Chord Energy Corporation provided preliminary operational and financial results for the third quarter of 2026, stating that production volumes exceeded the high-end of guidance for oil, natural gas, and natural gas liquids. The Houston-based company reported adjusted free cash flow above expectations, driven by strong volumes, in-line capital expenditures, and favorable price realizations.
Michael Lou, President and Chief Executive Officer of Chord Energy, attributed the performance to strong results across new and existing wells and better-than-expected downtime performance. The company highlighted disciplined capital allocation and operational efficiency as key drivers, noting that the balance sheet continues to strengthen with strategic actions.
During the third quarter of 2026, Chord Energy repurchased shares at an average price of $135.74 per share. The company continued its buyback program in the fourth quarter, repurchasing additional shares quarter-to-date at an average price of $142.32 per share. As of September 30, 2026, Chord Energy held cash and cash equivalents and carried total debt.
The company announced the divestiture of non-operated Marcellus assets for total gross consideration. A deposit was paid during the third quarter of 2026 as part of this transaction. Preliminary capital expenditures for the third quarter included reimbursable non-operated capital expenditures and Marcellus-related expenditures that exceeded expectations. Together, these items would adjust preliminary third-quarter capital expenditures downward.
Market conditions during the period saw NYMEX West Texas Intermediate crude oil average $85.69 per barrel and NYMEX Henry Hub natural gas average $2.96 per MMBtu. Chord Energy recorded a loss on realized hedges and received distributions from equity securities investments.
The preliminary financial data is based on information available to management and is subject to completion of the company's normal financial reporting processes. Actual results could differ materially from these preliminary figures. The independent registered public accounting firm has not audited or reviewed these preliminary results and does not express an opinion on them. Adjusted free cash flow is defined by the company as adjusted EBITDA less cash interest and capital expenditures, excluding capitalized interest and acquisition capital.