chrd-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-34776


Chord Energy Corporation (Exact name of registrant as specified in its charter)



Delaware						80-0554627
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1001 Fannin Street, Suite 1500
Houston, Texas						77002
(Address of principal executive offices)						(Zip Code)


(281) 404-9500 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CHRD

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ý No ¨

Number of shares of the registrant’s common stock outstanding at May 4, 2026: 56,299,183 shares.

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TABLE OF CONTENTS


			Page
Glossary of Terms			1
PART I — FINANCIAL INFORMATION			3
Item 1. — Financial Statements (Unaudited)			4
Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025			4
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025			6
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025			7
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025			8
Notes to Condensed Consolidated Financial Statements			10



1. Organization and Summary of Significant Accounting Policies			10

2. Revenue Recognition			11
3. Inventory			12
4. Additional Balance Sheet Information			12
5. Fair Value Measurements			13
6. Derivative Instruments			14
7. Property, Plant and Equipment			16
8. Acquisitions			17

9. Investment in Equity Securities			18
10. Long-Term Debt			18
11. Asset Retirement Obligations			19
12. Income Taxes			19
13. Equity-Based Compensation			20
14. Stockholders’ Equity			21
15. Earnings Per Share			22
16. Commitments and Contingencies			22

17. Leases			23

Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Overview			26
Results of Operations			27
Liquidity and Capital Resources			33
Fair Value of Financial Instruments			36
Critical Accounting Policies and Estimates			36
Item 3. — Quantitative and Qualitative Disclosures About Market Risk			36
Item 4. — Controls and Procedures			37
PART II — OTHER INFORMATION			38
Item 1. — Legal Proceedings			38
Item 1A. — Risk Factors			38
Item 2. — Unregistered Sales of Equity Securities and Use of Proceeds			38

Item 5.— Other Information			38
Item 6. — Exhibits			39
SIGNATURES			40

GLOSSARY OF TERMS

The terms defined in this section are used throughout this Quarterly Report on Form 10-Q:

“ABR.” Alternate base rate.

“ARO.” Asset retirement obligations.

“ASC.” Accounting Standards Codification.

“ASU.” Accounting Standards Update.

“Basin.” A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.

“Bbl.” One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate, natural gas liquids or fresh water.

“Boe.” Barrels of oil equivalent, with 6,000 cubic feet of natural gas being equivalent to one barrel of crude oil.

“Boepd.” Barrels of oil equivalent per day.

“Bopd.” Barrels of oil per day.

“British thermal unit.” The heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.

“Completion.” The process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil or natural gas, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

“DD&A.” Depreciation, depletion and amortization.

“Dry hole.” A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production would exceed production expenses and taxes.

“Economically producible.” A resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation.

“FASB.” Financial Accounting Standards Board.

“Formation.” A layer of rock which has distinct characteristics that differ from nearby rock.

“G&A.” General and administrative.

“GAAP.” Generally accepted accounting principles in the United States.

“GPT.” Gathering, processing and transportation.

“ICE BRENT.” The Intercontinental Exchange Brent crude oil price index.

“MBbl.” One thousand barrels of crude oil, condensate, natural gas liquids or fresh water.

“MBoe.” One thousand barrels of oil equivalent.

“Mcf.” One thousand cubic feet of natural gas.

“MMBtu.” One million British thermal units.

“MMcf.” One million cubic feet of natural gas.

“NGL.” Natural gas liquids.

“NYMEX.” The New York Mercantile Exchange.

“NYMEX WTI.” The New York Mercantile Exchange West Texas Intermediate crude oil price index.

“OPEC+.” The Organization of Petroleum Exporting Countries and other oil exporting nations.

“Plug.” A down-hole packer assembly used in a well to seal off or isolate a particular formation for testing, acidizing, cementing, etc.; also a type of plug used to seal off a well temporarily while the wellhead is removed.

“Productive well.” A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production would exceed production expenses and taxes.

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“Proved reserves.” Those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible — from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. The area of the reservoir considered as proved includes (i) the area identified by drilling and limited by fluid contacts, if any, and (ii) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible crude oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons, as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil, elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when (i) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (ii) the project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

“Reasonable certainty.” If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical and geochemical) engineering, and economic data are made to estimated ultimate recovery with time, reasonably certain estimated ultimate recovery is much more likely to increase or remain constant than to decrease.

