HighGravityDataChord Energy — Nov 6, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001486159-24-000059
Showing in the filing
Oil Volumes impact from recent A&D activity
“approximately 0.4 MBopd”
Period
Q2 FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 49
Capital expenditures for FY2025
“$1.4B”
E&P & Other CapEx (three-year outlook) for FY2025
“$1.4B”
Base-plus-variable cash dividend
“$1.44 per share of common stock”
Share Repurchase Program Authorization
“$750MM”
Base dividend
“$1.25 per share of common stock”
Variable dividend
“$0.19 per share of common stock”
Dividend payment date
“December 12, 2024”
Oil Volumes impact from recent A&D activity for Q2 FY2025
“approximately 0.4 MBopd”
Oil Volumes for FY2025
“152 MBopd – 153 MBopd”
Oil Volumes (three-year outlook, flat pro fo… for FY2025
“152 MBopd – 153 MBopd”
Synergies from Enerplus combination
“over $200MM”
Adjusted EBITDA for FY2024
“approximately $2.7B”
Adjusted Free Cash Flow for FY2024
“$1.1B”
Reinvestment rate for FY2024
“less than 60%”
Oil Volumes (FY24 pro forma midpoint) for FY2024
“152.7 MBopd”
E&P & Other CapEx for FY2024
“$1.48B”
Pro forma capital for FY2024
“$1.48B”
Oil Volumes (MBopd) for Q2 FY2025
“149.5 – 154.5”
Oil Volumes (MBopd) for FY2024
“152.0 – 153.3”
NGL Volumes (MBblpd) for Q2 FY2025
“46.1 – 47.6”
NGL Volumes (MBblpd) for FY2024
“47.7 – 48.1”
Natural Gas Volumes (MMcfpd) for Q2 FY2025
“395.5 – 408.5”
Natural Gas Volumes (MMcfpd) for FY2024
“407.6 – 410.9”
Total Volumes (MBoepd) for Q2 FY2025
“261.5 – 270.1”
Total Volumes (MBoepd) for FY2024
“267.6 – 269.8”
E&P & Other CapEx ($MM) for Q2 FY2025
“$315 – $355”
E&P & Other CapEx ($MM) for FY2024
“$1,460 – $1,500”
Oil Discount to WTI ($/Bbl) for Q2 FY2025
“$(2.00) – $0.00”
Oil Discount to WTI ($/Bbl) for FY2024
“$(1.75) – $(1.25)”
NGL Realization (% of WTI) for Q2 FY2025
“5% – 15%”
NGL Realization (% of WTI) for FY2024
“9% – 11%”
Natural Gas Realization (% of Henry Hub) for Q2 FY2025
“25% – 35%”
Natural Gas Realization (% of Henry Hub) for FY2024
“34% – 36%”
LOE ($/Boe) for Q2 FY2025
“$9.25 – $10.25”
LOE ($/Boe) for FY2024
“$9.38 – $9.63”
Cash GPT ($/Boe) (2) for Q2 FY2025
“$2.60 – $3.20”
Cash GPT ($/Boe) for FY2024
“$3.11 – $3.25”
Cash GPT ($/Boe) (2) for FY2024
“$3.11 – $3.25”
Cash G&A ($MM) (2) for Q2 FY2025
“$29.0 – $31.0”
Cash G&A ($MM) for FY2024
“$116.2 – $118.2”
Cash G&A ($MM) (2) for FY2024
“$116.2 – $118.2”
Production Taxes (% of Oil, NGL and Natural … for Q2 FY2025
“8.7% – 9.1%”
Production Taxes (% of Oil, NGL and Natural … for FY2024
“8.8% – 8.9%”
Cash Interest ($MM) (2) for Q2 FY2025
“$18.0 – $20.0”
Cash Interest ($MM) for FY2024
“$62.7 – $64.7”
Cash Interest ($MM) (2) for FY2024
“$62.7 – $64.7”
Cash Tax (% of Adjusted EBITDA) (3) for Q2 FY2025
“0% – 5%”
Cash Tax (% of Adjusted EBITDA) for FY2024
“2% – 4%”
Cash Tax (% of Adjusted EBITDA) (3) for FY2024
“2% – 4%”
Exhibit 99.1 · the passage around this item
… earlier in the release
Additionally, during 3Q24, Chord entered into agreements to acquire additional working interests in operated assets in the Williston Basin for total cash consideration of $7.0MM, which was funded with cash on hand. The net volume impact of these portfolio changes is expected to reduce 4Q24 oil volumes by approximately 0.4 MBopd. 2025 – 2027 Outlook: Chord expects to spend $1.4B of capital per year for each of the next three years (2025 – 2027) to maintain flat pro forma FY24 oil volumes of 152 MBopd – 153 MBopd. Chord’s three-year outlook reflects the improving capital efficiency of its program, supported by high-quality inventory, enhanced operational efficiencies and over $200MM of synergies from the combination with Enerplus. Updated 2024 Outlook: Chord is updating its FY24 guidance to reflect 3Q24 results and its 4Q24 outlook. Ch ord expects to generate approximately $2.7B of Adjusted EBITDA and $1.1B of Adjusted Free Cash Flow on a pro forma basis in FY24, with a reinvestment rate less than 60%. Chord’s updated outlook reflects actual pricing for 1Q24 – 3Q24 and $70/Bbl WTI and $2.50/MMBtu Henry Hub for 4Q24. • Full year oil volumes updated to account for strong 3Q24 performance and the latest 4Q24 outlook, which includes the impact of October wildfires and recent A&D activity. Pro forma FY24 midpoint oil volumes of 152.7 MBopd increased 0.6 MBopd from August guidance (including the impact of A&D), representing the second increase in oil guidance this year; • FY24 pro forma capital guidance reduced
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.