Chord Energy Corp (CHRD): Results of Operations and Financial Condition
Chord Energy Corp (CHRD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Chord Energy Reports Second Quarter 2026 Financial and Operating Results, Declares Base Dividend and Updates 2026 Outlook Houston, Texas — August 5, 2026 — Chord Energy Corporation (NASDAQ: CHRD) (“Chord,” “Chord Energy,” or the “Company”) today reported financial an
How this was made
The 30-second read
Why it matters
Traders can reprice CHRD around updated guidance and capital return commitments, especially given disclosed 2Q26 adjusted free cash flow strength and the stated expectation to increase returns to 75% of free cash flow in 3Q26 as leverage falls below half a turn.
Market read
Company-specific earnings and guidance details plus explicit dividend and buyback amounts make this a tradable catalyst rather than a recap.
What to watch
The outlook update references derivative assumptions for 2H26 and includes volume timing effects from TIL/completions acceleration, which can create quarter-to-quarter volatility.
Chord Energy Reports Second Quarter 2026 Financial and Operating Results, Declares Base Dividend and Updates 2026 Outlook
Oil volumes were at the high-end of guidance, capital expenditures were modestly below midpoint guidance, and the Company reported strong operating cash flow, Adjusted EBITDA and Adjusted Free Cash Flow while maintaining its FY26 oil-volume and CapEx midpoints.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Crude oil revenuesGAAP | $ 1,415.0 | – | – |
| NGL revenuesGAAP | 44.6 | – | – |
| Natural gas revenuesGAAP | 34.7 | – | – |
| Total oil, NGL and natural gas revenuesGAAP | $ 1,494.3 | – | – |
| Net incomeGAAP | $525.2MM | – | – |
| Adjusted Net Incomenon-GAAP | $361.7MM | – | – |
| Basic earnings (loss) per shareGAAP | $ 9.30 | – | – |
| Diluted earnings (loss) per shareGAAP | 9.28 | – | – |
| Adjusted diluted earnings per sharenon-GAAP | 6.44 | – | – |
| Net cash provided by operating activitiesGAAP | $ 1,116.2 | – | – |
| Adjusted EBITDAnon-GAAP | $ 923.5 | – | – |
| Adjusted Free Cash Flownon-GAAP | 413.4 | – | – |
| Adjusted Free Cash Flow excluding reimbursable non-op CapExnon-GAAP | $414.1MM | – | – |
| CapExother | $416.7 | – | – |
| LOEother | $ 267.8 | – | – |
| Gathering, processing and transportation expensesother | 62.8 | – | – |
| Production taxesother | 125.9 | – | – |
| Depreciation, depletion and amortizationother | 409.2 | – | – |
| Total select operating expensesother | $ 865.7 | – | – |
| LOE ($/Boe)other | $ 10.28 | – | – |
| GPT ($/Boe)other | 2.41 | – | – |
| Production taxes ($/Boe)other | 4.83 | – | – |
| Depreciation, depletion and amortization ($/Boe)other | 15.70 | – | – |
| Total select operating expenses ($/Boe)other | $ 33.22 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Crude oilCrude oil production was 165.4 MBopd and crude oil realized price without derivatives was $ 93.99 per Bbl. | $ 1,415.0 | – | – |
| NGLNGL production was 53.0 MBblpd and NGL realized price without derivatives was 9.25 per Bbl. | 44.6 | – | – |
| Natural gasNatural gas production was 408.0 MMcfpd and natural gas realized price without derivatives was 0.94 per Mcf. | 34.7 | – | – |
3Q26, 4Q26 and FY26 outlook
- NoteAdjusted EBITDA: approximately $3.0B in 2026.
- NoteAdjusted Free Cash Flow: $1.3B in 2026 including the impact of derivatives ($75/Bbl WTI and $3.00/MMBtu Henry Hub for 2H26).
- NoteOil Volumes (MBopd): 161.5 - 164.5 in 3Q26; 156.0 - 159.0 in 4Q26; 160.2 - 161.8 in FY26.
- NoteNGL Volumes (MBblpd): 50.0 - 52.0 in 3Q26; 49.0 - 51.0 in 4Q26; 50.2 - 51.4 in FY26.
- NoteNatural Gas Volumes (MMcfpd): 397.0 - 405.0 in 3Q26; 410.0 - 418.0 in 4Q26; 406.6 - 410.6 in FY26.
- NoteTotal Volumes (MBoepd): 277.7 - 284.0 in 3Q26; 273.3 - 279.7 in 4Q26; 278.2 - 281.8 in FY26.
- NoteCapEx ($MM): $360 - $390 in 3Q26; $242 - $292 in 4Q26; $1,360 - $1,440 in FY26.
- NoteOil Premium/(Discount) to WTI ($/Bbl): $(0.70) - $0.30 in 3Q26; $(1.50) - $0.50 in 4Q26; $(0.80) - $(0.00) in FY26.
