Chord Energy (CHRD) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, exceeding oil volume guidance and reducing capital spending by over $60 million below plan.

• Achieved $160 million in free cash flow improvements from controllable items, representing 23% of estimated 2026 free cash flow.

• Returned $6.7 billion to shareholders since 2021, including significant share buybacks and a $5.20/share base dividend.

• Enhanced scale and operational efficiency through disciplined M&A, including XTO and Enerplus acquisitions.

• Maintained a robust balance sheet with low leverage (~0.6x), $2.2B liquidity at 4Q25, and peer-leading financial strength.

Financial highlights

• FY25 total revenues reached $3.9B, with adjusted EBITDA of $2.33B and adjusted free cash flow of $837MM.

• 2025 oil production averaged 154.8 MBopd; total production 276.6 MBoepd.

• FY25 CapEx was $1.36B, with acquisition and leasehold costs of $576.5MM, including $542.2MM for the XTO acquisition.

• Over $700MM returned to shareholders in 2025, with a 12% reduction in share count since YE23.

• Maintained strong credit ratings (Moody's Ba1, S&P BB) and no near-term debt maturities.

Outlook and guidance

• 2026 oil volumes guided at 157–161 MBopd, with CapEx of $1.35B–$1.45B and ~80% long-lateral wells.

• Free cash flow for 2026 projected at $700MM at $64/Bbl oil and $3.75/MMBtu gas.

• 1Q26 oil volumes expected at 152.5–155.5 MBopd, reflecting weather-related impacts.

• Plans to TIL 135–165 gross operated wells in FY26, with ~40% being 4-mile laterals.

• No significant change in decline rates expected year-over-year; longer laterals may modestly shallow corporate decline.