Chord Energy (CHRD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $1.67 billion, up 37% year-over-year, with oil volumes and free cash flow exceeding guidance due to operational efficiency and disciplined capital spending.

• Adjusted free cash flow for Q1 2026 was $324 million, with adjusted EBITDA at $713 million and net income at $108.6 million, impacted by a $241.5 million derivative loss.

• Returned $145 million to shareholders in Q1 2026 via dividends and share repurchases, including a $1.30/share base dividend and $70.7 million in buybacks.

• Achieved a key milestone with the first full 4-mile DSU development, supporting efficiency gains and scaling long-lateral well execution.

• Maintained a strong balance sheet with $2.19 billion liquidity, low leverage (~0.4x), and no near-term debt maturities.

Financial highlights

• Q1 2026 adjusted free cash flow: $324 million; adjusted EBITDA: $713 million; net income: $108.6 million.

• Oil, NGL, and gas revenues were $1.15 billion, with total production averaging 275,615 Boepd (57% oil).

• CapEx for Q1 2026 was $344.9 million, with FY26 guidance midpoint at $1.4 billion.

• Free cash flow yield projected at 26% for 2026 at $80 WTI; 2026 free cash flow expected at ~$1.4 billion.

• Share count reduced by 12% since YE23, supporting per-share growth in oil production and FCF.

Outlook and guidance

• FY26 oil volume guidance increased by 2,000 bpd to 161 MBopd, with total volumes guided at 276.4–280.3 MBoepd and CapEx at $1.355–$1.445 billion.

• 80% of 2026 development will use long-lateral wells, enhancing capital efficiency.

• LOE midpoint for FY26 increased slightly to $9.95/BOE; cash G&A at $98–$103 million.

• Shareholder distributions expected to remain robust, with focus on base dividend and buybacks; no plans for variable dividends.

• Management expects continued commodity price volatility due to geopolitical tensions and OPEC+ policy uncertainty.