August 2, 2023 Delivering Value over the Next Decade
Who is Chord: Premier Williston Basin Company High Quality Largest acreage position in Williston Basin 1,028K 94% 73% 2Q23 Production: 169.0 MBoepd / 96.4MBopd Williston Basin Asset Inventory: 10 years at 2023 pace1 Net Acres…
Compelling Investment Opportunity EBITDA Multiple1 Highlights Asset continues to outperform expectations 5.0 4.7 Better performance with wider spacing 4.1 2023E EV/EBITDA 4.0 Extensive analogs across basin improve…
Chords Return of Capital Program TTM Return of Capital (RoC)1 Annualized Shareholder Return Yield2 2,000 (873) 1,321MM 20% 1,818 18% Returned to 17% Shareholders % of Enterprise Value 1,500 553 Merger & Special 10%…
2023 Development Plan Generates Significant FCF North Significant Cash Generation Wildrose Cottonwood 2023E EBITDA - 1.7B1 South Cottonwood Cassandra Red Bank Alger Target Painted Hebron Sanish Woods 850MM - 880MM…
Chord Development Evolution Highlights Former Current CHRD Wild CHRD Wild CHRD Painted 2015 vintage Basin Basin Woods Completed 10-14 wells across 100 feet of vertical section 14 wells 6 wells 4 wells 2015 Current Current…
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 Improving Drilling Time3 18 17 600 Days - Spud to RR (3-mile) 250 Cumulative Oil Per Well (MBo) 16 14.2 Basin Avg. 15.2 Cumulative…
Three Mile Laterals Strong Contribution from 3rd Mile Test Using Tracer Data Foreman Butte1 Tracer Testing Week Tracer Testing Phase I Test results show strong contribution 1 2 3 4 5 6 7 8 9 10 11 12 from 3rd mile after effective…
Continued Progress Drives Returns Even Higher Conservative Well Spacing1 Strong Well Performance2 1,100 100 300 Cumulative Oil Per Well (MBo) Oil Rate Per Well (MBopd) 250 40% 900 80 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
Compelling Valuation and Returns Profile Free Cash Flow Outlook1,2 2023E Leverage3 Enterprise Value vs. PV-104 0.9 16 900 14% 0.8 14.5B 12% 0.8 14 800 11% 12% 0.7 2023E Net Debt/EBITDA 700 12 10% Free Cash Flow (MM)…
Return of Capital Aim for peer-leading return of capital 2Q23 Return of Capital 1 (MM, except per share) Below 0.5x leverage: 75%+ of FCF Below 1.0x leverage: 50%+ of FCF 116 2Q23 Adjusted Free Cash Flow2,3 1.0x leverage: Base…
2023 Guidance Highlights Guidance Ranges Implied FY23 metrics at midpoint run at 75 WTI / 2.75 HH 3Q23 FY23 Adjusted EBITDA: 1.7B Adjusted FCF1: 735MM Oil Volumes (MBopd) 95.5 - 98.5 97.0 - 99.0 Gas Volumes (MMcfpd) 222.0 - 228.0…
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