HOUSTON, Aug. 7, 2024
/PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord",
"Chord Energy" or the "Company") today reported financial and
operating results for the second quarter 2024. The results for the
three and six months ended June 30,
2024 include the results of Enerplus Corporation
("Enerplus") for the period subsequent to May 31, 2024, unless otherwise noted.
2Q24 Operational and Financial Highlights:
- Oil volumes of 118.1 MBopd were at the high-end of guidance
reflecting strong well performance and lower downtime;
- Total volumes of 207.2 MBoepd were above the high-end of
guidance;
- E&P and other CapEx was $314.3MM ($298.2MM,
excluding $16.1MM of capital incurred
related to divested non-operated assets that will be reimbursed and
was not in guidance), below the low-end of guidance reflecting
program timing;
- Lease Operating Expense ("LOE") was $9.37 per Boe. LOE performance was favorable to
expectations and benefited from lower maintenance associated with
improved downtime;
- Net cash provided by operating activities was $460.9MM and net income was $213.4MM;
- Adjusted EBITDA(1) was $567.9MM and Adjusted Free Cash
Flow(1) was $216.1MM;
- Enerplus combination closed May 31,
2024, creating a premier Williston Basin operator; and
- ESG and sustainability initiatives progressing with a focus on
continually improving safety and emissions.
2Q24 Shareholder Return Highlights:
- Return of capital set at $197MM(2), or 75% of
Adjusted Free Cash Flow on a pro forma basis of $262.8MM(1,2);
- Share repurchases totaled $61.7MM
(weighted average price of $169.01
per share), of which $21.1MM was
repurchased with cash proceeds from warrants exercised during 1H24;
and
- Declared a base-plus-variable cash dividend of $2.52 per share of common stock. See "Return of
Capital" below for additional information.
(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").
|
(2) Reflects Chord
and Enerplus on a pro-forma basis for the three months ended June
30, 2024. Also excludes $16.1MM of CapEx incurred related to
divested non-operated assets that will be
reimbursed.
|
"Chord's strong second quarter performance benefited from both
solid well performance and lower levels of downtime," said
Danny Brown, Chord Energy's
President and Chief Executive Officer. "Production levels and cost
control drove free cash flow above expectations. In addition, the
combination with Enerplus closed during the quarter, creating a
premier Williston Basin operator with enhanced scale, significant
low-cost inventory, financial strength, and peer-leading
shareholder returns. I'm grateful for the dedication and hard work
of both the Chord and Enerplus teams, as we have made substantial
progress on the integration and continue to see over $200MM of
annual synergies, which is well above original expectations."
Mr. Brown continued, "Chord's outlook is compelling as the
combination with Enerplus significantly accelerates our rate of
change as it relates to improving economic returns and value
creation. Chord has been a leader in wider spacing and extending
lateral length, which has improved both the predictability and
economic returns of its inventory. By maintaining capital
discipline and an attractive reinvestment rate, the Company has
improved the capital efficiency of its program, reduced its
corporate decline rate, and been a leader in returning cash to
shareholders while operating in a safe and sustainable manner."
2Q24 Operational and Financial Update:
The following table presents select 2Q24 operational and
financial data compared to guidance released on May 31, 2024:
Metric
|
|
Actual
|
|
Guidance(1)
|
Oil Volumes
(MBopd)
|
|
118.1
|
|
115.6 –
118.6
|
NGL Volumes
(MBblpd)
|
|
40.5
|
|
37.9 – 38.9
|
Natural Gas Volumes
(MMcfpd)
|
|
291.5
|
|
280.6 –
286.6
|
Total Volumes
(MBoepd)
|
|
207.2
|
|
199.5 –
206.1
|
E&P & Other
CapEx ($MM)(1)
|
|
$314.3
|
|
$335 – $355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
2Q24 actual includes
$16.1MM of capital incurred related to divested non-operated assets
that will be reimbursed.
|
On a pro forma basis Chord had 58 gross (42.9 net) operated
turn-in-line ("TIL") wells in 2Q24.
During the three months ended June 30,
2024, net cash provided by operating activities was
$460.9MM and net income was
$213.4MM ($4.25/diluted share). Adjusted EBITDA was
$567.9MM, Adjusted Free Cash Flow was
$216.1MM and Adjusted Net Income was
$234.9MM ($4.69/diluted share). Adjusted EBITDA, Adjusted
Free Cash Flow and Adjusted Net Income are non-GAAP financial
measures. See "Non-GAAP Financial Measures" below for a
reconciliation to the most directly comparable financial measures
under GAAP.
Enerplus Integration Update:
On May 31, 2024, Chord and Enerplus completed their
previously announced combination, establishing Chord as a premier
operator in the Williston Basin with enhanced size and scale. Chord
has a proven track record of successfully integrating assets in the
Williston Basin and anticipates implementation of best practices
and operating efficiencies from the combination with Enerplus to
further enhance Chord's positive rate of change. Chord continues to
make substantial progress integrating the Enerplus assets and
remains on pace to achieve its target of over $200MM in annual
synergies, which was increased in May from the original target of
up to $150MM.