- NoteNGL Realization (% of WTI): 4% - 10% in 3Q26; 4% - 14% in 4Q26; 7% - 11% in FY26.
- NoteNatural Gas Realization (% of Henry Hub): 20% - 30% in 3Q26; 35% - 45% in 4Q26; 38% - 44% in FY26.
- NoteLOE ($/Boe): $10.00 - $11.00 in 3Q26; $10.00 - $11.00 in 4Q26; $10.05 - $10.55 in FY26.
- NoteCash GPT ($/Boe): $2.75 - $3.15 in 3Q26; $2.80 - $3.20 in 4Q26; $2.80 - $3.00 in FY26.
- NoteCash G&A ($MM): $25 - $27 in 3Q26; $25 - $27 in 4Q26; $98 - $103 in FY26.
- NoteProduction Taxes (% of Oil, NGL and Natural Gas Sales): 8.0% - 8.4% in 3Q26; 8.0% - 8.4% in 4Q26; 8.0% - 8.2% in FY26.
- NoteCash Interest ($MM): $25 - $27 in 3Q26; $25 - $27 in 4Q26; $102 - $106 in FY26.
- NoteCash Tax (% of Adjusted EBITDA): 3% - 9% in 3Q26; 4% - 12% in 4Q26; 5% - 8% in FY26.
- NoteChord plans to TIL 140 – 160 gross operated wells with an average working interest of ~75%.
Capital returns
- Returned 54% of Adjusted Free Cash Flow to shareholders through the base dividend of $1.30 per share and $147.4MM of share repurchases.
- Declared a base dividend of $1.30 per share of common stock, payable on September 4, 2026 to shareholders of record as of August 20, 2026.
- Repurchased 1,104,346 shares of common stock at a weighted average price of $133.47 per share totaling $147.4MM in 2Q26.
- Shares issued and outstanding were 55.2MM, with 56.0MM on a fully-diluted basis, as of June 30, 2026, compared to 56.3MM, with 57.1MM on a fully-diluted basis, as of March 31, 2026.
- Chord is expected to increase returns to 75% of free cash flow in the third quarter as leverage fell below half a turn at quarter-end.
What drove it
- Oil volumes of 165.4 MBopd were at the high-end of guidance.
- NGL volumes of 53.0 MBblpd exceeded the 2Q26 guidance range of 50.5 - 51.5.
- Natural gas volumes of 408.0 MMcfpd were at the high-end of guidance.
- Chord had 66 gross (47 net) operated TILs in 2Q26.
- The Company TIL'd four additional 4-mile pads and had executed 26 total 4-mile wells as of early 3Q26.
- Capital costs for the 4-mile program continued to be in line with expectations, supported by multi-well efficiencies.
- The Company reported improving cycle times, equipment re-use, scalable facility design, and reduced facilities-related capital.
- Production optimization initiatives include AI to optimize artificial lift, expanded workovers, chemical treatment programs, logistics optimization and reduced cycle times to return non-producing wells.
Concerns
- FY26 LOE midpoint increased to $10.30/BOE, reflecting additional production enhancement initiatives, higher workover costs and higher non-operated LOE.
- Production-tax guidance was slightly increased to reflect higher oil revenue.
- 4Q26 oil volumes are expected to decline from 3Q26 levels, reflecting fewer TILs and the acceleration of completions activity and volumes into 2Q26.
- 4Q26 CapEx is expected to fall from 3Q26 levels reflecting lower activity.
- Oil, NGL and natural gas realization guidance was adjusted to reflect the current market outlook.
What to watch
- Execution and early performance of the expanding 4-mile lateral program.
- The planned drop of the second frac crew in 3Q26.
- The expected decline in 4Q26 oil volumes from 3Q26 levels.
- The scope and results of the broadened chemical workover program.
- Achievement of the FY26 oil-volume range of 160.2 - 161.8 MBopd and CapEx range of $1,360 - $1,440.
Balance sheet and cash flow
- Net cash provided by operating activities was $1,116.2MM.
- Adjusted EBITDA was $923.5MM.
- Adjusted Free Cash Flow was $414.1MM excluding $0.7MM of reimbursable non-op CapEx.
- Cash Tax was $67.4MM, representing actual cash taxes paid in 2Q26 on a cash basis.
Analysis
Chord reported a strong 2Q26 operational and cash-generation result. Oil volumes of 165.4 MBopd were at the high-end of the 162.5 - 165.5 guidance range, while NGL volumes of 53.0 MBblpd and total volumes of 286.4 MBoepd were above their respective guidance ranges. CapEx of $416.7 was within the $410 - $440 guidance range, and the Company described capital spending excluding reimbursable non-op CapEx as $416MM, modestly below midpoint guidance. Net cash provided by operating activities was $1,116.2MM, Adjusted EBITDA was $923.5MM, and Adjusted Free Cash Flow excluding reimbursable non-op CapEx was $414.1MM.
