Chord Energy Corp

Results of Operations

Operational and Financial Highlights

•Production volumes averaged 290,756 Boepd (57% oil), including average daily crude oil volumes of 165,540 Bopd in the third quarter of 2026.

•Capital expenditures (excluding capitalized interest) were $381.8 million in the third quarter of 2026.

•Lease operating expenses (“LOE”) were $10.56 per Boe in the third quarter of 2026.

•Net cash provided by operating activities was $781.4 million and net income was $181.6 million for the third quarter of 2026.

Shareholder Return Highlights

•Paid $1.30 per share base cash dividend on September 4, 2026.

•Repurchased $205.0 million of common stock (excluding accrued excise taxes) in the third quarter of 2026.

•Declared a base cash dividend of $1.30 per share of common stock. The dividend will be payable on December 7, 2026 to shareholders of record as of November 19, 2026.

Net Income (Loss)

We had net income of $181.6 million and $815.4 million for the three and nine months ended September 30, 2026, respectively, primarily due to increased realized oil prices and production volumes and net impacts from derivative instruments, compared to net income of $130.1 million and net loss of $40.0 million for the three and nine months ended September 30, 2025, respectively, primarily due to a non-cash impairment charge on our goodwill recorded during the second quarter of 2025. Additional impacts on net income from increases and decreases in certain revenues and expenses are further explained below.

Revenues

Our crude oil, NGL and natural gas revenues are derived from the sale of crude oil, NGL and natural gas production. These revenues do not include the effects of derivative instruments and may vary significantly from period to period as a result of changes in volumes of production sold and/or changes in commodity prices. Our purchased oil and gas sales are derived from the sale of crude oil and natural gas purchased through our marketing activities primarily to optimize transportation costs, for blending to meet pipeline specifications or to cover production shortfalls. Revenues and expenses from crude oil and natural gas sales and purchases are generally recorded on a gross basis, as we act as a principal in these transactions by assuming control of the purchased crude oil or natural gas before it is transferred to the counterparty. In certain cases, we enter into related purchases and sales with one or more counterparties in contemplation of one another, and these transactions are recorded on a net basis.

The following table summarizes our revenues, production and average realized prices for the periods presented:

(1)For the three months ended September 30, 2026 and June 30, 2026, natural gas production volume from the Marcellus Shale was 10,912 MMcf and 10,637 MMcf, respectively. The realized natural gas price related to this production, prior to the effect of derivative settlements, was $2.03 per Mcf and $2.10 per Mcf for the three months ended September 30, 2026 and June 30, 2026, respectively. For the nine months ended September 30, 2026 and September 30, 2025, natural gas production volume from the Marcellus Shale was 33,294 MMcf and 34,197 MMcf, respectively. The realized natural gas price related to this production, prior to the effect of derivative settlements, was $3.60 per Mcf and $3.14 per Mcf for the nine months ended September 30, 2026 and September 30, 2025, respectively.

(2)The effect of derivative settlements includes the gains or losses on commodity derivatives for contracts ending in the periods presented. Our commodity derivatives do not qualify for or were not designated as hedging instruments for accounting purposes.

Three months ended September 30, 2026 as compared to three months ended June 30, 2026

Crude oil revenues. Our crude oil revenues decreased $108.3 million to $1,306.6 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The decrease was primarily due to lower crude oil average realized prices quarter over quarter resulting in a $123.3 million decrease, partially offset by an increase of $15.0 million due to higher crude oil production volumes sold quarter over quarter. Average crude oil sales prices, without derivative settlements, decreased by $8.19 per barrel quarter over quarter to an average of $85.80 per barrel for the three months ended September 30, 2026 primarily due to a decrease in the average NYMEX WTI quarter over quarter.

NGL revenues. Our NGL revenues increased $15.9 million to $60.5 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The increase was primarily due to higher average realized NGL prices quarter over quarter resulting in an increase of $13.0 million, coupled with an increase of $2.9 million due to higher NGL production volumes sold quarter over quarter. Average NGL sales prices, without derivative settlements, increased by $2.68 per barrel quarter over quarter to an average of $11.92 per barrel for the three months ended September 30, 2026 primarily due to increases in the corresponding NGL product index prices for butane, pentane and propane.

