$CHRD

Chord Energy to Sell Marcellus Gas Assets to POSCO for $550 Million

Chord Energy (CHRD) said on Wednesday it has agreed to sell its entire non-operated position in the Marcellus shale gas basin to POSCO International for $550 million, as the US oil producer focuses its portfolio on the Williston Basin.The transaction, projected to close in Q4, includes about 32,000 net acres in the Marcellus and trailing 12-month production of about 121 million cubic feet per day.Chord Energy assets produce entirely residue natural gas and have no natural gas liquids. The energy firm said it received a $55 million deposit, with the remaining proceeds due at closing. The transaction has an effective date of July 1.The sale values the assets at about six times adjusted EBITDA based on the $550 million gross proceeds and a Henry Hub natural gas price of $3.50 per million British thermal units.The divestiture is expected to further reduce Chord's net leverage, the company said, adding that it would remain well below peer levels.The oil producer said it would deploy proceeds from the sale over time, in line with its capital allocation strategy.After the transaction closes, Chord's portfolio will focus on the Williston Basin, a major oil-producing region spanning parts of North Dakota and Montana.The divestiture is expected to increase Chord's oil weighting by about 4 to 5 percentage points. Gas realizations are projected to decline by about 16 to 30 percentage points, reflecting stronger gas realizations from the Marcellus assets.Lease operating expenses are expected to rise by about $0.70 to $0.80 per barrel of oil equivalent because of the firm's higher oil weighting, while cash gathering, processing and transportation costs are set to decline by $0.20 to $0.25 per barrel of oil equivalent.Production taxes are expected to increase by about 0.15% to 0.45% of oil, natural gas liquids and natural gas sales, while annual capital expenditure is set to fall by about $25 million.Chord said it plans to update its guidance when it reports Q3 results in November.Price: $149.61, Change: $-7.40, Percent Change: -4.71%

Sector Update: Energy Stocks Decline Pre-Bell Wednesday

Energy stocks were declining pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.2% lower.The United States Oil Fund (USO) was down 2% and the United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 1.8% lower at $103.91 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.2% to $107.44 per barrel, and natural gas futures were up 1.6% at $2.97 per 1 million British Thermal Units.Hafnia (HAFN) said it has agreed to acquire 4.5 million Class A shares in TORM (TRMD) at $32.25 per share, representing about 4.4% of TORM's issued and outstanding share capital. Shares of TORM were up more than 2% premarket.Chord Energy (CHRD) shares were down more than 1% after the company said it has agreed to sell gas-producing land assets to POSCO International for $550 million.Exxon Mobil (XOM) won approval for its Rose carbon-capture project in Texas, allowing the company to move forward with the development, Bloomberg reported. Exxon Mobil stock was 0.9% lower pre-bell.

Chord Energy Agrees to Sell Gas Assets for $550 Million

Chord Energy (CHRD) said Wednesday it has agreed to sell gas-producing land assets to POSCO International for $550 million.Under the deal, Chord Energy will sell its non-operated Marcellus position, which consists of approximately 32,000 net acres with trailing 12-month production of approximately 121 million cubic feet per day of natural gas, the company said.Chord has received a $55 million deposit and will receive the remainder at closing, the company said.The deal is expected to close in Q4 2026.Chord Energy shares were 0.9% lower in premarket trading.

Seaport Global Initiates Chord Energy at Neutral

Chord Energy (CHRD) has an average rating of overweight and mean price target of $168.06, according to analysts polled by FactSet.

Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says

The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.