Updated Outlook:
Chord is updating its FY24 guidance to reflect the completion of
the combination with Enerplus and remains on target with its 2024
plan. Chord expects to generate approximately $2.9B of Adjusted EBITDA and $1.2B of Adjusted Free Cash Flow on a pro forma
basis in FY24, with a reinvestment rate of approximately 55%
(actual prices for 1H24 and $80/Bbl
WTI and $2.50/MMBtu Henry Hub for
2H24).
Certain reclassifications have been made to the historical
presentation of Enerplus' financial statements to conform to
Chord's accounting policies and presentation. Enerplus expensed
certain items through LOE that Chord will deduct through gas and
NGL revenues or charge through capital. Additionally, Enerplus
capitalized certain G&A charges that Chord will expense. The
net impact of these changes relative to Enerplus' standalone
reporting is lower LOE, lower gas and NGL revenues and slightly
higher capital. The impact of these changes is expected to be
neutral to Adjusted Free Cash Flow before factoring in synergies.
For more information, please reference Chord's August 7, 2024 presentation at
https://ir.chordenergy.com/presentations.
- Full year volume projections updated to account for strong 1H24
performance and the latest development schedule. 2H24 oil volumes
are unchanged from the May outlook. Pro forma FY24 midpoint oil
volumes increased 0.5 MBopd;
- FY24 capital expenditures are unchanged from the May outlook
(other than the impact of aligning Enerplus' accounting policies to
Chord), while 2H24 capital reflects program timing and some
spending deferred from 2Q24;
- LOE reflects the benefits of effective cost control and lower
downtime;
- Overall combined cost structure favorable to expectations of
each company entering the year; and
- Adjusting oil differentials, gas realizations, and Cash GPT to
reflect current market prices, the alignment of Enerplus'
accounting policies to Chord's accounting policies and the
incorporation of Enerplus' cost structure.
The following table presents select operational and financial
guidance for 3Q24 and FY24:
Metric
|
|
3Q24
Guidance
|
|
FY24
Guidance
|
|
|
|
|
Combined1
|
|
Pro
Forma2
|
Oil volumes
(MBopd)
|
|
154.5 –
159.5
|
|
130.4 –
132.9
|
|
150.9 –
153.5
|
NGL volumes
(MBblpd)
|
|
47.3 – 48.8
|
|
41.9 – 42.6
|
|
46.4 – 47.1
|
Natural gas volumes
(MMcfpd)
|
|
418.5 –
431.5
|
|
331.3 –
337.8
|
|
408.8 –
415.3
|
Total volumes
(MBoepd)
|
|
271.5 –
280.2
|
|
227.5 –
231.8
|
|
265.4 –
269.8
|
Oil discount to WTI
($/Bbl)
|
|
$(2.25) –
$(0.25)
|
|
$(2.03) –
$(0.85)
|
|
$(2.00) –
$(0.98)
|
NGL realization (% of
WTI)
|
|
8% – 18%
|
|
12% – 18%
|
|
10% – 16%
|
Residue gas realization
(% of Henry Hub)
|
|
35% – 45%
|
|
39% – 45%
|
|
41% – 46%
|
LOE ($/Boe)
|
|
$9.35 –
$10.35
|
|
$9.51 –
$10.25
|
|
$9.33 –
$9.97
|
Cash GPT
($/Boe)(3)
|
|
$2.65 –
$3.25
|
|
$2.84 –
$3.26
|
|
$3.01 –
$3.37
|
Cash G&A
($MM)(3)
|
|
$29.0 –
$31.0
|
|
$93.3 –
$99.3
|
|
$116.3 –
$122.3
|
Production Taxes (% of
oil, NGL and gas sales)
|
|
8.3% – 8.7%
|
|
8.5% – 8.7%
|
|
8.5% – 8.7%
|
E&P & Other
CapEx ($MM)
|
|
$335 – $365
|
|
$1,193 –
$1,263
|
|
$1,455 –
$1,525
|
Cash Interest
($MM)(3)
|
|
$16.0 –
$18.0
|
|
$48.4 –
$54.4
|
|
$53.9 –
$59.9
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes the results
of Enerplus prior to May 31, 2024.
|
(2)
|
Includes the results
of Enerplus for the full year, including the impact of
aligning Enerplus' accounting policies to Chord.
|
(3)
|
Non-GAAP financial
measure. See "Non-GAAP Financial Measures" below for a
reconciliation to the most directly comparable financial measure
under GAAP.
|
Cash taxes in 2H24 are expected to be 6% – 12% of Adjusted
EBITDA at WTI prices of $70/Bbl –
$90/Bbl, below the range of 8% – 14%
referenced in May. Full-year cash taxes are trending slightly below
original expectations.
