Chord Energy Reports Second Quarter 2025 Financial and Operating Results, Declares Base Dividend and Issues Updated Outlook

, /PRNewswire/ -- Chord Energy Corporation (NASDAQ: CHRD) ("Chord", "Chord Energy" or the "Company") today reported financial and operating results for the second quarter 2025. Key Takeaways and Updates: Operational Excellence: Delivered net cash provided by operating activities and Adjusted Free Cash Flow ("Adjusted FCF")(1) above expectations, driven by efficient execution and strong asset performance; Shareholder Returns: Returned over 90% of Adjusted FCF(1) to shareholders through the base dividend of $1.30 per share and share repurchases; Share Repurchases: Repurchased $55.0MM of common stock in 2Q25 at an average price of $90.80/share; repurchased $45.2MM subsequent to 2Q25 through August 1, 2025. Reduced share count -10% on a fully-diluted basis since the Enerplus closing; Operational Execution: Drilled four 4-mile laterals to date with costs below budget; accelerating 4-mile activity and now on track to turn-in-line ("TIL") seven 4-mile laterals in FY25; Updated Outlook: Raised FY25 oil production guidance +500 Bopd and reduced capital -$20MM at the midpoint of guidance; on schedule to return a second completions crew in 4Q25; and Enhancing Adjusted FCF: Updated FY25 guidance implies a ~20% improvement in Adjusted FCF and ~25% improvement in Adjusted FCF per share vs. the February outlook (normalized for commodity pricing). 2Q25 Operational and Financial Highlights: Production: Volumes of 156.7 MBopd (281.9 MBoepd) exceeded the high-end of guidance; CapEx: E&P and other CapEx of $355.6MM was at the low-end of guidance; Cash Flow: Net cash provided by operating activities was $419.8MM, with a net loss of $389.9MM ($6.77/diluted share); and Adjusted EBITDA, Adjusted FCF and Adjusted Net Income: Adjusted EBITDA(1) was $547.2MM, Adjusted FCF(1) was $140.8MM and Adjusted Net Income(1) was $103.2MM ($1.79/diluted share). (1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under United States generally accepted accounting principles ("GAAP"). "Chord Energy delivered another outstanding quarter driven by continued operational excellence," said Danny Brown, Chord Energy's President and Chief Executive Officer. "Free cash flow was above expectations, supporting continued high shareholder payouts. The Chord team demonstrated strong execution with better downtime, greater efficiency and solid well performance leading to an increase in our full-year production guidance and reduction in capital. Our premier Williston Basin position, built with a focus on disciplined capital allocation, early adoption of new technologies, and strategic M&A, puts Chord in a strong position to drive continuous improvement amidst persistent commodity volatility. We remain focused on optimizing capital allocation while operating in a safe and sustainable manner." 2Q25 Operational and Financial Update: The following table presents select 2Q25 operational and financial data compared to guidance released on May 6, 2025: Metric 2Q25 Actual 2Q25 Guidance Oil Volumes (MBopd) 156.7 153.0 – 156.0 NGL Volumes (MBblpd) 54.1 47.3 – 48.8 Natural Gas Volumes (MMcfpd) 425.9 408.5 – 421.5 Total Volumes (MBoepd) 281.9 268.3 – 275.0 E&P & Other CapEx ($MM) $355.6 $355 – $385 Oil Discount to WTI ($/Bbl) $(2.15) $(3.05) – $(1.05) NGL Realization (% of WTI) 9 % 5% – 15% Natural Gas Realization (% of Henry Hub) 32 % 25% – 35% LOE ($/Boe) $10.02 $9.25 – $10.25 Cash GPT ($/Boe)(1) $2.80 $2.65 – $3.15 Cash G&A ($MM)(1) $21.7 $26.0 – $28.0 Production Taxes (% of Oil, NGL and Natural Gas Sales)(2) 7.3 % 8.3% – 8.8% Cash Interest ($MM)(1) $18.6 $16.5 – $18.5 Cash Tax (% of Adjusted EBITDA)(3) 5.9 % 2% – 9% ___________________ (1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. (2) 2Q25 includes non-recurring reimbursements of $8.5MM. (3) Cash taxes paid during the three months ended June 30, 2025 were $32.1MM, or 5.9% of Adjusted EBITDA. Guidance range based on NYMEX WTI between $55/Bbl – $75/Bbl. Chord had 37 gross (29.3 net) operated TILs in 2Q25. Return of Capital: Chord declared a base dividend of $1.30 per share