Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q4 2024 Earnings Presentation
21 slides from Chord Energy's earnings presentation, Feb 26, 2025
Slide 1: Consistent Delivery and Strong Returns at Attractive Valuation
February 25, 2025 Consistent Delivery and Strong Returns at Attractive Valuation
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 • ~$7B market cap1 • ~1.3MM net acres • ~271 MBoepd (~56% oil)2 • ~10 years of low-breakeven oi
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 $7.5B • Strong execution track r
Slide 5: Deep, Low-Cost Inventory at Discounted Valuation
Deep, Low-Cost Inventory at Discounted Valuation Sub-$60 Inventory Life1,2 • 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 trades at discounted valuation relative to q
Slide 6: Strong Capital Efficiency Delivers Significant Free Cash Flow Generation
Strong Capital Efficiency Delivers Significant Free Cash Flow Generation Highlights Cumulative Capital Returned to Shareholders2 • Returning significant free cash flow to shareholders >$4 Billion • Multi-year track record of strong capital efficiency since 2021 • Wide spacing and long laterals deliv
Slide 7: 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 8: 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. 2.6 • Risk-adjusted well productivity illustrates predictability of product
Slide 9: 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 10: 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 11: Chord Energy = Premier Williston Operator
Chord Energy = Premier Williston Operator Top Tier Oil Assets in Durable, Low Cost Inventory Enhancing Capital Williston Basin at Compelling Valuation Efficiency • Williston size and scale with high quality • Attractive valuation & stronger inventory • Multi-year track record of strong execution, as
Slide 12: Supplementary Information
Supplementary Information 12
Slide 13: 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 14: Wider Spacing Effective Across Basin
Wider Spacing Effective Across Basin Wider Spacing Highlights Cumulative Uplift (MBo/ft)1 • Spacing uplift demonstrated across Chord’s position • Consistently improves well productivity and predictability 1 Painted Woods 2 Wheelock • Improves capital productivity Cum. MBo/ft Cum. MBo/ft +72% +122% W
Slide 15: Balance Sheet Supports Leading Financial Position
Balance Sheet Supports Leading Financial Position Low Leverage Credit Rating Strong Liquidity • 0.3x leverage at 4Q24 • Moody’s Ba1 • Borrowing base $2.75B with $2B of elected • Target sub-1x in normalized price • S&P BB- (positive outlook) commitments environment1 • Enhanced credit profile after En
Slide 16: Return of Capital
Return of Capital Aim for peer-leading return of capital 4Q24 Return of Capital ($MM, except per share) 1 — Below 0.5x leverage: 75%+ of Adjusted FCF — Below 1.0x leverage: 50%+ of Adjusted FCF $282 Adjusted Free Cash Flow2 — >1.0x leverage: Base dividend+ ($5.20/sh annual) x 100% Target 75%+ at Cur
Slide 17: 2025 – 2027 Outlook: Positive Rate of Change Continues
2025 – 2027 Outlook: Positive Rate of Change Continues 2025 – 2027 Plan Highlights Long-Lateral Development1 • Holding oil volumes flat (152 – 153 MBopd) • Capital efficiency improves with more 3-mile laterals in program • Capital of $1.4B annually (~$90MM less than orig. proforma 2024 guide) • Purs
Slide 18: 2025 Outlook
2025 Outlook Sources & Uses1 Guidance Highlights • $1.4B CapEx at midpoint (~$90MM less than orig. proforma 2024 guide) o Anticipate CapEx weighted towards 1H25 Significant Cash Generation o Approximately $205MM - $225MM non-op CapEx (~80% Williston) in FY25 ~$2.5B EBITDA • 152.5 MBopd at midpoint,
Slide 19: Core Non-Operated Marcellus Position
Core Non-Operated Marcellus Position Highlights Marcellus Production • Dry gas window in core of the Marcellus 155 Deferred TILs and curtailed • Strong operator with top-tier well productivity volumes impact 2024 Production (MMcfpd) • Large PDP base with low declines 115 • Deep inventory with attrac
Slide 20: Chord Financial and Operational Results
Chord Financial and Operational Results Pro Forma1 Pro Forma1 Pro Forma1 Pro Forma1 Financial Highlights ($MM) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY24 Key Operating Statistics Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY24 Oil Revenues $993 $1,111 $1,074 $970 $4,149 Oil Production (MBopd) 145.3 154.5 158.8 153.3
Slide 21: Chord Energy Hedges
Chord Energy Hedges1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 FY25 FY26 Crude Oil - Collars Volume (Bbl/d) 17,000 17,000 17,000 14,000 2,000 2,000 2,000 2,000 16,244 2,000 Floor ($/Bbl) $ 64.41 $ 63.53 $ 64.12 $ 65.00 $ 65.00 $ 65.00 $ 65.00 $ 65.00 $ 64.23 $ 65.00 Cap ($/Bbl) $ 78.54 $ 78.12 $ 77.72