Select Operational and Financial Data:
The following table presents select operational and financial
data for the periods presented:
|
2Q24
|
|
1Q24
|
|
2Q23
|
Production
data:
|
|
|
|
|
|
Crude oil
(MBopd)
|
118.1
|
|
99.0
|
|
96.4
|
NGLs
(MBblpd)
|
40.5
|
|
34.4
|
|
36.0
|
Natural gas
(MMcfpd)
|
291.5
|
|
209.8
|
|
219.3
|
Total production
(MBoepd)
|
207.2
|
|
168.4
|
|
169.0
|
Percent crude
oil
|
57.0 %
|
|
58.8 %
|
|
57.0 %
|
Average sales
prices:
|
|
|
|
|
|
Crude oil, without
realized derivatives ($/Bbl)
|
$
78.89
|
|
$
75.32
|
|
$
73.89
|
Differential to NYMEX
WTI ($/Bbl)
|
(1.71)
|
|
(1.71)
|
|
0.14
|
Crude oil, with
realized derivatives ($/Bbl)
|
78.53
|
|
75.17
|
|
68.03
|
Crude oil realized
derivatives ($MM)
|
(3.9)
|
|
(1.4)
|
|
(51.4)
|
NGL, without realized
derivatives ($/Bbl)
|
9.99
|
|
15.09
|
|
8.70
|
NGL, with realized
derivatives ($/Bbl)
|
9.99
|
|
15.09
|
|
8.70
|
NGL realized
derivatives ($MM)
|
—
|
|
—
|
|
—
|
Natural gas, without
realized derivatives ($/Mcf)
|
0.67
|
|
1.16
|
|
0.95
|
Natural gas, with
realized derivatives ($/Mcf)
|
0.67
|
|
1.16
|
|
0.96
|
Natural gas realized
derivatives ($MM)
|
—
|
|
—
|
|
0.1
|
Selected financial
data ($MM):
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Crude oil
revenues
|
$
848.1
|
|
$
678.9
|
|
$
647.9
|
NGL
revenues
|
36.8
|
|
47.3
|
|
28.5
|
Natural gas
revenues
|
17.8
|
|
22.1
|
|
19.0
|
Total oil, NGL and
natural gas revenues
|
$
902.7
|
|
$
748.3
|
|
$
695.4
|
Cash
flows:
|
|
|
|
|
|
Net cash provided by
operating activities:
|
$
460.9
|
|
$
406.7
|
|
$
408.2
|
Non-GAAP financial
measures(1):
|
|
|
|
|
|
Adjusted
EBITDA
|
$
567.9
|
|
$
464.8
|
|
$
369.6
|
Adjusted Free Cash
Flow(2)
|
216.1
|
|
199.6
|
|
105.3
|
Adjusted Net
Income
|
234.9
|
|
218.1
|
|
158.4
|
Select operating
expenses:
|
|
|
|
|
|
LOE
|
$
176.6
|
|
$
159.2
|
|
$
158.6
|
Gathering, processing
and transportation expenses ("GPT")
|
63.1
|
|
54.0
|
|
43.4
|
Production
taxes
|
79.5
|
|
63.9
|
|
58.5
|
Depreciation,
depletion and amortization
|
227.9
|
|
168.9
|
|
137.0
|
Total select operating
expenses
|
$
547.1
|
|
$
446.0
|
|
$
397.5
|
Earnings per
share:
|
|
|
|
|
|
Basic earnings per
share
|
$
4.36
|
|
$
4.79
|
|
$
5.19
|
Diluted earnings per
share
|
4.25
|
|
4.65
|
|
4.96
|
Adjusted diluted
earnings per share (Non-GAAP)(1)
|
4.69
|
|
5.10
|
|
3.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Non-GAAP financial
measure. See "Non-GAAP Financial Measures" below for a
reconciliation to the most directly comparable financial measures
under GAAP.
|
(2)
|
2Q24 Adjusted Free Cash
Flow includes $16.1MM of capital incurred related to divested
non-operated assets that will be reimbursed.
|
For the three months ended June 30,
2024, Marcellus natural gas volumes were 117.4 MMcfpd, and
the realized natural gas price was $1.56/Mcf.
Capital Expenditures:
The following table presents the Company's total capital
expenditures ("CapEx") by category for the periods presented:
|
1Q24
|
|
2Q24
|
|
1H24
|
CapEx
($MM):
|
|
|
|
|
|
E&P
|
$
257.7
|
|
$
312.9
|
|
$
570.6
|
Other
|
—
|
|
1.4
|
|
1.4
|
Total E&P and other
CapEx(1)
|
257.7
|
|
314.3
|
|
572.0
|
Capitalized
interest
|
0.7
|
|
1.2
|
|
1.9
|
Acquisitions
|
—
|
|
6.6
|
|
6.6
|
Total
CapEx
|
$
258.4
|
|
$
322.1
|
|
$
580.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
2Q24 and 1H24 include
$16.1MM and $20.0MM, respectively, of capital incurred related to
divested non-operated assets that will be reimbursed.
|
Return of Capital:
Chord declared a base-plus-variable cash dividend of
$2.52 per share of common stock,
including a base dividend of $1.25
per share of common stock and a variable dividend of $1.27 per share of common stock. The dividends
will be payable on September 5, 2024 to shareholders of record
as of August 21, 2024. Details regarding the calculation of
the variable dividend can be found in the Company's most recent
investor presentation located on its website at
https://ir.chordenergy.com/presentations.
