Press Release: Chord Energy Reports Second Quarter 2026 Financial and Operating Results, Declares Base Dividend and Updates 2026 Outlook

HOUSTON, Aug. 5, 2026 /PRNewswire/ -- Chord Energy Corporation $(CHRD)$ ("Chord," "Chord Energy," or the "Company") today reported financial and operating results for the second quarter 2026.

Key Takeaways and Updates:

   -- Operational Strength: Cash Flow from Operations and Adjusted Free Cash 
      Flow exceeded expectations in 2Q26, supported by oil volumes at the 
      high-end of guidance, and capital expenditures ("CapEx") modestly below 
      midpoint guidance; 
 
   -- Shareholder Returns: Returned 54% of Adjusted Free Cash Flow(1) to 
      shareholders through the base dividend of $1.30 per share and $147.4MM of 
      share repurchases; 
 
   -- Executing 4-Mile Laterals: Successfully executed and turned in line 
      ("TIL") four additional 4-mile pads; and 
 
   -- Enhancing Base Production: Continuing to benefit from strength in base 
      production performance which is driving volumes above the initial 2026 
      plan. Broadening scope of chemical workover program to test multiple new 
      opportunities. 

2Q26 Operational and Financial Highlights:

   -- Strong Volumes: Oil volumes of 165.4 MBopd were at the high-end of 
      guidance; 
 
   -- Capital Discipline: CapEx of $416MM (excluding $0.7MM of reimbursable 
      non-op CapEx) was modestly below midpoint guidance; 
 
   -- Realizations: Oil, natural gas and NGL realizations were favorable vs. 
      midpoint guidance; 
 
   -- Profitability: Net income was $525.2MM and Adjusted Net Income(1) was 
      $361.7MM ($6.44/diluted share); and 
 
   -- Cash Generation: Net cash provided by operating activities was $1,116.2MM, 
      Adjusted EBITDA(1) was $923.5MM and Adjusted Free Cash Flow(1) was 
      $414.1MM (excluding $0.7MM of reimbursable non-op CapEx). 

(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 delivered another quarter of strong operational and financial performance, reflecting the continued execution of our strategy," said Danny Brown, Chord Energy's President and Chief Executive Officer. "Adjusted free cash flow came in above expectations driven by oil production at the high end of guidance and capital spending below midpoint guidance. 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. Operationally, the Chord team continues to demonstrate progress on the four-mile lateral program as well as our base production enhancement initiatives. 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. I want to thank the entire Chord team for their continued commitment to safe, efficient operations and for their focus on creating long-term value for our shareholders."

2Q26 Operational and Financial Update:

The following table presents select 2Q26 operational and financial data compared to guidance released on May 5, 2026:

 
                   Metric                      2Q26 Actual  2Q26 Guidance 
--------------------------------------------   -----------  -------------- 
Oil Volumes (MBopd)                               165.4     162.5 - 165.5 
NGL Volumes (MBblpd)                              53.0       50.5 - 51.5 
Natural Gas Volumes (MMcfpd)                      408.0     400.0 - 408.0 
Total Volumes (MBoepd)                            286.4     279.7 - 285.0 
CapEx ($MM)(1)                                   $416.7      $410 - $440 
Oil Premium to WTI ($/Bbl)                        $1.27     $0.50 - $1.50 
NGL Realization (% of WTI)                        10 %         4% - 10% 
Natural Gas Realization (% of Henry Hub)          32 %        25% - 35% 
LOE ($/Boe)                                      $10.28     $9.70 - $10.70 
Cash GPT ($/Boe)(2)                               $2.83     $2.70 - $3.20 
Cash G&A ($MM)(2)                                 $21.1       $24 - $26 
Production Taxes (% of Oil, NGL and Natural 
Gas Sales)                                        8.4 %      7.9% - 8.3% 
Cash Interest ($MM)(2)                            $26.0       $25 - $27 
Cash Tax ($MM)(3)                                 $67.4           - 
Cash Tax (% of Adjusted EBITDA)                   7.3 %        2% - 8% 
 
 
___________________ 
(1)  2Q26 includes $0.7MM of reimbursable non-op CapEx. 
(2)  Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a 
     reconciliation to the most directly comparable financial measures under 
     GAAP. 
(3)  Represents actual cash taxes paid in 2Q26 presented on a cash basis and 
     does not include changes in accrued tax amounts included in working 
     capital and deferred taxes within our condensed consolidated financial 
     statements. 
 

