficiency improvements [58][59] Question: Can you discuss shareholder returns and the potential for buybacks? - Management confirmed a capital allocation decision to continue returning 100% of free cash flow to shareholders, with a focus on buybacks given the current stock valuation [60][62] Question: What operational challenges were observed with the first four-mile lateral? - The first four-mile well was completed successfully without significant issues, indicating strong operational performance [72] Question: What are the expectations for operational efficiencies moving forward? - Management expects continued improvements in efficiency as the company gains more experience with three-mile and four-mile laterals [80][81] Question: How does the company view the M&A landscape? - Management remains patient regarding M&A opportunities, focusing on transactions that deliver true shareholder value [86] Question: What is the outlook for gas production from the non-op Marcellus position? - Management views the Marcellus asset positively but emphasizes it is not a core part of the portfolio, focusing on maximizing shareholder value [110][111]

Chord Energy Corporation (NASDAQ:CHRD) Q4 2024 Earnings Conference Call February 26, 2025 11:00 AM ET Company Participants Bob Bakanauskas - Vice President of Investor Relations Daniel Brown - President and Chief Executive Officer Darrin Henke - Executive Vice President and Chief Operating Officer Richard Robuck - Executive Vice President and Chief Financial Officer Michael Lou - Executive Vice President, Chief Strategy Officer and Chief Commercial Officer Conference Call Participants Scott Hanold - RBC Cap ...

February 25, 2025 Consistent Delivery and Strong Returns at Attractive Valuation Important Disclosures Forward-Looking and Cautionary Statements Certain statements in this presentation, 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 co ...

Chord Energy Corporation (CHRD) reported $1.45 billion in revenue for the quarter ended December 2024, representing a year-over-year increase of 50.8%. EPS of $3.49 for the same period compares to $5.25 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.1 billion, representing a surprise of +31.85%. The company delivered an EPS surprise of +26.91%, with the consensus EPS estimate being $2.75.While investors closely watch year-over-year changes in headline numbers -- revenue and e ...