During 2Q24, the Company repurchased 365,310 shares of common stock
at a weighted average price of $169.01 per share totaling $61.7MM, of which $21.1MM was repurchased with cash proceeds from
warrants exercised during 1H24. In addition, the Company
repurchased $11.3MM of shares
associated with tax withholding on vested equity awards during
2Q24.
Balance Sheet and Liquidity:
The following table presents key balance sheet data and
liquidity metrics as of June 30, 2024
(in millions):
|
June 30,
2024
|
Revolving credit
facility(1)
|
$
1,500.0
|
|
|
Revolver
borrowings
|
$
575.0
|
Current portion of
long-term debt(2)
|
60.1
|
Senior notes
|
400.0
|
Total debt
|
$
1,035.1
|
|
|
Cash and cash
equivalents
|
$
197.4
|
Letters of
credit
|
30.2
|
Liquidity
|
1,092.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
$3.0B borrowing base
and $1.5B of elected commitments.
|
(2)
|
Balance represents
legacy Enerplus senior notes repaid in full on July 2,
2024.
|
NI 51-101 Exemption:
The Canadian securities regulatory authorities have issued a
decision document (the "Decision") granting Chord exemptive relief
from the requirements contained in Canada's National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities ("NI
51-101"). As a result of the Decision, and provided that certain
conditions set out in the Decision are met on an on-going basis,
Chord will not be required to comply with the Canadian requirements
of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and,
accordingly, will not be required to file Form 51-101F1 Statement
of Reserves Data and Other Oil and Gas Information or related forms
and disclosure as part of its annual filings. In lieu of such
filings, the Decision permits Chord to provide disclosure in
respect of its oil and gas activities in the form permitted by, and
in accordance with, the legal requirements imposed by the U.S.
Securities and Exchange Commission ("SEC"), the Securities Act of
1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley
Act of 2002 and the rules of the NASDAQ. The Decision also provides
that Chord is required to file all such oil and gas disclosures
with the Canadian securities regulatory authorities on
www.sedar.com as soon as practicable after such disclosure is filed
with the SEC.
Contact:
Chord Energy Corporation
Bob Bakanauskas, Managing Director,
Investor Relations
(281) 404-9600
ir@chordenergy.com
Conference Call Information
Investors, analysts and other interested parties are invited to
listen to the webcast:
Date:
|
|
Thursday, August 8,
2024
|
Time:
|
|
9:00 a.m.
Central
|
Live
Webcast:
|
|
https://app.webinar.net/oG6VAed9bmY
|
To join the conference call by phone without operator assistance
(including sell-side analysts wishing to ask a question), you may
register and enter your phone number at
https://emportal.ink/3zNnvXS to receive an instant automated call
back and be immediately placed into the call.
You may also use the following dial-in information to join the
conference call by phone with operator assistance:
Dial-in:
|
|
1-800-836-8184
|
Intl.
Dial-in:
|
|
1-646-357-8785
|
Conference
ID:
|
|
52762
|
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, August 15, 2024 by dialing:
Replay
dial-in:
|
1-888-660-6345
|
Intl.
replay:
|
1-646-517-4150
|
Replay
access:
|
52762 #
|
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 the
benefits and synergies of the Enerplus combination, 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," "anticipate," "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 and reinvestment rates, anticipated financial and operating
results and other guidance and the effects, benefits and synergies
of the Enerplus combination. 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 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 ultimate results of integrating the operations of Chord, the
effects of the Enerplus combination on Chord, including Chord's
future financial condition, results of operations, strategy and
plans, the ability of Chord to realize the anticipated benefits or
synergies of the Enerplus combination in the timeframe expected or
at all, changes in crude oil, NGL and natural gas prices, war
between Russia and Ukraine as well as was between Israel and Hamas and the potential for
escalation of hostilities across the surrounding countries in the
Middle East and their effect on
commodity prices, changes in general economic and geopolitical
conditions, including as a result of the 2024 U.S. presidential
election, inflation rates and the impact of associated monetary
policy responses, including increased interest rates, developments
in the global economy, the impact of pandemics such as COVID-19,
weather and environmental conditions, the timing of planned capital
expenditures, availability of acquisitions, uncertainties in
estimating proved reserves and forecasting production results,
operational factors affecting the commencement or maintenance of
producing wells, the condition of the capital markets generally, as
well as Chord's ability to access them, the proximity to and
capacity of transportation facilities, the availability of
midstream service providers, 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, 2023, 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.
Comparability of Financial Statements
The results reported for the three and six months ended
June 30, 2024 reflect the
consolidated results of Chord, including combined operations with
Enerplus beginning on May 31, 2024,
while the results reported for the three and six months ended
June 30, 2023 reflect the
consolidated results of Chord, excluding the impact from the
business combination with Enerplus and the 2023 acquisition of
acreage in the Williston Basin, unless otherwise noted.
