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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.
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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