Chord Energy Q1 Beat on Higher Oil Output, Lower Costs, RBC Says

MT Newswires Live05-18 23:12

Chord Energy (CHRD) reported stronger-than-expected Q1 results thanks to higher oil production and lower cash costs, RBC Capital said in a Friday note.

"CHRD is pulling forward activity through efficiencies and also reducing downtime that delivers strong oil volumes without impacting capital spending," the report said.

The report said strong execution through adverse weather

and midstream constraints in Q1 did not slow the firm from delivering production that exceeded the high end of guidance.

The note also pointed to higher oil production with unchanged capital budget for 2026.

"CHRD's balance sheet remains best-in-class to SMid peers and

the FCF should continue to drive down the leverage ratio," the note said. RBC kept its outperform rating and $180 price target.

Price: 149.14, Change: +0.75, Percent Change: +0.51

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