Short answer
Chord Energy Corp (CHRD) filed its fiscal 2014 10-K annual report with the SEC on Feb 26, 2015.
- Top risk flagged: Oil-price exposure: WTI ranged from $107.95 to $53.45 per barrel during 2014, pressuring cash flow and borrowing capacity
Chord Energy Corp FY2014 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Independent Williston Basin E&P, converting concentrated Bakken and Three Forks acreage into oil production, reserves and cash flow
- 2014 shift from delineation to full-field development, supported by expanded OWS fracturing capacity and OMS midstream infrastructure
- Lower-price response: 2015 capital budget cut to $705 million from $1,572.6 million in 2014
- Proved reserves increased 19% to 272.1 MMBoe, while production rose 35% to 45,656 Boe/d
- Distinctive 2014 focus on gas capture: 97% of operated Bakken and Three Forks wells connected to gathering systems at year-end
Management Discussion & Analysis
- Revenue $1,390.2M, up 22% YoY, driven by 35% production growth to 45,656 Boe/d
- Net income $506.9M, operating margin 46.4% vs 44.2% in 2013
- Best segment E&P, Adjusted EBITDA $911.0M, worst Midstream Services, $26.5M
- Operating cash flow $872.5M, capital expenditures $1,572.6M, no dividends or buybacks disclosed
- 2015 outlook: $705M capital budget, 63.3 net operated completions, with oil prices down approximately 50% since June 2014
Risk Factors
- Oil-price exposure: WTI ranged from $107.95 to $53.45 per barrel during 2014, pressuring cash flow and borrowing capacity
- North Dakota concentration: 100% of proved reserves and production in the Williston Basin
- Transportation vulnerability: third-party gathering and pipelines, generally without firm transportation commitments
- Bakken rail regulation: PHMSA proposed DOT-111 tank-car phaseout as early as October 2017
- Leverage risk: $2,200.0 million senior notes plus $500.0 million revolving-facility borrowings at December 31, 2014
Generated from the filing text; verify against the original. How to read a 10-K
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