Chord had 66 gross (47 net) operated TILs in 2Q26.

Return of Capital:

Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on September 4, 2026 to shareholders of record as of August 20, 2026.

The Company 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 (56.0MM on a fully-diluted basis) as of June 30, 2026, compared to 56.3MM (57.1MM on a fully-diluted basis) as of March 31, 2026. 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.

Operations Update:

   -- 4-Mile Laterals:  Since Chord's last update, the Company TIL'd four 
      additional 4-mile pads. As of early 3Q26, the Company has executed 26 
      total 4-mile wells. Capital costs continue to be in line with 
      expectations, supported by multi-well efficiencies. Drilling and 
      completion execution and early performance of the 4-mile program is in 
      line with expectations. Chord is scaling its 4-mile program and 
      management expects 4-mile laterals to become a larger part of our 
      program. 
 
   -- Execution: Chord continues to demonstrate strong operational execution 
      and improving cycle times across its Williston Basin program. The Company 
      drilled the deepest measured depth well in the Basin at 33,810ft. The 
      team executed the Basin's first trimulfrac completion, furthering cost 
      efficiencies on 4-mile developments. Chord expects to continue 
      implementing this technology in certain areas. Cleanouts continue to 
      reach total depth, ensuring contribution from the toe. Additionally, the 
      Company continues to benefit from reduced facilities-related capital 
      through equipment re-use and scalable facility design. 
 
   -- Production/LOE: Chord continues to deliver on base production, focusing 
      on initiatives with favorable risk/reward and attractive return 
      potential. Key areas of focus include the continued application of AI to 
      optimize artificial lift, expanding workover activity, various chemical 
      treatment programs, logistics optimization, reducing cycle times to 
      return non-producing wells, as well as other initiatives. Chord is 
      broadening the scope of its chemical workover program to test multiple 
      new opportunities. 

2026 Outlook Update:

Chord is updating its 2026 guidance to reflect 1H26 performance and its latest forecasts. In 2026, Chord expects to generate approximately $3.0B of Adjusted EBITDA and $1.3B of Adjusted Free Cash Flow including the impact of derivatives ($75/Bbl WTI and $3.00/MMBtu Henry Hub for 2H26).

Key Update Summary:

   -- Volumes: FY26 oil volume midpoint guidance unchanged at 161 MBopd; 
 
          -- 3Q26 oil volume midpoint guidance of 163.0 MBopd reflects 
             continued positive impacts from production optimization 
             initiatives and an acceleration of TILs into 2Q26; 
 
          -- 4Q26 oil volumes expected to decline from 3Q26 levels reflecting 
             fewer TILs and the acceleration of completions activity and 
             volumes into 2Q26; 
 
   -- Capital: FY26 CapEx midpoint guidance remains unchanged at $1.4B; 
 
                 -- 3Q26 CapEx midpoint guidance of $375MM reflects a decline 
                    in activity from 2Q26 and plans to drop the second frac 
                    crew in 3Q26; 
 
   -- 4Q26 CapEx is expected to fall from 3Q26 levels reflecting lower 
      activity; 
 
   -- Realizations: Adjusting realization guidance to reflect the current 
      market outlook; 
 
   -- LOE: FY26 LOE midpoint increased to $10.30/BOE, reflecting additional 
      production enhancement initiatives discussed above, higher workover costs 
      and higher non-operated LOE; 
 
   -- Production Taxes: Slightly increasing guidance reflecting higher oil 
      revenue (oil production tax is a higher percentage than gas and NGLs); 
 
   -- Cash Taxes: FY26 midpoint guidance remains unchanged assuming 
      $70-$100/bbl WTI in 2H26; and 
 
   -- Activity: Chord plans to TIL 140 -- 160 gross operated wells with an 
      average working interest of 75%.