Chord Energy Insider Sold Shares Worth $562,660, According to a Recent SEC Filing

Shannon Browning Kinney, Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary, on August 11, 2026, sold 4,019 shares in Chord Energy (CHRD) for $562,660. Following the Form 4 filing with the SEC, Kinney has control over a total of 13,560 common shares of the company, with 13,560 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1486159/000198716426000014/xslF345X05/wk-form4_1786568812.xml

US Shale Drillers Adopt Simultaneous Fracking to Cut Well Costs, UBS Says

US shale producers are turning to more advanced hydraulic-fracturing techniques to accelerate completion times and lower well costs, with the efficiency gains expected to extend into 2027, UBS strategists said in a note on Tuesday.UBS analysts said that a broader adoption of simultaneous fracturing, or simulfracs, was a key theme during Q2 earnings season, as producers seek to improve productivity while maintaining capital discipline amid shifting commodity prices.Crescent Energy (CRGY) and SM Energy (SM) in the Uinta Basin reported significant gains after adopting simulfracs.Crescent said it used the technique on all its 2026 Uinta turn-in lines, compared with none in 2025. This has increased completion speeds by about 90% and contributed to a decline of over 15% in well costs on a per-foot basis.SM Energy reported that it more than doubled the efficiency of its Uinta completions quarter-over-quarter in Q2 after switching to simulfracs.The efficiency gains are also being seen among larger producers that have already adopted the technology.Occidental Petroleum (OXY) increased the share of simulfracs in its US onshore completion program to over 45% in 2026, from 10% in 2025.The energy firm cited the approach as one factor behind a 7% year-over-year decline in well costs.Devon Energy (DVN) also plans to expand the use of simulfracs as it applies completion practices developed in its own operations to assets acquired from Coterra Energy (CTRA).Meanwhile, Chord Energy (CHRD) evaluated the use of a trimulfrac in the Williston Basin during the quarter.The energy firm, which began using simulfracs in late 2024, said initial results from the three-well simultaneous completion approach were encouraging, according to UBS.Chord expects trimulfracs could account for between 20% and 50% of its completions in 2027, potentially generating additional cost savings.Meanwhile, the latest UBS data showed the US active rig count averaged 616 on a four-week basis, unchanged from the previous week.The rig activity is up 12% from the end of 2025, driven by a 23% increase in oil-directed rigs. Gas-directed rigs, by contrast, have declined 8% over the same period.The Permian Basin was broadly unchanged week-over-week, with the Delaware adding two rigs, the Midland losing three and other parts of the Permian adding one.Outside the Permian, the Eagle Ford declined by two rigs and the Granite Wash fell by one. The Haynesville lost one gas rig, while Appalachia was unchanged.Energy firms covered by UBS, together with integrated oil and gas producers, operated 256 active rigs last week, up one from the prior week.Antero Resources and California Resources added one rig each, while Devon Energy reduced its count by one, potentially reflecting a rig move.Exxon Mobil (XOM) remained the most active publicly traded operator with 35 rigs, followed by Devon with 33, ConocoPhillips (COP) with 30, and EOG Resources (EOG) and Occidental Petroleum with 23 each.Price: $58.41, Change: $-0.65, Percent Change: -1.10%

UBS Adjusts Price Target on Chord Energy to $171 From $153, Keeps Buy Rating

Chord Energy (CHRD) has an average rating of buy and mean price target of $167.25, according to analysts polled by FactSet.

Chord Energy Insider Sold Shares Worth $1,065,120, According to a Recent SEC Filing

Douglas E Brooks, Director, on August 07, 2026, sold 8,000 shares in Chord Energy (CHRD) for $1,065,120. Following the Form 4 filing with the SEC, Brooks has control over a total of 10,705 common shares of the company, with 10,705 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1486159/000154814726000014/xslF345X05/wk-form4_1786141591.xml

Chord Energy Q2 Adjusted Earnings, Revenue Rise

Chord Energy (CHRD) reported Q2 adjusted earnings late Wednesday of $6.44 per diluted share, up from $1.79 a year earlier.Analysts polled by FactSet expected $6.55.Revenue in the three months ended June 30 rose to $2.17 billion from $1.18 billion a year earlier.Analysts projected $1.62 billion.

