Chord Energy raises 2026 oil volume outlook as Q3 profit tops estimates

Chord Energy (CHRD) reported third-quarter 2026 adjusted diluted earnings of $6.08 per share, above the $5.45 consensus estimate, and revenue of $1.71 billion, below the $1.81 billion estimate, the company said in a results release on Nov. 4.

Chord Energy is an independent exploration and production company with long-lived assets primarily in the Williston Basin.

Here's how the company did:

• Adjusted diluted EPS: $6.08 vs. $2.35 a year earlier, $5.45 expected
• Revenue: $1.71 billion vs. $1.31 billion a year earlier, $1.81 billion expected
• Net income: $181.6 million, or $3.29 per diluted share, vs. $130.1 million a year earlier

Oil volumes came in at 165.5 MBopd, above the top of the company's guidance. Natural gas and NGL volumes were also above the top end of guidance.

Capital expenditures were $381.8 million, slightly below the midpoint of guidance. Adjusted EBITDA was $871.3 million. Adjusted free cash flow was $442 million, excluding $4.5 million of reimbursable non-op CapEx and $6.0 million of reimbursable Marcellus CapEx that exceeded expectations.

President and Chief Executive Officer Michael Lou said: "Third quarter volumes were above the top-end of guidance and Chord raised FY26 oil volume guidance for the second time this year."

2026 guidance

The company raised its 2026 oil volume midpoint about 1%, to 162.5 MBopd from 161.0 MBopd. The fourth-quarter oil volume midpoint is 161.0 MBopd.

The company expects 2026 Adjusted EBITDA of $3.40 billion and Adjusted Free Cash Flow of $1.60 billion. Those forecasts include derivatives and assume $90 per barrel WTI and $3.00 per MMBtu Henry Hub for the fourth quarter.

The midpoint of 2026 capital expenditures rose to $1.46 billion from $1.40 billion. The company lowered its Cash GPT guidance, reflecting marketing optimization and the Marcellus divestiture.

The company plans to turn in line 149 to 155 gross operated wells in 2026. It said fourth-quarter volumes and capital spending reflect a sequential decline in activity after it dropped its second frac crew in July, and it plans to reinstate that crew in late 2026 or early 2027.

Marcellus divestiture

The company announced the sale of non-operated Marcellus assets for total gross consideration of $550 million, including a $55 million deposit received in the third quarter. Closing is expected in the fourth quarter, and the company's guidance assumes a mid-fourth-quarter close.

Capital returns

The board declared a base dividend of $1.30 per share, payable Dec. 7 to shareholders of record as of Nov. 19.

The company repurchased 1,510,156 shares for $205.0 million in the third quarter, at a weighted average price of $135.74 per share. It bought another $78 million of stock in the fourth quarter through Oct. 30, at an average price of $146.84 per share.

Shares outstanding were 53.7 million at Sept. 30, down from 55.2 million at June 30.