CHRD

MKT CAP $8.3BP/E 10.1DIV YIELD —FCF YIELD —REV TTM $6.3B +19.2%NET INCOME $848.3M +219.1%NET DEBT $869.8M52W 84.99 – 157.00SEC XBRL · TTM TO Invalid Date

How CHRD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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Risk Factors—If crude oil, NGL and natural gas prices decline, or for an extended period of time remain at depressed levels, we may be required to take write-downs of the carrying values of our oil and gas properties” for additional information.
In an effort to improve price realizations from the sale of our crude oil, NGL and natural gas, we manage our commodities marketing activities in-house, which enables us to market and sell our crude oil, NGL and natural gas to a broader array of potential purchasers.
Business—Exploration and Production Operations—Marketing.” Our average net realized crude oil prices and average price differentials are shown in the tables below for the periods presented: 2025 Year Ended December 31, 2025 Q1 Q2 Q3 Q4 Average realized crude oil prices ($/Bbl) (1) $ 69.11 $ 61.62 $ 63.59 $ 56.90 $ 62.78 Average price differential ($/Bbl) (2) $ (2.30) $ (2.15) $ (1.41) $ (2.24) $ (2.02) Average price differential percentage (2) (3.3) % (3.5) % (2.2) % (3.9) % (3.2) % 2024 Year Ended December 31, 2024 Q1 Q2 Q3 Q4 Average realized crude oil prices ($/Bbl) (1) $ 75.32 $ 78.89 $ 73.51 $ 68.79 $ 73.67 Average price differential ($/Bbl) (2) $ (1.71) $ (1.41) $ (1.51) $ (1.49) $ (1.52) Average price differential percentage (2) (2.3) % (1.8) % (2.1) % (2.2) % (2.1) % __________________ (1) Realized crude oil prices do not include the effect of derivative contract settlements.
As of December 31, 2025, substantially all of our gross operated crude oil production was connected to gathering systems.
Our market optionality on these crude oil gathering systems allows us to shift volumes between pipeline and, to a lesser extent, rail markets in order to optimize price realizations.
Expansions of both pipeline and rail facilities in the Williston Basin has reduced prior constraints on crude oil takeaway capacity and improved our price differentials received at the lease.
Table of Content s Results of Operations Comparability of Financial Statements The results of operations presented below relate to the periods ended December 31, 2025 and 2024.
The results reported for the year ended December 31, 2025 reflect the consolidated results of Chord, while the results reported for the year ended December 31, 2024 reflect the consolidated results of Chord, including combined operations with Enerplus beginning on May 31, 2024, unless otherwise noted.
For a discussion of the changes related to the financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to “Part II, Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.
Operational and Financial Highlights • Production volumes averaged 276,620 Boepd (56% oil) for the year ended December 31, 2025. • Lease operating expenses (“LOE”) were $9.73 per Boe for the year ended December 31, 2025. • Capital expenditures (excluding capitalized interest) were $1,357.9 million for the year ended December 31, 2025. • Net cash provided by operating activities was $2,040.7 million and net income was $44.5 million for the year ended December 31, 2025. • Estimated net proved reserves were 917.5 MMBoe as of December 31, 2025, with a Standardized Measure of $7.5 billion and PV-10 of $9.1 billion. • TIL’d 122 gross (99 net) operated wells for the year ended December 31, 2025.
Shareholder Return Highlights • Paid $5.20 per share base cash dividends for the year ended December 31, 2025. • Repurchased $364.5 million of common stock (excluding accrued excise taxes) during the year ended December 31, 2025 with $952.2 million remaining under the new $1.0 billion share repurchase program authorized by the Board of Directors in August 2025. • On February 25, 2026, we declared a base cash dividend of $1.30 per share of common stock.
The dividend will be payable on March 27, 2026 to stockholders of record as of March 12, 2026.
Net Income We had net income of $44.5 million for the year ended December 31, 2025, which decreased 95% as compared to $848.6 million for the year ended December 31, 2024, primarily due to decreased realized oil prices and a non-cash goodwill impairment charge during the year ended December 31, 2025.
The impacts on net income of our expanded operations from the Arrangement and other increases and decreases in revenues and expenses are further explained below.
