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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Chord Energy
Chord Energy (CHRD) investor relations material
Chord Energy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 production exceeded guidance, supporting an increase in FY26 oil guidance to 162.0–163.0 MBopd, midpoint 162.5 MBopd; annual run-rate savings reached $225M.
Q3 adjusted EBITDA was $871.3M and adjusted free cash flow was $431.5M, or $442M excluding $10.5M of reimbursable CapEx above expectations.
Strategy emphasizes longer laterals, operating efficiencies, capital discipline, free cash flow per share growth and balance-sheet strength.
Financial highlights
Q3 revenue was $1.706B, operating income $505.0M and net income $181.6M, versus $1.312B, $170.8M and $130.1M, respectively, in Q3 2025.
Q3 diluted EPS was $3.29 and adjusted diluted EPS was $6.08; adjusted net income was $332.9M.
Q3 operating cash flow was $781.4M; adjusted EBITDA was $871.3M and adjusted free cash flow was $431.5M, or $442M excluding $10.5M of reimbursable CapEx above expectations.
Q3 CapEx was $371MM; $276MM was returned to shareholders, comprising a $71MM base dividend and $205MM of buybacks.
FY26 midpoint outlook: ~$3.4B adjusted EBITDA, $1.46B CapEx and ~$1.6B adjusted free cash flow.
Outlook and guidance
FY26 oil guidance rose to 162.0–163.0 MBopd, midpoint 162.5 MBopd; total volume guidance is 280.9–282.7 MBoepd.
FY26 CapEx guidance is $1.435B–$1.485B, midpoint $1.46B, including ~$20M of incremental midstream spending; 4Q26 CapEx guidance is $305M–$355M.
FY26 plan includes 4–5 rigs, 1–2 frac crews, 149–155 gross operated TILs and ~80% long-lateral activity; four-mile wells are expected to account for ~40% of TILs.
Q4 oil volume guidance is 159.5–162.5 MBopd; a Q1 production dip is expected before recovery as activity builds in Q2.
Base-production optimization is outperforming the original outlook; assessment of additional upside not reflected in current guidance is expected to finish in early 2027.
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Latest events from Chord Energy
- FY23 cash generation and 4Q volume outperformance underpin a $875MM FY24 FCF target.CHRD
Q4 2023 & Business Combination - Q2 2026 saw record free cash flow, high oil output, and strong shareholder returns.CHRDQ2 2026
- Q1 2026 saw record revenue, high free cash flow, and increased shareholder returns.CHRDQ1 2026
- Exceeded 2025 targets, returned $700M+ to shareholders, and advanced ESG and governance practices.CHRDProxy filing
- Votes sought on directors, executive pay, and auditor ratification at April 2026 meeting.CHRDProxy filing
- Strong FY25 results, major acquisitions, and 2026 oil guidance of 157–161 MBopd, $700MM FCF.CHRDQ4 2025
- Q3 2024 saw strong results, higher oil guidance, and a new $750MM buyback program.CHRDQ3 2024
- Q2 2024 saw strong volumes, Enerplus integration, and $197M+ returned to shareholders.CHRDQ2 2024
- Strong FY24 results, $944MM returned, and robust 2025 capital efficiency outlook.CHRDQ4 2024
Next Chord Energy earnings date
Q4 202625 Feb, 2027
Chord Energy
Next Chord Energy earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Chord Energy Corporation is an independent oil and gas exploration and production company. The company focuses on the development and production of hydrocarbon resources in the Williston Basin, located in North Dakota and Montana. Chord Energy utilizes advanced drilling and completion techniques to efficiently extract crude oil, natural gas, and natural gas liquids. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.