Chord Energy Corp (NASDAQ: CHRD)

Chord Energy Corporation is an independent exploration and production company engaged in the acquisition, exploration, development and production of crude oil, natural gas liquids and natural gas. The company concentrates its activities in the Williston Basin of North Dakota and Montana, where it holds the largest net leasehold position of any operator, and maintains limited non‑operated interests in the Marcellus Shale. Its strategy centers on responsible hydrocarbon production, capital discipline, efficient operations and continuous improvement to generate sustainable free cash flow. The company states its mission to responsibly produce hydrocarbons while exercising capital discipline, operating efficiently, improving continuously and providing a rewarding work environment for employees.

Chord Energy generates revenue primarily from the sale of crude oil, natural gas liquids and natural gas produced from its wells. The company markets its output to refiners, marketers and other purchasers that have access to nearby pipeline and rail infrastructure, often using bulk sales at gathering‑system delivery points. It also enters into third‑party purchase and sales agreements and fixed‑differential contracts to optimize price realizations and manage transportation costs. Revenue is recognized upon delivery of hydrocarbons, with prices influenced by regional differentials, transportation costs and prevailing market conditions.

Chord Energy holds a leading position in the Williston Basin, with 1,302,921 net leasehold acres as of December 31, 2025, the largest acreage of any operator in that basin and substantially all held by production. The company’s proved reserves totaled 917.5 MMBoe, of which 56% were crude oil, and 89% of reserves were attributable to properties it operates, giving it significant control over development pacing and cost structure. Chord Energy is recognized as the top producer in the Williston Basin, enabling it to capture economies of scale through longer lateral lengths, multi‑well pads and centralized facilities. Its balance sheet is characterized by strong liquidity, no near‑term debt maturities and a disciplined hedging program, supporting its ability to generate sustainable free cash flow. The management team averages 25 years of industry experience and has a proven record in executing large, repeatable drilling programs, while a majority of executive compensation is tied to long‑term equity incentives, aligning interests with shareholders. These factors combine to give Chord Energy competitive advantages in cost efficiency, capital allocation and returns through market cycles.

Chord Energy sells its crude oil, natural gas liquids and natural gas to a diverse group of downstream customers, including refiners, marketers and other energy companies that access its production via pipeline and rail connections. The company relies on its own marketing functions to negotiate sales and secure favorable terms, while also using third‑party transactions when advantageous. Revenue is typically tied to prevailing market prices with regional differentials that reflect transportation costs and quality adjustments. Because alternative purchasers are readily available in its operating regions, the loss of any single customer would not have a material long‑term impact on its financial performance. The company also engages in occasional bulk sales at delivery points on gathering systems to a variety of purchasers at market‑based prices.