Revenues Our crude oil, NGL and natural gas revenues are derived from the sale of crude oil, NGL and natural gas production.
Additionally, our revenues for the year ended December 31, 2025 were positively impacted due to the Arrangement, which expanded our operations primarily in the Williston Basin.
Our purchased oil and gas sales are derived from the sale of crude oil, NGL and natural gas purchased through our marketing activities primarily to optimize transportation costs, for blending to meet pipeline specifications or to cover production shortfalls.
Table of Content s The following table summarizes our revenues, production and average realized prices for the periods presented: Year Ended December 31, 2025 2024 (In thousands, except price per unit data) Revenues Crude oil revenues $ 3,546,890 $ 3,571,336 NGL revenues 138,277 162,052 Natural gas revenues 211,973 102,750 Purchased oil and gas sales 979,986 1,414,944 Total revenues $ 4,877,126 $ 5,251,082 Production data Crude oil (MBbls) 56,500 48,479 NGL (MBbls) 19,149 16,338 Natural gas (MMcf) (1) 151,903 122,193 Oil equivalents (MBoe) 100,966 85,182 Average daily production (Boepd) 276,620 232,737 Average daily crude oil production (Bopd) 154,795 132,455 Average sales prices Crude oil (per Bbl) Average sales price $ 62.78 $ 73.67 Effect of derivative settlements (2) 0.81 0.02 Average realized price after the effect of derivative settlements (2) $ 63.59 $ 73.69 NGL (per Bbl) Average sales price $ 7.22 $ 9.92 Effect of derivative settlements (2) — — Average realized price after the effect of derivative settlements (2) $ 7.22 $ 9.92 Natural gas (per Mcf) Average sales price (1) $ 1.40 $ 0.84 Effect of derivative settlements (2) 0.11 — Average realized price after the effect of derivative settlements (1)(2) $ 1.51 $ 0.84 __________________ (1) For the years ended December 31, 2025 and 2024, natural gas production volume from the Marcellus Shale was 45,151 MMcf and 24,727 MMcf, respectively.
The realized natural gas price related to this production, prior to the effect of derivative settlements, was $3.15 per Mcf and $1.78 per Mcf for the years ended December 31, 2025 and 2024, respectively.
Our crude oil revenues decreased $24.4 million to $3,546.9 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
Excluding the increase of $491.4 million due to our expanded operations as a result of the Arrangement, our crude oil revenues decreased $545.6 million due to lower crude oil realized prices year-over-year, partially offset by an increase of $29.8 million due to higher total crude oil production volumes sold.
Average crude oil sales prices, without derivative settlements, decreased by $10.89 per barrel year-over-year to an average of $62.78 per barrel for the year ended December 31, 2025 due to decreases in NYMEX WTI and widening in-basin differentials.
Our NGL revenues decreased $23.8 million to $138.3 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
Excluding the increase of $3.8 million due to our expanded operations as a result of the Arrangement, our NGL revenues decreased $34.5 million due to lower NGL realized prices year-over-year, partially offset by an increase of $6.9 million due to higher total NGL production volumes sold.
Average NGL sales prices, without derivative settlements, decreased by $2.70 per barrel period over period to an average of $7.22 per barrel for the year Table of Content s ended December 31, 2025 primarily due to wider differentials on incremental production volumes primarily as a result of the Arrangement.
Our natural gas revenues increased $109.2 million to $212.0 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
Our natural gas revenues increased $69.0 million due to our expanded operations as a result of the Arrangement.
Excluding the increase from the Arrangement, natural gas revenues increased $41.4 million primarily due to higher average natural gas realized prices.
Average natural gas sales prices, without derivative settlements, increased by $0.56 per Mcf period over period to $1.40 per Mcf for the year ended December 31, 2025 primarily due to increases in natural gas index prices period over period.
Purchased oil and gas sales decreased $435.0 million to $980.0 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
This decrease was primarily due to a decrease in the volume of crude oil purchased and subsequently sold as well as lower crude oil prices year-over-year.
