Chord Energy Corporation Reports Financial and Operating Results for Second Quarter 2023, Declares Base and Variable Dividends and Issues Updated Outlook

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[{"type":"text","content":"HOUSTON, Aug. 2, 2023 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) (\"Chord\", \"Chord Energy\" or the \"Company\") today reported second quarter 2023 financial and operating results. On July 1, 2022, the Company completed the merger of equals transaction between Oasis Petroleum Inc. (\"Oasis\") and Whiting Petroleum Corporation (\"Whiting\"). The results reported for the three and six months ended June 30, 2023 reflect the consolidated results of Chord, while the results reported for the three and six months ended June 30, 2022 reflect legacy Oasis, unless otherwise noted.\n\n \n \n \n \n \n \n\n \n2Q23 Operational and Financial Highlights:\n2Q23 oil volumes of 96.4 MBopd were at the high-end of guidance;Total 2Q23 volumes of 169.0 MBoepd were above the high-end of guidance;E&P and other CapEx was $257.0MM in 2Q23 and $459.3MM in 1H23. E&P and other CapEx in 2Q23 and 1H23 includes $10.1MM and $10.9MM, respectively, related to divested non-operated assets that will be reimbursed and was not in guidance;2Q23 oil, NGL and gas revenue of $695.4MM impacted by lower realized gas and NGL pricing;Net cash provided by operating activities was $408.2MM and net income was $216.1MM in 2Q23;Adjusted EBITDA(1) was $369.6MM and Adjusted Free Cash Flow(1) was $105.3MM in 2Q23. Adjusted Free Cash Flow was reduced by the $10.1MM of E&P and other CapEx related to divested non-operated assets that will be reimbursed;Total return of capital for 2Q23 of $87MM was set at 75% of Adjusted Free Cash Flow(1), plus the $10.9MM of E&P and other CapEx incurred in 1H23 related to divested non-operated assets that will be reimbursed. Return of capital for 2Q23 includes share repurchases of $31MM during 2Q23 at a weighted average price of $147.59 per share;Declared a base-plus-variable cash dividend of $1.36 per share of common stock. The dividend will be payable on August 29, 2023 to shareholders of record as of August 15, 2023;Completed the acquisition of assets in the Williston Basin from XTO Energy Inc. and affiliates (collectively, \"XTO\"), subsidiaries of Exxon Mobil Corporation, for total cash consideration of $361.6MM, subject to customary post-closing adjustments;Announced $29MM of non-core asset sales incremental to those announced in May 2023. 2H23 volumes associated with the divested assets are approximately 0.5 MBopd. All transactions ...

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