Core Insights - Chord Energy Corporation reported quarterly earnings of $3.49 per share, exceeding the Zacks Consensus Estimate of $2.75 per share, but down from $5.25 per share a year ago, indicating an earnings surprise of 26.91% [1] - The company generated revenues of $1.45 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 31.85%, compared to $964.69 million in the same quarter last year [2] - Chord Energy has outperformed consensus revenue estimates four times over the last four quarters [2] Earnings Performance - The company has surpassed consensus EPS estimates two times in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $2.86, with projected revenues of $1.25 billion, and for the current fiscal year, the estimate is $13.13 on $5.2 billion in revenues [7] Market Performance - Chord Energy shares have declined approximately 4.8% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the top 22% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Shareholder Returns - Chord Energy returned $944 million to shareholders in 2024, representing approximately 14% of its current market capitalization[5] - The company increased its 4Q24 base dividend to $1.30 per share, marking a 4% increase[5] - Adjusted Free Cash Flow for 4Q24 was $276.9 million, with 100% of it returned to shareholders[5] - The company repurchased 3.5 million shares of common stock since closing the Enerplus combination, representing over 5% of shares outstanding[5] Production and Operational Performance - In 4Q24, Chord's oil volumes reached 153.3 MBopd, exceeding the midpoint guidance of 149.5 – 154.5 MBopd[8] - For FY25, Chord expects to generate approximately $2.5 billion of Adjusted EBITDA and $860 million of Adjusted Free Cash Flow[16] - In Q4 2024, total production was 273.5 MBoepd, a decrease of 2.4% from 280.8 MBoepd in Q3 2024, and an increase of 17.5% from 232.7 MBoepd in FY24[21] - Marcellus natural gas volumes in Q4 2024 were 113.7 MMcfpd, with realized natural gas prices at $2.29/Mcf[24] - Chord plans to TIL 130 – 150 gross operated wells in 2025, with an average working interest of approximately 80%[18] Financial Performance - Crude oil revenues in Q4 2024 were $970.4 million, down 9.6% from $1,073.9 million in Q3 2024, while total revenues for FY24 reached $3,836.2 million[23] - Adjusted EBITDA for Q4 2024 was $640.1 million, a decrease of 5.1% from $674.5 million in Q3 2024, with FY24 adjusted EBITDA totaling $2,347.3 million[23] - The company reported adjusted free cash flow of $276.9 million in Q4 2024, down from $312.5 million in Q3 2024, and $1,005.1 million for FY24[23] - Basic earnings per share for Q4 2024 were $3.45, a decrease from $3.63 in Q3 2024, with diluted earnings per share at $3.43[23] - Total revenues for the year ended December 31, 2024, increased to $5,251,082,000, a 35% increase from $3,896,641,000 in 2023[41] - Net income for the year ended December 31, 2024, was $848,627,000, down 17% from $1,023,779,000 in 2023[41] - Operating income for the year ended December 31, 2024, was $1,100,067,000, compared to $1,273,182,000 in 2023, reflecting a decrease of 13.6%[41] - Cash flows from operating activities for the year ended December 31, 2024, were $2,097,227,000, an increase from $1,819,851,000 in 2023[43] - Capital expenditures for the year ended December 31, 2024, totaled $1,179,075,000, compared to $905,673,000 in 2023, representing a 30% increase[43] Assets and Liabilities - The company reported a total asset value of $13,032,007,000 as of December 31, 2024, up from $6,926,150,000 in 2023, indicating a 88% increase[39] - Total liabilities increased to $4,329,745,000 in 2024 from $1,849,526,000 in 2023, marking a 134% rise[39] - The company’s retained earnings rose to $2,301,655,000 in 2024, up from $1,960,638,000 in 2023, reflecting a growth of 17.4%[39] Cash and Expenses - The company’s cash and cash equivalents decreased to $36,950,000 at the end of 2024 from $317,998,000 at the end of 2023, a decline of 88%[43] - General and administrative expenses for the year ended December 31, 2024, were $205,585,000, up from $126,319,000 in 2023, reflecting a 63% increase[52] - Cash Interest for the three months ended December 31, 2024, was $17,635,000, compared to $7,485,000 in the same period of 2023, an increase of 135%[55] - Cash taxes paid for the year ended December 31, 2024, were $53,721,000, compared to $17,195,000 in 2023, indicating a substantial rise[59] Earnings and Adjustments - Adjusted net income attributable to common stockholders for the year ended December 31, 2024, was $879,372, up 9.8% from $801,118 in 2023[65] - Diluted earnings per share for Q4 2024 was $3.44, down 50.5% from $6.95 in Q4 2023[65] - Adjusted diluted earnings per share for the year ended December 31, 2024, was $16.67, a decrease of 10.0% from $18.46 in 2023[65] - The company reported merger costs of $89,258 for the year ended December 31, 2024, compared to $9,701 in 2023[65] - The effective tax rate applicable to adjustment items was 23.7% for the year ended December 31, 2024[65] Derivative Instruments - The company had a gain on derivative instruments of $17,190,000 for the three months ended December 31, 2024, compared to a loss of $51,935,000 in the same period of 2023[59] - The net gain on derivative instruments for Q4 2024 was $17,190, compared to a loss of $51,935 in Q4 2023[65] - The company experienced a realized loss on commodity price derivative contracts of $5,187 in Q4 2024, compared to a loss of $50,463 in Q4 2023[65] - The impairment charge for the year ended December 31, 2024, was $9,839, down from $28,964 in 2023[65]

