Chord Energy (CHRD) Q1 2025 earnings summary

Executive summary

• Delivered strong Q1 2025 results with oil volumes and free cash flow exceeding guidance, supporting robust shareholder returns and a 9% share count reduction since the Enerplus transaction.

• Completed the $4.1B Enerplus acquisition, expanding Williston Basin operations and increasing scale, with integration focused on operational and cost synergies.

• Maintained 100% of free cash flow returned to shareholders for the second consecutive quarter, including $216.5M in share repurchases and a $1.30/share dividend.

• Enhanced operational efficiency through long-lateral development, cost reductions, and continuous improvement initiatives.

• Maintained low leverage at 0.3x and liquidity over $1.9B, positioning the company to navigate market volatility and lower oil prices.

Financial highlights

• Q1 2025 revenues totaled $1.22B, with oil production at 153.7 MBopd and total production at 270.9 MBoepd.

• Adjusted EBITDA for Q1 2025 was $696MM ($28.53/boe), and adjusted free cash flow was $291MM.

• Net income for Q1 2025 was $219.8MM ($3.67/diluted share); adjusted net income was $240.9MM ($4.04/diluted share).

• Lease operating expenses were $9.56/Boe, below guidance midpoint, with total operating costs per boe at $16.81.

• Liquidity at Q1 2025 was $1.9B, with total debt of $810MM and net debt to annualized adjusted EBITDA at 0.3x.

Outlook and guidance

• FY25 production guidance maintained at 152.5–154 MBopd; total volumes 268.5–274.2 MBoepd.

• FY25 CapEx guidance reduced by $30MM to ~$1.37B due to efficiencies; LOE guidance midpoint lowered to $9.60/Boe.

• FY25 adjusted EBITDA expected at ~$2.2B and adjusted free cash flow at ~$650MM.

• Activity reductions planned for 2Q25, with flexibility to further moderate if macro conditions deteriorate.

• Production taxes expected to average 8.5% of commodity sales for the remainder of the year.