Chord Energy reports Q2 adjusted EPS $3.65, consensus $3.88

Reports Q2 revenue $695.4M, consensus $701.66M. Q2 oil volumes of 96.4 MBopd were at the high-end of guidance; total 2Q23 volumes of 169.0 MBoepd were above the high-end of guidance. “Chord’s Q2 performance benefited from strong well performance as we continue to see positive results from our three-mile lateral program,” said CEO Danny Brown. “In addition, the acquisition of certain XTO assets closed at the end of the quarter and extends our inventory runway in core areas while making legacy Chord areas more capital efficient through the conversion of two-mile DSUs to three-mile DSUs. Concurrently, Chord continues to optimize its portfolio through the divestment of non-core assets. Our substantial low-cost inventory and capital efficiency support sustainable free cash generation and Chord continued to return high amounts of free cash flow to shareholders including increasing the percentage returned through share repurchases. At Chord we remain excited about the oil and gas industry, the benefits we bring to the world, and are focused on sustainable value creation through disciplined capital allocation, responsible operations, and maintaining a strong balance sheet.”