Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q2 2026 Earnings Presentation
27 slides from Chord Energy's earnings presentation, Aug 6, 2026
Slide 1: Premier Williston Basin Operator: Positioned to Thrive, Delivering Value
Aug 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 Operator Williston Basin Acreage Commodity Mix1 • Size & scale with high quality assets 18% • >1.3MM net acres • ~280 MBoepd Production 6:1 • ~58% oil; >90% revenue1 24% 58% • 10+ yrs of low-breakeven inventory2
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 Production, MBopd1 • Williston Basin largest acreage holder & producer 216 • Scale drives operational efficiency 156 150 • High oil cut provides upside to oil upcycle 123 111 • Deep subsurface expertise 88 59 • Sig
Slide 6: Base Production Investment
Base Production Investment Base Production Represents a Sizable Opportunity Investment Driving Incremental Volumes From Base1 • Chord - largest producer in the Williston w/ most operated wells • Outperforming original outlook • Enhanced focus on base production • Base production investment: • Favora
Slide 7: 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 -14% FDSO +26% Base Dividend Reduction since YE23 CAGR since Feb-21 61 14% Share count (MM) Reduction (Si
Slide 8: Delivering Per Share Growth
Delivering Per Share Growth Oil Production Per Share1 ~10% Strong Capital Allocation 1.05 • Maximizing efficient FCF generation CAGR vs ‘21 0.65 • Counter-cyclical share repurchases • Disciplined M&A Operational Excellence 2021 2022 2023 2024 2025 2026 • Reducing controllable costs • Improving effic
Slide 9: 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 10: 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 11: Bakken/Chord Uniquely Positioned for Long-Laterals
Bakken/Chord Uniquely Positioned for Long-Laterals Bakken Competitive Advantages Significant Improvement in Program D&C $/ft1 • 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 o
Slide 12: 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% 4-Mile Highlights of 2025 TIL activity of 2026 TIL activity • Organically improves inventory quality •
Slide 13: 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 • Reconfigured DSU spacing to 3 & 4-mile development $710
Slide 14: 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 15: 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 180 1.5x • Balanced approach - corporate mergers, bolt-ons and ground game Oil Production (MBopd) 150 • Significant synergy capture with
Slide 16: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Low Leverage Strong Credit Profile Robust Liquidity • ~0.3x leverage1 • Moody’s Ba1 • $2.75B borrowing base/$2B ECA • Target sub-1x in normalized price environment2 • S&P BB • Revolver maturity Nov. 2029 • Financial strength supports org. r
Slide 17: 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 4.4x 476% 3.7x 3.0x
Slide 18: 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 19: Supplementary Information
Supplementary Information
Slide 20: 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 21: Marketing Overview
Marketing Overview Delivering $30-$50MM FCF savings 2026+ Marketing Highlights Marketing Optimization • Marketing team maximizes netbacks and flow assurance • $30-$50MM annual FCF savings 2026+ • Optimize diffs with pricing diversification and flexibility • Numerous agreements executed in 2025 • Amp
Slide 22: High Quality Non-Operated Marcellus Position
High Quality Non-Operated Marcellus Position Highlights Marcellus Acreage – NE Pennsylvania • Dry gas window in core of the Marcellus • Strong operator with top-tier well productivity • Large PDP base with low declines • Deep inventory with attractive economics Marcellus Realized Prices / Production
Slide 23: Return of Capital
Return of Capital Return of capital framework: 2Q26 Return of Capital ($MM) 1 • Target return of capital (RoC) determined at quarter-end based on: — Estimated forward leverage $414 Adjusted Free Cash Flow2 — Percentage of Adjusted FCF less Acquisition / Leasehold - $4 Acquisition / Leasehold Below
Slide 24: 2026 Outlook
2026 Outlook 2026 Development Activity Guidance Highlights • Oil volumes unchanged at 161.0 MBopd • 3Q26 163.0 MBopd at midpoint, with a decline into 4Q26 Wild • CapEx unchanged, $1.4B at midpoint Red Woods • 3Q26 $375MM at midpoint, decreasing further in 4Q Bank Painted Wheelock • Includes ~$30MM m
Slide 25: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Sources & Uses1 2026 Free Cash Flow Yield2 $2,000 22% 25% Significant Cash Generation FCF Yield ~$3.0B EBITDA 18% FCF Yield 20% $1,500 Free Cash Flow ($MM) 14% FCF Yield 15% FCF Yield $1,000 ~$1.3B Adjusted FCF ~$1.4B CapEx Return of Capital (“ROC”) 10% Investment in
Slide 26: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Key Operating Statistics Q3 2025 Q4 2025 Q1 2026 Q2 2026 Oil revenues 911 801 996 1,415 Oil production (MBopd) 155.7 153.0 158.0 165.4 NGL revenues 25 24 38 45 NGL production (MBpd) 55.1 52.4 49.0 53.0
Slide 27: Hedge Book Overview
Hedge Book Overview1 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 2H26 FY27 FY28 WTI Collars Volume (Bbl/d) 20,000 24,750 9,000 4,000 4,000 - - - - 22,375 4,225 - Floor ($/Bbl) $ 68.00 $ 67.54 $ 64.94 $ 62.50 $ 63.75 $ - $ - $ - $ - $ 67.74 $ 64.08 $ - Cap ($/Bbl) $ 78.35 $ 76.09 $ 71.49 $ 72.18 $ 7