Chord Energy Raises 2026 Volume Outlook, Generates $324MM Cash, Returns $145MM
Chord Energy delivered Q1 with oil volumes of 158 MBopd, beating guidance by 2.6% and generating $324MM in adjusted free cash flow. Company raised 2026 oil volume target by 2 MBopd to 161 MBopd, kept CapEx at $342MM and returned $145MM to shareholders via $1.30 dividend and $71MM buybacks.
1. Q1 2026 Financial Performance
Chord reported oil volumes of 158 MBopd, exceeding the high end of guidance by 2.6%, and total volumes of 275.6 MBoepd. Net income reached $108.6MM, adjusted net income was $258.9MM ($4.56 per share), with operating cash flow of $507.5MM, adjusted EBITDA of $713.0MM and free cash flow of $324.0MM.
2. 2026 Volume Outlook
Strong drilling and completion operations enabled Chord to raise its full-year oil volume forecast by 2 MBopd to 161 MBopd while keeping capital spending at $342MM. The company is also implementing base production enhancement initiatives aimed at boosting volumes with minimal cost increases.
3. Return of Capital
Chord declared a base dividend of $1.30 per share payable June 5 and repurchased 559,064 shares at an average price of $126.53, totaling $70.7MM. Combined with the dividend, first-quarter return of capital amounted to $145MM, underscoring its commitment to shareholder distributions.
4. 4-Mile DSU Development
The Toonie five-well pad marked Chord's first full four-mile dual spacing unit, with capital costs and early production performance aligning with expectations. The company plans to scale four-mile laterals to represent 40% of TILs and 60% of spuds in 2026, leveraging multi-well efficiencies and simulfrac operations.