Chord Energy
Corporation
Consolidated Balance
Sheets (Unaudited)
(In thousands,
except share data)
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
197,389
|
|
$
317,998
|
Accounts receivable,
net
|
1,275,934
|
|
943,114
|
Inventory
|
79,905
|
|
72,565
|
Prepaid
expenses
|
23,827
|
|
42,450
|
Derivative
instruments
|
25,292
|
|
37,369
|
Other current
assets
|
2,044
|
|
11,055
|
Total current
assets
|
1,604,391
|
|
1,424,551
|
Property, plant and
equipment
|
|
|
|
Oil and gas properties
(successful efforts method)
|
12,137,734
|
|
6,320,243
|
Other property and
equipment
|
57,327
|
|
49,051
|
Less: accumulated
depreciation, depletion and amortization
|
(1,442,011)
|
|
(1,054,616)
|
Total property, plant
and equipment, net
|
10,753,050
|
|
5,314,678
|
Derivative
instruments
|
22,542
|
|
22,526
|
Investment in
unconsolidated affiliate
|
117,738
|
|
100,172
|
Long-term
inventory
|
27,619
|
|
22,936
|
Operating right-of-use
assets
|
58,724
|
|
21,343
|
Goodwill
|
539,793
|
|
—
|
Other assets
|
23,481
|
|
19,944
|
Total
assets
|
$
13,147,338
|
|
$
6,926,150
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
38,189
|
|
$
34,453
|
Revenues and
production taxes payable
|
772,565
|
|
604,704
|
Accrued
liabilities
|
714,427
|
|
493,381
|
Current portion of
long-term debt, net
|
60,063
|
|
—
|
Accrued interest
payable
|
4,891
|
|
2,157
|
Derivative
instruments
|
13,943
|
|
14,209
|
Advances from joint
interest partners
|
2,473
|
|
2,381
|
Current operating
lease liabilities
|
39,914
|
|
13,258
|
Other current
liabilities
|
31,650
|
|
916
|
Total current
liabilities
|
1,678,115
|
|
1,165,459
|
Long-term
debt
|
971,746
|
|
395,902
|
Deferred tax
liabilities
|
1,345,220
|
|
95,322
|
Asset retirement
obligations
|
275,817
|
|
155,040
|
Derivative
instruments
|
1,428
|
|
717
|
Operating lease
liabilities
|
29,114
|
|
18,667
|
Other
liabilities
|
4,748
|
|
18,419
|
Total
liabilities
|
4,306,188
|
|
1,849,526
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value: 240,000,000 shares authorized, 66,572,527 shares
issued and 62,231,069 shares outstanding at June 30, 2024; and
120,000,000 shares
authorized, 45,032,537 shares issued and 41,249,658 shares
outstanding at December
31, 2023
|
668
|
|
456
|
Treasury stock, at
cost: 4,341,458 shares at June 30, 2024 and 3,782,879 shares at
December 31, 2023
|
(585,035)
|
|
(493,289)
|
Additional paid-in
capital
|
7,314,414
|
|
3,608,819
|
Retained
earnings
|
2,111,103
|
|
1,960,638
|
Total stockholders'
equity
|
8,841,150
|
|
5,076,624
|
Total liabilities and
stockholders' equity
|
$
13,147,338
|
|
$
6,926,150
|
Chord Energy
Corporation
Consolidated
Statements of Operations (Unaudited)
(In thousands,
except per share data)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Oil, NGL and gas
revenues
|
$
902,667
|
|
$
695,426
|
|
$
1,650,829
|
|
$
1,461,626
|
Purchased oil and gas
sales
|
358,013
|
|
216,645
|
|
695,111
|
|
346,962
|
Total
revenues
|
1,260,680
|
|
912,071
|
|
2,345,940
|
|
1,808,588
|
Operating
expenses
|
|
|
|
|
|
|
|
Lease operating
expenses
|
176,647
|
|
158,554
|
|
335,853
|
|
311,962
|
Gathering, processing
and transportation expenses
|
63,130
|
|
43,397
|
|
117,114
|
|
80,412
|
Purchased oil and gas
expenses
|
356,356
|
|
216,226
|
|
692,118
|
|
345,819
|
Production
taxes
|
79,522
|
|
58,488
|
|
143,433
|
|
119,005
|
Depreciation, depletion
and amortization
|
227,928
|
|
137,046
|
|
396,822
|
|
270,837
|
General and
administrative expenses
|
82,077
|
|
42,174
|
|
107,789
|
|
74,658
|
Exploration and
impairment
|
1,485
|
|
6,782
|
|
7,639
|
|
31,646
|
Total operating
expenses
|
987,145
|
|
662,667
|
|
1,800,768
|
|
1,234,339
|
Gain on sale of assets,
net
|
15,486
|
|
1,613
|
|
16,788
|
|
2,840
|
Operating
income
|
289,021
|
|
251,017
|
|
561,960
|
|
577,089
|
Other income
(expense)
|
|
|
|
|
|
|
|
Net gain (loss) on
derivative instruments
|
4,608
|
|
29,518
|
|
(22,969)
|
|
96,452
|
Net gain from
investment in unconsolidated affiliate
|
5,862
|
|
10,126
|
|
22,158
|
|
7,910
|
Interest expense, net
of capitalized interest
|
(12,208)
|
|
(7,228)
|
|
(19,800)
|
|
(14,363)
|
Other income
|
4,081
|
|
2,293
|
|
6,907
|
|
7,486
|
Total other income
(expense), net
|
2,343
|
|
34,709
|
|
(13,704)
|
|
97,485
|
Income before income
taxes
|
291,364
|
|
285,726
|
|
548,256
|
|
674,574
|
Income tax
expense
|
(78,003)
|
|
(69,655)
|
|
(135,541)
|
|
(161,504)
|
Net
income
|
$
213,361
|
|
$
216,071
|
|
$
412,715
|
|
$
513,070
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
4.36
|
|
$
5.19
|
|
$
9.12
|
|
$
12.32
|
Diluted
|
$
4.25
|
|
$
4.96
|
|
$
8.87
|
|
$
11.83
