Chord Energy Reports Third Quarter 2026 Financial and Operating Results, Declares Base Dividend, and Updates 2026 Outlook

HOUSTON, Nov. 4, 2026 /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord," "Chord Energy," or the "Company") today reported financial and operating results for the third quarter 2026.

Key Takeaways and Updates:

• Operational Strength: Cash Flow from Operations and Adjusted Free Cash Flow⁽¹⁾ exceeded expectations in 3Q26, supported by production volumes above the high-end of guidance and strong price realizations;
• Raising Volumes & Adjusted Free Cash Flow Estimates: Strong operational performance led Chord to increase FY26 oil volumes ~1% to 162.5 MBopd and FY26 Adjusted Free Cash Flow expectations increased by ~$200MM since the August outlook;
• Shareholder Returns: Returned capital through the $1.30/share base dividend and $205MM of share repurchases at an average price of $135.74/share during 3Q26 with another $78MM repurchased in 4Q26 as of October 30, 2026 at an average price of $146.84/share;
• Marketing Optimization: Executed numerous third-party marketing agreements YTD, which are expected to deliver $35MM-$55MM annualized Adjusted Free Cash Flow savings over time, and also identified additional small-scale midstream investment opportunities. See "Marketing Update" below for additional information;
• Executing 4-Mile Laterals: Successfully executed and turned in line ("TIL") 24 additional 4-mile wells across five pads;
• Enhancing Base Production: Continuing to benefit from strength in base production performance which is driving volumes above the initial 2026 plan;
• Driving Run-Rate Savings: Expected annual run-rate savings now $225MM, more than double the amount expected in the initial 2025 update, with the recent increase driven by base production optimization and further marketing improvements; and
• Marcellus Divestiture: Announced divestiture of non-operated Marcellus assets for total gross consideration of $550.0 million, including $55.0 million deposit received during 3Q26. Closing is expected in 4Q26.

3Q26 Operational and Financial Highlights:

• Strong Volumes: Oil volumes of 165.5 MBopd were above the top-end of guidance. Natural gas and NGL volumes were also above the top-end of guidance;
• Capital Discipline: CapEx of $371MM, after excluding $4.5MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations, was slightly below midpoint of guidance;
• Realizations: Oil differentials were favorable to expectations as were natural gas and NGL realizations;
• Profitability: Net income was $181.6MM ($3.29/diluted share) and Adjusted Net Income⁽¹⁾ was $332.9MM ($6.08/diluted share); and
• Cash Generation: Net cash provided by operating activities was $781.4MM, Adjusted EBITDA⁽¹⁾ was $871.3MM and Adjusted Free Cash Flow⁽¹⁾ was $442MM (excluding $4.5MM of reimbursable non-op CapEx and $6.0MM of reimbursable Marcellus CapEx that exceeded expectations).

(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP").

"Chord's operational momentum continues and the team delivered solid results in the third quarter," said Michael Lou, Chord Energy's President and Chief Executive Officer. "Third quarter volumes were above the top-end of guidance and Chord raised FY26 oil volume guidance for the second time this year. We continue to execute on our strategy and make further progress on key projects, including our 4-mile program and base production enhancement. Chord also executed several third-party marketing agreements that, alongside other initiatives implemented over the past two years, increased annual run-rate savings to $225 million. Chord continues to drive efficiency through every aspect of the business, which puts the Company in a strong position to enhance economics and benefit from higher prices while improving our resiliency to create value through the commodity cycle."

Mr. Lou continued, "As I step into the CEO role, I'm honored to lead Chord through our next chapter. We have built a top-tier organization with talented leaders and employees who are passionate about executing on our strategy and driving long-term value for our shareholders. I'm proud of the tremendous progress Chord has made over the past several years and look forward to driving further improvements. I am eager to work with the Chord team as well as our communities and other stakeholders to build upon our strong operational and financial performance, while safely producing the affordable and reliable energy the world needs."

3Q26 Operational and Financial Update:

The following table presents select 3Q26 operational and financial data compared to guidance released on August 5, 2026 and the Preliminary 3Q26 results released on October 19, 2026:

Chord had 29 gross (22 net) operated TILs in 3Q26.

Return of Capital:

Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on December 7, 2026 to shareholders of record as of November 19, 2026.

The Company repurchased 1,510,156 shares of common stock at a weighted average price of $135.74/share totaling $205.0MM in 3Q26. Shares outstanding were 53.7MM (54.4MM on a fully-diluted basis) as of September 30, 2026, compared to 55.2MM (56.0MM on a fully-diluted basis) as of June 30, 2026. Additionally, Chord repurchased another $78MM of shares in 4Q26 as of October 30, 2026 at an average price of $146.84/share. Details regarding the Return of Capital calculation can be found in the Company's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations.

