Chord Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income was $181.6 million ($3.29 per diluted share) for the quarter, compared to $130.1 million ($2.26 per diluted share) in the third quarter of 2025.
• Adjusted Net Income was $332.9 million ($6.08 per diluted share).
• Net cash provided by operating activities was $781.4 million.
• Adjusted EBITDA was $871.3 million.
• Adjusted Free Cash Flow was $442 million (excluding $4.5 million of reimbursable non-operating CapEx and $6.0 million of reimbursable Marcellus CapEx).
• Total oil, NGL, and natural gas revenues were $1,408.4 million.
• Capital expenditures were $381.8 million, excluding $4.5 million of reimbursable non-op CapEx and $6.0 million of reimbursable Marcellus CapEx.
• Cash taxes paid were $32.0 million.
• Cash interest was $26.0 million.
• Lease operating expenses (LOE) were $10.56 per Boe.
• Gathering, processing, and transportation (GPT) expenses were $3.05 per Boe.
• Production taxes were 8.2% of oil, NGL, and natural gas sales.

Guidance and Future Outlook:

• Full-year 2026 oil volume guidance increased ~1% to a midpoint of 162.5 MBopd.
• Full-year 2026 Adjusted EBITDA is expected to be approximately $3.4 billion.
• Full-year 2026 Adjusted Free Cash Flow is expected to be approximately $1.6 billion.
• Full-year 2026 Capital Expenditures guidance increased to a midpoint of $1.46 billion (range $1.435 billion to $1.485 billion).
• Fourth quarter 2026 oil volume guidance is 161.0 MBopd.
• Fourth quarter 2026 Capital Expenditures guidance is a midpoint of $330 million.
• The company expects to turn in line 149–155 gross operated wells in 2026 with an average working interest of ~75%.
• A second frac crew, dropped in July, is planned for reinstatement in late 2026 or early 2027.
• Derivative assumptions for 4Q26 include $90/Bbl WTI and $3.00/MMBtu Henry Hub.

Business Segments and Product Lines:

• Oil volumes averaged 165.5 MBopd, exceeding the high-end of guidance.
• NGL volumes averaged 55.1 MBblpd, exceeding the high-end of guidance.
• Natural gas volumes averaged 420.6 MMcfpd, exceeding the high-end of guidance.
• Total production averaged 290.8 MBoepd.
• The company successfully executed and turned in line 24 additional 4-mile wells across five pads in the quarter.
• As of September 30, 2026, 47 total 4-mile wells have been turned in line, representing 70% of lateral footage drilled.
• 2026 frac productivity improved by over 20% compared to 2025, achieving a mile per day of completed lateral length.
• Marketing agreements executed year-to-date are expected to deliver $35 million to $55 million in annualized Adjusted Free Cash Flow savings.
• Identified additional small-scale midstream investment opportunities focused on water gathering and disposal, increasing FY26 midstream CapEx expectations to $50 million.

Market and Competitive Landscape:

• Oil differentials were favorable to expectations, with an oil premium to WTI of $0.11 per barrel.
• NGL realization was 14% of WTI.
• Natural gas realization was 36% of Henry Hub.
• The company operates primarily in the Williston Basin with quality and sustainable long-lived assets.

Risks and Challenges:

• Forward-looking statements are subject to risks including the ability to complete the Marcellus divestiture and realize anticipated benefits.
• Risks include changes in crude oil, NGL, and natural gas realized prices.
• Uncertainty regarding foreign oil producer actions, OPEC+ production levels, and geopolitical conflicts (Russia-Ukraine, Red Sea, Middle East) affecting commodity prices.
• Potential impacts from trade policies, tariffs, inflation, and fluctuating interest rates.
• Operational risks include logistical challenges, supply chain disruptions, and uncertainties in estimating proved reserves and forecasting production.
• Risks related to environmental regulations, litigation, and the condition of capital markets.

Management Commentary and Tone:

• Michael Lou, President and CEO, stated operational momentum continues with volumes above the top-end of guidance.
• Management highlighted the execution of third-party marketing agreements and base production optimization driving efficiency.
• Mr. Lou expressed confidence in the organization's ability to drive long-term value and safely produce affordable energy.
• The company is executing on its strategy to enhance economics and benefit from higher prices while improving resiliency.

Other Key Points:

• Declared a base dividend of $1.30 per share, payable December 7, 2026.
• Repurchased 1,510,156 shares in the third quarter for $205.0 million at an average price of $135.74 per share.
• Repurchased an additional $78 million of shares in the fourth quarter (as of October 30, 2026) at an average price of $146.84 per share.
• Announced the divestiture of non-operated Marcellus assets for total gross consideration of $550.0 million, including a $55.0 million deposit received in the third quarter.
• Closing of the Marcellus divestiture is expected in the fourth quarter.
• Run-rate savings are now expected to be $225 million annually, more than double the initial 2025 update.
• Shares outstanding were 53.7 million as of September 30, 2026, down from 55.2 million as of June 30, 2026.
• Liquidity as of September 30, 2026, was $2.77 billion, consisting of $804.7 million in cash and cash equivalents and a $2.0 billion revolving credit facility with no borrowings.
• Total debt was $1.5 billion in senior notes.