of common stock. The dividend will be payable on September 8, 2025 to shareholders of record as of August 21, 2025. Details regarding the Return of Capital calculation can be found in the Company's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations. The Company repurchased 605,621 shares of common stock at a weighted average price of $90.80 per share totaling $55.0MM in 2Q25, representing 100% of shareholder returns after the base dividend. Subsequent to 2Q25, the Company repurchased 423,902 shares of common stock totaling $45.2MM through August 1, 2025. Shares issued and outstanding as of August 1, 2025 were 57.3MM (57.7MM on a fully-diluted basis), compared to 57.6MM (58.1MM on a fully-diluted basis) as of June 30, 2025. Chord's Board of Directors has authorized a new share repurchase program totaling $1B, which replaces the existing program. 2025 Outlook Update: Chord is updating its FY25 guidance to reflect 1H25 performance and its latest projections. Chord remains on track to return a second completions crew to operations in 4Q25, given current oil prices. Chord has delivered production volumes and capital better than expectations in the first half of the year, reflecting solid execution, operational efficiencies, lower downtime and strong asset performance. Chord expects to generate Adjusted EBITDA of approximately $2.4B and Adjusted FCF of approximately $850MM at the midpoint of guidance (2H25 $65/Bbl WTI and $3.75/MMBtu Henry Hub). Chord plans to TIL115 – 135 gross operated wells (~80% working interest), with 30 – 40 gross operated TILs planned for 3Q25 (~70% working interest). Highlights of Chord's updated FY25 guidance include: Oil Volumes: Raised +500 Bopd to 153.0 MBopd at midpoint, driven by strong well performance and improved uptime; E&P and Other CapEx: Lowered -$20MM to $1.35B at midpoint; now -$50MM below original plan; LOE: Maintained at $9.60/Boe midpoint; -$0.30/Boe below original plan; Oil Differentials: Narrowed by $0.30/Bbl to reflect improved 2H25 market conditions; Cash Taxes: Lowered FY25 cash tax range to 3.5% – 6.5%% of Adjusted EBITDA (reflects 1H25 cash tax payments and 2H25 at $60/Bbl - $80/BBl WTI) reflecting our latest forecasts (previous guidance was 4% – 9% of Adjusted EBITDA); and Adjusted FCF: FY25 Adjusted FCF increasing ~$120MM (~20%) from original plan, driven by improved capital efficiency and lower operating costs (normalized $65/Bbl WTI and $3.75/MMBtu Henry Hub for both periods). See Chord's most recent investor presentation located on its website at https://ir.chordenergy.com/presentations for additional information. The following table presents select operational and financial guidance for the periods presented: Metric 3Q25 Guidance 4Q25 Guidance FY25 Guidance Oil Volumes (MBopd) 153.5 – 157.5 143.5 – 148.5 151.8 – 154.1 NGL Volumes (MBblpd) 50.5 – 54.5 48.0 – 53.0 50.2 – 52.5 Natural Gas Volumes (MMcfpd) 430.0 – 442.0 422.0 – 440.0 423.1 – 430.7 Total Volumes (MBoepd) 275.7 – 285.7 261.8 – 274.8 272.5 – 278.3 E&P & Other CapEx ($MM) $315 – $345 $295 – $325 $1,320 – $1,380 Oil Discount to WTI ($/Bbl) $(1.75) – $0.25 $(2.40) – $(0.40) $(2.15) – $(1.15) NGL Realization (% of WTI) 5% – 15% 10% – 20% 11% – 16% Natural Gas Realization (% of Henry Hub) 20% – 30% 30% – 40% 36% – 41% LOE ($/Boe) $8.70 – $9.70 $9.15 – $10.15 $9.35 – $9.85 Cash GPT ($/Boe)(1) $2.65 – $3.15 $2.65 – $3.15 $2.80 – $3.05 Cash G&A ($MM)(1) $20 – $25 $20 – $25 $90 – $100 Production Taxes (% of Oil, NGL and Natural Gas Sales) 8.3% – 8.8% 8.3% – 8.8% 7.6% – 7.8% Cash Interest ($MM)(1) $17 – $19 $17 – $19 $68 – $72 Cash Tax (% of Adjusted EBITDA)(2) 0% – 6% 3% – 10% 3.5% – 6.5% ___________________ (1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for more information. (2) Cash Tax guidance reflects 2H25 WTI prices between $60/Bbl – $80/Bbl. Select Operational and Financial Data: The following table presents select operational and financial data for the periods presented: 2Q25 1Q25 2Q24 Production data: Crude oil (MBopd) 156.7 153.7 118.1 NGLs (MBblpd) 54.1 48.1 40.5 Natural gas (MMcfpd)(2) 425.9 414.5 291.5 Total production (MBoepd) 281.9 270.9 207.2 Percent crude oil 55.6 % 56.7 % 57.0 % Average sales prices: Crude oil, without realized derivatives ($/Bbl) $ 61.62 $ 69.11 $ 78.89 Differential to NYMEX WTI ($/Bbl) (2.15) (2.30) (1.71) Crude oil, with realized derivatives ($/Bbl) 62.58 69.08 78.53 Crude oil realized derivatives (gain) loss ($MM) (13.7) 0.4 (3.9) NGL, without realized derivatives ($/Bbl) 5.80 14.18 9.99 NGL, with realized derivatives ($/Bbl) 5.80 14.18 9.99 Natural gas, without realized derivatives ($/Mcf)(2) 1.10 2.30 0.67 Natural gas, with realized derivatives ($/Mcf) 1.11 2.31 0.67 Natural gas realized derivatives (gain) loss ($MM) (0.4) (0.1) — Selected financial data ($MM): Revenues: Crude oil revenues $ 878.9 $ 956.1 $ 848.1 NGL revenues 28.6 61.3 36.8 Natural gas revenues 42.8 85.9 17.8 Total oil, NGL and natural gas revenues $ 950.3 $ 1,103.3 $ 902.7 Cash flows: Net cash provided by operating activities: $ 1,076.7 $ 656.9 $ 460.9 Non-GAAP financial measures(1): Adjusted EBITDA $ 547.2 $ 695.5 $ 567.9 Adjusted FCF 140.8 290.5 216.1 Adjusted Net Income Attributable to Common Stockholders 103.2 240.9 234.9 Select operating expenses: LOE $ 257.0 $ 233.1 $ 176.6 Gathering, processing and transportation expenses ("GPT") 74.1 73.3 63.1 Production taxes 69.0 74.6 79.5 Depreciation, depletion and amortization 377.0 349.8 227.9 Total select operating expenses $ 777.1 $ 730.8 $ 547.1 Earnings (loss) per share: Basic earnings (loss) per share $ (6.71) $ 3.67 $ 4.36 Diluted earnings (loss) per share (6.77) 3.66 4.25 Adjusted diluted earnings per share (Non-GAAP)(1) 1.79 4.04 4.69 ___________________ (1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to the most directly comparable financial measures under GAAP. (2) Marcellus natural gas volumes and realized natural gas price were 129.9 MMcfpd and $2.49/Mcf, respectively, in 2Q25. Goodwill Impairment: At June 30, 2025, the Company assessed its goodwill balance for impairment as a result of the decline in its market capitalization during the second quarter, which was impacted by a decline in crude oil and natural gas prices. As a result of this assessment, the Company recognized a non-cash impairment charge of $539.3 million within impairment and exploration expenses on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2025 to reduce the carrying value of its goodwill to zero as of June 30, 2025. Capital Expenditures: The following table presents the Company's capital expenditures ("CapEx") by category for the periods presented (in millions): 1Q25 2Q25 1H25 CapEx: E&P $ 354.8 $ 354.5 $ 709.3 Other 0.6 1.1 1.7 Total E&P and other CapEx 355.4 355.6 711.0 Capitalized interest 1.1 1.1 2.2 Acquisitions 17.9 8.3 26.2 Total CapEx $ 374.4 $ 365.0 $ 739.4 Balance Sheet and Liquidity: The following table presents key balance sheet data and liquidity metrics as of June 30, 2025 (in millions): June 30, 2025 Revolving credit facility(1) $ 2,000.0 Revolver borrowings $ 180.0 Senior notes 750.0 Total debt $ 930.0 Cash and cash equivalents $ 40.5 Letters of credit 29.9 Liquidity $ 1,830.6 ___________________ (1) $2.75B borrowing base and $2.0B of elected commitments. Contact: Chord Energy Corporation Bob Bakanauskas, VP, Investor Relations(281) 404-9600[email protected] Conference Call Information Investors, analysts and other interested parties are invited to listen to the webcast: Date: Thursday, August 7, 2025 Time: 10:00 a.m. Central Live Webcast: https://app.webinar.net/Q1jBz3bLb7k To join the conference call by phone without operator assistance (including sell-side analysts wishing to ask a question), you may register and enter your phone number at https://emportal.ink/4k0K0dL to receive an instant automated call back and be immediately placed into the call. You may also use the following dial-in information to join the conference call by phone with operator assistance: Dial-in: 1-800-836-8184 Intl. Dial-in: 1-646-357-8785 Conference ID: 82050 A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Thursday, August 14, 2025 by dialing: Replay dial-in: 1-888-660-6345 Intl. replay: 1-646-517-4150 Replay access: 82050 # The call will also be available for replay for approximately 30 days at https://www.chordenergy.com Forward-Looking Statements and Cautionary Statements Certain statements in this press release, 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 regarding the benefits and synergies of the Enerplus combination, future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, production levels and reinvestment rates, anticipated financial and operating results and other guidance and the effects, benefits and synergies of the Enerplus combination. