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Chord Energy (CHRD) investor relations material

Chord Energy Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 saw strong operational execution, exceeding production and cash flow expectations, with over 90% of adjusted free cash flow returned to shareholders via dividends and share repurchases, reducing share count by 10% since the Enerplus acquisition.

  • Completed the Enerplus acquisition, expanding Williston Basin operations and finalizing a $4.1B purchase price; $539.3M goodwill was fully impaired in Q2 2025 due to market and commodity price declines.

  • Over $5B has been returned to shareholders since 2021, representing more than 50% of current enterprise value.

  • Operational improvements, including long-lateral drilling and efficiency gains, drove enhanced returns and lower breakevens.

  • Focus remains on maximizing free cash flow per share, maintaining a strong balance sheet, and executing strategic initiatives.

Financial highlights

  • Q2 2025 oil production reached 156.7 MBopd (281.9 MBoepd total), above guidance; adjusted EBITDA was $548M and adjusted free cash flow was $141M.

  • Q2 2025 total revenues were $1.18B, with a net loss of $389.9M due to a $539.3M goodwill impairment; adjusted net income was $103.2M.

  • Lease operating expenses were $10.02/boe in Q2 2025, at the high end of guidance; full-year midpoint guidance is $9.60/boe.

  • Base dividend was $1.30/share; $55M in share repurchases in Q2 2025, with a new $1B repurchase program authorized in August.

  • Liquidity at June 30, 2025 was $1.83B, including $40.5M cash and $1.79B available under the credit facility.

Outlook and guidance

  • FY25 oil production guidance raised to 153.0 MBopd midpoint; CapEx lowered by $50M to $1.35B, with improved capital efficiency from long-lateral development.

  • FY25 adjusted free cash flow expected to increase by $120M (20%) from the original plan, with adjusted EBITDA projected at ~$2.4B.

  • Redeployment of a second frac crew in Q4 2025 is planned, positioning for early 2026 volume growth; 115–135 gross operated wells to be TIL in FY25.

  • Fourth quarter expected to be a production trough, with growth anticipated in early 2026; preliminary 2026 program details to be provided in November.

  • Cash tax range for FY25 lowered to 3.5%-6.5% of adjusted EBITDA.

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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.

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