• Think of it as a smaller, independent version of an oil and gas producer like ExxonMobil, focused entirely on drilling for oil and natural gas in the U.S.
• It's an oil and gas company that solely focuses on finding and extracting oil, much like the core drilling business of a company like Shell, but on a smaller, regional basis.

• Crude Oil: A liquid fossil fuel extracted from underground reservoirs and sold as a commodity.
• Natural Gas: A gaseous fossil fuel extracted from underground and sold primarily for energy generation and heating.
• Natural Gas Liquids (NGLs): A group of hydrocarbons, such as propane and butane, separated from natural gas and sold as valuable byproducts.

Chord Energy (CHRD) primarily sells its crude oil, natural gas, and natural gas liquids (NGLs) to other companies within the energy sector, rather than directly to individuals.

Based on their latest available financial filings (e.g., 2023 Form 10-K), a significant portion of their revenue comes from one major customer:

• Marathon Petroleum Corporation (NYSE: MPC)
  • Through its subsidiary, Tesoro Refining and Marketing Company LLC, Marathon Petroleum Corporation accounted for approximately 17% of Chord Energy's total oil, natural gas, and NGL sales revenue in 2023.

Beyond this major customer, Chord Energy typically sells its production to a variety of other third-party purchasers, which generally include:

• Crude oil purchasers (e.g., pipeline companies, marketing companies, other refiners)
• Natural gas gatherers, processors, and marketers
• NGL marketers or petrochemical companies

Specific names of these other customers are generally not disclosed in public filings unless they individually represent a material portion (typically 10% or more) of the company's revenues.

Daniel Brown

President & Chief Executive Officer

Daniel "Danny" Brown has over 25 years of experience in the oil and natural gas industry. He spent his career with Anadarko Petroleum Corporation (or one of its predecessors) until Anadarko was acquired by Occidental Petroleum in 2019. He held positions of increasing responsibility with Anadarko and Kerr-McGee in U.S. onshore and Gulf of Mexico segments, as well as internationally. Mr. Brown also served on the boards of Western Gas Equity Partners, LP, Western Gas Partners, LP, and Western Midstream Partners, LP until the Anadarko-Occidental transaction was completed. Since 2020, he has served on the board of Beacon Offshore Energy LLC, a private equity-backed exploration and production company. He also served as Board Chair of Oasis Midstream Partners LP from 2021 to 2022.

Richard Robuck

Executive Vice President, Chief Financial Officer & Treasurer

Richard Robuck was promoted to Executive Vice President and Chief Financial Officer in March 2024. He has served in finance leadership capacities within Chord Energy and its predecessor, Oasis Petroleum, for 14 years. His previous roles include CFO of Oasis' midstream business from 2017 through 2022 and most recently as Chord's Senior Vice President of Planning and Investor Relations.

Michael Lou

Executive Vice President, Chief Strategy Officer & Chief Commercial Officer

Michael Lou has more than 25 years of experience in the oil and gas industry. He previously served as Executive Vice President and Chief Financial Officer for Chord Energy from July 2022 to March 2024. Prior to that, he was Chief Financial Officer and Executive Vice President for Oasis Petroleum and its subsidiaries, starting in 2011. Mr. Lou also served as President and Director of the general partner of Oasis Midstream Partners LP from 2017 until its acquisition by Crestwood Equity Partners LP in 2022. His career began as an analyst for Merrill Lynch's investment banking group in 1997, and he held positions at Bank of America's investment banking group, First Albany Investment Banking, and Macquarie Investment Bank. He also served as Chief Financial Officer of XXL Energy Corp., a publicly listed Canadian oil and gas company, from 2006 to 2008, and as Chief Financial Officer of Giant Energy Ltd., a private oil and gas management company, in 2008.

Shannon Kinney

Executive Vice President, Chief Administrative Officer, General Counsel & Corporate Secretary

Shannon Kinney has over 20 years of legal experience. She most recently served as Vice President, Deputy General Counsel, Chief Compliance Officer, and Corporate Secretary for ConocoPhillips, which she joined in 2012. Before ConocoPhillips, Ms. Kinney was Deputy General Counsel and Corporate Secretary at TPC Group, where she managed general corporate matters and chaired the Compliance Committee. She also practiced law at Bracewell LLP and Hunton Andrews Kurth LLP.

Darrin Henke

Executive Vice President & Chief Operating Officer

Darrin Henke serves as the Executive Vice President and Chief Operating Officer of Chord Energy.

Accelerating global energy transition towards renewable energy sources and electric vehicles, driven by technological advancements, regulatory mandates, and shifting consumer and investor preferences, which threatens to significantly reduce long-term demand for crude oil and natural gas.

