The following is a summary of the Chord Energy Corporation (CHRD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Chord Energy reported a strong third quarter with adjusted free cash flow of approximately $312 million, demonstrating solid operating results and contributing to robust shareholder returns.

• The company's oil volumes were toward the top end of guidance, supported by strong execution and well performance, with lower downtime and capital below expectations.

• Operating expenses were below expectations, improving operating margins and leading to the declaration of a variable dividend of $0.19 per share in addition to the base dividend, with total capital return of 93% for the quarter.

Business Progress:

• Chord Energy announced the divestiture of DJ Basin assets, planning to use the proceeds for acquisitions and share repurchases, which will be incremental to the normal course of capital return program.

• The company has integrated the Enerplus assets, capturing significant synergies and enhancing capital efficiency.

• Chord provided a three-year outlook with stable oil volumes and annual capital expenditures consistent, aiming to enhance operational performance and returns.

Opportunities:

• The company plans to continue investing in longer lateral drilling, which is expected to improve capital efficiency and overall returns.

• Chord is also exploring the potential of 4-mile lateral wells, which could further enhance operational efficiency and economic returns.

Risks:

• Chord's performance is subject to variability in gas prices, which can impact realizations and operational leverage.

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