Short answer
Chord Energy Corp (CHRD) filed its fiscal 2018 10-K annual report with the SEC on Mar 1, 2019. It reported revenue of $2.3B (+79.5% year over year) and net income of −$35M.
- Top risk flagged: EPA and BLM methane rules, plus pending hydraulic-fracturing litigation, could increase compliance costs and delay North Dakota and Texas operations
FY2018 key financial metrics · XBRL
- Revenue
- $2.3B
- +79.5% YoY
- Net income
- −$35M
- −128.5% YoY
- Operating margin
- 5.1%
- −6.0 pp YoY
- EPS (diluted)
- −$0.11
- −121.2% YoY
- ROE
- -0.9%
- −4.6 pp YoY
- Operating cash flow
- $996M
- +96.2% YoY
Source: XBRL data from the Chord Energy Corp (CHRD) FY2018 10-K on SEC EDGAR. USD.
Chord Energy Corp FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Independent E&P company monetizing unconventional oil and gas acreage, with vertically integrated midstream and well services businesses
- Initial Delaware Basin entry through February 14, 2018 acquisition of approximately 22,000 net acres
- Delaware acquisition more than doubled core net inventory and expanded operations beyond the Williston Basin
- Proved reserves increased 3% to 320.5 MMBoe, while PV-10 rose 27% to $4,674.3 million
- 2018 reserve revisions included 42.3 MMBoe negative performance revisions from higher-than-anticipated decline rates
Management Discussion & Analysis
- Net production 30,122 MBoe, up from 24,143 MBoe; average daily production 82,525 Boe vs 66,144 Boe
- Oil price $61.84/Bbl, up 27% YoY; derivative-adjusted price $52.65/Bbl vs $47.99/Bbl
- Best basin: Williston production 78,203 Boe/day; Delaware production 4,322 Boe/day
- Capital expenditures $1,925.8M, including $951.9M acquisitions; 2019 plan $540M-$560M, plus midstream $150M-$170M
- Key risks: commodity-price volatility, transportation constraints and regulatory costs; Delaware differentials exceeded $4.00/Bbl below WTI in 2018
Risk Factors
- EPA and BLM methane rules, plus pending hydraulic-fracturing litigation, could increase compliance costs and delay North Dakota and Texas operations
- Basin concentration: 95% of production from Williston Basin, exposing Chord to regional transportation constraints and weather disruptions
- Third-party gathering and pipeline capacity: Delaware Basin differentials averaged more than $4.00 per barrel below WTI in 2018
- Permian expansion risk: Delaware Basin represented Chord’s initial operations outside the Williston Basin, with unfamiliar geology and midstream relationships
- Debt burden: $468.0 million Oasis borrowings, $318.0 million OMP borrowings and $2,039.4 million Notes outstanding at December 31, 2018
Generated from the filing text; verify against the original. How to read a 10-K
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