Expenses and other income (expense) Certain operating expenses, including LOE, GPT expenses and DD&A, increased for the year ended December 31, 2025 as compared to the year ended December 31, 2024 due to the Arrangement, which closed on May 31, 2024 and expanded our operations primarily in the Williston Basin.
The following table summarizes our operating expenses and other income (expense) for the periods presented: Year Ended December 31, 2025 2024 (In thousands, except per Boe of production) Operating expenses Lease operating expenses $ 982,610 $ 824,408 Gathering, processing and transportation expenses 290,917 267,559 Purchased oil and gas expenses 975,128 1,412,357 Production taxes 291,880 333,397 Depreciation, depletion and amortization 1,470,171 1,107,776 General and administrative expenses 126,294 205,585 Impairment and exploration 551,412 17,021 Total operating expenses 4,688,412 4,168,103 Gain on sale of assets, net 8,711 17,088 Operating income 197,425 1,100,067 Other income (expense) Net gain on derivative instruments 127,618 12,563 Net gain (loss) from investment in equity securities (12,957) 51,284 Interest expense, net of capitalized interest (80,150) (56,523) Loss on extinguishment of debt (3,494) — Other income, net 15,042 5,047 Total other income, net 46,059 12,371 Income before income taxes 243,484 1,112,438 Income tax expense (199,025) (263,811) Net income $ 44,459 $ 848,627 Costs and expenses (per Boe of production) Lease operating expenses $ 9.73 $ 9.68 Gathering, processing and transportation expenses 2.88 3.14 Production taxes 2.89 3.91 Lease operating expenses.
LOE increased $158.2 million to $982.6 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
The increase was primarily driven by our expanded operations after the Arrangement, contributing $115.3 million of additional LOE period over period.
Additionally, workover costs increased by $30.2 million and Table of Content s fixed and variable costs increased by $12.6 million primarily due to 122 gross (99 net) operated new wells brought online during year ended December 31, 2025.
LOE per Boe increased $0.05 per Boe period over period to $9.73 per Boe for the year ended December 31, 2025 primarily due to increased workover costs.
GPT expenses increased $23.4 million to $290.9 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024.
The increase was primarily due to our expanded operations after the Arrangement contributing $48.2 million of additional GPT expenses.

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Gone since FY2024

Risk Factors—If crude oil, NGL and natural gas prices decline, or for an extended period of time remain at depressed levels, we may be required to take write-downs of the carrying values of our oil and gas properties and goodwill” for additional information.
In an effort to improve price realizations from the sale of our crude oil, NGLs and natural gas, we manage our commodities marketing activities in-house, which enables us to market and sell our crude oil, NGLs and natural gas to a broader array of potential purchasers.
Business—Exploration and Production Operations—Marketing.” Our average net realized crude oil prices and average price differentials are shown in the tables below for the periods presented: 2024 Year Ended December 31, 2024 Q1 Q2 Q3 Q4 Average realized crude oil prices ($/Bbl) (1) $ 75.32 $ 78.89 $ 73.51 $ 68.79 $ 73.67 Average price differential ($/Bbl) (2) $ (1.71) $ (1.41) $ (1.51) $ (1.49) $ (1.52) Average price differential percentage (2) (2.3) % (1.8) % (2.1) % (2.2) % (2.1) % 2023 Year Ended December 31, 2023 Q1 Q2 Q3 Q4 Average realized crude oil prices ($/Bbl) (1) $ 76.04 $ 73.89 $ 83.22 $ 77.88 $ 77.85 Average price differential ($/Bbl) (2) $ — $ 0.14 $ 0.69 $ (0.52) $ 0.07 Average price differential percentage (2) — % 0.2 % 0.8 % (0.7) % 0.1 % __________________ (1) Realized crude oil prices do not include the effect of derivative contract settlements.
As of December 31, 2024, substantially all of our gross operated crude oil production was connected to gathering systems.
Our market optionality on these crude oil gathering systems allows us to shift volumes between pipeline and rail markets in order to optimize price realizations.
Expansions of both rail and pipeline facilities in the Williston Basin has reduced prior constraints on crude oil takeaway capacity and improved our price differentials received at the lease.
Table of Conten ts Results of Operations Comparability of Financial Statements The results of operations presented below relate to the periods ended December 31, 2024 and 2023.