Commodity revenue was led by crude oil revenues of $ 1,415.0, compared with $ 996.3 in 1Q26 and $ 878.9 in 2Q25. Total oil, NGL and natural gas revenues were $ 1,494.3, compared with $ 1,150.6 in 1Q26 and $ 950.3 in 2Q25. Crude oil realized price without derivatives was $ 93.99 per Bbl, while crude oil realized derivatives loss was $(106.2)MM. Natural gas revenue declined from 1Q26 alongside a natural gas realized price without derivatives of 0.94 per Mcf, compared with 3.14 in 1Q26.
Cost metrics warrant attention. LOE was $ 267.8, or $ 10.28 per Boe, compared with $ 9.87 per Boe in 1Q26. Production taxes were 125.9, or 4.83 per Boe, compared with 86.7, or 3.50 per Boe, in 1Q26. The FY26 LOE range was updated to $10.05 - $10.55 per Boe, and management attributed the increased midpoint to production enhancement initiatives, higher workover costs and higher non-operated LOE. FY26 production-tax guidance was also slightly increased because oil production tax is a higher percentage than gas and NGLs.
Capital allocation remained shareholder-focused. The Company returned 54% of Adjusted Free Cash Flow through the $1.30 per-share base dividend and $147.4MM of repurchases. It repurchased 1,104,346 shares at a weighted average price of $133.47 per share, and shares issued and outstanding were 55.2MM as of June 30, 2026, compared with 56.3MM as of March 31, 2026. Management said returns are expected to increase to 75% of free cash flow in the third quarter as leverage fell below half a turn at quarter-end.
The updated outlook retains the FY26 oil-volume range of 160.2 - 161.8 MBopd and FY26 CapEx range of $1,360 - $1,440. The 3Q26 plan calls for oil volumes of 161.5 - 164.5 MBopd and CapEx of $360 - $390, reflecting lower activity and plans to drop the second frac crew. Management expects 4Q26 oil volumes to decline from 3Q26 and 4Q26 CapEx to fall from 3Q26. The operating program is expanding around four-mile laterals, with 26 total four-mile wells executed as of early 3Q26, alongside production optimization and chemical workover initiatives.
Management, verbatim
Adjusted free cash flow came in above expectations driven by oil production at the high end of guidance and capital spending below midpoint guidance.
Danny Brown, President and Chief Executive Officer
Shareholder returns continue to be robust with Chord returning 54% of free cash flow in the second quarter, and Chord is expected to increase returns to 75% of free cash flow in the third quarter as leverage fell below half a turn at quarter-end.
Danny Brown, President and Chief Executive Officer
Disciplined capital allocation, operational efficiency, and a peer-leading balance sheet position Chord to navigate the volatile macro environment and generate strong, sustainable free cash flow.
Danny Brown, President and Chief Executive Officer
Not in the filing
stated, not guessed- Period-end date for the 2Q26 financial reporting period
- GAAP gross profit and gross margin
- GAAP operating income or loss
- GAAP net income attributable to common stockholders
- Prior-quarter and prior-year net income
- Cash balance
- Debt balance
- Net debt
- Free cash flow on a GAAP basis
- Income tax expense and effective income tax rate
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance other than the specifically reported cost line items
- Previous-release outlook section for formal comparison of reported results with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Chord Energy’s SEC 8-K filing for 2Q26 results, including a base dividend declaration, share repurchases, and an updated 2026 outlook.
Ticker impact
Chord reported 2Q26 results with oil volumes at the high end of guidance, CapEx below midpoint, and declared a $1.30 base dividend plus $147.4MM buybacks.
Likely near-term positive bias as the dividend, buyback pace, and updated 3Q26 guidance reinforce free-cash-flow durability.
The filing discloses multiple decision-relevant datapoints: dividend amount and pay/record dates, buyback dollars, 2Q26 operating cash flow and adjusted free cash flow, and updated 2026 guidance including 3Q26 oil volume and CapEx midpoints.
Market effects
Reinforces investor focus on capital discipline and shareholder returns among US E&Ps, potentially supporting sentiment toward similar Williston Basin operators.
May modestly influence sentiment for North Dakota oil service and midstream names via read-through on drilling and completion activity levels.
Limited direct global impact; primarily company-specific free-cash-flow and capital allocation signal.
Counterpoint
Strong 2Q26 cash flow could be partly commodity-price and realization driven, so the sustainability of returns depends on maintaining favorable differentials and volumes.
Key entities
- issuerChord Energy Corporation
NASDAQ-listed E&P company reporting 2Q26 financial and operating results and updating 2026 guidance.
- executiveDanny Brown
President and CEO quoted on free-cash-flow performance, capital returns, and operational progress.
