May 22, 2023 Delivering Value over the Next Decade
Chord Acquiring Top Tier Assets in Williston Basin North 62,000 net acres (77% undeveloped, 100% HBP) Cottonwood Premier Bakken 6 MBoepd (62% oil) low base decline (23%)1 Wildrose Assets 82% avg. 8/8ths NRI, Avg. WI 65%2 Highly…
Premier Williston Basin Company High Quality Largest acreage position in Williston Basin 963K 94% 73% 1Q23 Production: 165MBoepd / 95MBopd Williston Basin Asset Inventory: 10 years at 2023 pace1 Net Acres Operated3 Working…
Compelling Investment Opportunity 2023 EBITDA Multiple1 Highlights 3.3 3.3 Asset continues to outperform expectations 2023E EV/EBITDA Better performance with wider spacing 3.2 Extensive analogs across basin improve…
Chords Return of Capital Program Peer Leading PF22 Return of Capital (RoC)1 Shareholder Return Yield2 2,500 2,067 (756) 30% % of Enterprise Value 1,222MM 27.0% 2,000 Returned to Shareholders 19.1% 18.9% 18.4% 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…
Chord Development Evolution Highlights Former Current 2015 vintage CHRD Wild CHRD Wild CHRD Painted Basin Basin Woods Completed 10-14 wells across 100 feet of vertical section 14 wells 6 wells 4 wells Conclusion: Well density…
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 Peer-Leading Drilling Time3 200 Cumulative Oil Per Well (MBo) 600 180 Cumulative Oil Per Well (MBo) 500 160 CHRD 14.2 140 400 43%…
Continued Progress Drives Returns Even Higher Conservative Well Spacing1 Strong Well Performance2 300 1,100 80 Cumulative Oil Per Well (MBbo) Oil Rate Per Well (MBopd) 250 900 38% 60 uplift 200 Well Count 700 150…
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,…
Return of Capital Aim for peer-leading return of capital 1Q23 Return of Capital (MM, except per share) Below 0.5x leverage: 75%+ of FCF 199 1Q23 Adjusted Free Cash Flow2 Below 1.0x leverage: 50%+ of FCF x 75% Target 75%+ at Current…
2023 Guidance for Chord Energy Highlights Guidance Ranges Implied FY 2023 Metrics at midpoint run at 75 / 2.75 2Q23 FY2023 EBITDA: 1.75B Oil Volumes (MBopd) 93.5 - 96.5 95.0 - 98.0 FCF: 825MM Gas Volumes (MMcfpd) 217.0 - 223.0 216.0…
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