Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q2 2025 Earnings Presentation
24 slides from Chord Energy's earnings presentation, Aug 7, 2025
Slide 1: Premier Williston Basin Operator Enhancing Free Cash Flow Generation
August 6, 2025 Premier Williston Basin Operator Enhancing Free Cash Flow Generation
Slide 2: Important Disclosures
Important Disclosures Forward-Looking and Cautionary Statements Certain statements in this presentation, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements re
Slide 3: Disciplined, Oil-Focused Williston Operator Delivering Strong Returns
Disciplined, Oil-Focused Williston Operator Delivering Strong Returns Premier Williston Operator Williston Basin Acreage Commodity Mix1 • Size & scale with high quality assets • ~1.3MM net acres 18% • ~275 MBoepd (~56% oil)1 • ~10 years of low-breakeven oil inventory2 Production 6:1 56% 26% Enhancin
Slide 4: Strong Capital Efficiency Delivers Significant Return of Capital
Strong Capital Efficiency Delivers Significant Return of Capital Highlights Base Oil Decline Rate2 44% 47% • Program supports strong FCF and high shareholder returns 41% 41% 43% 38% 38% 38% 39% 39% 40% • Low base decline supports durable FCF 34% 36% 29% • Multi-year track record of peer-leading rein
Slide 5: Continuous Improvements Driving 20% FCF Growth vs. Guidance
Continuous Improvements Driving 20% FCF Growth vs. Guidance1 FY25 Free Cash Flow Growth ~20% Oil Production above original guidance • +500 Bopd above original outlook • Efficient execution • Strong asset performance ~$25MM ~$(5MM) • Improved uptime ~$120MM ~$30MM Capital • -$50MM (~4%) below origina
Slide 6: Share Buyback Program Reducing Share Count
Share Buyback Program Reducing Share Count Share Repurchase Program Progress1 Delivering Per Share Growth Across Key Metrics ~10% reduction to FDSO 64.1 -10% FDSO Decline +4% Base Dividend Since ERF closing in May-24 Increase per share in Feb-25 57.7 +12% Oil Growth2 +25% FCF Growth2 Per share CAGR
Slide 7: Driving Per Share Growth
Driving Per Share Growth Oil Production Per Share1 ~12% CAGR 0.97 Strong Capital Allocation • Maximizing efficient FCF generation 0.65 • Counter-cyclical share repurchases • Disciplined M&A Operational Excellence • Reducing controllable costs • Improving efficiencies 2021 2022 2023 2024 2025 (Estima
Slide 8: 4-Mile Laterals Continue Efficiency Gains
4-Mile Laterals Continue Efficiency Gains Cost of Supply Improvement1 $10-$12/Bbl $8-$10/Bbl $8-$10/Bbl Superior returns on long lateral development 3-Mile 4-Mile 4-Mile (Base Case) (Upside Case) 1st 7 Highlights • Drilled four 4-mile laterals to date 4-mile lateral TIL 4-mile lateral TILs o Costs u
Slide 9: 4-Mile Lateral Program: Strong Early Performance
4-Mile Lateral Program: Strong Early Performance Highlights Rystedt 2B Cumulative Oil vs Type Curve • First 4-mile lateral TIL’d in Feb-25 • Early performance exceeding type curve • Successful cleanout to toe; full lateral contribution • >97% contribution of two 2-mile equivalents to date • Well cos
Slide 10: Long-Lateral Development Evolution / Opportunity
Long-Lateral Development Evolution / Opportunity1 Original Inventory Plan Incorporating 3-Mile 4-Mile / Alternative Shape 2-Mile Development Development Plan Development Plan 2 mile DSU 2 mile DSU 4 mile DSU Shape DSU Alternative Non-Chord Non-Chord Non-Chord DSU DSU DSU 3 mile DSU 3 mile DSU Spacin
Slide 11: Driving Down Costs, Enhancing FCF
Driving Down Costs, Enhancing FCF Cost Structure Proven Track Record Continuous Improvement Initiatives • Maintained ~10 yrs sub-$60 inventory several yrs • 4-mile laterals and alternate shape wells Frame $3B • Unique acreage position unlocks extended laterals • New technologies (larger completions,
Slide 12: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Low Leverage Robust Liquidity Strong Credit Profile • 0.3x leverage at 2Q251 • $2.75B borrowing base / $2B elected commitments • S&P BB (upgraded March 2025) • Target sub-1x in normalized price environment2 • >$1.8B of liquidity at 2Q25 • M
