Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q3 2025 Earnings Presentation
26 slides from Chord Energy's earnings presentation, Nov 5, 2025
Slide 1: Premier Williston Basin Operator Enhancing Free Cash Flow Generation
November 4, 2025 Premier Williston Basin Operator Enhancing Free Cash Flow Generation
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 • >1.3MM net acres 18% • ~278 MBoepd (~56% oil)1 • ~10 years of low-breakeven oil inventory2 Production 6:1 56% 26% Enhancin
Slide 4: Chord's Capital Allocation Track Record
Chord’s Capital Allocation Track Record Capital Allocation Starts with Strong Cash Flow From Operations Allocation Options Attractive E&P Investments Strong Return of Capital Program Opportunistic M&A Balance Sheet Management • Innovation drives improvement • >$5B returned since 2021 • Disciplined a
Slide 5: Largest Williston Basin Operator - Driving Efficiencies
Largest Williston Basin Operator - Driving Efficiencies Highlights Williston Basin Oil Production1 • Williston Basin largest acreage holder (>1.3MM net acres), largest producer 220 • Scale drives operational efficiency Production (MBopd) • High oil cut provides optionality to improved pricing upside
Slide 6: Continuous Improvement Driving +20% FCF Growth
Continuous Improvement Driving +20% FCF Growth1 FY25 Free Cash Flow Growth From Controllable Items Production & LOE • Oil +800 Bopd above original outlook • LOE -$0.17/Boe (~2%) below original outlook +20% • Efficient execution +$115MM • Strong asset performance ~$20MM • Improved uptime and lower fa
Slide 7: Marketing Optimization Opportunities
Marketing Optimization Opportunities Delivering $30-$50MM FCF savings 2026+ Marketing Highlights Gas Takeaway Projects • Marketing team maximizes netbacks and flow assurance Regional infrastructure to improve pricing • Optimize diffs with pricing diversification and flexibility • LNG Canada • ~2 Bcf
Slide 8: 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) 1st 7 Highlights 4-mile lateral TIL 4-mile lateral TILs • Organically improves inventory quality In Feb-25 In 2
Slide 9: Strong Capital Efficiency
Strong Capital Efficiency Highlights Base Oil Decline Rate2 • Program supports strong FCF and high shareholder returns 44% 47% 41% 41% 43% 38% 38% 38% 39% 39% 40% • Low base decline supports durable FCF 34% 36% • Multi-year track record of peer-leading reinvestment rates 29% • >$5B returned to share
Slide 10: Share Buyback Program Reducing Share Count
Share Buyback Program Reducing Share Count Share Repurchase Program Progress1 Delivering Per Share Growth Across Key Metrics ~11% reduction to FDSO 64.1 -11% FDSO Decline +4% Base Dividend Since ERF closing in May-24 Increase per share in Feb-25 57.3 +12% Oil Growth2 +15% FCF Growth2 Per share CAGR
Slide 11: Delivering Per Share Growth
Delivering Per Share Growth Oil Production Per Share1 ~12% CAGR 0.98 Strong Capital Allocation • Maximizing efficient FCF generation 0.65 • Counter-cyclical share repurchases • Disciplined M&A Operational Excellence • Reducing controllable costs • Improving efficiencies 2021 2022 2023 2024 2025 (Est
Slide 12: Opportunistic M&A
Opportunistic M&A Highlights Enhanced Scale, Strong Balance Sheet1 • Williston Basin focus 180 1.5x Oil Production (MBopd) • Significant synergy capture with enhanced scale and lower cost structure 150 • Maintained strong balance sheet and shareholder returns focus Net Leverage 120 1.0x • XTO Acquis
Slide 13: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Pro Forma for XTO1 Low Leverage Robust Liquidity Strong Credit Profile • ~0.6x leverage at 3Q251 • $2.75B borrowing base/$2B ECA • S&P BB (upgraded March 2025) • Target sub-1x in normalized price environment2 • Revolver maturity extended to
Slide 14: 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 • Deep, low-cost inventory 283% 4.8x 174% 3.4x 140% 2.8x
Slide 15: Chord Energy = Premier Williston Operator
Chord Energy = Premier Williston Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Cost Inventory at Williston Basin Supports Resiliency Compelling Valuation • Williston size and scale with high quality • Peer-leading balance sheet, strong liquidity • Strong inventory, discounte
Slide 16: Supplementary Information
Supplementary Information
Slide 17: 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 2.8 12-mo Oil Cum. / Std. Dev. • Strong production, predictable delivery 2.4 2.4 • Excess oil takeaway cap
Slide 18: Driving Down Costs, Enhancing FCF
Driving Down Costs, Enhancing FCF Cost Structure Proven Track Record Continuous Improvement Initiatives • Maintained ~10 yrs sub-$60 inventory several yrs • 4-mile laterals and alternate shape wells Frame $3B • Unique acreage position unlocks extended laterals • New technologies (larger completions,
Slide 19: 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 20: Alternate Shape Designs Unlocking Long-Lateral Economics
Alternate Shape Designs Unlocking Long-Lateral Economics Highlights • Driving long-lateral economics in smaller DSUs Wild Woods • 11 alternate shape wells expected to TIL in FY25 (8 TIL’d YTD) • Costs trending below initial estimates • Hairpin pioneering achievement - first 4-mile alternate shape we
Slide 21: 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 • 117.5 MMcfpd; $2.16/Mcf in 3Q25 • 3Q
Slide 22: Return of Capital
Return of Capital Aim for peer-leading return of capital 3Q25 Return of Capital ($MM, except per share) 1 — Below 0.5x leverage: 75%+ of Adjusted FCF — Below 1.0x leverage: 50%+ of Adjusted FCF $230 Adjusted Free Cash Flow2 — >1.0x leverage: Base dividend+ ($5.20/sh annual) x 69% Target 50%+ at Curr
Slide 23: 2025 Outlook
2025 Outlook Sources & Uses1 Guidance Highlights • Oil volumes 154.3 MBopd at midpoint, includes ~1,000 Bopd from XTO • Excluding XTO, +800 Bopd vs original outlook Significant Cash Generation ~$2.4B EBITDA • CapEx ~$1.365B at midpoint, includes ~$15MM from XTO • Excluding XTO, -$50MM vs original ou
Slide 24: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Key Operating Statistics Q4 2024 Q1 2025 Q2 2025 Q3 2025 Oil revenues $970 $956 $879 $911 Oil production (MBopd) 153.3 153.7 156.7 155.7 NGL revenues 48 61 29 25 NGL production (MBpd) 51.8 48.1 54.1 55
Slide 25: Chord Energy Hedges
Chord Energy Hedges1 2026 2027 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 FY26 FY27 Crude Oil Collars Volume (Bbl/d) 15,000 4,000 3,000 2,000 2,750 2,000 2,000 2,000 - 2,932 1,496 Floor ($/Bbl) $ 65.00 $ 62.50 $ 63.33 $ 65.00 $ 63.64 $ 60.00 $ 60.00 $ 60.00 $ - $ 63.41 $ 60.00 Cap ($/Bbl) $ 76.05
Slide 26: 2024 Sustainability Report Performance Summary
2024 Sustainability Report Performance Summary Engagement Experience Independence Assurance >50% >90% 82% Achieved limited assurance in Operated Of shareholders invited to meet in Of Board members have prior Of the Board in 2024 were 2024 E&P experience independent Scope 1 and Scope 2 Reporting Meth