Chord Energy Corp - New
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did CHRD Beat Earnings? Q3 2025 Results
Chord Energy posted a clear beat across both top and bottom lines in Q3 2025, with adjusted EPS of $2.35 edging past the $2.29 consensus by 2.75% and revenue of $1.31 billion topping estimates by 22.21%, even as total sales slipped 9.5% year-over-year amid softer crude prices. The primary headwind was well-understood: realized crude oil prices fell to $63.59 per barrel from $73.51 a year ago, compressing GAAP net income to $130.11 million from $225.32 million in Q3 2024 and pulling total oil, NGL, and natural gas revenues down to $966.80 million. Offsetting that pressure, oil volumes of 155.7 MBopd came in above the midpoint of guidance while E&P capital spending of $333.60 million landed below it, reflecting the operational discipline that prompted management to raise full-year oil volume guidance for the second time this year to a midpoint of 154.3 MBopd. With the XTO acquisition closing October 31 and expected to contribute roughly 4.0 MBopd in Q4, and the company projecting approximately $840 million in adjusted free cash flow for the full year, Chord enters the final quarter with operational momentum despite continued commodity volatility.
- Oil volumes above midpoint of guidance at 155.7 MBopd
- E&P and other CapEx below midpoint of guidance reflecting program timing
- Drilling days improved from 2024 levels
- Simulfrac increased daily lateral footage completed
- Post-frac cleanouts now more efficient
- Lower failure rates supported by autonomous rod lift operations
- Lower downtime year-over-year driving higher FCF
“Chord's operational momentum continues and the team delivered solid results in the third quarter. Third quarter oil volumes and capital were favorable to guidance and Chord raised FY25 oil volume guidance for the second time this year, excluding impacts from the recent acquisition. In addition, the purchase of certain XTO assets closed at the end of October, which extends our inventory runway in core areas while allowing for further capital efficiency through longer lateral development. Chord's strategy revolves around strong capital allocation and continuous improvement. On that front, we're pleased to announce continued progress in de-risking the 4-mile program, including the successful execution on three incremental 4-mile wells. Chord continues to drive efficiency through every aspect of the business which puts the Company in a strong position to lengthen inventory and enhance economics amidst persistent commodity volatility.”
Chord Energy CEO, on the earnings call
Forward Guidance & Outlook
Chord raised FY25 oil volume guidance to 153.8–154.8 MBopd at midpoint (excluding XTO Acquisition impacts). Including XTO, 4Q25 oil volumes are guided to 149.0–153.0 MBopd with total volumes of 268.7–278.7 MBoepd. FY25 E&P and other CapEx is maintained at $1,350–$1,380MM (adding $15MM for XTO). The company expects to generate Adjusted EBITDA of approximately $2.4B and Adjusted FCF of approximately $840MM at midpoint of guidance assuming $60/Bbl WTI and $3.75/MMBtu Henry Hub in 4Q25. Chord plans to TIL 115–125 gross operated wells in FY25 with 23–33 in 4Q25. A second completions crew is expected to return in 4Q25. The company retains flexibility to reduce activity if macro conditions warrant.
CHRD YoY Financials
CHRD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.