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
48,665
|
|
41,494
|
|
45,048
|
|
41,531
|
Diluted
|
49,916
|
|
43,386
|
|
46,313
|
|
43,267
|
Chord Energy
Corporation
Consolidated
Statements of Cash Flows (Unaudited)
(In thousands)
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
412,715
|
|
$
513,070
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
396,822
|
|
270,837
|
Gain on sale of
assets
|
(16,788)
|
|
(2,840)
|
Impairment
|
3,919
|
|
28,964
|
Deferred income
taxes
|
70,699
|
|
145,857
|
Net (gain) loss on
derivative instruments
|
22,969
|
|
(96,452)
|
Net gain from
investment in unconsolidated affiliate
|
(22,158)
|
|
(7,910)
|
Equity-based
compensation expenses
|
10,130
|
|
27,181
|
Deferred financing
costs amortization and other
|
7,343
|
|
(4,035)
|
Working capital and
other changes:
|
|
|
|
Change in accounts
receivable, net
|
(69,496)
|
|
5,564
|
Change in
inventory
|
(5,557)
|
|
(3,526)
|
Change in prepaid
expenses
|
17,262
|
|
317
|
Change in accounts
payable, interest payable and accrued liabilities
|
3,065
|
|
(11,084)
|
Change in other assets
and liabilities, net
|
36,649
|
|
11,104
|
Net cash provided by
operating activities
|
867,574
|
|
877,047
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(538,733)
|
|
(407,773)
|
Acquisitions, net of
cash acquired
|
(645,971)
|
|
(361,609)
|
Proceeds from
divestitures, net of cash divested
|
20,876
|
|
59,219
|
Derivative
settlements
|
(16,339)
|
|
(154,110)
|
Contingent
consideration received
|
25,000
|
|
—
|
Distributions from
investment in unconsolidated affiliate
|
4,591
|
|
5,984
|
Net cash used in
investing activities
|
(1,150,576)
|
|
(858,289)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
revolving credit facilities
|
825,000
|
|
—
|
Principal payments on
revolving credit facilities
|
(250,000)
|
|
—
|
Repurchases of common
stock
|
(93,745)
|
|
(45,818)
|
Tax withholding on
vesting of equity-based awards
|
(57,357)
|
|
(13,631)
|
Chord dividends
paid
|
(281,681)
|
|
(337,747)
|
Payments on finance
lease liabilities
|
(834)
|
|
(933)
|
Proceeds from warrants
exercised
|
21,010
|
|
1,007
|
Net cash provided by
(used in) financing activities
|
162,393
|
|
(397,122)
|
Decrease in cash and
cash equivalents
|
(120,609)
|
|
(378,364)
|
Cash and cash
equivalents:
|
|
|
|
Beginning of
period
|
317,998
|
|
593,151
|
End of
period
|
$
197,389
|
|
$
214,787
|
|
|
|
|
Supplemental
non-cash transactions(1):
|
|
|
|
Change in accrued
capital expenditures
|
$
24,389
|
|
$
74,114
|
Change in asset
retirement obligations
|
3,476
|
|
547
|
Dividends
payable
|
19,502
|
|
35,321
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts exclude
non-cash consideration transferred and balances acquired on May 31,
2024 in respect of the arrangement with Enerplus.
|
Non-GAAP Financial Measures
The following are non-GAAP financial measures not prepared in
accordance with GAAP 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 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. 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 and non-cash
mark-to-market adjustments on transportation contracts accounted
for as derivative instruments. 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, and without regard to the non-cash mark-to-market
adjustments on transportation contracts classified as derivative
instruments.
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:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
GPT
|
$
63,130
|
|
$
43,397
|
|
$
117,114
|
|
$
80,412
|
Pipeline
imbalances
|
(488)
|
|
(2,133)
|
|
(681)
|
|
(8,137)
|
Gain (loss) on
derivative transportation contracts
|
(2,647)
|
|
7,123
|
|
(5,877)
|
|
18,279
|
Cash
GPT
|
$
59,995
|
|
$
48,387
|
|
$
110,556
|
|
$
90,554
|
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 activity, 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:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
General and
administrative expenses
|
$
82,077
|
|
$
42,174
|
|
$
107,789
|
|
$
74,658
|
Merger
costs(1)
|
(54,687)
|
|
(6,908)
|
|
(62,794)
|
|
(9,701)
|
Equity-based
compensation expenses
|
(5,359)
|
|
(15,327)
|
|
(10,130)
|
|
(27,181)
|
Other non-cash
adjustments
|
(199)
|
|
(2,284)
|
|
1,461
|
|
(1,873)
|
Cash
G&A
|
$
21,832
|
|
$
17,655
|
|
$
36,326
|
|
$
35,903
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes costs directly
attributable to the arrangement with Enerplus for the three and six
months ended June 30, 2024 and the costs directly attributable
to the merger of equals with Whiting Petroleum Corporation
("Whiting") for the three and six months ended June 30,
2023.
