Chord Energy (CHRD) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operating performance, with oil volumes exceeding guidance and robust free cash flow, supported by disciplined capital spending and operational efficiency.

• Revenue for Q1 2026 was $1.67 billion, up 37% year-over-year, driven by higher crude oil prices and increased purchased oil and gas sales.

• Adjusted free cash flow reached $324 million, with $145 million returned to shareholders via dividends and buybacks.

• Achieved a key milestone with the first full 4-mile DSU development, supporting efficiency gains and cost reductions.

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

Financial highlights

• Q1 2026 total revenues reached $1.67 billion, 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.

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

• Shareholder returns in Q1 included $145 million via dividends and buybacks.

Outlook and guidance

• FY26 oil volume guidance increased by 2 MBopd to 161 MBopd, with capital spending unchanged at $1.4 billion midpoint.

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

• FY26 adjusted EBITDA expected at ~$3.1 billion and adjusted free cash flow at ~$1.4 billion, assuming $80/Bbl WTI and $3.25/MMBtu Henry Hub.

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

• Liquidity remains strong with $2.19 billion available, including $1.97 billion in unused borrowing capacity.