Chord Energy Corp Q1 FY2026 earnings call

• Monitoring production of four-mile laterals to potentially adjust contribution assumptions. - Expecting strong crude differentials to last through second quarter and maybe beyond. - Satisfied with current activity levels, with no immediate need to push incremental activity. - Like current stock price for buybacks, with plan to focus on highest return wells first. - Tuning pad showed cost and productivity in line with expectations, with learnings applied to future four-mile pad development. - Focus on improvement across all business aspects, including bifurcating production engineering team for better focus on wells.

No specific financial performance details for each product segment provided

• Crude differentials expected to last through second quarter and maybe into second half. - Activity levels unlikely to change given current market dynamics. - Higher oil prices could unlock inventory, but will continue to target highest return wells first. - Inventory is based on sub-60 WTI assumption, and higher oil prices could change inventory view. - 40% of 2026 tills and 60% of spuds being four-mile laterals, with spud tilt this year impacting 2027 production profile.

No detailed discussion of risks and operational failures

Q: Touch on crude differentials, second half outlook and pricing above WTI; A: Strong differentials in basin, expected to last through second quarter and maybe beyond, depending on broader global markets.

Q: Capital plans, 4Q dip and running higher activity; A: Happy with current activity levels, not seeing need to push incremental activity.

Q: Shareholder returns, buybacks and stock price; A: Like current stock price for buybacks, will consider tapering back if stock price underwrites significantly higher world price.

Q: Learnings from tuning pad, cost reductions and four-mile pad development; A: Happy with tuning pad results, saw efficiencies across pad, costs in line with expectations.

Q: Capital allocation, higher oil prices and inventory; A: Continue to focus on highest return wells first.

Q: Four-mile spud tilt impact on 2027 production and ceiling on four-mile development; A: 60% four-mile spuds this year will roll into 2027 production, development programs mirror inventory makeup.

Q: XTO assets re-permitting and Marcellus acreage; A: XTO re-permitting likely to contribute more in 2028, Marcellus is non-core, looking to maximize value.

Q: M&A, Bakken package and leverage on upside; A: Positioned well to compete in Bakken M&A, but disciplined, with lull in M&A during rapid price movement but assets likely to come to market with gap in valuations to close