Q2 2024 Chord Energy Corp Earnings Call Transcript
Key Points
- Chord Energy Corp (CHRD) delivered strong shareholder returns with oil volumes at the top end of guidance due to strong well performance and reduced downtime.
- Free cash flow exceeded expectations, with adjusted free cash flow approximately $263 million, including a full quarter of Enerplus' results.
- The integration with Enerplus is progressing well, with expected synergies increased to over $200 million from the original estimate of $150 million.
- Chord Energy Corp (CHRD) is a leader in three-mile lateral development, which has shown improved well productivity and capital efficiency.
- The company is committed to sustainable and responsible energy delivery, with plans to publish a sustainability report reflecting the combined company in 2025.
- The timing of share repurchases was impacted by the possession of material non-public information related to the Enerplus acquisition.
- Certain reclassifications in Enerplus' financial statements to align with Chord Energy Corp (CHRD)'s accounting policies resulted in lower LOE, lower gas and NGL revenues, and slightly higher capital and G&A expenses.
- Weaker-than-expected pricing, especially for natural gas and NGLs, offset some of the financial gains.
- The company had to slow frac activity, reducing from three frac crews to one, which may impact production in the short term.
- There are risks and uncertainties associated with forward-looking statements, which could cause actual results to differ materially from current expectations.
Good morning, ladies and gentlemen, and welcome to the Chord Energy Second Quarter 2024 Earnings Conference Call. (Operator Instructions). This call is being recorded on Thursday, August 8, 2024.
I would now like to turn the conference over to Bob Bakanauskas, Managing Director of Investor Relations. Please go ahead.
Thanks, Matthew, and good morning, everyone. This is Bob Bakanauskas. And today, we're reporting our second quarter 2024 financial and operating results. We're delighted to have you on our call.
I'm joined today by Danny Brown, our CEO; Michael Lou, our Chief Strategy and Commercial Officer; Darren Henke, our COO; and Richard Robuck our CFO, as well as other members of the team.
Please be advised that our remarks, including the answers to your questions, include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act.
These forward-looking statements are subject to
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