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, changes in crude oil, NGL and natural gas prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine, military conflicts in the Red Sea Region and war between Israel and Hamas and the potential for escalation of hostilities across the surrounding countries in the Middle East and their effect on commodity prices, changes in general economic and geopolitical conditions, including as a result of the change in administration in the federal government of the United States, inflation rates and the impact of associated monetary policy responses, including increased interest rates, the ultimate results of integrating the operations of Chord, the effects of the Enerplus combination on Chord, including Chord's future financial condition, results of operations, strategy and plans, the ability of Chord to realize the anticipated benefits or synergies of the Enerplus combination in the timeframe expected or at all, developments in the global economy, as well as any public health crisis and resulting demand and supply for crude oil, NGLs and natural gas, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, the availability of midstream service providers, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Chord's business and other important factors that could cause actual results to differ materially from those projected as described in Chord's reports filed with the U.S. Securities and Exchange Commission (the "SEC"). Any forward-looking statement speaks only as of the date on which such statement is made and Chord undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Additional information concerning other risk factors is also contained in Chord's most recently filed Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings. About Chord Energy Chord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com. Comparability of Financial Statements The results reported for the three and six months ended June 30, 2025 reflect the consolidated results of Chord, including combined operations with Enerplus Corporation ("Enerplus"), while the results reported for the three and six months ended June 30, 2024 reflect the consolidated results of Chord, including the combined operations with Enerplus beginning on May 31, 2024, unless otherwise noted. Chord Energy CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share data) June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 40,487 $ 36,950 Accounts receivable, net 1,279,056 1,298,973 Inventory 102,031 94,299 Prepaid expenses 17,874 30,875 Derivative instruments 82,069 35,944 Other current assets 2,168 82,077 Total current assets 1,523,685 1,579,118 Property, plant and equipment Oil and gas properties (successful efforts method) 13,602,081 12,770,786 Other property and equipment 59,938 58,158 Less: accumulated depreciation, depletion and amortization (2,851,535) (2,142,775) Total property, plant and equipment, net 10,810,484 10,686,169 Derivative instruments 7,962 5,629 Investment in unconsolidated affiliate 131,603 142,201 Long-term inventory 26,403 25,973 Operating right-of-use assets 23,846 38,004 Goodwill — 530,616 Other assets 22,613 24,297 Total assets $ 12,546,596 $ 13,032,007 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 74,043 $ 68,751 Revenues and production taxes payable 681,508 752,742 Accrued liabilities 760,652 732,296 Accrued interest payable 18,586 4,693 Derivative instruments 342 1,230 Advances from joint interest partners 2,715 2,434 Current operating lease liabilities 29,351 37,629 Other current liabilities 9,438 84,203 Total current liabilities 1,576,635 1,683,978 Long-term debt 918,901 842,600 Deferred tax liabilities 1,545,492 