CHRDNasdaqCrude Petroleum & Natural GasUS GAAP · USD

Chord Energy Corp

Chord Energy Corp is an independent oil and gas exploration and production company focused on acquiring, developing, and producing crude oil, NGLs, and natural gas. Its core operating footprint is the Williston Basin in North Dakota and Montana, with limited non-operated exposure in the Marcellus Shale. The company emphasizes capital discipline, free cash flow generation, and returning capital to shareholders.

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Revenue4,877m USD
−7.1 %y/y
Operating profit (EBIT)197m USD
−82.1 %y/y
EBIT margin4.0%
−16.9 ppy/y
Net income44.5m USD
−94.8 %y/y
Free cash flow2,041m USD
−2.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,000m USD2020: EBIT 39 m USD20202021: 1,580 m USD2021: EBIT 809 m USD20212022: 3,647 m USD2022: EBIT 1,584 m USD20222023: 3,897 m USD2023: EBIT 1,273 m USD20232024: 5,251 m USD2024: EBIT 1,100 m USD20242025: 4,877 m USD2025: EBIT 197 m USD20254,877197
RevenueOperating profit (EBIT)
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Business

Share of revenue
Upstream production85 %

Operated exploration and production of crude oil, NGLs, and natural gas from company-owned acreage.

Purchased oil and gas marketing10 %

Bought-and-resold hydrocarbons used to optimize transportation, blending, and supply shortfalls.

Non-operated interests3 %

Minority interests in wells and acreage where Chord does not operate the assets.

Hedging and derivative activity2 %

Commodity derivative positions used to reduce exposure to oil and gas price volatility.

Products

Reported · share of revenue
72.7%19.5%FY2025100 %
  • Oil Production72.7 %
  • Purchased Oil Sales19.5 %
  • Natural Gas and Natural Gas Liquid Services7.2 %
  • Purchased Gas Sales0.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Chord sells production into commodity markets through a concentrated set of crude oil, NGL, and natural gas counterparties rather than to end consumers. Its customer base includes purchasers of produced hydrocarbons, joint-interest owners that share well costs and revenues, and derivative counterparties used for price risk management. Customer concentration matters because payment delays, insolvency, or weak credit conditions can directly affect cash flow and receivables.

Commodity purchasers

Refiners, marketers, and other buyers of crude oil, NGLs, and natural gas that purchase Chord's production at prevailing market prices.

Joint-interest owners

Working-interest partners in operated wells that reimburse their share of drilling and operating costs.

Derivative counterparties

Financial institutions and trading counterparties that transact commodity hedges to reduce price exposure.

Midstream and logistics partners

Pipeline, gathering, and marketing counterparties that help move and optimize production sales.

Strategy

Chord's strategy is to concentrate capital in the Williston Basin, where it believes the acreage position, oil content, and infrastructure support attractive well returns. Management also aims to expand free cash flow and shareholder returns while maintaining operating efficiency and capital discipline. Recent acquisitions show a willingness to add scale when assets fit the basin-focused development model.

Develop core Williston Basin acreageShort term

The basin offers high oil content, established infrastructure, and strong well-level returns.

Expand scale through acquisitionsMedium term

Bolt-on and basin-aligned acquisitions can increase inventory and operating leverage.

Return capital and preserve free cash flowMedium term

The company positions itself as a free-cash-flow generator in a cyclical commodity market.

Geography

Chord's business is concentrated in the Williston Basin, especially North Dakota and Montana, where it targets the Middle Bakken and Three Forks formations. The company also has limited non-operated interests in the Marcellus Shale, but its operating and capital allocation decisions are driven primarily by the Williston asset base. Its 2024 Enerplus acquisition and 2025 XTO asset acquisition agreement reinforce a basin-focused growth strategy.

Risks

Chord is exposed to volatile oil, NGL, and natural gas prices, so earnings and cash flow can swing sharply with commodity markets and geopolitical events. Its concentrated Williston Basin footprint creates operational efficiency but also increases basin-specific execution, infrastructure, and weather-related risks. Customer concentration, counterparty credit, cyber risk, and regulatory pressure are additional material risks for an upstream producer.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Regulatory and environmental compliance2Customer and counterparty credit risk3Geopolitical and macro volatility4Cyber and technology disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: High

    Revenue is tied to market prices for crude oil, NGLs, and natural gas, which are highly cyclical.

    ExposureOilNGLNatural gas sales
  2. Regulatory and environmental complianceImpact: HighLikelihood: Medium

    Oil and gas operations face changing rules on emissions, permitting, and environmental protection.

    ExposureDrillingDevelopmentOperating costs
  3. Customer and counterparty credit riskImpact: HighLikelihood: Low

    Receivables are concentrated with several significant customers and derivative counterparties.

    ExposureSales receivablesJoint-interest receivablesHedges
  4. Geopolitical and macro volatilityImpact: MediumLikelihood: High

    Conflicts and supply disruptions can move commodity prices and financial markets abruptly.

    Exposure: Global commodity pricing

  5. Cyber and technology disruptionImpact: MediumLikelihood: Medium

    Energy operations rely on digital systems and SCADA infrastructure that can be targeted or fail.

    Exposure: Field operations and data systems

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Accounting

Judgemental items
Successful efforts method

Exploration costs and dry holes are expensed sooner, affecting volatility and comparability.

Impact: Can materially change operating results versus full cost accounting

Reserve and price assumptions

Estimated reserves and future commodity prices drive depletion and impairment tests.

Impact: Affects asset carrying values and non-cash charges

Derivative fair value accounting

Commodity hedges are remeasured to fair value, creating mark-to-market earnings swings.

Impact: Can cause quarterly volatility unrelated to realized cash settlements

Goodwill impairment

The reporting unit is tested using discounted future cash flows and market assumptions.

Impact: Adverse price or reserve changes could trigger a large non-cash charge

Credit losses on receivables

Customer concentration and joint-interest billing require ongoing expected credit loss estimates.

Impact: May affect bad debt expense and working capital

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Last updated: 24/09/2026