Chord Energy (CHRD)2025-05-06 21:03Production and Operations - Chord Energy achieved oil production volumes of 153.7 MBopd, exceeding the high-end of guidance of 149.5 – 152.5 MBopd[7] - Natural gas volumes in the Marcellus region were 128.5 MMcfpd, with a realized price of $4.71/Mcf in 1Q25[17] - For FY25, Chord maintained production guidance while closely monitoring the macro environment for potential adjustments[12] Financial Performance - The company reported total revenues of $1,215.0 million for Q1 2025, a 12.0% increase from $1,085.3 million in Q1 2024[34] - Net income for Q1 2025 was $219.8 million, compared to $199.4 million in Q1 2024, reflecting a 10.2% year-over-year growth[34] - The operating income for Q1 2025 was $338.0 million, an increase from $272.9 million in the same period last year[34] - Adjusted EBITDA for Q1 2025 was reported at $695.5MM, with net cash provided by operating activities amounting to $656.9MM[8] - Adjusted EBITDA for Q1 2025 was $695,511, representing a 49.6% increase from $464,779 in Q1 2024[52] - Adjusted Free Cash Flow rose to $290,496, a 45.5% increase compared to $199,621 in the prior year[52] Shareholder Returns - The company returned 100% of Adjusted Free Cash Flow to shareholders, totaling $216.5MM in stock repurchases at an average price of $108.54 per share[6] - Chord declared a base dividend of $1.30 per share, payable on June 9, 2025[9] Capital Expenditures and Guidance - The company reduced its capital expenditure guidance for FY25 by $30MM to approximately $1.37B, reflecting program efficiencies[15] - Total capital expenditures (CapEx) for Q1 2025 amounted to $374.4 million, with $354.8 million allocated to exploration and production (E&P) and $17.9 million for acquisitions[18] - Capital expenditures for the quarter were $308,913, an increase from $222,149 in the same period last year[36] Debt and Liquidity - The company issued $750MM of 2033 Senior Notes at 6.75%, enhancing liquidity to over $1.9B with leverage at 0.3x[6] - As of March 31, 2025, total debt stood at $810.0 million, with $750.0 million in senior notes and $60.0 million in revolver borrowings[21] - The company’s cash and cash equivalents were $35.8 million as of March 31, 2025, down from $36.9 million at the end of 2024[21] Expenses and Costs - Chord's lease operating expense (LOE) was $9.56 per Boe, below the midpoint of guidance[6] - Cash General and Administrative (G&A) expenses were $28,349, up from $14,494 in the previous year, reflecting a 96.1% increase[44] - Cash Interest for Q1 2025 was $15,627, compared to $7,410 in Q1 2024, indicating a 110.0% increase[47] Earnings and Shares - Basic earnings per share (EPS) for Q1 2025 was $3.67, down from $4.79 in Q1 2024[34] - Diluted earnings per share decreased to $3.68 in Q1 2025 from $4.66 in Q1 2024, reflecting a decline of approximately 21.0%[57] - The diluted weighted average shares outstanding increased to 59,665,000 in Q1 2025 from 42,747,000 in Q1 2024, a rise of approximately 39.5%[57] Other Financial Metrics - The company received a contingent consideration payment of $25.0 million in Q1 2025 related to a previous asset divestiture[20] - Total assets increased to $13,058.6 million as of March 31, 2025, compared to $13,032.0 million at the end of 2024[32] - The tax rate applicable to adjustment items was 23.5% for Q1 2025, compared to 22.4% for Q1 2024[57] - The net loss on derivative instruments was $20,281,000 in Q1 2025, compared to $27,577,000 in Q1 2024, a decrease of approximately 26.6%[57] - The total impairment recorded was $1,000 in Q1 2025, significantly lower than $3,919,000 in Q1 2024, indicating a decrease of approximately 99.9%[57]