Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q1 2026 Earnings Presentation
28 slides from Chord Energy's earnings presentation, May 6, 2026
Slide 1: Premier Williston Basin Operator: Positioned to Thrive, Delivering Value
May 5, 2026 Premier Williston Basin Operator Positioned to Thrive, Delivering Value
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 Operator1 Williston Basin Acreage Commodity Mix1 • Size & scale with high quality assets 18% • >1.3MM net acres • ~278 MBoepd Production 6:1 • ~58% Boe oil; >90% revenue1 24% 58% • 10+ yrs of low-breakeven invent
Slide 4: Chord's Capital Allocation Approach
Chord’s Capital Allocation Approach Capital Allocation Starts with Strong Cash Flow From Operations Allocation Options Strong Return of Capital Attractive E&P Investments Opportunistic M&A Balance Sheet Management Program • Proven 3-mi/4-mi development • Impressive shareholder returns • Disciplined
Slide 5: Premier Williston Basin Operator, Driving Efficiencies
Premier Williston Basin Operator, Driving Efficiencies Highlights Williston Basin Oil Production1 • Williston Basin largest acreage holder & producer 217 • Scale drives operational efficiency 183 167 • High oil cut provides upside to oil upcycle 132 118 91 • Deep subsurface expertise 52 33 32 25 • S
Slide 6: Share Buyback Program Reducing Share Count
Share Buyback Program Reducing Share Count Track Record of Share Buybacks1 Delivering Strong Shareholder Returns • Aggressive share count reduction • Buybacks preferred in current environment 65 -12% FDSO +27% Base Dividend Reduction since YE23 CAGR since Feb-21 Share count (MM) 61 12% Reduction (Si
Slide 7: Delivering Per Share Growth
Delivering Per Share Growth Oil Production Per Share1 ~10% 1.03 Strong Capital Allocation CAGR vs ‘21 • Maximizing efficient FCF generation 0.65 • Counter-cyclical share repurchases • Disciplined M&A Operational Excellence 2021 2022 2023 2024 2025 2026 • Reducing controllable costs • Improving effic
Slide 8: Peer Leading Capital Efficiency
Peer Leading Capital Efficiency Highlights 2026 Program Capital Efficiency vs Peers1 • Wide spacing and long-laterals enhance economics $100 • 4-mile laterals and alternate shape wells further improve returns Top Quartile In 2026 CapEx / Wedge Bopd • Continuing to drive operational efficiencies $75
Slide 9: Improving Capital Productivity
Improving Capital Productivity Flowing Capital Efficiency1 Future F&D2 • Normalizing well productivity for relative capital cost • Future F&D trending -22% lower since 2023 • Increased long-laterals in ‘26 - better economics, lower CapEx per ft • Longer laterals, wider spacing improving capital effi
Slide 10: Bakken/Chord Uniquely Positioned for Long-Laterals
Bakken/Chord Uniquely Positioned for Long-Laterals Bakken Competitive Advantages Significant Improvement in Program D&C $/ft • Supportive regulatory process 1,000 18 901 Avg. Lateral Length • Favorable land layout – clearly established DSUs 900 -37% 830 16 • Stress regime allows N/S & E/W lateral or
Slide 11: Proven 4-mile Execution
Proven 4-mile Execution Derisking 4-mile development program CHRD 4-mile Program • CHRD 4-mile leader in Williston with wells across the Basin • 33 4-mile wells drilled (including 4 hairpins) • 12 4-mile wells producing, all cleaned out to the toe • Verified toe contribution with tracers Toonie 5-we
Slide 12: Accelerating Volume Delivery
Accelerating Volume Delivery Driving Continued D&C Capital Efficiencies Base Production Management • Drilling - fastest 3-mile & 4-mile wells drilled in Williston Basin1 • Low cost, high return initiatives driving short cycle production • Frac - +24% frac efficiency (fluid per day) in 1Q26 vs 2025 •
Slide 13: 4-Mile Lateral Program Progressing
4-Mile Lateral Program Progressing 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) ~5% ~40% of 2025 TIL activity of 2026 TIL activity 4-Mile Highlights • Organically improves inventory quality •
Slide 14: Enhancing Economics With Long-Laterals
Enhancing Economics With Long-Laterals Highlights Capital and Recoveries (per ft)1 • Williston Basin contiguous acreage advantaged for long-laterals 45 45 43 • Organically improves inventory quality • Lowers breakevens and enhances economics • Reconfiguring DSU spacing to 3 & 4-mile development $710
Slide 15: Enhancing Inventory Quality and Duration
