February 22, 2023 Delivering Value over the Next Decade
Premier Williston Basin Company High Quality Largest acreage position in Williston Basin 963K 94% 73% 4Q22 Production: 171MBoepd / 96MBopd Williston Basin Asset Inventory: 10 years at 2023 pace1 Net Acres Operated3 Working…
Compelling Investment Opportunity 2023 EBITDA Multiple1 Highlights 3.2 Asset continues to outperform expectations 3.0 2023E EV/EBITDA 3.0 Better performance with wider spacing 2.8 2.7 Extensive analogs across basin improve…
Chords Return of Capital Program Peer Leading PF22 Return of Capital (RoC)1 Shareholder Return Yield2 2,500 (756) 30% 28.3% 2,067 % of Enterprise Value 2,000 1,222MM Returned to Shareholders 19.2% 18.5% 1,500 20% 1,311…
2023 Development Plan Generates Significant FCF North Significant Cash Generation Wildrose Cottonwood 2023E EBITDA - 1.75B1 South Cottonwood Cassandra Red Bank Alger Target Painted Hebron Sanish Woods 825MM1 - 2023E…
2023 Plan Detail FY23 Production Estimate 2023 Production Trajectory and TIL Timing Frac Protect Impact on Plan 99 MBopd excluding 1.0 Mbopd 94.5 98.5 MBopd 110 weather & unexpected 50 6.0 unexpected frac protect frac protect…
Deep Inventory Supports Sustainable Free Cash Flow Decade of Low-Cost Inventory1 Inventory by Breakeven WTI Price1 1,085 locations economic sub 60/bbl breakeven 1,600 Minimum 20% IRR fully loaded with G&A 1,374 1,400 Gross…
3-Mile Laterals Improving Returns Longer Laterals Increase EUR1 CHRD Indian Hills 3-Mile2 120 Cumulative Oil Per Well 600 Cumulative Oil Per Well 100 500 49% uplift 43% uplift 80 400 (MBo) (MBo) 300 60 200…
Continued Progress Drives Returns Even Higher Conservative Well Spacing1 Strong Well Performance2 Peer-Leading Drilling Time3 1,100 120 300 Oil Rate Per Well (MBopd) Cumulative Oil Per Well (MBbo) 100 CHRD 14.2 250 900…
Chord ESG Focus Areas Taking a comprehensive approach to identifying the range of ESG priorities for Chord Energy and managing the risks and opportunities Emissions Reductions Workforce Health and Safety Reduce Scope 1 emissions by…
Chord Energy = Premier FCF Focused E&P Premier Williston Operator Significant and Resilient Capital Returns Program to with Top Tier Assets Free Cash Flow Generation Deliver Significant Value Enhances size and scale with high…
Appendix
Merger Integration Synergies on Track Expect to Exceed Announced Synergy Estimates Cash G&A Improved Cost Structure2 120 Synergies increased from 65MM to 100MM+: 103 -34% 100 G&A (35MM of savings) 80 68 Efficient team structures,…
Compelling Valuation and Returns Profile Free Cash Flow Outlook1,2 2023E Leverage3 Enterprise Value vs. PV-104 1,200 25% 0.5 16 20% 14 1,000 0.4 0.4 14.5B 20% 12 Free Cash Flow (MM) 17% 2023E Net Debt/EBITDA 800…
Return of Capital 4Q22 Example Aim for peer-leading return of capital 4Q22 Return of Capital Below 0.5x leverage: 75%+ of FCF 304 4Q22 Free Cash Flow1 Below 1.0x leverage: 50%+ of FCF x 75% Target 75%+ at Current Leverage 1.0x…
2023 Guidance for Chord Energy Highlights Guidance Ranges Implied FY 2023 Metrics at midpoint run at 75 & 3.50 1Q23 FY2023 EBITDA: 1.75B Oil Volumes (MBopd) 91.5 - 94.5 94.5 - 98.5 Gas Volumes (MMcfpd) 212.0 - 218.0 215.0 - 221.0…
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