Chord Energy Corp - New
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did CHRD Beat Earnings? Q2 2025 Results
Chord Energy delivered a mixed second quarter for 2025, posting adjusted EPS of $1.79 against a consensus estimate of $1.88, a miss of 4.60%, while revenue of $1.18 billion cleared expectations by 24.74% despite falling 6.4% year over year. The headline story, however, was a $539.30 million non-cash goodwill impairment charge tied to the decline in the company's market capitalization amid falling crude oil and natural gas prices, which drove a GAAP net loss of $389.90 million and pushed goodwill to zero. Operationally, Chord showed discipline, with oil production of 156.7 MBopd exceeding the top of guidance and capital spending landing at the low end of targets, helping adjusted free cash flow reach $140.80 million. The company returned over 90% of that figure to shareholders through dividends and buybacks, and authorized a new $1.00 billion repurchase program. Looking ahead, Chord raised its FY25 oil production guidance midpoint to 153.0 MBopd, trimmed E&P CapEx by $20 million, and now targets approximately $850 million in full-year adjusted free cash flow, reflecting roughly 20% improvement from its original plan when normalized for commodity pricing. Shares fell more than 2% following the report.
- Oil production of 156.7 MBopd exceeded high end of guidance driven by strong well performance and improved uptime
- E&P and other CapEx at low end of guidance at $355.6MM reflecting efficient execution
- Lower downtime and greater operational efficiency
- Strong asset performance in the Williston Basin
- Lower commodity prices (WTI crude oil ~$61.62/Bbl vs $78.89/Bbl in Q2 2024) pressured revenue
“Chord Energy delivered another outstanding quarter driven by continued operational excellence. 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.”
Chord Energy CEO, on the earnings call
Forward Guidance & Outlook
Chord raised FY25 oil production guidance by 500 Bopd to a midpoint of 153.0 MBopd and reduced E&P and other CapEx by $20MM to a $1.35B midpoint, now $50MM below original plan. The company expects FY25 Adjusted EBITDA of approximately $2.4B and Adjusted FCF of approximately $850MM (at $65/Bbl WTI and $3.75/MMBtu Henry Hub for 2H25). FY25 Adjusted FCF is increasing ~$120MM (~20%) from the original plan normalized for commodity pricing. LOE guidance 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 tax range lowered to 3.5%-6.5% of Adjusted EBITDA. Plans to TIL 115-135 gross operated wells (~80% WI) with 30-40 gross operated TILs in 3Q25 (~70% WI). A second completions crew is on track to return in 4Q25 given current oil prices. 3Q25 oil guidance: 153.5-157.5 MBopd; 3Q25 CapEx guidance: $315-$345MM. 4Q25 oil guidance: 143.5-148.5 MBopd; 4Q25 CapEx guidance: $295-$325MM.
CHRD YoY Financials
CHRD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.