1,496,442 Asset retirement obligations 392,742 282,369 Derivative instruments 2,500 1,016 Operating lease liabilities 8,234 15,190 Other liabilities 5,868 8,150 Total liabilities 4,450,372 4,329,745 Commitments and contingencies Stockholders' equity Common stock, $0.01 par value: 240,000,000 shares authorized, 67,146,139 sharesissued and 57,649,136 shares outstanding at June 30, 2025; and 240,000,000 sharesauthorized, 66,967,779 shares issued and 60,070,893 shares outstanding at December 31, 2024 675 673 Treasury stock, at cost: 9,497,003 shares at June 30, 2025 and 6,896,886 shares at December 31, 2024 (1,210,171) (936,157) Additional paid-in capital 7,327,295 7,336,091 Retained earnings 1,978,425 2,301,655 Total stockholders' equity 8,096,224 8,702,262 Total liabilities and stockholders' equity $ 12,546,596 $ 13,032,007 Chord Energy CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Oil, NGL and gas revenues $ 950,266 $ 902,667 $ 2,053,690 $ 1,650,829 Purchased oil and gas sales 230,294 358,013 341,916 695,111 Total revenues 1,180,560 1,260,680 2,395,606 2,345,940 Operating expenses Lease operating expenses 256,966 176,647 490,040 335,853 Gathering, processing and transportation expenses 74,100 63,130 147,415 117,114 Purchased oil and gas expenses 231,745 356,356 343,113 692,118 Production taxes 68,965 79,522 143,607 143,433 Depreciation, depletion and amortization 376,997 227,928 726,806 396,822 General and administrative expenses 32,540 82,077 70,917 107,789 Impairment and exploration 541,940 1,485 543,923 7,639 Total operating expenses 1,583,253 987,145 2,465,821 1,800,768 Gain (loss) on sale of assets, net (522) 15,486 4,993 16,788 Operating income (loss) (403,215) 289,021 (65,222) 561,960 Other income (expense) Net gain (loss) on derivative instruments 82,231 4,608 61,950 (22,969) Net gain (loss) from investment in unconsolidated affiliate (962) 5,862 (5,862) 22,158 Interest expense, net of capitalized interest (18,788) (12,208) (34,606) (19,800) Loss on debt extinguishment — — (3,494) — Other income 5,045 4,081 4,546 6,907 Total other income (expense), net 67,526 2,343 22,534 (13,704) Income (loss) before income taxes (335,689) 291,364 (42,688) 548,256 Income tax expense (54,216) (78,003) (127,380) (135,541) Net income (loss) $ (389,905) $ 213,361 $ (170,068) $ 412,715 Earnings (loss) per share: Basic $ (6.71) $ 4.36 $ (2.89) $ 9.12 Diluted $ (6.77) $ 4.25 $ (2.93) $ 8.87 Weighted average shares outstanding: Basic 57,786 48,665 58,420 45,048 Diluted 57,786 49,916 58,501 46,313 Chord Energy CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ (170,068) $ 412,715 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 726,806 396,822 Loss on debt extinguishment 3,494 — Gain on sale of assets (4,993) (16,788) Impairment 539,318 3,919 Deferred income taxes 49,050 70,699 Net (gain) loss from investment in unconsolidated affiliate 5,862 (22,158) Net (gain) loss on derivative instruments (61,950) 22,969 Equity-based compensation expenses 12,997 10,130 Deferred financing costs amortization and other (11,297) 7,343 Working capital and other changes: Change in accounts receivable, net 4,479 (69,496) Change in inventory (5,738) (5,557) Change in prepaid expenses 5,463 17,262 Change in accounts payable, interest payable and accrued liabilities (20,031) 3,065 Change in other assets and liabilities, net 3,311 36,649 Net cash provided by operating activities 1,076,703 867,574 Cash flows from investing activities: Capital expenditures (704,388) (538,733) Acquisitions (26,191) (645,971) Proceeds from divestitures 6,921 20,876 Derivative settlements 14,090 (16,339) Contingent consideration received 25,000 25,000 Distributions from investment in unconsolidated affiliate 6,786 4,591 Net cash used in investing activities (677,782) (1,150,576) Cash flows from financing activities: Proceeds from revolving credit facility 2,435,000 825,000 Principal payments on revolving credit facility (2,700,000) (250,000) Repayment and discharge of senior notes (401,432) — Issuance of senior notes 750,000 — Deferred financing costs (13,443) — Repurchases of common stock (274,014) (93,745) Tax withholding on vesting of equity-based