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Investing.com -- Chord Energy Corporation (NASDAQ:CHRD) saw its shares rise 2.3% in after-hours trading Tuesday after the oil and gas producer reported third-quarter earnings that exceeded analyst expectations, driven by strong operational execution and higher-than-anticipated production volumes.
The Williston Basin-focused company reported adjusted earnings of $2.35 per share for the third quarter, beating analyst estimates of $2.31. Revenue came in at $1.31 billion, significantly above the consensus forecast of $1.09 billion. Oil production averaged 155,700 barrels per day, exceeding the midpoint of the company’s guidance range, while capital expenditures of $321.9 million (excluding $11.7 million of reimbursed non-operated capital) came in below the midpoint of guidance.
"Chord’s operational momentum continues and the team delivered solid results in the third quarter," said Danny Brown, Chord Energy’s President and Chief Executive Officer. "Third quarter oil volumes and capital were favorable to guidance and Chord raised FY25 oil volume guidance for the second time this year, excluding impacts from the recent acquisition."
The company has raised its full-year 2025 oil production guidance while maintaining its capital expenditure forecast, excluding impacts from its recently completed acquisition of Williston Basin assets from XTO Energy, a subsidiary of Exxon Mobil Corporation. The $542.2 million XTO acquisition, which closed on October 31, is expected to contribute approximately 4,000 barrels of oil per day in the fourth quarter.
Chord returned 69% of its adjusted free cash flow to shareholders during the quarter through a $1.30 per share base dividend and $83 million in share repurchases. The company also highlighted progress in its 4-mile lateral well program, with three additional wells brought online since August, each completed ahead of schedule and under budget.
For the fourth quarter, Chord expects oil production of 149,000 to 153,000 barrels per day, which includes contributions from the XTO acquisition. The company anticipates generating approximately $2.4 billion in adjusted EBITDA and $840 million in adjusted free cash flow for the full year, based on WTI oil prices of $60 per barrel and Henry Hub natural gas prices of $3.75 per MMBtu in the fourth quarter.
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