Chord Energy Reports 12% Revenue Growth to $1.215 Billion in Q1 2025

Chord Energy Corporation reported a significant increase in financial performance for the first quarter of 2025, driven primarily by its acquisition of Enerplus Corporation, which was completed on May 31, 2024. The company generated total revenues of $1.215 billion, a 12% increase from $1.085 billion in the same period last year. Oil, natural gas liquids (NGL), and gas revenues accounted for $1.103 billion, up from $748 million in Q1 2024. Net income for the quarter was $219.8 million, compared to $199.4 million in the prior year, reflecting a 10% increase. However, earnings per share decreased to $3.67 from $4.79, attributed to a higher number of shares outstanding following the acquisition.

The company’s operational metrics also showed notable changes. Average daily production was 270,855 barrels of oil equivalent per day (Boepd), a substantial increase from 168,424 Boepd in Q1 2024, with crude oil production averaging 153,720 barrels per day (Bopd). This growth was largely due to the expanded operations following the Enerplus acquisition. Chord Energy's capital expenditures for exploration and production totaled $355.4 million in the first quarter, reflecting its commitment to developing its assets in the Williston Basin.

In terms of strategic developments, Chord Energy's acquisition of Enerplus has been a pivotal move, enhancing its operational footprint in the Williston Basin. The company issued $750 million in senior unsecured notes to finance part of this acquisition and to refinance existing debt. The integration of Enerplus is expected to yield operational synergies, although the company has incurred merger-related costs of $5.1 million in the first quarter of 2025.

Operationally, Chord Energy reported a decrease in lease operating expenses to $9.56 per Boe, down from $10.39 in Q1 2024, indicating improved efficiency. The company also experienced a reduction in production taxes due to a non-recurring refund related to certain North Dakota wells. However, the overall increase in production taxes was driven by higher crude oil sales. The company’s total liabilities increased to $4.44 billion from $4.33 billion at the end of 2024, primarily due to the new debt incurred from the acquisition.

Looking ahead, Chord Energy remains cautious about market conditions, particularly the volatility in crude oil prices influenced by geopolitical factors and OPEC+ production levels. The company plans to continue managing its commodity price risk through derivative instruments while focusing on operational efficiencies and capital discipline. With a robust liquidity position of $1.94 billion, including $35.8 million in cash and $1.9 billion in unused borrowing capacity, Chord Energy is well-positioned to navigate potential market fluctuations and pursue its growth strategy.