Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Corporate Update (July 2022)
19 slides from Chord Energy's corporate update, Jul 7, 2022
Slide 1: Stronger Together Positioned for Value Creation
Stronger Together Positioned for Value Creation July 1, 2022 Exhibit 99.2
Slide 2: Welcome to Chord Energy
Welcome to Chord Energy Chord (noun) /kord/ A straight line joining two points on a curve Musical notes played in unison to produce harmony ̂ By bringing together Whiting and Oasis in a merger of equals, we joined two excellent oil and gas operators to strike a new chord and created a new harmony in
Slide 3: Important Disclosures
Important Disclosures Forward-Looking Statements Certain statements in this presentation concerning the Oasis Petroleum Inc. (“Oasis”) and Whiting Petroleum Corporation (“Whiting”) merger, including any statements regarding Chord Energy Corporation’s (“Chord”) expected credit facility, the results,
Slide 4: Chord Energy is a Premier Williston Basin Company
Converted to 3 stream for Oasis for 1Q22 based on latest shrink and yield estimates Operated based on 2021 combined PDP reserves Working interest of expected PF wells completed in 2022 Pro forma combined company, includes 1Q22 actuals, 2Q22 - 4Q22 run at $90 WTI and $5.00 HH using March 7th midpoint
Slide 5: Transaction Accretive on Key Metrics for Both Companies
1) Pro forma excluding ownership of CEQP units Transaction Accretive on Key Metrics for Both Companies E&P Cash Flow Per Share and Free Cash Flow Per Share1 Return of Capital Per Share Size and Scale Net Asset value Credit Profile and Cost of Capital
Slide 6: Premier Management Team Aligned with Shareholders
Premier Management Team Aligned with Shareholders Strong strategic and cultural alignment Talented team bring operating best practices Management team with deep energy industry, M&A and operational backgrounds Significant Williston expertise from Whiting, Oasis and Kodiak Commercial, operational, an
Slide 7: Premier Williston Operator with Top-Tier Assets
Sources: Company filings and Enverus 1Q22 reported Williston production. Converted to 3-stream for operators with 2-stream reported production Economic locations (>30% IRR @ $60/Bbl WTI flat) and assuming 108 - 110 2022E TILs Premier Williston Operator with Top-Tier Assets Williston Net Acreage by O
Slide 8: Significant FCF Generation Accretive to Return of Capital Program
OAS returned approximately $70MM per quarter in 1H22 through base and variable dividends. WLL returned approximately $20MM in 1H22 through base dividends Cash flow from Operations (CFFO) and Free Cash Flow (FCF) before dividends based on March 7th midpoint guidance and $90 WTI and $5.00 HH. Signific
Slide 9: Key Tenets of ESG Philosophy
Key Tenets of ESG Philosophy Header ESG Key Tenets Minimizing impact where we operate Reducing our land impact and water use through investment in infrastructure and optimized operations. Aligning incentives Aligning executive compensation with long term value creation and shareholder interests is k
Slide 10: Impressive Record of Emissions Reduction
Impressive Record of Emissions Reduction (28%) (47%) Chord GHG Emissions Intensity (TCO2E / MBOE) Reductions Since 20181 2020 GHG Emission Intensity (TCO2E / MBOE) Top 15 Operators Based on Gross OP. Production Sources: EPA and Enverus Williston Basin only, excludes historic Permian production as we
Slide 11: Short-tenured, Diverse, and Highly Capable Board of Directors
Short-tenured, Diverse, and Highly Capable Board of Directors Lynn A. Peterson Executive Chair of the Board Former Whiting President & CEO since September 2020 Former Chairman, CEO and President of SRC Energy and Co-founder, director, President & CEO of Kodiak Oil & Gas Corporation Danny Brown Presi
Slide 12: Attractive Pro Forma Positioning
Source: FactSet as of 6/30/2022. Note: Peers include CIVI, CPE, ERF, MGY, MTDR, PDCE and SM. Peers reflect FactSet consensus. OAS and WLL figures shown based on 1Q22 actuals and 2Q22-4Q22 run at $90 WTI and $5.00 HH based on March 7th midpoint of guidance and excludes 2Q22 weather impact. No synergi
Slide 13: Significant Upside Potential
Source: FactSet as of 6/30/2022. Note: Peers include CIVI, CPE, ERF, MGY, MTDR, PDCE and SM. Peers reflect FactSet consensus. OAS and WLL figures shown based on 1Q22 actuals and 2Q22-4Q22 run at $90 WTI and $5.00 HH based on March 7th midpoint of guidance and excludes 2Q22 weather impact. No synergi
Slide 14: Compelling Long Term Value Proposition
Compelling Long Term Value Proposition Attractive pro forma valuation vs peers result in compelling investment opportunity Significant and Resilient Free Cash Flow Generation ~$1.4B of FCF1 expected in 2022 with a combined reinvestment rate below 40% Experienced and Talented Teams Combines outstandi
Slide 15: Appendix
SSSSSSSS SSSSSSSSS88S Appendix
Slide 16: Combined 2022 Program Maximizes Returns
EBITDAX, reinvestment rate & FCF before dividends, reflects 1Q22 actuals with 2Q22-4Q22 run at $90 WTI and $5.00 HH using midpoint of guidance announced March 7th and excludes 2Q22 weather impact. Excludes effective synergies, reflects guidance announced March 7th, adjusted for updated 3 stream assu
Slide 17: Preliminary PF Chord 2Q22 Guidance
The updated guidance included herein is not intended to represent quarterly results, as such guidance remains subject to the completion of accounting and financial close and reporting processes. Oasis’ Total Volumes have been adjusted to include current 3 stream reporting assumptions, and Chord expe
Slide 18: Chord PF 1Q22 Financial and Operational Results
Chord PF 1Q22 Financial and Operational Results* * Oasis’ Total Production has been adjusted to include current 3 stream reporting assumptions. Oasis’s increased its initial 3 stream uplift assumption above 2 stream Mboepd numbers from 9% to 18%. 1Q22 excludes ~$4.1MM for OAS and $6.1MM of legal and
Slide 19: Chord Energy Hedge Book & Investment in CEQP
1) Pro forma for announced 11.3mm unit issuance associated with First Reserve acquisition Chord Energy Hedge Book & Investment in CEQP Hedge Book CEQP Ownership Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 NYMEX WTI Oil Hedging Swap volume (mbopd) 28.0 28.0 30.0 25.0 16.0 14.0 14.0 Weighted avg. swap p