|
Cash Interest
The Company defines Cash Interest as interest expense plus
capitalized interest less amortization and write-offs 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:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Interest
expense
|
$
12,208
|
|
$
7,228
|
|
$
19,800
|
|
$
14,363
|
Capitalized
interest
|
1,158
|
|
1,323
|
|
1,867
|
|
2,744
|
Amortization of
deferred financing costs
|
(1,366)
|
|
(1,211)
|
|
(2,258)
|
|
(2,409)
|
Cash
Interest
|
$
12,000
|
|
$
7,340
|
|
$
19,409
|
|
$
14,698
|
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 costs, exploration expenses, impairment
expenses and other similar non-cash or non-recurring charges. The
Company defines Adjusted Free Cash Flow as Adjusted EBITDA less
Cash Interest and E&P and other capital expenditures (excluding
capitalized interest and acquisition capital).
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, 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:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(In
thousands)
|
Net
income
|
$
213,361
|
|
$
216,071
|
|
$
412,715
|
|
$
513,070
|
Interest expense, net
of capitalized interest
|
12,208
|
|
7,228
|
|
19,800
|
|
14,363
|
Income tax
expense
|
78,003
|
|
69,655
|
|
135,541
|
|
161,504
|
Depreciation,
depletion and amortization
|
227,928
|
|
137,046
|
|
396,822
|
|
270,837
|
Merger
costs(1)
|
54,687
|
|
6,908
|
|
62,794
|
|
9,701
|
Exploration and
impairment expenses
|
1,485
|
|
6,782
|
|
7,639
|
|
31,646
|
Gain on sale of
assets
|
(15,486)
|
|
(1,613)
|
|
(16,788)
|
|
(2,840)
|
Net (gain) loss on
derivative instruments
|
(4,608)
|
|
(29,518)
|
|
22,969
|
|
(96,452)
|
Realized loss on
commodity price derivative contracts
|
(3,896)
|
|
(51,241)
|
|
(5,257)
|
|
(143,099)
|
Net gain from
investment in unconsolidated affiliate
|
(5,862)
|
|
(10,126)
|
|
(22,158)
|
|
(7,910)
|
Distributions from
investment in unconsolidated affiliate
|
2,305
|
|
2,969
|
|
4,591
|
|
5,984
|
Equity-based
compensation expenses
|
5,359
|
|
15,327
|
|
10,130
|
|
27,181
|
Other non-cash
adjustments
|
2,455
|
|
154
|
|
3,919
|
|
(6,059)
|
Adjusted
EBITDA
|
567,939
|
|
369,642
|
|
1,032,717
|
|
777,926
|
Cash
Interest
|
(12,000)
|
|
(7,340)
|
|
(19,409)
|
|
(14,698)
|
E&P and other
capital expenditures
|
(314,311)
|
|
(257,012)
|
|
(572,059)
|
|
(459,308)
|
Cash taxes
paid
|
(25,500)
|
|
—
|
|
(25,500)
|
|
—
|
Adjusted Free Cash
Flow
|
$
216,128
|
|
$
105,290
|
|
$
415,749
|
|
$
303,920
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
460,875
|
|
$
408,235
|
|
$
867,574
|
|
$
877,047
|
Changes in working
capital
|
8,229
|
|
(3,700)
|
|
18,078
|
|
(2,376)
|
Interest expense, net
of capitalized interest
|
12,208
|
|
7,228
|
|
19,800
|
|
14,363
|
Current income tax
expense
|
34,271
|
|
(2,280)
|
|
64,841
|
|
15,647
|
Merger
costs(1)
|
54,687
|
|
6,908
|
|
62,794
|
|
9,701
|
Exploration
expenses
|
1,485
|
|
1,124
|
|
3,720
|
|
2,683
|
Realized loss on
commodity price derivative contracts
|
(3,896)
|
|
(51,241)
|
|
(5,257)
|
|
(143,099)
|
Distributions from
investment in unconsolidated affiliate
|
2,305
|
|
2,969
|
|
4,591
|
|
5,984
|
Deferred financing
costs amortization and other
|
(4,680)
|
|
245
|
|
(7,343)
|
|
4,035
|
Other non-cash
adjustments
|
2,455
|
|
154
|
|
3,919
|
|
(6,059)
|
Adjusted
EBITDA
|
567,939
|
|
369,642
|
|
1,032,717
|
|
777,926
|
Cash
Interest
|
(12,000)
|
|
(7,340)
|
|
(19,409)
|
|
(14,698)
|
E&P and other
capital expenditures(2)
|
(314,311)
|
|
(257,012)
|
|
(572,059)
|
|
(459,308)
|
Cash taxes
paid
|
(25,500)
|
|
—
|
|
(25,500)
|
|
—
|
Adjusted Free Cash
Flow
|
$
216,128
|
|
$
105,290
|
|
$
415,749
|
|
$
303,920
|
|
|
|
|
|
|
|
|
(1)
|
Includes costs directly
attributable to the arrangement with Enerplus for the three
and six months ended June 30, 2024 and the costs directly
attributable to the merger of equals with Whiting for the three and
six months ended June 30, 2023.
