Chord Energy Corporation

Latest Results (13.05.2026):

Chord Energy Corporation — 1Q 2026: Chord reported strong first‑quarter 2026 results led by production above guidance and robust cash generation. Crude oil volumes were 158.0 MBopd, net income was $108.6 million, Adjusted Net Income was $258.9 million ($4.56 adjusted diluted EPS), Adjusted EBITDA was $713.0 million and the company generated roughly $324.0 million of Adjusted Free Cash Flow (excluding $3.0 million reimbursable non‑op CapEx). Management raised FY26 oil volume guidance and kept full‑year capital essentially unchanged while returning significant capital to shareholders.

Production and operations

Oil volumes: 158.0 MBopd in 1Q26, above the high end of guidance; total production 275.6 MBoepd. Delivered first full 4‑mile DSU five‑well Toonie pad (execution and early performance in line with expectations) and plans ~40% of TILs and ~60% of spuds in 2026 to be 4‑mile laterals.

Profitability and cash generation

Reported net income of $108.6M; Adjusted Net Income of $258.9M (Adjusted diluted EPS $4.56). Adjusted EBITDA was $713.0M and net cash provided by operating activities was $507.5M. Adjusted Free Cash Flow was about $324.0M (excl. $3.0M reimbursable non‑op CapEx).

Capital spending and guidance

1Q26 CapEx was $344.9M (includes $3.0M reimbursable non‑op). Management left FY26 CapEx midpoint unchanged (~$1.4B midpoint) but increased FY26 oil volumes by ~2 MBopd to a 161 MBopd midpoint and now expects ~ $3.1B Adjusted EBITDA and ~$1.4B Adjusted Free Cash Flow for 2026 (using stated commodity assumptions).

Costs and efficiency

Lease operating expense (LOE) was $9.87/Boe (in‑line with guidance midpoint). GPT and other per‑Boe metrics were stable or improving; D&C cycle times and multi‑well/frac efficiencies drove expected cost savings and capital efficiency.

Return of capital

Chord returned ~$145M via a declared base dividend of $1.30 per share and repurchased ~559,064 shares for ~$70.7M in 1Q26. Shares outstanding were ~56.3M (basic) as of March 31, 2026.

Balance sheet and liquidity

As of March 31, 2026, cash and cash equivalents were $225.8M, total debt $1.5B (senior notes), undrawn revolver capacity with $2.0B elected commitments and total liquidity of $2,193.2M.

Outlook items to watch

2Q26 midpoint oil guidance raised to 164.0 MBopd (reflecting production optimization and faster D&C cycle times); 2Q26 CapEx midpoint of ~$425M with expected declines in 3Q/4Q; FY26 LOE midpoint modestly higher at ~$9.95/Boe due to production enhancement initiatives.