Chord Energy (CHRD) - 2024 Q4 - Annual Results

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]