Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q1 2025 Earnings Presentation
25 slides from Chord Energy's earnings presentation, May 7, 2025
Slide 1: Resiliency and Continuous Improvement Support Strong Long-Term Outlook
May 6, 2025 Resiliency and Continuous Improvement Support Strong Long-Term Outlook
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 Position Marcellus Non-Op Acreage • Size & scale with high quality assets Position • ~1.3MM net acres • ~271 MBoepd (~56% oil)1 • ~10 years of low-breakeven oil inventory2 Resilie
Slide 4: Attractive Valuation Supports Compelling Investment Opportunity
Attractive Valuation Supports Compelling Investment Opportunity Highlights Enterprise Value vs. Proved Reserves Value2,3 • High-quality assets at attractive valuation vs peers $10.3B • Trading below proved reserve value with deep, low-cost inventory Undeveloped $8.4B • Strong execution track record
Slide 5: 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 1Q25 • Borrowing base $2.75B with $2B of elected • S&P BB (upgraded March 2025) • Target sub-1x in normalized price environment1 commitments • Moody’s Ba1 • Financial st
Slide 6: Deep, Low-Cost Inventory at Discounted Valuation
Deep, Low-Cost Inventory at Discounted Valuation1,2 • Deep inventory of low breakeven locations competitive with top U.S. onshore producers • Strong execution, high quality resource result in robust Williston Basin economics • Chord has “large cap” inventory, trading at a “small cap” valuation • ~10
Slide 7: Positioned for Resiliency in Uncertain Environment
Positioned for Resiliency in Uncertain Environment Relentless Cost Structure Focus Base Oil Decline Rate1,3 • Track record of innovation and continuous improvement • Advancing efficiencies, driving lower costs 46% 47% 42% 43% 43% • Minimal tariff exposure in 2025; manageable in 2026+ 39% 40% 41% 42%
Slide 8: Strong Capital Efficiency Delivers Significant Return of Capital
Strong Capital Efficiency Delivers Significant Return of Capital Highlights Cumulative Capital Returned to Shareholders1 • Program supports strong FCF and high shareholder returns • Wide spacing and long laterals drive capital efficiency >$4 Billion • Further improving returns with 4-mile laterals a
Slide 9: Share Buyback Program Reducing Share Count
Share Buyback Program Reducing Share Count Fully-Diluted Shares Outstanding1 Delivering Per Share Growth2 (millions) (Bo per share) ~9% reduction in fully-diluted shares outstanding since May ‘24 64.1 +12% CAGR 0.96 58.3 0.65 Enerplus 2Q24 3Q24 4Q24 May '25 2021 2022 2023 2024 May '25 Close Highligh
Slide 10: 4-Mile Laterals – Continued Efficiency Gains
4-Mile Laterals – Continued 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 • Successful execution of first 4-mile lateral 4-mile lateral spud 4-mile lateral sp
Slide 11: 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 12: Driving Down Costs, Enhancing FCF
Driving Down Costs, Enhancing FCF Cost Structure Proven Track Record Continuous Improvement Initiatives • Maintained ~10 yrs sub-$60 inventory last several yrs • 4-mile laterals and alternate shape wells Frame $3B • Unique acreage position unlocks extended laterals • New technologies (larger complet
Slide 13: Chord Energy = Premier Williston Operator
Chord Energy = Premier Williston Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Cost Inventory Williston Basin Supports Resiliency at Compelling Valuation • Williston size and scale with high quality • Peer-leading balance sheet, strong liquidity • Strong inventory position a
Slide 14: Supplementary Information
Supplementary Information 14
Slide 15: 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 16: 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 2.9 12-mo Oil Cum. / Std. Dev. • Strong production, predictable delivery 2.6 2.3 • Excess oil takeaway cap
Slide 17: 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 • Capital of $1.4B annually (~$90MM less than orig. proforma 2024 guide) • Pursu
Slide 18: Long-Term Well Performance Delivering Strong Program Results
Long-Term Well Performance Delivering Strong Program Results Program Highlights Measuring Capital Efficiency1 • Conservative spacing and longer laterals support low decline rate • Oil Bopd (per ft) / D&C (per ft) – normalizes production rate to well cost • Higher concentration of 3-mile wells in 202
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: Improving Capital Efficiency Year-Over-Year
Improving Capital Efficiency Year-Over-Year Capital Efficiency (2025 vs 2024)1 $25,000 Improving Capital Efficiency A $30,000 • Multi-year track record of attractive $35,000 capital efficiency 2025 $/Bopd B $40,000 C E D G FH I • Capital efficiency improves in 2025 $45,000 J • 2025 capital efficienc
Slide 21: High Quality Non-Operated Marcellus Position
High Quality Non-Operated Marcellus Position Highlights Marcellus Production • Dry gas window in core of the Marcellus 130 - 140 • Strong operator with top-tier well productivity • Large PDP base with low declines • Deep inventory with attractive economics MMcfpd Deferred TILs and curtailed • Volume
Slide 22: Return of Capital
Return of Capital Aim for peer-leading return of capital 1Q25 Return of Capital ($MM, except per share) 1 — Below 0.5x leverage: 75%+ of Adjusted FCF — Below 1.0x leverage: 50%+ of Adjusted FCF $291 Adjusted Free Cash Flow2 — >1.0x leverage: Base dividend+ ($5.20/sh annual) x 100% Target 75%+ at Cur
Slide 23: 2025 Outlook
2025 Outlook Sources & Uses1 Guidance Highlights • 152.5 MBopd at midpoint (unchanged from Feb-25 guidance) • $1.37B CapEx at midpoint (~$30MM decrease from Feb-25 guidance) Significant Cash Generation o Approximately $205MM - $225MM non-op CapEx (~80% Williston) in FY25 ~$2.2B EBITDA • LOE $9.60/Bo
Slide 24: Chord Financial and Operational Results
Chord Financial and Operational Results Pro Forma1 Pro Forma1 Financial Highlights ($MM) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Key Operating Statistics Q2 2024 Q3 2024 Q4 2024 Q1 2025 Oil Revenues $1,111 $1,074 $970 $956 Oil Production (MBopd) 154.5 158.8 153.3 153.7 NGL Revenues 33 30 48 61 NGL Productio
Slide 25: Chord Energy Hedges
Chord Energy Hedges1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 FY25 FY26 Crude Oil - Collars Volume (Bbl/d) 17,000 17,000 17,000 14,000 4,000 3,000 2,000 2,000 16,244 2,742 Floor ($/Bbl) $ 64.41 $ 63.53 $ 64.12 $ 65.00 $ 62.50 $ 63.33 $ 65.00 $ 65.00 $ 64.23 $ 63.65 Cap ($/Bbl) $ 78.54 $ 78.12 $ 77.72