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Chord Energy Reports Second Quarter 2024 Financial and Operating Results, Declares Base and Variable Dividends and Issues an Updated Outlook
HOUSTON, Aug. 7, 2024 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today reported financial and
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, Aug. 7, 2024 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) (\"Chord\", \"Chord Energy\" or the \"Company\") today reported financial and operating results for the second quarter 2024. The results for the three and six months ended June 30, 2024 include the results of Enerplus Corporation (\"Enerplus\") for the period subsequent to May 31, 2024, unless otherwise noted.\n\n \n \n \n \n \n \n\n \n2Q24 Operational and Financial Highlights:\nOil volumes of 118.1 MBopd were at the high-end of guidance reflecting strong well performance and lower downtime;Total volumes of 207.2 MBoepd were above the high-end of guidance;E&P and other CapEx was $314.3MM ($298.2MM, excluding $16.1MM of capital incurred related to divested non-operated assets that will be reimbursed and was not in guidance), below the low-end of guidance reflecting program timing;Lease Operating Expense (\"LOE\") was $9.37 per Boe. LOE performance was favorable to expectations and benefited from lower maintenance associated with improved downtime;Net cash provided by operating activities was $460.9MM and net income was $213.4MM;Adjusted EBITDA(1) was $567.9MM and Adjusted Free Cash Flow(1) was $216.1MM;Enerplus combination closed May 31, 2024, creating a premier Williston Basin operator; andESG and sustainability initiatives progressing with a focus on continually improving safety and emissions.2Q24 Shareholder Return Highlights:\nReturn of capital set at $197MM(2), or 75% of Adjusted Free Cash Flow on a pro forma basis of $262.8MM(1,2);Share repurchases totaled $61.7MM (weighted average price of $169.01 per share), of which $21.1MM was repurchased with cash proceeds from warrants exercised during 1H24; andDeclared a base-plus-variable cash dividend of $2.52 per share of common stock. See \"Return of Capital\" below for additional information.(1) Non-GAAP financial measure. See \"Non-GAAP Financial Measures\" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles (\"GAAP\").\n(2) Reflects Chord and Enerplus on a pro-forma basis for the three months ended June 30, 2024. Also excludes $16.1MM of CapEx incurred related to divested non-operated assets that will be reimbursed.\n\"Chord's strong second quarter performance benefited from both solid well performance and lower le...