Natural gas revenues. Our natural gas revenues increased $6.5 million to $41.3 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The increase was primarily due to higher natural gas average realized prices quarter over quarter resulting in a $4.8 million increase quarter over quarter, coupled with an increase of $1.7 million due to higher natural gas production volumes sold quarter over quarter. Average natural gas sales prices, without derivative settlements, increased by $0.13 per Mcf quarter over quarter to $1.07 per Mcf for the three months ended September 30, 2026 primarily due to increases in the corresponding natural gas index prices quarter over quarter.

Purchased oil and gas sales. Purchased oil and gas sales decreased $380.9 million to $297.5 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. This decrease was primarily due to a decrease in the volume of crude oil purchased and subsequently sold quarter over quarter, coupled with lower crude oil prices quarter over quarter.

Nine months ended September 30, 2026 as compared to nine months ended September 30, 2025

Crude oil revenues. Our crude oil revenues increased $972.0 million to $3,717.9 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher crude oil average realized prices period over period resulting in a $797.8 million increase, coupled with an increase of $174.2 million due to higher crude oil production volumes sold period over period. Average crude oil sales prices, without derivative settlements, increased by $18.81 per barrel period over period to an average of $83.54 per barrel for the nine months ended September 30, 2026 primarily due to an increase in the average NYMEX WTI period over period.

NGL revenues. Our NGL revenues increased $28.5 million to $143.3 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher average realized NGL prices period over period resulting in a $28.7 million increase period over period. Average NGL sales prices, without derivative settlements, increased by $2.00 per barrel period over period to an average of $10.01 per barrel for the nine months ended September 30, 2026 primarily due to increases in the corresponding NGL product index prices for butane, pentane and propane period over period.

Natural gas revenues. Our natural gas revenues increased $32.1 million to $192.1 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher natural gas average realized prices period over period resulting in a $35.3 million increase, partially offset by a decrease of $3.2 million due to lower natural gas production volumes sold period over period. Average natural gas sales prices, without derivative settlements, increased by $0.31 per Mcf period over period to $1.70 per Mcf for the nine months ended September 30, 2026 primarily due to increases in the corresponding natural gas index prices period over period.

Purchased oil and gas sales. Purchased oil and gas sales increased $803.8 million to $1,491.0 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. This increase was primarily due to an increase in the volume of crude oil purchased and subsequently sold period over period, coupled with increased crude oil prices over the same period.

Expenses and other income (expense)

The following table summarizes our operating expenses and other income (expense) for the periods presented:

Three months ended September 30, 2026 as compared to three months ended June 30, 2026

Lease operating expenses. LOE increased $14.6 million to $282.5 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The increase was primarily due to higher workover costs of $16.5 million and higher variable costs of $5.7 million, partially offset by a decrease in fixed costs of $6.0 million and a decrease in operating costs from our non-operated assets of $1.6 million quarter over quarter. The same factors contributed to an increase in LOE per Boe, which increased $0.28 per Boe quarter over quarter to $10.56 per Boe for the three months ended September 30, 2026.

Gathering, processing and transportation expenses. GPT expenses increased $18.8 million to $81.6 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The increase was primarily due to an $18.5 million change in the non-cash valuation adjustment on our cumulative pipeline imbalance position quarter over quarter. Excluding the non-cash valuation adjustment, GPT expenses decreased $0.06 per Boe quarter over quarter to $2.77 per Boe for the three months ended September 30, 2026 primarily due to lower NGL gathering, processing and transportation fees.

Purchased oil and gas expenses. Purchased oil and gas expenses decreased $375.5 million to $296.2 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. This decrease was primarily due to a decrease in the volume of crude oil purchased coupled with lower crude oil prices quarter over quarter.

Production taxes. Production taxes decreased $10.0 million to $115.8 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026 primarily due to lower crude oil revenues quarter over quarter. The production tax rate as a percentage of crude oil, NGL and natural gas revenues of 8.2% for the three months ended September 30, 2026 decreased from 8.4% for the three months ended June 30, 2026 primarily due to lower crude oil revenues quarter over quarter coupled with natural gas comprising a larger percentage of total sales relative to the prior quarter.

Depreciation, depletion and amortization. DD&A expense decreased $18.5 million to $390.7 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The decrease was primarily due to a reduced depletion expense of $26.7 million due to a lower depletion rate quarter over quarter primarily driven by an increase in reserves due to higher commodity prices, coupled with a $2.0 million decrease resulting from the Marcellus Shale assets classified as held for sale, partially offset by higher production volumes of $10.3 million.

