Here's the $37 Million Energy Bet That One Fund Dumped as Shares Sit 50% Below Last Year's Highs

Company Overview - Chord Energy Corporation is an independent oil and gas exploration and production company focused on the Williston Basin, emphasizing efficient resource extraction and disciplined capital allocation for long-term growth [6][9] - As of the latest report, the company's market capitalization is $5.21 billion, with a revenue of $5.16 billion and a net income of $170.64 million over the trailing twelve months (TTM) [4] Recent Developments - SIR Capital Management has completely exited its position in Chord Energy Corporation, selling all 377,585 shares for a total of $36.57 million, which represented 3.26% of the fund's assets last quarter [2][10] - The stock price of Chord Energy Corporation is currently $90.91, reflecting a 20% decline over the past year, contrasting with the S&P 500's increase of approximately 15% during the same period [3] Operational Performance - In the most recent quarter, Chord Energy delivered solid production above the midpoint of guidance, generating over $575 million in adjusted EBITDA and returning a significant portion of free cash flow to shareholders through dividends and buybacks [7][10] - Despite the stock's poor performance, the company's operational fundamentals remain strong, with management focusing on capital discipline and efficiency gains [10]