“Reserves.” Estimated remaining quantities of crude oil and natural gas and related substances anticipated to be economically producible as of a given date by application of development prospects to known accumulations.

“Reservoir.” A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

“SEC.” The U.S. Securities and Exchange Commission.

“SOFR.” Secured overnight financing rate as administered by the Federal Reserve Bank of New York.

“Workover.” The repair or stimulation of an existing productive well for the purpose of restoring, prolonging or enhancing the production of hydrocarbons.

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PART I — FINANCIAL INFORMATION

Item 1. — Financial Statements (Unaudited)

Chord Energy Corporation

Condensed Consolidated Balance Sheets (Unaudited)


	March 31, 2026		December 31, 2025

	(In thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$	225,802	$	189,531
Accounts receivable, net	1,352,546		1,116,685
Inventory	100,218		115,713
Prepaid expenses	30,226		33,767
Derivative instruments	1,161		77,312
Other current assets	3,683		5,061

Total current assets	1,713,636		1,538,069
Property, plant and equipment
Oil and gas properties (successful efforts method)	15,205,562		14,848,968
Other property and equipment	60,508		60,395
Less: accumulated depreciation, depletion and amortization	(3,950,750)		(3,572,834)
Total property, plant and equipment, net	11,315,320		11,336,529
Derivative instruments	3,518		8,366
Investment in equity securities	140,096		119,698
Long-term inventory	26,417		30,759
Operating right-of-use assets	8,968		12,749


Other assets	28,899		28,104
Total assets	$	13,236,854	$	13,074,274

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	90,764	$	41,795
Revenues and production taxes payable	716,094		618,258
Accrued liabilities	686,320		735,386

Accrued interest payable	4,301		28,594
Derivative instruments	154,366		—

Current operating lease liabilities	11,146		14,656
Other current liabilities	10,123		11,898

Total current liabilities	1,673,114		1,450,587
Long-term debt	1,480,469		1,479,581
Deferred tax liabilities	1,582,722		1,615,850
Asset retirement obligations	428,773		432,802
Derivative instruments	10,204		—
Operating lease liabilities	9,565		10,518
Other liabilities	5,660		4,982
Total liabilities	5,190,507		4,994,320

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	March 31, 2026		December 31, 2025

	(In thousands, except share data)
Commitments and contingencies (Note 16)
Stockholders’ equity
Common stock, $0.01 par value: 240,000,000 shares authorized, 67,231,897 shares issued and 56,284,329 shares outstanding at March 31, 2026; and 240,000,000 shares authorized, 67,150,747 shares issued and 56,762,243 shares outstanding at December 31, 2025	676		675
Treasury stock, at cost: 10,947,568 shares at March 31, 2026 and 10,388,504 shares at December 31, 2025	(1,375,456)		(1,304,092)
Additional paid-in capital	7,343,454		7,339,735
Retained earnings	2,077,673		2,043,636
Total stockholders’ equity	8,046,347		8,079,954
Total liabilities and stockholders’ equity	$	13,236,854	$	13,074,274

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Chord Energy Corporation

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended March 31,
	2026		2025

	(In thousands, except per share data)
Revenues
Oil, NGL and gas revenues	$	1,150,589	$	1,103,425
Purchased oil and gas sales	515,046		111,622

Total revenues	1,665,635		1,215,047
Operating expenses
Lease operating expenses	244,909		233,074
Gathering, processing and transportation expenses	67,018		73,314
Purchased oil and gas expenses	509,832		111,368
Production taxes	86,711		74,642
Depreciation, depletion and amortization	384,215		349,809
General and administrative expenses	37,508		38,377
Exploration and impairment	2,563		1,983



Total operating expenses	1,332,756		882,567
Gain on sale of assets, net	343		5,516
Operating income	333,222		337,996
Other income (expense)
Net loss on derivative instruments	(241,471)		(20,281)
Net gain (loss) from investment in equity securities	22,829

SEC Form 10-Q filed by Chord Energy Corporation