Slide 13: Compelling Investment Opportunity, Attractive Valuation
Compelling Investment Opportunity, Attractive Valuation1 Highlights Enterprise Value vs. Proved Reserves Value2 • High-quality assets at attractive valuation vs peers $10.3B • Trading below proved reserve value with deep, low-cost inventory $8.4B Undeveloped • Strong execution track record and susta
Slide 14: Chord Energy = Premier Williston Operator
Chord Energy = Premier Williston Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Cost Inventory at Williston Basin Supports Resiliency Compelling Valuation • Williston size and scale with high quality • Peer-leading balance sheet, strong liquidity • Strong inventory, discounte
Slide 15: Supplementary Information
Supplementary Information
Slide 16: Continuous Improvement of ESG Performance
Continuous Improvement of ESG Performance Scope 1 Intensity Methane Reduction Spill Intensity Biodiversity Environmental 57% 70% 0.012 <1% Decrease in operated Decrease in operated Per gross annual Of Proved or Probable Scope 1 GHG emissions Scope 1 methane produced liquids, which reserves in or nea
Slide 17: Williston Basin: High Oil Cut, Predictable and Consistent Delivery
Williston Basin: High Oil Cut, Predictable and Consistent Delivery Williston Basin Highlights Risk-Adjusted Well Productivity1 • Subsurface delivers reduced variability compared to other basins 2.8 12-mo Oil Cum. / Std. Dev. • Strong production, predictable delivery 2.4 2.4 • Excess oil takeaway cap
Slide 18: 2025 – 2027 Outlook: Positive Rate of Change Continues
2025 – 2027 Outlook: Positive Rate of Change Continues1 2025 – 2027 Plan Highlights Long-Lateral Development2 • Holding oil volumes flat (152 – 153 MBopd) • Capital efficiency improves with more long laterals in program • Capex of $1.4B annually (-$90MM vs orig. pro forma FY24 guide) • Pursuing conv
Slide 19: Extended Laterals Delivering Strong Returns
Extended Laterals Delivering Strong Returns 3-Mile Laterals Enhance Capital Efficiency 3-Mile Economics Strengthen Returns1 • +50% higher EUR / +20% increase in well costs Western 10K’ vs Western 15K’ • Performance across basin meeting expectations • Analog 2-mile and 3-mile wells have similar EUR/f
Slide 20: High Quality Non-Operated Marcellus Position
High Quality Non-Operated Marcellus Position Highlights Marcellus Production1 • Dry gas window in core of the Marcellus 130 - 140 • Strong operator with top-tier well productivity • Large PDP base with low declines • Deep inventory with attractive economics MMcfpd Deferred TILs and curtailed • Volum
Slide 21: Return of Capital
Return of Capital Aim for peer-leading return of capital 2Q25 Return of Capital ($MM, except per share) 1 — Below 0.5x leverage: 75%+ of Adjusted FCF — Below 1.0x leverage: 50%+ of Adjusted FCF $141 Adjusted Free Cash Flow2 — >1.0x leverage: Base dividend+ ($5.20/sh annual) x 92% Target 75%+ at Curr
Slide 22: 2025 Outlook
2025 Outlook Sources & Uses1 Guidance Highlights • 153.0 MBopd at midpoint (+500 Bopd vs orig. FY25 guide) • $1.35B CapEx at midpoint (-$50MM vs orig. FY25 guide) Significant Cash Generation ~$2.4B EBITDA • LOE $9.60/Boe at midpoint (-$0.30/Boe vs orig. FY25 guide) Guidance Ranges $1.35B CapEx ~$850
Slide 23: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Key Operating Statistics Q3 2024 Q4 2024 Q1 2025 Q2 2025 Oil revenues $1,074 $970 $956 $879 Oil production (MBopd) 158.8 153.3 153.7 156.7 NGL revenues 30 48 61 29 NGL production (MBpd) 51.7 51.8 48.1
Slide 24: Chord Energy Hedges
Chord Energy Hedges1 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2H25 FY26 FY27 Crude Oil - Collars Volume (Bbl/d) 18,000 15,000 4,000 3,000 2,000 2,750 2,000 2,000 2,000 - 16,500 2,932 1,496 Floor ($/Bbl) $ 64.17 $ 65.00 $ 62.50 $ 63.33 $ 65.00 $ 63.64 $ 60.00 $ 60.00 $ 60.00 $ - $ 64.55 $ 63