General and administrative expenses. G&A expenses increased $2.1 million to $32.0 million for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026. The increase was primarily attributable to a quarter over quarter increase in equity-based compensation expenses due to the impact of our stock price on the fair value of our liability-based awards.

Derivative instruments. We recorded a $246.0 million loss on derivative instruments for the three months ended September 30, 2026, which included an unrealized loss of $197.3 million related to the change in fair value of our commodity derivative contracts primarily driven by an upward shift in the futures curve for forecasted oil commodity prices, coupled with a realized loss on settled commodity derivative contracts of $48.7 million. During the three months ended June 30, 2026, we recorded a $107.9 million net gain on derivative instruments, which included an unrealized gain of $201.0 million related to the change in fair value of our commodity derivative contracts primarily driven by a downward shift in the futures curve for forecasted commodity prices, partially offset by a realized loss on settled commodity derivative contracts of $93.1 million.

Investment in equity securities. We recorded a $7.2 million gain related to our investment in Energy Transfer LP (“Energy Transfer”) for the three months ended September 30, 2026, which included an unrealized gain of $4.7 million as a result of an increase in the fair value of the investment during the quarter, coupled with a gain of $2.5 million for a cash distribution from Energy Transfer during the quarter. During the three months ended June 30, 2026, we recorded a $1.1 million net gain related to our investment in Energy Transfer, which included a gain of $2.4 million for a cash distribution from Energy Transfer during the quarter, partially offset by an unrealized loss of $1.3 million as a result of a decrease in the fair value of the investment during the quarter.

Income tax expense. Our effective tax rate was recorded at 26.1% and 23.6% of pre-tax income for the three months ended September 30, 2026 and June 30, 2026, respectively. The effective tax rate for each of the three months ended September 30, 2026 and June 30, 2026 was higher than the statutory federal rate of 21% primarily as a result of state income taxes.

Nine months ended September 30, 2026 as compared to nine months ended September 30, 2025

Lease operating expenses. LOE increased $56.6 million to $795.2 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher workover costs of $29.0 million, increased activity and operating costs from our non-operated assets of $26.2 million and higher variable costs of $7.6 million, partially offset by lower fixed costs of $6.2 million. The same factors contributed to an increase in LOE per Boe, which increased $0.50 per Boe period over period to $10.24 per Boe for the nine months ended September 30, 2026.

Gathering, processing and transportation expenses. GPT expenses decreased $9.1 million to $211.4 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The decrease was primarily due to lower natural gas and NGL gathering, processing and transportation fees of $11.2 million coupled with a $7.0 million change in the non-cash valuation adjustment on our cumulative pipeline imbalance position period over period, partially offset by an increase in crude oil transportation fees of $9.0 million period over period. Excluding the non-cash valuation adjustment, GPT expenses decreased $0.09 per Boe period over period to $2.80 per Boe for the nine months ended September 30, 2026 primarily due to lower natural gas and NGL gathering, processing and transportation fees.

Purchased oil and gas expenses. Purchased oil and gas expenses increased $793.6 million to $1,477.7 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. This increase was primarily due to an increase in the volume of crude oil purchased period over period, coupled with increased crude oil prices over the same period.

Production taxes. Production taxes increased $105.3 million to $328.4 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher crude oil revenues period over period, coupled with a $19.9 million decrease in refunds period over period related to certain North Dakota wells receiving an extraction tax exemption. These same factors also drove the production tax rate as a percentage of crude oil, NGL and natural gas revenues to increase from 7.4% for the nine months ended September 30, 2025 to 8.1% for the nine months ended September 30, 2026.

Depreciation, depletion and amortization. DD&A expense increased $82.5 million to $1,184.2 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily driven by additional depletion expense of $58.9 million due to a higher depletion rate period over period, coupled with increased production volumes of $28.2 million period over period, partially offset by a decrease in accretion expense of $2.3 million period over period and a $2.0 million decrease as a result of the Marcellus Shale assets classified as held for sale. The depletion rate increased $0.77 per Boe period over period to $14.88 per Boe for the nine months ended September 30, 2026 primarily due to a decrease in proved developed reserves period over period.

General and administrative expenses. G&A expenses increased $6.6 million to $99.4 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily attributable to an increase of $8.1 million in equity-based compensation expenses, an increase of $5.2 million in employee compensation costs and higher current expected credit losses of $3.8 million period over period, partially offset by merger-related costs of $8.1 million incurred during 2025 related to the arrangement agreement we entered into to acquire Enerplus Corporation during 2024 and a decrease of $2.4 million primarily attributable to various other G&A cost savings period over period.