Core Insights - Chord Energy Corporation reported strong operational and financial results for Q4 2024 and provided an optimistic outlook for 2025, highlighting significant synergies from the Enerplus acquisition and efficient capital investment opportunities [1][4][15]. Financial Performance - In Q4 2024, Chord achieved oil volumes of 153.3 MBopd, exceeding guidance of 149.5 – 154.5 MBopd, and total volumes of 273.5 MBoepd, surpassing the high-end of guidance [5][19]. - The company returned 100% of Adjusted Free Cash Flow to shareholders in Q4 2024, amounting to $205.0 million, primarily through share repurchases [6][13]. - Adjusted EBITDA for Q4 2024 was $640.1 million, with Adjusted Free Cash Flow of $276.9 million [9][21]. Capital Expenditures and Guidance - Chord's FY 2025 capital expenditure guidance is set at $1.4 billion, with expected oil volumes of 152.5 MBopd [15][20]. - The company plans to drill 130 – 150 gross operated wells in 2025, with a focus on capital efficiency and maximizing free cash flow generation [20][24]. Reserves and Production - As of December 31, 2024, Chord's estimated net proved reserves were 883.0 MMBoe, including 503.4 MMBbl of crude oil and 1,274.7 Bcf of natural gas [10][11]. - The company successfully drilled its first four-mile lateral in Q4 2024, with completion operations expected to commence in Q1 2025 [6][20]. Return of Capital - Chord declared a base dividend of $1.30 per share, a 4% increase from the previous dividend, payable on March 26, 2025 [12][13]. - The company has repurchased 3.5 million shares since the Enerplus combination, representing over 5% of shares outstanding [6][13]. Balance Sheet and Liquidity - As of December 31, 2024, Chord had total debt of $845 million and liquidity of $1.56 billion, following a borrowing base redetermination in February 2025 [24][25].

Core Insights - Chord Energy Corporation (CHRD) is expected to report quarterly earnings of $2.75 per share, reflecting a 47.6% decline year-over-year, while revenues are forecasted to increase by 14.4% to $1.1 billion [1] - The consensus EPS estimate has been revised upward by 0.1% in the last 30 days, indicating a reassessment by analysts [2] - Earnings estimate revisions are significant indicators for predicting investor actions and have shown a strong correlation with short-term stock price performance [3] Financial Metrics - Analysts project 'Total average daily production' to reach 267,783.90 BOE/D, up from 183,800 BOE/D in the same quarter last year [5] - 'Production data - Oil' is expected to be 152,379.00 BBL/D, compared to 106,200 BBL/D in the same quarter of the previous year [5] - The consensus estimate for 'Production data - NGL' is 47,643.91 Bbls, an increase from 38,100 Bbls year-over-year [6] - 'Production data - Natural gas' is projected at 406,500.60 Mcf/D, up from 236,500 Mcf/D in the same quarter last year [6] - The average sales price for crude oil is expected to be $68.49, down from $77.88 in the same quarter of the previous year [7] Market Performance - Chord Energy Corporation shares have decreased by 4.9% over the past month, while the Zacks S&P 500 composite has seen a decline of 0.5% [8] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [8]

Core Viewpoint - Chord Energy Corp. is set to announce its fourth quarter and year-end 2024 financial and operational results on February 25, 2025, with a subsequent live webcast and conference call scheduled for February 26, 2025 [1] Financial Results Announcement - The financial results will be disclosed after market close on February 25, 2025 [1] - A live webcast and conference call will take place on February 26, 2025, at 10:00 a.m. Central [1] Conference Call Details - Investors and analysts can join the conference call via a registration link for an automated call back [1] - Dial-in options are available for those who prefer operator assistance, with specific numbers provided for both domestic and international callers [2] - A recording of the conference call will be accessible starting at 1:00 p.m. Central on the day of the call, available until March 5, 2025 [2] Upcoming Conferences and Events - Chord Energy plans to participate in several energy conferences throughout 2025, including: - Daniel Energy Partners THRIVE Energy Conference on March 6, 2025 - Piper Sandler Energy Conference on March 18, 2025 - TPH&Co. Hotter 'N Hell Conference on May 15, 2025 - Bernstein Strategic Decisions Conference on May 29, 2025 - RBC Capital Markets Global Energy, Power & Infrastructure Conference on June 3, 2025 [3] Company Overview - Chord Energy Corp. is an independent exploration and production company with sustainable assets in the Williston Basin [3] - The company emphasizes a strong balance sheet and focuses on capital discipline and free cash flow generation through efficient and responsible operations [3]

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