Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q4 2025 Earnings Presentation
26 slides from Chord Energy's earnings presentation, Feb 26, 2026
Slide 1: Premier Williston Basin Operator Enhancing Free Cash Flow Generation
February 25, 2026 Premier Williston Basin Operator Enhancing Free Cash Flow Generation
Slide 2: Important Disclosures
Important Disclosures Forward-Looking and Cautionary Statements Certain statements in this press release, 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 r
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 • ~277 MBoepd (~57% oil)1 Production 6:1 • 10+ yrs of low-breakeven inventory2 57% 25% Enhancing FCF
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 • Innovation drives improvement • $6.7B returned since 2021 • Disciplined appr
Slide 5: Premier Williston Basin Operator, Driving Efficiencies
Premier Williston Basin Operator, Driving Efficiencies Highlights Williston Basin Oil Production1 • Williston Basin largest acreage holder & producer 217 • Scale drives operational efficiency 183 167 • High oil cut provides upside to oil upcycle 132 118 91 • Deep subsurface expertise 52 33 32 25 • S
Slide 6: Significant Shareholder Returns
Significant Shareholder Returns 2025 Shareholder Returns Track Record of Share Buybacks2 Cumulative Capital Returned ($B)3 • > $700MM returned in 2025 • Aggressive share count reduction • ~55% buybacks / ~45% base div. • Buybacks preferred in current environment 65 $6.7 Billion $6.7 Dividends Paid R
Slide 7: Delivering Per Share Growth
Delivering Per Share Growth Oil Production Per Share1 >10% CAGR vs ‘21 1.00 Strong Capital Allocation • Maximizing efficient FCF generation 0.65 • Counter-cyclical share repurchases • Disciplined M&A Operational Excellence 2021 2022 2023 2024 2025 • Reducing controllable costs • Improving efficienci
Slide 8: 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 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 Advantages1 Industry Leader in Long-Lateral Development2 • Supportive regulatory process • Long-lateral advantage supported by unique Bakken acreage position • Favorable land layout – clearly established DSUs • Average lateral len
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% of 2025 TIL activity of 2026 TIL activity Highlights • Organically improves inventory quality • Lowers
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 • Reconfiguring DSU spacing to 3 & 4-mile development $710
Slide 14: Disciplined M&A Track Record
Disciplined M&A Track Record Highlights Enhanced Scale, Strong Balance Sheet1 • 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 cos
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: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Low Leverage Strong Credit Profile Robust Liquidity • ~0.6x leverage at 4Q251 • 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 support
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 352% 5.8x 265% 4.6x
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: Marketing Overview
Marketing Overview Delivering $30-$50MM FCF savings 2026+ Marketing Highlights Marketing Optimization • Marketing team maximizes netbacks and flow assurance • $30-$50MM annual FCF savings 2026+ • Optimize diffs with pricing diversification and flexibility • Numerous agreements executed in 2025 • Amp
Slide 21: High Quality Non-Operated Marcellus Position
High Quality Non-Operated Marcellus Position Highlights Marcellus Acreage – NE Pennsylvania • Dry gas window in core of the Marcellus • Strong operator with top-tier well productivity • Large PDP base with low declines • Deep inventory with attractive economics Marcellus Production / Realized Prices
Slide 22: Return of Capital
Return of Capital Aim for peer-leading return of capital 4Q25 Return of Capital ($MM, except per share) 1 — Below 0.5x leverage: 75%+ of Adjusted FCF — Below 1.0x leverage: 50%+ of Adjusted FCF $175 Adjusted Free Cash Flow2 — >1.0x leverage: Base dividend+ ($5.20/share annual) x 48% Target 50%+ at C
Slide 23: 2026 Outlook
2026 Outlook 2026 Development Activity Guidance Highlights • Oil volumes 157 – 161 MBopd • 1Q26 154.0 at midpoint, building sequentially into 2Q - 3Q26, lower in 4Q26 Wild • CapEx $1.4B at midpoint Red Woods • ~80% in 1Q26 – 3Q26 Bank Painted Wheelock • Includes ~$30MM midstream CapEx Montana Woods
Slide 24: Strong Free Cash Flow Generation, Oil Price Upside
Strong Free Cash Flow Generation, Oil Price Upside Sources & Uses1 2026 Free Cash Flow Yield2 $2,000 30% 25% Significant Cash Generation FCF Yield ~$2.3B EBITDA 25% $1,500 20% 16% FCF ($MM) FCF Yield FCF Yield $1,000 15% ~$1.4B CapEx ~$700MM FCF Investment in Business Return of Capital / ~90% Op/Non
Slide 25: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Key Operating Statistics Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY25 Oil revenues $956 $879 $911 $801 $3,547 Oil production (MBopd) 153.7 156.7 155.7 153.0 154.8 NGL revenues 61 29 25 24 139 NGL produ
Slide 26: Hedge Book Overview
Hedge Book Overview1 FY 2026 FY 2027 FY 2028 1Q26 2Q26 3Q26 4Q26 FY26 1Q27 2Q27 3Q27 4Q27 FY27 1Q28 2Q28 3Q28 4Q28 FY28 WTI Collars Volume (Bbl/d) 4,000 11,000 10,000 9,750 8,707 5,000 2,000 2,000 - 2,236 - - - - - Floor ($/Bbl) $62.50 $60.91 $61.00 $61.03 $61.15 $60.00 $60.00 $60.00 $0.00 $60.00 $0