Short answer
Chord Energy Corp (CHRD) filed its fiscal 2013 10-K annual report with the SEC on Feb 27, 2014.
- Top risk flagged: Hydraulic fracturing scrutiny: EPA’s 2014 drinking-water study and planned wastewater limits could increase costs or delay Bakken development
Chord Energy Corp FY2013 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Independent Williston Basin producer, converting concentrated Bakken and Three Forks acreage into oil reserves, production and cash flow
- New midstream segment, Oasis Midstream Services, formed in 2013 to provide internal infrastructure and saltwater-disposal services
- Major scale-up through four acquisitions adding approximately 161,000 net acres across West Williston and East Nesson
- Proved reserves increased 59% to 227.9 MMBoe, while production rose 50% to 12,375 MBoe
- Sanish assets targeted for sale at approximately $333.0 million, signaling portfolio rationalization despite continued basin concentration
Management Discussion & Analysis
- Revenue $1,142.0M, up 66% YoY, driven by production growth and higher oil prices
- Operating income $504.4M, net income $228.0M, effective tax rate 37.2% vs 37.6%
- Best segment: oil revenue $1,033.9M, up $390.4M; well services and midstream revenue $57.6M
- Operating cash flow $697.9M; capital expenditures $2,506.3M, including $1,563.4M acquisitions
- 2014 capex budget $1,425M; key risks commodity prices, transportation capacity, service costs and capital access
Risk Factors
- Hydraulic fracturing scrutiny: EPA’s 2014 drinking-water study and planned wastewater limits could increase costs or delay Bakken development
- Williston Basin concentration: 100% of proved reserves and production exposed to transportation constraints, weather and regulatory disruptions
- Third-party takeaway dependence: no firm pipeline transportation, leaving production vulnerable to customer capacity priorities and outages
- Market disruption: excess Bakken production and refinery downtime drove differentials toward the historical 10% to 15% WTI range
- Leverage: $2,200.0 million senior unsecured notes plus $335.6 million revolver borrowings constrained financial flexibility
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