The results reported for the year ended December 31, 2024 reflect the consolidated results of Chord, including combined operations with Enerplus beginning on May 31, 2024 and the 2023 acquisition of acreage in the Williston Basin, while the results reported for the year ended December 31, 2023 reflect the consolidated results of Chord, including the 2023 acquisition of acreage in the Williston Basin beginning on June 30, 2023, and excluding the impact from the business combination with Enerplus, unless otherwise noted.
For a discussion of the changes related to the financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, refer to “Part II, Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
Operational and Financial Highlights • Production volumes averaged 232,737 Boepd (57% oil) for the year ended December 31, 2024. • Lease operating expenses (“LOE”) were $9.68 per Boe for the year ended December 31, 2024. • E&P and other capital expenditures were $1.2 billion for the year ended December 31, 2024. • Net cash provided by operating activities was $2.1 billion and net income was $848.6 million for the year ended December 31, 2024. • Estimated net proved reserves were 883.0 MMBoe as of December 31, 2024, with a Standardized Measure of $8.4 billion and PV-10 of $10.3 billion. • TIL’d 142 gross (93 net) operated wells for the year ended December 31, 2024.
Shareholder Return Highlights • Paid $10.15 per share base-plus-variable cash dividend for the year ended December 31, 2024. • Repurchased $442.8 million of common stock during the year ended December 31, 2024 with $592.6 million remaining under the new $750 million share repurchase program authorized by the Board of Directors in October 2024. • On February 25, 2025, we declared a base cash dividend of $1.30 per share of common stock.
The dividend will be payable on March 26, 2025 to stockholders of record as of March 11, 2025.
Table of Conten ts Revenues Our crude oil, NGL and natural gas revenues are derived from the sale of crude oil, NGL and natural gas production.
Our revenues for the year ended December 31, 2024 increased due to the Arrangement, which expanded our operations primarily in the Williston Basin.
Our purchased oil and gas sales are derived from the sale of crude oil, NGLs and natural gas purchased through our marketing activities primarily to optimize transportation costs, for blending to meet pipeline specifications or to cover production shortfalls.
The following table summarizes our revenues, production and average realized prices for the periods presented: Year Ended December 31, 2024 2023 (In thousands, except price per unit data) Revenues Crude oil revenues $ 3,571,336 $ 2,835,962 NGL revenues 162,052 177,715 Natural gas revenues 102,750 118,734 Purchased oil and gas sales 1,414,944 764,230 Total revenues $ 5,251,082 $ 3,896,641 Production data Crude oil (MBbls) 48,479 36,427 NGLs (MBbls) 16,338 13,047 Natural gas (MMcf) (1) 122,193 82,953 Oil equivalents (MBoe) 85,182 63,300 Average daily production (Boepd) 232,737 173,425 Average daily crude oil production (Bopd) 132,455 99,801 Average sales prices Crude oil (per Bbl) Average sales price $ 73.67 $ 77.85 Effect of derivative settlements (2) 0.02 (6.93) Average realized price after the effect of derivative settlements (2) $ 73.69 $ 70.92 NGLs (per Bbl) Average sales price $ 9.92 $ 13.62 Effect of derivative settlements (2) — 0.22 Average realized price after the effect of derivative settlements (2) $ 9.92 $ 13.84 Natural gas (per Mcf) Average sales price (1) $ 0.84 $ 1.43 Effect of derivative settlements (2) — (0.08) Average realized price after the effect of derivative settlements (1)(2) $ 0.84 $ 1.35 __________________ (1) For the year ended December 31, 2024, natural gas production volume from the Marcellus Shale was 24,727 MMcf.
The realized natural gas price related to this production, prior to the effect of derivative settlements, was $1.78 per Mcf.
Our crude oil revenues increased $735.4 million to $3.6 billion for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
Our crude oil revenues increased $837.3 million due to higher total crude oil production volumes sold, primarily due to our expanded operations as a result of the Arrangement.
Excluding the increase from the Arrangement, crude oil revenues decreased $124.9 million due to lower crude oil realized prices, partially offset by an increase of $23.0 million due to higher crude oil production volumes sold year-over-year.