Marketing Update:

Chord has executed numerous third-party marketing agreements year-to-date, which are expected to deliver $35MM-$55MM of annualized Adjusted Free Cash Flow savings. These agreements encompass crude oil, natural gas and water marketing and midstream services across the Company's Williston Basin acreage position, reflecting Chord's ongoing commitment to continuous improvement, cost efficiency and value creation.

Additionally, Chord has identified additional small-scale midstream investment opportunities with competitive economics. These projects are largely focused on water gathering and disposal and are expected to lead to total FY26 midstream CapEx of $50MM vs. $30MM in February guidance.

Operations Update:

• 4-Mile Laterals: As of 3Q26, the Company has turned in line 47 total 4-mile wells. Execution and production results continue to be in line with expectations, supported by multi-well efficiencies. Chord has scaled its 4-mile program throughout 2026, with 70% of its lateral footage drilled as 4-mile wells, as of September 30, 2026.
• Execution: Chord continues to demonstrate strong operational execution and improved cycle times across its Williston Basin program. The Company continues to drive 4-mile efficiencies, with 70% of its laterals being drilled in a single run. As compared to 2025, Chord's 2026 frac productivity has improved by over 20%, achieving a mile per day of completed lateral length in 3Q26. Cleanouts continue to reach total depth, ensuring contribution from the toe.
• Production/LOE: Continued execution improvements on base production helped drive production above the high-end of guidance. This has been driven by a broad set of initiatives across logistics, mechanical optimization, returning shut-in wells to production, and various chemical treatments. The team continues to generate new ideas, aided by AI screening tools, and Chord is testing multiple new approaches within its chemical workover program.

2026 Outlook Update:

Chord is updating its 2026 guidance to reflect 3Q26 performance and its latest forecasts, which assumes the Marcellus divestiture closes mid-4Q26. In 2026, Chord expects to generate approximately $3.4B of Adjusted EBITDA and $1.6B of Adjusted Free Cash Flow, including the impact of derivatives ($90/Bbl WTI and $3.00/MMBtu Henry Hub for 4Q26).

Key Update Summary:

• Volumes: FY26 oil volume midpoint guidance increased ~1% from 161.0 MBopd to 162.5 MBopd; 
  • 4Q26 oil volume midpoint guidance of 161.0 MBopd reflects continued strong operational performance from production optimization and the development program;
• Capital: FY26 CapEx midpoint guidance increasing from $1.4B to $1.46B;
  • FY26 CapEx range includes ~$20MM in incremental midstream spending vs. August guidance;
  • 4Q26 CapEx midpoint guidance of $330MM reflects higher midstream spending and higher operated and non-operated activity;
  • FY26 CapEx excludes ~$10MM of 2H26 Marcellus CapEx that exceeded expectations vs. original guidance, which will be fully reimbursed at closing;
• Realizations: Adjusting realization guidance to reflect the current market outlook and for the Marcellus divestiture;
• LOE: Adjusting for impacts of the Marcellus divestiture;
• Cash GPT: Lowering Cash GPT guidance reflecting the impact of marketing optimization discussed above and the Marcellus divestiture;
• Cash Taxes: Adjusting FY26 for YTD performance. Cash Tax (% of Adjusted EBITDA) FY26 midpoint guidance remains essentially unchanged vs. August guidance; and
• Activity: Chord plans to TIL 149–155 gross operated wells in FY26 with an average working interest of ~75%. 4Q26 volumes and 4Q26 CapEx reflect a sequential decline in activity as a result of dropping the second frac crew in July, with plans to reinstate the second crew in late 2026 or early 2027.

The following table presents select operational and financial guidance for the periods presented. Guidance includes Marcellus through anticipated mid 4Q26 close.

Select Operational and Financial Data: 

The following table presents select operational and financial data for the periods presented:

Capital Expenditures:

The following table presents the Company's CapEx by category for the periods presented (in millions):

Acquisitions:

Acquisition and leasehold costs were $3.5MM in 3Q26.

