Chord Energy (US:CHRD)2023-11-01 16:00Financial Performance - Total revenues for the three months ended September 30, 2023, were $1,123,368, a decrease of 5.5% from $1,188,843 in the same period of 2022[68] - Crude oil revenues for the three months ended September 30, 2023, were $775,969, down from $824,265 in the prior year, reflecting a decline of 5.8%[68] - The company reported net income of $296,999 for the three months ended September 30, 2023, compared to $216,071 for the same period in 2022, indicating a year-over-year increase of 37.4%[68] - The company reported revenues of $3.74 billion for the nine months ended September 30, 2022, with a net income attributable to Chord of $1.70 billion[85] - Net income for Q3 2023 was $209,076, compared to $216,071 in Q2 2023, reflecting a decrease of 3.9%[68] Assets and Liabilities - Total stockholders' equity increased to $4,941,014 as of September 30, 2023, compared to $4,679,798 at December 31, 2022, representing a growth of 5.6%[56] - Total liabilities and stockholders' equity amounted to $6,912,538 as of September 30, 2023, up from $6,631,081 at the end of 2022, marking an increase of 4.2%[56] - The company’s total assets were valued at $172,957, with significant investments in commodity derivative contracts and an investment in unconsolidated affiliates[72] - Total accounts receivable, net, increased to $1.03 billion as of September 30, 2023, from $781.7 million as of December 31, 2022, representing a growth of 31.9%[97] - Total accrued liabilities rose to $571.3 million as of September 30, 2023, compared to $362.5 million as of December 31, 2022, marking a 57.5% increase[97] Derivative Instruments - The Company recorded a net loss on derivative instruments of $91.5 million for the three months ended September 30, 2023, compared to a net gain of $344.4 million for the same period in 2022[80] - The Company has various derivative instruments in place, including two-way collars and fixed-price swaps for crude oil and natural gas, with significant volumes hedged for 2023 to 2025[78] - Total derivatives assets amounted to $91.2 million as of September 30, 2023, with net amounts of $70.4 million after offsets[82] - The Company’s total derivatives liabilities were $142.6 million as of September 30, 2023, with net amounts of $121.7 million after offsets[82] Acquisitions and Divestitures - The Company completed the 2023 Williston Basin Acquisition for a total cash consideration of $361.6 million, funded with cash on hand[83] - The preliminary purchase price allocation for the 2023 Williston Basin Acquisition included oil and gas properties valued at $367.7 million[84] - The Company completed non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $19.8 million during the nine months ended September 30, 2023[86] - The Company completed the divestiture of its interests in various assets in Rio Blanco County, Colorado, for an aggregate sales price of $8.0 million[116] Inventory and Impairments - Total inventory as of September 30, 2023, was $87.3 million, an increase of 14.5% from $76.4 million as of December 31, 2022[96] - The Company recorded an impairment loss of $5.6 million during the three months ended June 30, 2023, but did not record any impairment loss for the three months ended September 30, 2023[86] Tax and Financial Position - The effective tax rate for the Company was 23.9% of pre-tax income from continuing operations for the three and nine months ended September 30, 2023, compared to (0.1)% and (0.3)% for the same periods in 2022[124] - The Company has a senior secured revolving credit facility with a borrowing base of $2.5 billion and $1.0 billion of elected commitments, with an unused borrowing capacity of $993.6 million as of September 30, 2023[121] - The Company had no borrowings outstanding under its credit facility as of September 30, 2023, maintaining a consistent financial position[121] Shareholder Returns - The company’s share repurchases totaled $112,504 for the three months ended September 30, 2023, reflecting ongoing capital return strategies[60] - Total dividends declared for Q3 2023 amounted to $58.374 million, with a total of $400.765 million declared for the year to date[126]