|
(2)
|
The three and six
months ended June 30, 2024 includes approximately $16.1 million and
$20.0 million, respectively, of capital incurred related to
divested non-operated assets that will be reimbursed.
|
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 an unconsolidated affiliate, impairment and other
similar non-cash charges, (2) merger costs and (3) the impact of
taxes based on the Company's effective 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:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(In
thousands)
|
Net
income
|
$ 213,361
|
|
$ 216,071
|
|
$ 412,715
|
|
$ 513,070
|
Net (gain) loss on
derivative instruments
|
(4,608)
|
|
(29,518)
|
|
22,969
|
|
(96,452)
|
Realized loss on
commodity price derivative contracts
|
(3,896)
|
|
(51,241)
|
|
(5,257)
|
|
(143,099)
|
Net gain from
investment in unconsolidated affiliate
|
(5,862)
|
|
(10,126)
|
|
(22,158)
|
|
(7,910)
|
Distributions from
investment in unconsolidated affiliate
|
2,305
|
|
2,969
|
|
4,591
|
|
5,984
|
Impairment
|
—
|
|
5,660
|
|
3,919
|
|
28,964
|
Merger
costs(1)
|
54,687
|
|
6,908
|
|
62,794
|
|
9,701
|
Gain on sale of
assets
|
(15,486)
|
|
(1,613)
|
|
(16,788)
|
|
(2,840)
|
Amortization of
deferred financing costs
|
1,366
|
|
1,211
|
|
2,258
|
|
2,409
|
Other non-cash
adjustments
|
2,455
|
|
154
|
|
3,919
|
|
(6,059)
|
Tax
impact(2)
|
(8,288)
|
|
18,429
|
|
(13,952)
|
|
50,012
|
Adjusted net
income
|
236,034
|
|
158,904
|
|
455,010
|
|
353,780
|
Distributed and
undistributed earnings allocated to
participating securities
|
(1,121)
|
|
(526)
|
|
(1,494)
|
|
(954)
|
Adjusted net income
attributable to common
stockholders
|
$ 234,913
|
|
$ 158,378
|
|
$ 453,516
|
|
$ 352,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
4.25
|
|
$
4.98
|
|
$
8.87
|
|
$
11.86
|
Net (gain) loss on
derivative instruments
|
(0.09)
|
|
(0.68)
|
|
0.50
|
|
(2.23)
|
Realized loss on
commodity price derivative contracts
|
(0.08)
|
|
(1.18)
|
|
(0.11)
|
|
(3.31)
|
Net gain from
investment in unconsolidated affiliate
|
(0.12)
|
|
(0.23)
|
|
(0.48)
|
|
(0.18)
|
Distributions from
investment in unconsolidated affiliate
|
0.05
|
|
0.07
|
|
0.10
|
|
0.14
|
Impairment
|
—
|
|
0.13
|
|
0.08
|
|
0.67
|
Merger
costs(1)
|
1.10
|
|
0.16
|
|
1.36
|
|
0.22
|
Gain on sale of
assets
|
(0.31)
|
|
(0.04)
|
|
(0.36)
|
|
(0.07)
|
Amortization of
deferred financing costs
|
0.03
|
|
0.03
|
|
0.05
|
|
0.06
|
Other non-cash
adjustments
|
0.05
|
|
—
|
|
0.08
|
|
(0.14)
|
Tax
impact(2)
|
(0.17)
|
|
0.42
|
|
(0.30)
|
|
1.16
|
Adjusted Diluted
Earnings Per Share
|
4.71
|
|
3.66
|
|
9.79
|
|
8.18
|
Less: Distributed and
undistributed earnings allocated to
participating securities
|
(0.02)
|
|
(0.01)
|
|
(0.03)
|
|
(0.02)
|
Adjusted Diluted
Earnings Per Share
|
$
4.69
|
|
$
3.65
|
|
$
9.76
|
|
$
8.16
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
49,916
|
|
43,386
|
|
46,313
|
|
43,267
|
|
|
|
|
|
|
|
|
Effective tax rate
applicable to adjustment items(2)
|
26.8 %
|
|
24.4 %
|
|
24.7 %
|
|
23.9 %
|
|
|
|
|
|
|
|
(1)
|
Includes costs directly
attributable to the arrangement with Enerplus for the three
and six months ended June 30, 2024 and the costs directly
attributable to the merger of equals with Whiting for the three and
six months ended June 30, 2023.
|
(2)
|
The tax impact is
computed utilizing the Company's effective tax rate applicable to
the adjustments for certain non-cash and non-recurring
items.
|
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SOURCE Chord Energy