Chord Energy Corporation · NASDAQ:CHRD
Chord Energy — Q3 2026 Earnings Presentation
26 slides from Chord Energy's earnings presentation, Nov 4, 2026
Slide 1: Lengthening Laterals, Lowering Breakevens, Growing FCF Per Share
November 4, 2026 Lengthening Laterals, Lowering Breakevens, Growing FCF Per Share
Slide 2: Important Disclosures
Important Disclosures Forward-Looking and Cautionary Statements Certain statements in this presentation, 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 re
Slide 3: Largest Williston Operator, Driving Strong Returns
Largest Williston Operator, Driving Strong Returns >1.3MM ~260 62% 10+ yrs ~0.2x $5.20 net acres, basin's largest MBoepd FY26 production1 oil, industry leading1 low-breakeven inventory2 net leverage at 3Q263,4 base dividend per share Growing free cash flow4 Returning capital / Strong Williston Basin
Slide 4: Strong Cash Flow and Capital Discipline, Focused on Shareholder Returns
Strong Cash Flow and Capital Discipline, Focused on Shareholder Returns Attractive E&P Strong Return of Opportunistic M&A Balance Sheet Investments Capital Management >10% 75%+ +380% ~0.2x lower inventory breakeven, YE25 vs return of capital targeted at net oil volume growth since 20213 net leverage
Slide 5: Premier Williston Basin Operator, Driving Efficiencies
Premier Williston Basin Operator, Driving Efficiencies Highlights Williston Basin Oil Production, MBopd1 • Williston Basin largest acreage holder & producer 222 • Scale drives operational efficiency 155 149 • High oil cut provides upside to oil upcycle 126 109 • Deep subsurface expertise 88 71 43 39
Slide 6: Run-Rate Savings More Than Doubled to $225MM in Months
Run-Rate Savings More Than Doubled to $225MM in 15 Months Annual run-rate savings from continuous • 4-mile laterals improvement, $MM • Refined spacing and well design Operated D&C • Faster D&C cycle times • Facility scale and efficiency +125% $225MM • Base optimization $160MM Production • AI-driven
Slide 7: Base Production Investment Outperforming Original Outlook
Base Production Investment Outperforming Original Outlook Base Production Represents a Sizable Opportunity Investment Driving Incremental Volumes From Base1 • Largest producer in the Williston with the most operated wells • Outperforming original outlook • Enhanced focus on base production • Base pr
Slide 8: Buybacks Have Reduced Share Count 17% Since YE23
Buybacks Have Reduced Share Count 17% Since YE23 Track Record of Share Buybacks1 Delivering Strong Shareholder Returns • ~11MM shares retired since YE23 • Buybacks preferred in current environment -17% -17% +24% Fully Diluted Shares1 Base Dividend Reduction since YE23 CAGR since Feb-21 65MM 61MM 54M
Slide 9: Oil Per Share Up ~10% Annually, FCF Per Share Up ~35% Since 2024
Oil Per Share Up ~10% Annually, FCF1 Per Share Up ~35% Since 2024 Oil Production Per Share (Bo/sh)2 ~10% CAGR Strong Capital Allocation • Maximizing efficient FCF1 generation 1.00 1.05 0.92 • Counter-cyclical share repurchases 0.79 0.84 • Disciplined M&A 0.65 Operational Excellence • Reducing contro
Slide 10: Capital Efficiency Ranks Top Among Peers
Capital Efficiency Ranks Top 3 Among Peers Highlights Program Capital Efficiency vs. Peers1 CapEx per Bopd of wedge production, 2027E • Wide spacing and long laterals enhance economics • 4-mile laterals and alternate shape wells further improve returns • Continuing to drive operational efficiencies
Slide 11: Improving Capital Productivity
Improving Capital Productivity Operational efficiencies1 Future F&D2 • Average lateral length +34% since 2023 • Future F&D trending -22% lower since 2023 • Frac completed lateral length per day up 90% since 2023 • Longer laterals, wider spacing improving capital efficiency Average Lateral Length Fra
Slide 12: Bakken/Chord Uniquely Positioned for Long-Laterals
Bakken/Chord Uniquely Positioned for Long-Laterals Bakken Competitive Advantages Significant Improvement in Program D&C $/ft1 • Supportive regulatory process 1,000 18 901 Avg. Lateral Length • Favorable land layout – clearly established DSUs 900 830 -37% 16 800 • Stress regime allows N/S & E/W later
Slide 13: 4-Mile Laterals Scale to ~40% of 2026 TILs at Lower Breakevens
4-Mile Laterals Scale to ~40% of 2026 TILs at Lower Breakevens Cost of Supply Improvement1 $10-$12/Bbl $8-$10/Bbl $8-$10/Bbl Superior returns on long-lateral development 3-Mile 4-Mile 4-Mile (Base Case) (Upside Case) ~5% ~40% 4-Mile Highlights of 2025 TIL activity of 2026 TIL activity • ~50% of long
