Short answer
Chord Energy Corp (CHRD) filed its fiscal 2015 10-K annual report with the SEC on Feb 25, 2016.
- Top risk flagged: EPA methane controls proposed for 2016 could increase compliance costs for oil and gas equipment
Chord Energy Corp FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: Williston Basin unconventional oil and gas producer, complemented by owned well services and midstream businesses
- 2015 emphasis: high-intensity completions, core-acreage development, and Wild Basin natural-gas processing infrastructure
- Strategic shift: capital preservation under $48.75 average WTI, with 2016 budget reduced to $400 million and two operated rigs
- Production reached 50,477 Boe per day, up 11% in volumes, while proved reserves fell 20% to 218.2 MMBoe
- Notable filing-year development: approximately 91% of North Dakota natural gas captured, exceeding the 2016 regulatory target of 85%
Management Discussion & Analysis
- Revenue $789.7M, down $600.5M or 43% YoY, with oil prices $43.04/Bbl vs $82.73 and production up 11%
- Net loss $40.2M vs net income $506.9M, operating loss $114.2M vs income $645.7M
- Best segment: Midstream revenue $23.8M, up $12.2M; worst: Well Services revenue $44.3M, down $30.3M
- Operating cash flow $359.8M; capital expenditures $610.0M, down 61%; February equity offering net proceeds $182.9M
- 2016 capital budget $400M; key risks, low oil prices and potential proved-property impairment exceeding $2,500.0M
Risk Factors
- EPA methane controls proposed for 2016 could increase compliance costs for oil and gas equipment
- 100% of proved reserves and production concentrated in the Williston Basin
- Third-party transportation lacks firm capacity, exposing production to shut-ins and price discounts
- Bakken rail shipments face PHMSA tank-car phaseout by January 2018
- $2,200.0 million senior unsecured notes and $138.0 million revolver borrowings constrain financial flexibility
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