Chord Energy Corporation (CHRD) Misses Q3 EPS by 61c, provides outlook

Chord Energy Corporation (NASDAQ: CHRD) reported Q3 EPS of $3.40, $0.61 worse than the analyst estimate of $4.01. Revenue for the quarter came in at $1.45 billion versus the consensus estimate of $1.28 billion.

2025 – 2027 Outlook:

Chord expects to spend $1.4B of capital per year for each of the next three years (2025 – 2027) to maintain flat pro forma FY24 oil volumes of 152 MBopd – 153 MBopd. Chord\'s three-year outlook reflects the improving capital efficiency of its program, supported by high-quality inventory, enhanced operational efficiencies and over $200MM of synergies from the combination with Enerplus.

Updated 2024 Outlook:

Chord is updating its FY24 guidance to reflect 3Q24 results and its 4Q24 outlook. Chord expects to generate approximately $2.7B of Adjusted EBITDA and $1.1B of Adjusted Free Cash Flow on a pro forma basis in FY24, with a reinvestment rate less than 60%. Chord\'s updated outlook reflects actual pricing for 1Q24 – 3Q24 and $70/Bbl WTI and $2.50/MMBtu Henry Hub for 4Q24.

Full year oil volumes updated to account for strong 3Q24 performance and the latest 4Q24 outlook, which includes the impact of October wildfires and recent A&D activity. Pro forma FY24 midpoint oil volumes of 152.7 MBopd increased 0.6 MBopd from August guidance (including the impact of A&D), representing the second increase in oil guidance this year;
FY24 pro forma capital guidance reduced $10MM to $1.48B, reflecting program efficiencies and lower spending. 4Q24 capital reflects program timing and some deferred spending from 3Q24;
Full year natural gas and NGL volumes adjusted to reflect latest estimates on volume mix and activity deferrals in the Marcellus shale;
Lowering 4Q24 oil differentials to reflect continued pricing improvement in the Williston Basin. Adjusting 4Q24 natural gas and NGL realizations to reflect current market conditions;
Lowering FY24 LOE to reflect better than expected 3Q24 performance and improved 4Q24 outlook;
Increasing production tax estimate to account for higher oil sales and lower gas prices; and
Lowering cash tax guidance to reflect the acceleration of certain deferred tax benefits.

For earnings history and earnings-related data on Chord Energy Corporation (CHRD) click here.

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