Chord Energy reports Q3 adjusted EPS $5.04, consensus $5.22

Reports Q3 revenue $840.6M, consensus $842.67M. Oil volumes of 101.4 MBopd and total volumes of 176.0 MBoepd both exceeded the high-end of guidance. E&P and other CapEx of $254.2MM was below the midpoint of guidance. “Chord’s third quarter performance benefited from exceptional execution and continued strong well performance,” said Danny Brown, Chord Energy’s President and Chief Executive Officer. “The Chord team rose to the challenge and placed 45 wells (56% three-mile) online in the third quarter compared to 37 wells (19% three-mile) in the entire first half of the year. This was an extraordinary achievement and I’m proud of the Chord team for putting the Company in a strong position as we exit the year. During the third quarter, we increased share repurchases 68% sequentially and, subsequent to the third quarter, increased the authorization to $750MM to take advantage of market opportunities. Our low-cost inventory, capital efficient development program and strong balance sheet continue to support sustainable free cash flow generation. This sustainable free cash generation coupled with a peer-leading return of capital program supports a compelling investment opportunity. At Chord, we remain excited about the oil and gas industry, the benefits we bring to the world, and are focused on sustainable value creation through responsible operations.”