Impairment and exploration. There were no significant impairment charges during the nine months ended September 30, 2026. As a result of a decrease in the price of our common stock during the nine months ended September 30, 2025, which was impacted by a decline in crude oil and natural gas prices over that same period, we recorded an impairment charge on our goodwill of $539.3 million for the nine months ended September 30, 2025.

Gain (loss) on sale of assets, net. During the nine months ended September 30, 2025, we recorded a net gain on sale of assets of $4.6 million, primarily related to the divestiture of certain non-core oil and gas properties.

Derivative instruments. During the nine months ended September 30, 2026, we recorded a $379.6 million loss on derivative instruments, which included an unrealized loss of $219.3 million related to the change in fair value of our commodity derivative contracts primarily driven by an upward shift in the futures curve for forecasted oil commodity prices, coupled with a realized loss of $160.3 million on settled commodity derivative contracts. During the nine months ended September 30, 2025, we recorded an $82.7 million gain on derivative instruments, which was comprised of an $80.8 million gain associated with our commodity derivative contracts and an unrealized gain of $1.9 million associated with a contract that includes contingent consideration. The $80.8 million gain on commodity derivative contracts included an unrealized gain of $47.2 million related to the change in fair value of our commodity derivative contracts primarily driven by a downward shift in the futures curve for forecasted commodity prices and a realized gain of $33.6 million on settled commodity derivative contracts.

Investment in equity securities. We recorded a $31.2 million gain related to our investment in Energy Transfer for the nine months ended September 30, 2026, which included an unrealized gain of $23.8 million as a result of an increase in the fair value of the investment during the period, coupled with a gain of $7.4 million for cash distributions from Energy Transfer during the period. For the nine months ended September 30, 2025, we recorded a net loss of $10.5 million related to our investment in Energy Transfer, which included an unrealized loss of $17.6 million as a result of a decrease in the fair value of the investment during the period, partially offset by a gain of $7.1 million for cash distributions from Energy Transfer during the period.

Interest expense, net of capitalized interest. Interest expense increased $26.7 million to $80.0 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase is primarily due to additional interest expense period over period on our senior unsecured notes of $45.4 million as a result of the issuance of the 2033 Senior Notes (defined below) and the 2030 Senior Notes (defined below) during 2025. This increase was partially offset by an $11.0 million decrease in interest expense on the Credit Facility (defined below) period over period and a $7.7 million decrease resulting from the repayment of the 2026 Senior Notes (defined below) during March 2025. For the nine months ended September 30, 2026, the weighted average borrowings outstanding under the Credit Facility were $1.4 million, and the weighted average interest rate incurred on the outstanding borrowings was 7.50%. During the nine months ended September 30, 2025, the weighted average borrowings outstanding under the Credit Facility were $283.4 million, and the weighted average interest rate incurred on the outstanding borrowings was 6.51%.

Loss on debt extinguishment. On March 13, 2025, we paid an aggregate of $409.1 million to purchase and satisfy and discharge $400.0 million of 6.375% senior unsecured notes outstanding due June 1, 2026 (the “2026 Senior Notes”), resulting in a loss on debt extinguishment of $3.5 million for the nine months ended September 30, 2025. The loss primarily included the write-off of unamortized debt issuance costs of $2.1 million and a premium paid to redeem a portion of the 2026 Senior Notes of $1.1 million.

Other income, net. Other income, net, increased $8.0 million to $14.7 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 primarily due to interest income associated with the average cash balance in our money market account.

Income tax expense. Our effective tax rate was recorded at 20.6% and 131.3% of pre-tax income for the nine months ended September 30, 2026 and 2025, respectively. Our effective tax rate for the nine months ended September 30, 2026 was lower than the statutory federal rate of 21% primarily as a result of the identification of an error in the tax provision for the three and six months ended June 30, 2025 pertaining to the impact of goodwill impairment on our deferred taxes on unremitted earnings. As a result, we recognized an additional income tax benefit of $41.8 million during the nine months ended September 30, 2026, with a corresponding decrease to deferred tax liabilities. The effective tax rate for the nine months ended September 30, 2025 was higher than the statutory federal rate of 21% primarily as a result of the impact of the goodwill impairment charge recorded during the second quarter of 2025.