awards (21,793) (57,357) Dividends paid (168,846) (281,681) Payments on finance lease liabilities (856) (834) Proceeds from warrants exercised — 21,010 Net cash provided by (used in) financing activities (395,384) 162,393 Increase (decrease) in cash and cash equivalents 3,537 (120,609) Cash and cash equivalents: Beginning of period 36,950 317,998 End of period $ 40,487 $ 197,389 Supplemental non-cash transactions: Change in accrued capital expenditures $ (3,950) $ 24,389 Change in asset retirement obligations 100,632 3,476 Non-cash consideration exchanged in Merger — 3,732,137 Dividends payable 973 19,502 Non-GAAP Financial Measures The following are non-GAAP financial measures not prepared in accordance with GAAP that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes that the foregoing are useful supplemental measures that provide an indication of the results generated by the Company's principal business activities. However, these measures are not recognized by GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures provided by other issuers. From time to time, the Company provides forward-looking forecasts of these measures; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measures. The reconciling items in future periods could be significant. To see how the Company reconciles its historical presentations of these non-GAAP financial measures to the most directly comparable GAAP measures, please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap. Cash GPT The Company defines Cash GPT as total GPT expenses less non-cash valuation charges on pipeline imbalances and non-cash mark-to-market adjustments on transportation contracts accounted for as derivative instruments. Cash GPT is not a measure of GPT expenses as determined by GAAP. Management believes that the presentation of Cash GPT provides useful additional information to investors and analysts to assess the cash costs incurred to market and transport the Company's commodities from the wellhead to delivery points for sale without regard to the change in value of its pipeline imbalances, which vary monthly based on commodity prices, and without regard to the non-cash mark-to-market adjustments on transportation contracts classified as derivative instruments. The following table presents a reconciliation of the GAAP financial measure of GPT expenses to the non-GAAP financial measure of Cash GPT for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) GPT $ 74,100 $ 63,130 $ 147,415 $ 117,114 Pipeline imbalances (2,270) (488) (1,722) (681) Loss on derivative transportation contract(1) — (2,647) — (5,877) Cash GPT $ 71,830 $ 59,995 $ 145,693 $ 110,556 ___________________ (1) The Company had a buy/sell transportation contract that qualified as a derivative. The changes in the fair value of this contract were recorded to GPT expense. As of June 30, 2024, the term of this contract expired. Cash G&A The Company defines Cash G&A as total G&A expenses less G&A expenses directly attributable to certain merger and acquisition activity, non-cash equity-based compensation expenses and other non-cash charges. Cash G&A is not a measure of G&A expenses as determined by GAAP. Management believes that the presentation of Cash G&A provides useful additional information to investors and analysts to assess the Company's operating costs in comparison to peers without regard to the aforementioned charges, which can vary substantially from company to company. The following table presents a reconciliation of the GAAP financial measure of G&A expenses to the non-GAAP financial measure of Cash G&A for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) General and administrative expenses $ 32,540 $ 82,077 $ 70,917 $ 107,789 Merger costs(1) (2,929) (54,687) (8,064) (62,794) Equity-based compensation expenses (6,121) (5,359) (12,997) (10,130) Other non-cash adjustments (1,790) (199) 193 1,461 Cash G&A $ 21,700 $ 21,832 $ 50,049 $ 36,326 ___________________ (1) Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. Cash Interest The Company defines Cash Interest as interest expense plus capitalized interest less amortization of deferred financing