Q3 2024 Chord Energy Corp Earnings Call Transcript
Key Points
- Chord Energy Corp (CHRD) delivered strong third-quarter results with oil volumes at the top end of guidance, driven by strong execution and well performance.
- The company generated adjusted free cash flow of approximately $312 million, exceeding expectations and supporting robust shareholder returns.
- Chord Energy Corp (CHRD) announced the divestiture of DJ Basin assets, with plans to use proceeds for acquisitions and share repurchases, enhancing capital allocation flexibility.
- Operational efficiencies led to lower-than-expected capital expenditures and operating expenses, improving margins and capital efficiency.
- The company has successfully integrated Enerplus assets, capturing over $200 million in annual synergies, and is confident in its three-year plan to maintain steady oil volumes with controlled capital expenditures.
- Chord Energy Corp (CHRD) experienced production curtailments due to wildfires in North Dakota, impacting fourth-quarter oil volumes by approximately 900 barrels per day.
- Natural gas realizations were below expectations due to depressed AECO pricing, impacting overall financial performance.
- The company faces challenges in maintaining production guidance due to variability in early production data and differences in flowback methodologies across the basin.
- There is uncertainty regarding the impact of potential changes in commodity prices on the company's three-year plan and capital allocation decisions.
- Chord Energy Corp (CHRD) acknowledges that its current well spacing may be conservative, potentially limiting inventory expansion opportunities.
Good morning, ladies and gentlemen, and welcome to the Chord Energy third quarter 2024 earnings call. (Operator Instructions) This call is being recorded on Thursday, November 7, 2024.
I would now like to turn the conference over to Bob Bakanauskas, Vice President, Investor Relations. Please go ahead.
Thank you, Dion, and good morning, everyone. This is Bob Bakanauskas. Today, we're reporting our third-quarter 2024 financial and operational results. We are delighted to have you on the call. I'm joined today by Danny Brown, our CEO; Michael Lou, our Chief Strategy and Commercial Officer; Darrin Henke, our COO; Richard Robuck, our CFO; and 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 risks and uncertainties that could cause
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