Chord Energy (CHRD) investor relations material

Executive summary

• Delivered strong operating performance in Q1 2026, exceeding oil volume guidance and driving free cash flow above expectations through disciplined capital spending.

• Premier Williston Basin operator with over 1.3 million net acres, generating over 90% of revenue from oil sales and leading in long-lateral well development.

• Returned $145 million to shareholders via dividends and buybacks in Q1 2026, with a robust base dividend and aggressive share repurchases.

• Maintained a strong balance sheet with low leverage (~0.4x), $2.2 billion liquidity, and no near-term debt maturities.

• Disciplined M&A strategy has quadrupled oil production since 2021 while preserving financial strength.

Financial highlights

• Q1 2026 total revenues reached $1,150.6 million, with adjusted EBITDA at $713 million and adjusted free cash flow of $324 million.

• Oil production averaged 158 MBopd in Q1 2026, with total production at 275.6 MBoepd.

• CapEx for Q1 2026 was $344.9 million, with FY26 guidance midpoint at $1.4 billion.

• Projected 2026 free cash flow of $1.4 billion, assuming $80 oil and $3.25/MMBtu gas.

• Free cash flow yield projected at 26% for 2026 at $80 WTI.

Outlook and guidance

• FY26 oil volumes guided at 160.0–162.0 MBopd, with total volumes at 276.4–280.3 MBoepd.

• FY26 CapEx guidance is $1,355–$1,445 million, with 4–5 rigs and 1–2 frac crews planned.

• 2026 oil volume guidance increased by 2,000 barrels per day, with capital spending unchanged.

• 80% of 2026 development will use long-lateral wells, enhancing capital efficiency.

• Oil realizations expected to remain at a premium to WTI through most of 2026.