costs. Cash Interest is not a measure of interest expense as determined by GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on the Company's debt to finance its operating activities and the Company's ability to maintain compliance with its debt covenants. The following table presents a reconciliation of the GAAP financial measure of interest expense to the non-GAAP financial measure of Cash Interest for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) Interest expense $ 18,788 $ 12,208 $ 34,606 $ 19,800 Capitalized interest 1,109 1,158 2,188 1,867 Amortization of deferred financing costs (1,255) (1,366) (2,526) (2,258) Cash Interest $ 18,642 $ 12,000 $ 34,268 $ 19,409 Adjusted EBITDA and Adjusted Free Cash Flow The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization ("DD&A"), merger costs, exploration expenses, impairment expenses, loss on debt extinguishment and other similar non-cash or non-recurring charges. The Company defines Adjusted Free Cash Flow as Adjusted EBITDA less Cash Interest and E&P and other capital expenditures (excluding capitalized interest and acquisition capital). Adjusted EBITDA and Adjusted Free Cash Flow are not measures of net income or cash flows from operating activities as determined by GAAP. Management believes that the presentation of Adjusted EBITDA and Adjusted Free Cash Flow provides useful additional information to investors and analysts for assessing the Company's results of operations, financial performance, ability to generate cash from its business operations without regard to its financing methods or capital structure and the Company's ability to maintain compliance with its debt covenants. The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) Net income (loss) $ (389,905) $ 213,361 $ (170,068) $ 412,715 Interest expense, net of capitalized interest 18,788 12,208 34,606 19,800 Loss on debt extinguishment — — 3,494 — Income tax expense 54,216 78,003 127,380 135,541 Depreciation, depletion and amortization 376,997 227,928 726,806 396,822 Merger costs(1) 2,929 54,687 8,064 62,794 Impairment and exploration expenses(2) 541,940 1,485 543,923 7,639 (Gain) loss on sale of assets 522 (15,486) (4,993) (16,788) Net (gain) loss on derivative instruments (82,231) (4,608) (61,950) 22,969 Realized gain (loss) on commodity price derivative contracts 14,090 (3,896) 13,839 (5,257) Net (gain) loss from investment in unconsolidated affiliate 962 (5,862) 5,862 (22,158) Distributions from investment in unconsolidated affiliate 2,377 2,305 4,736 4,591 Equity-based compensation expenses 6,121 5,359 12,997 10,130 Other non-cash adjustments 420 2,455 (1,960) 3,919 Adjusted EBITDA 547,226 567,939 1,242,736 1,032,717 Cash interest (18,642) (12,000) (34,268) (19,409) E&P and other capital expenditures (355,589) (314,311) (711,028) (572,059) Cash taxes paid (32,148) (25,500) (66,098) (25,500) Adjusted Free Cash Flow $ 140,847 $ 216,128 $ 431,342 $ 415,749 Net cash provided by operating activities $ 419,810 $ 460,875 $ 1,076,703 $ 867,574 Changes in working capital 49,725 8,229 12,516 18,078 Interest expense, net of capitalized interest 18,788 12,208 34,606 19,800 Current income tax expense 34,931 34,271 78,331 64,841 Merger costs(1) 2,929 54,687 8,064 62,794 Exploration expenses 2,623 1,485 4,605 3,720 Realized gain (loss) on commodity price derivative contracts 14,090 (3,896) 13,839 (5,257) Distributions from investment in unconsolidated affiliate 2,377 2,305 4,736 4,591 Deferred financing costs amortization and other 1,533 (4,680) 11,296 (7,343) Other non-cash adjustments 420 2,455 (1,960) 3,919 Adjusted EBITDA 547,226 567,939 1,242,736 1,032,717 Cash interest (18,642) (12,000) (34,268) (19,409) E&P and other capital expenditures (355,589) (314,311) (711,028) (572,059) Cash taxes paid (32,148) (25,500) (66,098) (25,500) Adjusted Free Cash Flow $ 140,847 $ 216,128 $ 431,342 $ 415,749 ___________________ (1) Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. (2) Includes non-cash goodwill impairment charge of $539.3 million for the three and six months ended June 30, 2025, as a result of the decline in the Company's market capitalization during the second