Earnings Flash (CHRD) Chord Energy Posts Q2 Adjusted EPS $6.44, vs. FactSet Est of $6.55

US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says

US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.Price: $60.46, Change: $-0.03, Percent Change: -0.05%

Energy Stocks Poised for Gains as Oil, Gas Outlook Improves, UBS Says

UBS maintained its bullish outlook for oil and natural gas, saying it expects 2027 prices to top what the current futures price would suggest even as volatility prompted it to stress-test energy stocks under multiple price scenarios, the bank said in a note on Tuesday.The analysis looked at oil prices ranging from $55-$65 per barrel for Brent crude and corresponding WTI prices of about $51-$61/bbl, along with natural gas prices between $2.75 and $4.25 per million British thermal units.UBS assumed companies would keep spending and production levels unchanged across all scenarios.UBS said current share prices for US oil and gas producers imply investors are expecting WTI crude prices in the low $60s/bbl and natural gas prices of about $3.50/MMBtu in 2027.In a scenario where Brent crude averages $75/bbl and natural gas averages $3.75/MMBtu, UBS believes the sector appears undervalued. Based on historical valuation levels, the bank estimates energy stocks could have over 20% upside.The bank also said energy company valuations are highly sensitive to changes in commodity prices. A $10/bbl move in oil prices and a $0.50 change in natural gas prices would have a significant impact on companies' cash flow and valuations.UBS added that if oil prices fall below $60/bbl and natural gas prices below $3/MMBtu many producers would likely reduce drilling activity and production.Despite higher oil prices since the recent conflict began, energy stocks have lagged the broader market. The S&P 500 Energy Index has gained 8% but has underperformed the broader S&P 500 by about 3 percentage points.Front-month WTI crude prices have risen 22%, while contracts for 2027 delivery are up 15%. Longer-dated natural gas prices, however, have fallen 10%.Among the companies UBS follows, SM Energy (SM) and Chord Energy (CHRD) have posted the strongest gains since the conflict began, while Liberty Energy (LBRT), Comstock Resources (CRK) and Gulfport Energy (GPOR) have been the weakest performers.Smaller and mid-sized oil producers have generally outperformed their larger peers, UBS said.UBS maintained its preferred exploration and production stocks as Ovintiv (OVV), Devon Energy (DVN) and Antero Resources (AR), while naming National Energy Services Reunited (NESR) as its top pick among oilfield services companies.Price: $29.40, Change: $-0.90, Percent Change: -2.97%

Chord Energy Insider Sold Shares Worth $1,404,200, According to a Recent SEC Filing

Michael H Lou, Executive Vice President, Chief Strategy Officer, and Chief Commercial Officer, on July 23, 2026, sold 10,000 shares in Chord Energy (CHRD) for $1,404,200. Following the Form 4 filing with the SEC, Lou has control over a total of 72,699 common shares of the company, with 72,699 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1486159/000149408326000014/xslF345X05/wk-form4_1784927423.xml

