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Chord Energy Corporation Reports Financial and Operating Results for Fourth Quarter and Full-Year 2022, Declares Base and Variable Dividends and Issues 2023 Outlook
HOUSTON, Feb. 22, 2023 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today announced financial and
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, Feb. 22, 2023 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) (\"Chord\", \"Chord Energy\" or the \"Company\") today announced financial and operating results for the quarter and year ending December 31, 2022. The Company completed the merger of equals transaction between Oasis Petroleum Inc. (\"Oasis\") and Whiting Petroleum Corporation (\"Whiting\") on July 1, 2022. The results for the fourth quarter of 2022 presented within this release represent the consolidated results for Chord. The results for the year ended December 31, 2022 include the results of legacy Oasis for the period from January 1, 2022 through June 30, 2022 and the consolidated results of Chord for the period from July 1, 2022 through December 31, 2022, unless noted otherwise.\n\n \n \n \n \n \n \n\n \n4Q22 Operational and Financial Highlights:\nSevere winter weather impacted production and deferred development activity, resulting in oil volumes and capital below guidance;Produced 171.3 MBoepd in 4Q22, with oil volumes of 95.8 MBopd;E&P and other CapEx was $164.1MM in 4Q22;Net cash provided by operating activities was $478.4MM and net income was $377.6MM in 4Q22;Adjusted EBITDA(1) was $475.6MM and Adjusted Free Cash Flow(1) was $304.4MM in 4Q22;Cash of $593.2MM exceeded debt of $400.0MM at December 31, 2022; andEstimated net proved reserves were 655.6 MMBoe and PV-10 was $14.5 billion at December 31, 2022.Shareholder Return Highlights:\nTotal return of capital for 4Q22 set at 75% of Adjusted Free Cash Flow;Declared a base-plus-variable cash dividend of $4.80 per share of common stock. The dividend will be payable on March 21, 2023 to shareholders of record as of March 7, 2023; andPro forma return of capital to shareholders was over $1.2B in FY22 (including 4Q22 dividend declarations to be paid in 1Q23) including over $1B of base, variable and special dividends plus cash merger consideration supplemented by $152MM of common stock repurchases.2023 Outlook: \nInvesting capital of $825MM – $865MM with ~80% allocated to drilling and completions;Holding oil volumes flat to slightly growing year-over-year pro forma for merger; andProjecting Adjusted Free Cash Flow(1) over $825MM at $75/Bbl WTI and $3.50/MMBtu Henry Hub at the midpoint of guidance.ESG Highlights: \nContinued commitment to transparent reporting of Chord's environmental, social and gover...