quarter. Adjusted Net Income and Adjusted Diluted Earnings Per Share Adjusted Net Income and Adjusted Diluted Earnings Per Share are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted Net Income as net income after adjusting for (1) the impact of certain non-cash items, including non-cash changes in the fair value of derivative instruments, non-cash changes in the fair value of the Company's investment in an unconsolidated affiliate, impairment, loss on debt extinguishment and other similar non-cash charges (2) merger costs and (3) the impact of taxes based on an estimated tax rate applicable to those adjusting items in the same period. Adjusted Net Income is not a measure of net income as determined by GAAP. The Company calculates earnings per share under the two-class method in accordance with GAAP. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Adjusted Diluted Earnings Per Share is calculated as (i) Adjusted Net Income (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The following table presents reconciliations of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income and the GAAP financial measure of diluted earnings per share to the non-GAAP financial measure of Adjusted Diluted Earnings Per Share for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) Net income (loss) $ (389,905) $ 213,361 $ (170,068) $ 412,715 Net (gain) loss on derivative instruments (82,231) (4,608) (61,950) 22,969 Realized gain (loss) on commodity price derivativecontracts 14,090 (3,896) 13,839 (5,257) Net (gain) loss from investment in unconsolidated affiliate 962 (5,862) 5,862 (22,158) Distributions from investment in unconsolidated affiliate 2,377 2,305 4,736 4,591 Impairment(1) 539,317 — 539,318 3,919 Merger costs(2) 2,929 54,687 8,064 62,794 (Gain) loss on sale of assets, net 522 (15,486) (4,993) (16,788) Amortization of deferred financing costs 1,255 1,366 2,526 2,258 Loss on debt extinguishment — — 3,494 — Other non-cash adjustments 420 2,455 (1,960) 3,919 Tax impact(3) 14,032 (8,288) 7,140 (13,952) Adjusted net income 103,768 236,034 346,008 455,010 Distributed and undistributed earnings allocated to participating securities (614) (1,121) (1,436) (1,494) Adjusted net income attributable to common stockholders $ 103,154 $ 234,913 $ 344,572 $ 453,516 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Diluted earnings (loss) per share $ (6.75) $ 4.25 $ (2.91) $ 8.87 Net (gain) loss on derivative instruments (1.42) (0.09) (1.06) 0.50 Realized gain (loss) on commodity price derivative contracts 0.24 (0.08) 0.24 (0.11) Net (gain) loss from investment in unconsolidatedaffiliate 0.02 (0.12) 0.10 (0.48) Distributions from investment in unconsolidated affiliate 0.04 0.05 0.08 0.10 Impairment(1) 9.33 — 9.22 0.08 Merger costs(2) 0.05 1.10 0.14 1.36 (Gain) loss on sale of assets, net 0.01 (0.31) (0.09) (0.36) Amortization of deferred financing costs 0.02 0.03 0.04 0.05 Loss on debt extinguishment — — 0.06 — Other non-cash adjustments 0.02 0.05 (0.03) 0.08 Tax impact(3) 0.24 (0.17) 0.12 (0.30) Adjusted Diluted Earnings Per Share 1.80 4.71 5.91 9.79 Less: Distributed and undistributed earnings allocated toparticipating securities (0.01) (0.02) (0.02) (0.03) Adjusted Diluted Earnings Per Share $ 1.79 $ 4.69 $ 5.89 $ 9.76 Diluted weighted average shares outstanding (in thousands) 57,786 49,916 58,501 46,313 Tax rate applicable to adjustment items(2) 23.5 % 26.8 % 23.5 % 24.7 % _____________________ (1) Includes non-cash goodwill impairment charge of $539.3 million for the three and six months ended June 30, 2025, as a result of the decline in the Company's market capitalization during the second quarter. (2) Includes costs directly attributable to the arrangement with Enerplus for the three and six months ended June 30, 2025 and 2024. (3) The tax impact is computed by applying an estimated tax rate to the adjustments for certain non-cash and non-recurring items. SOURCE Chord Energy WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Chord Energy Reports Second Quarter 2025 Financial and Operating Results, Declares Base Dividend and Issues Updated Outlook

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