Average crude oil sales prices, without derivative settlements, decreased by $4.18 per barrel year-over-year to an average of $73.67 per barrel for the year ended December 31, 2024 due to decreases in NYMEX WTI and widening in-basin differentials.
Our NGL revenues decreased $15.7 million to $162.1 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The decrease was primarily due to lower NGL realized prices year-over-year resulting in a $48.3 million decrease, partially offset by an increase of $32.6 million due to higher NGL production volumes primarily as a result of the Arrangement.
Average NGL sales prices, without derivative settlements, decreased by $3.70 per barrel period over period to an average of $9.92 per barrel for the year ended December 31, 2024 primarily due to wider differentials on incremental production volumes primarily as a result of the Arrangement.
Our natural gas revenues decreased $16.0 million to $102.8 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The decrease was primarily due to lower natural gas realized prices year-over-year resulting in a $49.0 million decrease, offset by an increase in total natural gas production volumes sold of $33.0 million, primarily due to our expanded operations as a result of the Arrangement.
Average natural gas sales prices, without derivative settlements decreased by $0.59 per Mcf period over period to $0.84 per Mcf for the year ended December 31, 2024 primarily due to a decrease in natural gas index prices, coupled with the impact of incurring fixed fees and related fee escalations for the majority of our natural gas marketing contracts beginning in the second quarter of 2023.
Purchased oil and gas sales increased $650.7 million to $1.4 billion for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
This increase was primarily due to an increase in the volume of crude oil purchased and subsequently sold, partially offset by lower crude oil and gas prices year-over-year.
Table of Conten ts Expenses and other income (expense) The following table summarizes our operating expenses and other income (expense) for the periods presented: Year Ended December 31, 2024 2023 (In thousands, except per Boe of production) Operating expenses Lease operating expenses $ 824,408 $ 658,938 Gathering, processing and transportation expenses 267,559 180,219 Purchased oil and gas expenses 1,412,357 761,325 Production taxes 333,397 260,002 Depreciation, depletion and amortization 1,107,776 598,562 General and administrative expenses 205,585 126,319 Exploration and impairment 17,021 35,330 Total operating expenses 4,168,103 2,620,695 Gain (loss) on sale of assets, net 17,088 (2,764) Operating income 1,100,067 1,273,182 Other income (expense) Net gain on derivative instruments 12,563 63,182 Net gain from investment in unconsolidated affiliate 51,284 21,330 Interest expense, net of capitalized interest (56,523) (28,630) Other income, net 5,047 9,964 Total other income, net 12,371 65,846 Income before income taxes 1,112,438 1,339,028 Income tax expense (263,811) (315,249) Net income $ 848,627 $ 1,023,779 Costs and expenses (per Boe of production) Lease operating expenses $ 9.68 $ 10.41 Gathering, processing and transportation expenses 3.14 2.85 Production taxes 3.91 4.11 Lease operating expenses.
LOE increased $165.5 million to $824.4 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The increase was primarily driven by our expanded operations after the Arrangement contributing $181.3 million of additional LOE period over period.
Excluding the increase from the Arrangement, LOE decreased $31.7 million due to lower workover costs, offset by an increase of $17.0 million due to higher variable costs period over period.
LOE per Boe decreased $0.73 per Boe period over period to $9.68 per Boe for the year ended December 31, 2024 primarily due to higher production volumes and lower workover costs.
Gathering, processing and transportation (“GPT”) expenses increased $87.3 million to $267.6 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The increase was primarily due to our expanded operations after the Arrangement contributing $79.5 million of additional GPT period over period and lower fair value gains of $26.4 million attributable to the completion of certain derivative transportation contracts at the end of 2023 and during the first half of 2024.
These increases were partially offset by a decrease of $19.5 million due to lower transportation rates, primarily due to several contracts expiring during the year ended December 31, 2024.
These net increases resulted in an increase in GPT expenses of $0.29 per Boe period over period to $3.14 per Boe for the year ended December 31, 2024.
Purchased oil and gas expenses increased $651.0 million to $1.4 billion for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to an increase in the volume of crude oil purchased and subsequently sold, partially offset by lower crude oil and gas prices year-over-year.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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