CHRD - Chord Energy reports mixed Q2 earnings; initiates Q3 and updates FY23 outlook
2023-08-02 16:51:38 ET
- Chord Energy press release ( NASDAQ: CHRD ): Q2 Non-GAAP EPS of $3.65 misses by $0.18 .
- Revenue of $912.07M (+15.5% Y/Y) beats by $259.68M .
- 2Q23 oil volumes of 96.4 MBopd were at the high-end of guidance.
- Total 2Q23 volumes of 169.0 MBoepd were above the high-end of guidance.
- E&P and other CapEx was $257.0M in 2Q23.
- 2Q23 oil, NGL and gas revenue of $695.4M impacted by lower realized gas and NGL pricing.
- Net cash provided by operating activities was $408.2MM and net income was $216.1M in 2Q23.
- Adjusted EBITDA was $369.6M.
- Updated Outlook: Chord expects to generate approximately $1.7B of Adjusted EBITDA and approximately $735MM of Adjusted Free Cash Flow in 2023. FY23 E&P and other CapEx increasing to $850M – $880M.
- Total volumes of 168.7 – 171.7 (MBoepd). Chord expects cash taxes to range between 0% – 10% of Adjusted EBITDA in 2H23 with NYMEX WTI between $70/Bbl – $90/Bbl.
- Q3 Total volumes (MBoepd) of 167.0 – 172.0.
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Chord Energy reports mixed Q2 earnings; initiates Q3 and updates FY23 outlook