Enhancing Inventory Quality and Duration Highlights • 10+ years low-breakeven inventory1 • Improving inventory quality and duration • Organically improving inventory – longer laterals, wider spacing • Long-lateral inventory increased to ~80% at YE252 o Ahead of schedule 10K’ Net Operated Locations3
Slide 16: Continuous Improvement Initiatives Delivering FCF Enhancement
Continuous Improvement Initiatives Delivering FCF Enhancement Category Continuous Improvement Initiatives 2025 Run-Rate Results • 4-mile well adoption • Faster cycle times ~$45MM • TIL’d seven 4-mile wells Operated D&C • Continuous pumping • Modular facility designs Annual Run- • Leader in lateral f
Slide 17: Disciplined M&A Track Record
Disciplined M&A Track Record Highlights Enhanced Scale, Strong Balance Sheet1,2 • Williston Basin focus • Grown oil production >4x, maintained strong balance sheet • Balanced approach - corporate mergers, bolt-ons and ground game 180 1.5x • Significant synergy capture with enhanced scale and lower c
Slide 18: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Low Leverage Strong Credit Profile Robust Liquidity • ~0.4x leverage at 1Q261 • Moody’s Ba1 • $2.75B borrowing base/$2B ECA; reaffirmed in May 2026 • Target sub-1x in normalized price environment2 • S&P BB • Revolver maturity Nov. 2029 • Fi
Slide 19: Long-Term Outperformance, Attractive Valuation
Long-Term Outperformance, Attractive Valuation Total Shareholder Return1 EV / EBITDA Multiple2 • Strong capital allocation / execution track record • High-quality assets at attractive valuation vs peers • Sustainable free cash flow generation • 10+ yrs of low-breakeven inventory3 4.6x 497% 4.1x 3.0x
Slide 20: Chord Energy = Premier Williston Basin Operator
Chord Energy = Premier Williston Basin Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Breakeven Inventory Williston Basin Supports Resiliency at Compelling Valuation • Williston size and scale with high quality assets • Peer-leading balance sheet, strong liquidity • Strong in
Slide 21: Supplementary Information
Supplementary Information
Slide 22: Marketing Overview
Marketing Overview Delivering $30-$50MM FCF savings 2026+ Marketing Highlights Marketing Optimization • Marketing team maximizes netbacks and flow assurance • $30-$50MM annual FCF savings 2026+ • Optimize diffs with pricing diversification and flexibility • Numerous agreements executed in 2025 • Amp
Slide 23: High Quality Non-Operated Marcellus Position
High Quality Non-Operated Marcellus Position Highlights Marcellus Acreage – NE Pennsylvania • Dry gas window in core of the Marcellus • Strong operator with top-tier well productivity • Large PDP base with low declines • Deep inventory with attractive economics Marcellus Realized Prices / Production
Slide 24: Return of Capital
Return of Capital Return of capital framework: 1Q26 Return of Capital ($MM, except per share) 1 • Target return of capital (RoC) determined at quarter-end based on: — Estimated forward leverage $324 Adjusted Free Cash Flow2 — Percentage of Adjusted FCF less Acquisition / Leasehold - $5 Acquisition /
Slide 25: 2026 Outlook
2026 Outlook 2026 Development Activity Guidance Highlights • Oil volumes midpoint increase from 159.0 to 161.0 MBopd • 2Q26 164.0 MBopd at midpoint, similar levels in 3Q, declining in 4Q26 Wild • CapEx $1.4B at midpoint Red Woods • 2Q26 $425MM at midpoint, decreasing in 3Q, with further decline into
Slide 26: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Sources & Uses1 2026 Free Cash Flow Yield2 $2,500 30% 26% FCF Yield Significant Cash Generation ~$3.1B EBITDA 25% $2,000 17% Free Cash Flow ($MM) FCF Yield 20% $1,500 FCF Yield 15% ~$1.4B Adjusted FCF ~$1.4B CapEx 8% Return of Capital (“ROC”) $1,000 Investment in Bus
Slide 27: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Key Operating Statistics Q2 2025 Q3 2025 Q4 2025 Q1 2026 Oil revenues 879 911 801 996 Oil production (MBopd) 153.7 156.7 153.0 158.0 NGL revenues 29 25 24 38 NGL production (MBpd) 48.1 54.1 52.4 49.0 G
Slide 28: Hedge Book Overview
Hedge Book Overview1 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 Bal26 FY27 WTI Collars Volume (Bbl/d) 37,000 20,000 22,750 5,000 2,000 2,000 - - 26,545 2,236 Floor ($/Bbl) $77.77 $68.00 $67.03 $60.00 $60.00 $60.00 $0.00 $0.00 $72.23 $60.00 Cap ($/Bbl) $88.26 $78.35 $75.37 $65.58 $66.12 $66.12 $0.00 $0.