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

Energy Stocks Remain Undervalued Despite Long-Term Oil, Gas Outlook, UBS Says

UBS maintained a positive long-term outlook for crude oil and natural gas, saying energy stocks remain undervalued despite improving commodity fundamentals, the firm said in a note on Monday.UBS continues to expect stronger 2027 crude oil and natural gas prices than implied by current forward strips of $71 per barrel for West Texas Intermediate and $3.35 per million British thermal units for Henry Hub.The firm assessed producers across scenarios ranging from $55-$65/bbl Brent, $51-$81/bbl WTI and $2.75-$4.25/MMBtu Henry Hub.Using an 8% free cash flow-to-enterprise value yield and a 5.5x enterprise value-to-EBITDA sector midpoint, UBS estimates exploration and production stocks currently reflect $60 WTI and $3.50 Henry Hub for 2027.Under a $75 Brent and $3.75 Henry Hub scenario, oil producers would generate an average 12.2% free cash flow-to-enterprise value yields and trade at 3.9x enterprise value-to-EBITDA.Gas producers, excluding Comstock Resources (CRK), would generate an average 11.5% free cash flow-to-enterprise value yield and trade at 4.6x enterprise value-to-EBITDA, UBS said.The same commodity deck would leave year-end 2027 net debt-to-EBITDA at about 0.2x to 0.3x if companies maintain current capital return programs.UBS said those valuations remain below the historical 4.5x to 6.5x range, implying more than 20% upside to the 5.5x midpoint.A $10/bbl move in crude oil and a $0.50/MMBtu change in Henry Hub prices would shift average free cash flow-to-enterprise value yields by 450 to 480 basis points.Enterprise value-to-EBITDA multiples could move 0.5x to 0.7x or more, particularly for gas producers, UBS said.UBS kept capital spending and production assumptions unchanged, although WTI prices below $60/bbl and Henry Hub prices below $3/MMBtu would likely prompt exploration and production companies to reduce both investment and output.Since the conflict began, the S&P 500 Energy Index has gained 1.3% but has trailed the broader S&P 500 by 8%. During the same period, front-month WTI has risen 16%, the 2027 WTI forward strip has gained 15%, while the 2027 Henry Hub strip has fallen 10.3%, UBS said.UBS said energy-sector valuations have weakened since the conflict began despite stronger long-term oil prices, with APA (APA) and Chord Energy (CHRD) leading gains, while Comstock Resources, Weatherford International (WFRD) and Gulfport Energy (GPOR) have posted the weakest performance.UBS continues to favor Ovintiv (OVV), Devon Energy (DVN) and Antero Resources (AR) among exploration and production companies, while National Energy Services Reunited remains its top oilfield services pick.Price: $12.87, Change: $-0.37, Percent Change: -2.79%

Chord Energy's 4-Mile Laterals Seen Driving Higher Free Cash Flow, Buybacks, UBS Says

Chord Energy's (CHRD) growing use of 4-mile laterals is expected to drive efficiency gains that support higher free cash flow and buybacks as the company builds on its strong first quarter, UBS Securities said in a Q2 earnings preview.The firm said in a Thursday note that early performance from the longer laterals has been strong, with well costs tracking below budget. It also pointed to the company's first full 4-mile development pad, where full-pad development savings were realized.UBS said frac efficiency in Q1 was 24% higher than the 2025 average, reflecting improved operational efficiency.The investment firm expects capital spending to decline in H2 as the company drops a frac crew, with oil production remaining roughly flat in Q3 before declining in Q4. The brokerage lowered its financial forecasts for 2026 and 2027 on a weaker oil and gas price outlook.UBS reiterated its buy rating and lowered its price target to $153 from $179.Shares of Chord Energy were down 1.3% in Friday afternoon trading.Price: $116.99, Change: $-1.49, Percent Change: -1.26%

UBS Adjusts Price Target on Chord Energy to $153 From $179, Maintains Buy Rating

Chord Energy (CHRD) has an average rating of buy and mean price target of $167.50, according to analysts polled by FactSet.Price: $118.26, Change: $-0.23, Percent Change: -0.19%

Chord Energy Q1 Beat on Higher Oil Output, Lower Costs, RBC Says

Chord Energy (CHRD) reported stronger-than-expected Q1 results thanks to higher oil production and lower cash costs, RBC Capital said in a Friday note."CHRD is pulling forward activity through efficiencies and also reducing downtime that delivers strong oil volumes without impacting capital spending," the report said.The report said strong execution through adverse weatherand midstream constraints in Q1 did not slow the firm from delivering production that exceeded the high end of guidance.The note also pointed to higher oil production with unchanged capital budget for 2026."CHRD's balance sheet remains best-in-class to SMid peers andthe FCF should continue to drive down the leverage ratio," the note said. RBC kept its outperform rating and $180 price target.Price: $149.14, Change: $+0.75, Percent Change: +0.51%

Chord Energy Insider Sold Shares Worth $1,099,710, According to a Recent SEC Filing

Douglas E Brooks, Director, on May 07, 2026, sold 8,000 shares in Chord Energy (CHRD) for $1,099,710. Following the Form 4 filing with the SEC, Brooks has control over a total of 18,705 common shares of the company, with 18,705 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1486159/000154814726000010/xslF345X05/wk-form4_1778535176.xml