Balance Sheet and Liquidity:

The following table presents key balance sheet data and liquidity metrics as of September 30, 2026 (in millions):

Contact:

Chord Energy Corporation
Bob Bakanauskas, VP, Finance
(281) 404-9600
ir@chordenergy.com

Conference Call Information

Investors, analysts and other interested parties are invited to listen to the webcast:

You may use the following dial-in information to join the conference call by phone with operator assistance:

A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, November 12, 2026 by dialing:

The call will also be available for replay for approximately 30 days at https://www.chordenergy.com

Forward-Looking Statements 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 regarding future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, production levels, anticipated financial and operating results, other guidance, and the effects and anticipated benefits of the Marcellus divestiture. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, the ability to complete or realize the anticipated benefits from the Marcellus divestiture, changes in crude oil, NGL and natural gas realized prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs, and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with production levels, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine, military conflicts in the Red Sea Region, Iran, and the wider Middle East and their effect on commodity prices, changes or uncertainty in general economic and geopolitical conditions, inflation rates and the impact of associated monetary policy responses, including fluctuating interest rates, logistical challenges and supply chain disruptions, including as a result of conflicts, our business strategy, including the continued implementation of our 4-mile well program, the geographic concentration of our operations, uncertainties in estimating proved reserves and forecasting production results, drilling and completion of wells, operational factors affecting the commencement or maintenance of producing wells, the availability of infrastructure and midstream service providers, our ability to realize the anticipated benefits from acquisitions, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Chord's business and other important factors that could cause actual results to differ materially from those projected as described in Chord's reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made and Chord undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Additional information concerning other risk factors is also contained in Chord's most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.

Non-GAAP Financial Measures

The following are non-GAAP financial measures included in this press release and are not prepared in accordance with GAAP and are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes that the foregoing are useful supplemental measures that provide an indication of the results generated by the Company's principal business activities. However, these measures are not recognized by GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures provided by other issuers. From time to time, the Company provides forward-looking forecasts of these measures; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measures without unreasonable efforts. The reconciling items in future periods could be significant. To see how the Company reconciles its historical presentations of these non-GAAP financial measures to the most directly comparable GAAP measures, please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap.

Cash GPT

The Company defines Cash GPT as total GPT expenses less non-cash valuation charges on pipeline imbalances. Cash GPT is not a measure of GPT expenses as determined by GAAP. Management believes that the presentation of Cash GPT provides useful additional information to investors and analysts to assess the cash costs incurred to market and transport the Company's commodities from the wellhead to delivery points for sale without regard to the change in value of its pipeline imbalances, which vary monthly based on commodity prices.

The following table presents a reconciliation of the GAAP financial measure of GPT expenses to the non-GAAP financial measure of Cash GPT for the periods presented:

Cash G&A

The Company defines Cash G&A as total G&A expenses less G&A expenses directly attributable to certain merger and acquisition costs, non-cash equity-based compensation expenses and other non-cash charges. Cash G&A is not a measure of G&A expenses as determined by GAAP. Management believes that the presentation of Cash G&A provides useful additional information to investors and analysts to assess the Company's operating costs in comparison to peers without regard to the aforementioned charges, which can vary substantially from company to company.

The following table presents a reconciliation of the GAAP financial measure of G&A expenses to the non-GAAP financial measure of Cash G&A for the periods presented:

Cash Interest

The Company defines Cash Interest as total interest expense plus capitalized interest less amortization of deferred financing costs. Cash Interest is not a measure of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on the Company's debt to finance its operating activities and the Company's ability to maintain compliance with its debt covenants.

The following table presents a reconciliation of the GAAP financial measure of interest expense to the non-GAAP financial measure of Cash Interest for the periods presented:

Adjusted EBITDA and Adjusted Free Cash Flow

The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization ("DD&A"), merger and acquisition costs, exploration expenses, impairment expenses, loss on debt extinguishment and other similar non-cash or non-recurring charges. The Company defines Adjusted Free Cash Flow as Adjusted EBITDA less Cash Interest, CapEx (excluding capitalized interest and acquisition capital) and cash taxes paid.

Adjusted EBITDA and Adjusted Free Cash Flow are not measures of net income or cash flows from operating activities as determined by GAAP. Management believes that the presentation of Adjusted EBITDA and Adjusted Free Cash Flow provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, its ability to generate cash from its business operations without regard to its financing methods or capital structure and the Company's ability to maintain compliance with its debt covenants.

The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow for the periods presented:

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Adjusted Net Income and Adjusted Diluted Earnings Per Share are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items, including non-cash changes in the fair value of derivative instruments, non-cash changes in the fair value of the Company's investment in equity securities, impairment, loss on debt extinguishment and other similar non-cash charges (2) merger and acquisition costs and (3) the impact of taxes based on an estimated tax rate applicable to those adjusting items in the same period. Adjusted Net Income is not a measure of net income as determined by GAAP.

The Company calculates earnings per share under the two-class method in accordance with GAAP. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Adjusted Diluted Earnings Per Share is calculated as (i) Adjusted Net Income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented.

The following table presents reconciliations of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income and the GAAP financial measure of diluted earnings per share to the non-GAAP financial measure of Adjusted Diluted Earnings Per Share for the periods presented:

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SOURCE Chord Energy