Chord Energy reports Q1 non-GAAP EPS $4.49, consensus $4.29

Reports Q1 revenue $766.2M, consensus $709.24M. 1Q23 oil volumes of 95.1 MBopd were above the high-end of guidance due to strong well performance and accelerated activity. Total 1Q23 volumes of 164.7 MBoepd were above midpoint of guidance, with NGL volumes negatively impacted by ethane rejection. "Chord’s Q1 performance demonstrated the power of our premier Williston Basin position and strong operational execution which was enhanced through the 2022 merger," said CEO Danny Brown. "We saw better than expected well performance coupled with a modest acceleration of activity, which led to oil production above estimates and stronger than expected free cash flow. I’d like to offer my thanks to the entire Chord team for their resilience overcoming very difficult January conditions and putting the Company on excellent footing for the remainder of the year. Additionally, Chord was able to sell certain non-Williston, non-core assets and increased 2023 volume guidance when accounting for these divestitures. Shareholder returns remain robust, supported by deep, low-cost inventory and excellent capital efficiency. We remain excited about the oil and gas industry and the value we bring to the world. We are focused on sustainable value creation through disciplined capital allocation, responsible operations, and maintaining a strong balance sheet."