Slide 14: Enhancing Economics With Long-Laterals
Enhancing Economics With Long-Laterals Highlights Capital and Recoveries (per ft)1 • Williston Basin contiguous acreage advantaged for long-laterals 45 45 43 • Organically improves inventory quality • Lowers breakevens and enhances economics • Reconfigured DSU spacing to 3 & 4-mile development $710
Slide 15: Enhancing Inventory Quality and Duration
Enhancing Inventory Quality and Duration Highlights • 10+ years low-breakeven inventory1 • Improving inventory quality and duration • Organically improving inventory – longer laterals, wider spacing • Long-lateral inventory increased to ~80% at YE252 o Ahead of schedule 10K’ Net Operated Locations3
Slide 16: Disciplined M&A Track Record
Disciplined M&A Track Record Highlights Enhanced Scale, Strong Balance Sheet1,2 • Williston Basin pure-play • Grown oil production ~5x, maintained strong balance sheet • Balanced approach - corporate mergers, bolt-ons and ground game 162.5 MBopd • Significant synergy capture with enhanced scale and
Slide 17: Peer Leading Balance Sheet Supports Organization Resiliency
Peer Leading Balance Sheet Supports Organization Resiliency Low Leverage Strong Credit Profile Robust Liquidity • ~0.2x leverage1,2 • Moody’s Ba1 • $2.75B borrowing base/$2B ECA • Target sub-1x in normalized price environment3 • S&P BB • Revolver maturity Oct. 2031 • Financial strength supports org.
Slide 18: Long-Term Outperformance, Attractive Valuation
Long-Term Outperformance, Attractive Valuation Total Shareholder Return1 EV / EBITDA2 Multiple3 • Strong capital allocation / execution track record • High-quality assets at attractive valuation vs peers • Sustainable free cash flow2 generation • 10+ yrs of low-breakeven inventory4 4.5x 576% 3.7x 42
Slide 19: Chord Energy: The Premier Williston Basin Operator
Chord Energy: The Premier Williston Basin Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Breakeven Inventory Williston Basin Supports Resiliency at Compelling Valuation • Williston size and scale with high-quality • Peer-leading balance sheet, strong liquidity • Strong invent
Slide 20: Supplementary Information
Supplementary Information
Slide 21: Marketing Overview
Marketing Overview Delivering $65-$105MM Adj. FCF1 savings 2026+ Marketing Highlights Marketing Optimization • Marketing team maximizes netbacks and flow assurance • Expected $65-$105MM annual Adj. FCF1 savings 2026+ • Optimize diffs with pricing diversification and flexibility o Ramps up over next
Slide 22: Return of Capital
Return of Capital Return of capital framework 3Q26 Return of Capital ($MM) 3 Target return of capital (RoC) is set at quarter-end from forward leverage, as a share of adjusted FCF1 less acquisition / leasehold CapEx $442MM -$4MM -$276MM Forward leverage1,2 Target RoC Buybacks $205MM Below 0.5x (curr
Slide 23: 2026 Outlook Updated in November
2026 Outlook Updated in November 2026 Development Activity Guidance Highlights • FY26 oil volumes increased to 162.5 MBopd (~1%) • 4Q26 oil volumes increased to 161.0 MBopd at midpoint (~2%) Wild • FY26 CapEx $1.46B at midpoint Red Woods • FY26 includes ~$50MM of midstream (up from $30MM from Feb) B
Slide 24: Strong FCF Generation
Strong FCF1 Generation Sources & Uses, FY26E2 ~$3.4B EBITDA1: cash generation ~$1.46B ~$1.6B CapEx: Investment in Business Adjusted FCF1 ~90% to Op / Non-Op D&C Return of capital, cash to balance sheet, acquisitions / leasehold • Flat+ organic growth • ROC framework governs distributions • Deliverin
Slide 25: Chord Financial and Operational Results
Chord Financial and Operational Results Financial Highlights ($MM) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Key Operating Statistics Q4 2025 Q1 2026 Q2 2026 Q3 2026 Oil revenues 801 996 1,415 1,307 Oil production (MBopd) 153.0 158.0 165.4 165.5 NGL revenues 24 38 45 61 NGL production (MBpd) 52.4 49.0 53.0 55
Slide 26: Hedge Book Overview
Hedge Book Overview1 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 4Q26 FY27 FY28 WTI Collars Volume (Bbl/d) 48,750 38,000 28,000 18,000 7,000 - - - - 48,750 22,652 - Floor ($/Bbl) $75.61 $78.55 $76.51 $72.38 $75.95 - - - - $75.61 $76.48 - Cap ($/Bbl) $83.88 $85.75 $84.23 $79.68 $83.53 - - - - $83.88