Chord Energy Corporation (CHRD) primarily operates in the exploration and production of crude oil, natural gas, and natural gas liquids, with significant operations in the midstream sector for hydrocarbon transportation, storage, and processing. The company's operations are concentrated in the Williston Basin across North Dakota and Montana, and it also operates in the Permian Basin, all within the United States.

The addressable markets for Chord Energy's main products and services in the U.S. are as follows:

• U.S. Upstream Oil and Gas Market (Crude Oil, Natural Gas, Natural Gas Liquids Production):
  The U.S. oil and gas market size was calculated at USD 1.55 trillion in 2024 and is projected to reach approximately USD 1.61 trillion in 2025. The upstream segment, which involves the exploration and production of oil and natural gas, held a 50% share of this market in 2024. Based on these figures, the estimated addressable market size for the U.S. upstream oil and gas sector is approximately USD 775 billion for 2024 and USD 805 billion for 2025.
• U.S. Midstream Oil and Gas Market (Infrastructure, Transportation, Storage, Processing):
  The U.S. oil and gas infrastructure market, which encompasses midstream operations, was valued at approximately USD 78.9 billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.4% from 2025 to 2034.

Chord Energy (CHRD) is anticipated to drive future revenue growth over the next two to three years through several key strategies and operational enhancements:

1. Increased Oil Production through Enhanced Drilling Efficiencies (Longer Laterals): Chord Energy is focused on boosting oil volumes by leveraging operational efficiencies, particularly through the development and increased utilization of 3-mile and 4-mile lateral wells. Management expects 4-mile wells to constitute up to 40% of its operated program in 2026, with 3-mile wells potentially adding another 40%, leading to approximately 80% longer lateral development. This strategy has already contributed to upward revisions in oil volume guidance, attributed to improved cycle times, reduced downtime, and strong well performance.
2. Strategic Acquisitions and Williston Basin Expansion: The recent acquisition of XTO Energy's Williston Basin assets is a significant driver, expected to expand Chord Energy's operational footprint, enhance capacity, and provide additional drilling opportunities. This acquisition is projected to be accretive to key financial metrics, including cash flow and free cash flow.
3. Improved Natural Gas and NGL Price Realizations and Volumes: Upcoming infrastructure developments, such as the LNG Canada export terminal and new pipelines and fractionators, are expected to bolster natural gas and natural gas liquids (NGLs) pricing by 2026. These advancements are anticipated to add meaningful free cash flow and increase revenue from these secondary products.
4. Optimized Marketing Activities and Cost Control: Chord Energy is proactively managing its commodity marketing activities in-house to achieve better price realizations for its crude oil, NGLs, and natural gas. Marketing optimization contracts are expected to generate $30 million to $50 million in annualized free cash flow improvements. While cost control primarily impacts profitability, operational efficiencies that enable higher production with optimized capital expenditure indirectly support revenue growth.

Share Repurchases

• Chord Energy repurchased common stock totaling $151.95 million in 2022, $239.339 million in 2023, and $444.235 million in 2024.
• The company repurchased $55.0 million of common stock in Q2 2025 and $83.0 million in Q3 2025.
• A new share repurchase program totaling $1 billion was authorized by Chord's Board of Directors in August 2025, replacing the existing program.

Share Issuance

• Chord Energy has shown net total equity repurchased rather than issued, with annual net repurchases of $132 million in 2022, $148 million in 2023, and $408 million in 2024.
• The company reduced its fully diluted shares outstanding by 11% since the Enerplus acquisition closed in May 2024.

Outbound Investments

• Chord Energy completed the acquisition of Williston Basin assets from XTO Energy Inc., a subsidiary of Exxon Mobil Corporation, on October 31, 2025, for a total cash consideration of $542.2 million.
• The company was formed from the merger of Oasis Petroleum and Whiting Petroleum in July 2022.
• Chord Energy completed the acquisition of Enerplus Corporation in May 2024, with merger consideration of $375 million from Chord/Enerplus.

Capital Expenditures

• Chord Energy's E&P and other capital expenditures were $720.7 million in 2022 and guided at $825-$865 million for 2023, with approximately 80% allocated to drilling and completions.
• For fiscal year 2025, the company's capital expenditures are projected to be approximately $1.365 billion, including about $15 million from the XTO acquisition, reflecting a $50 million reduction from the original outlook.
• The primary focus of capital expenditures is on high-return drilling opportunities, including an expanding 4-mile lateral well program, which is expected to significantly enhance returns and extend inventory life. For 2026, capital expenditures are projected at approximately $1.4 billion to maintain oil volumes between 157,000 and 161,000 barrels per day.