Key Highlights

  • GAAP Net Income was USD 181.6 million, or USD 3.29 per diluted share, while adjusted net income (non-GAAP) was USD 332.9 million, or USD 6.08 per diluted share, for the third quarter of 2026.
  • Oil volumes of 165.5 MBopd beat the 161.5 to 164.5 MBopd guidance range, and total volumes reached 290.8 MBoepd against guidance of 277.7 to 284.0.
  • The company announced the sale of non-operated Marcellus Assets for gross consideration of USD 550.0 million, including a USD 55.0 million deposit received in the quarter.
  • Capital returns in the quarter were a USD 1.30 per share base Dividend and USD 205.0 million of repurchases at an average USD 135.74, with USD 78 million more bought by October 30.

Volumes Beat Guidance as Adjusted Earnings Double GAAP

Chord Energy (NASDAQ:CHRD) reported third quarter results on November 4, 2026. Oil volumes of 165.5 MBopd, NGL volumes of 55.1 MBblpd and Natural Gas of 420.6 MMcfpd all topped the high end of guidance, and the company said realizations were favorable. Revenue from oil, NGL and natural gas was USD 1,408.4 million. The extract does not itemize the reconciling items between GAAP net income of USD 181.6 million and adjusted net income of USD 332.9 million, so the gap is not explained here. Last quarter GAAP net income was USD 525.2 million and a year earlier USD 130.1 million.

Cash Flow, Marcellus Sale and a New CEO

Net cash from Operating Activities was USD 781.4 million, adjusted EBITDA (non-GAAP) was USD 871.3 million and adjusted free Cash Flow was USD 431.5 million, or USD 442 million excluding reimbursable Capital spending. The release text pairs USD 871.3 million with operating cash flow, but the tables show it as adjusted EBITDA, so the table treatment is used. Capital spending was USD 381.8 million including reimbursable items, or about USD 371 million excluding them. Michael Lou, who is stepping into the chief executive role, highlighted run-rate savings of USD 225 million. The Marcellus sale is expected to close in the fourth quarter.

Raised Outlook and Operational Risks

The company now expects about USD 3.4 billion of adjusted EBITDA and USD 1.6 billion of adjusted free cash flow in 2026, assuming Derivatives at USD 90 per barrel WTI for the fourth quarter, with oil volumes guided to 162.0 to 163.0 MBopd. Full-year capital spending midpoint rose to USD 1.46 billion from USD 1.4 billion, partly on Midstream spending. Fourth-quarter output reflects dropping the second frac crew in July, with reinstatement planned for late 2026 or early 2027. For Chord Energy (NASDAQ:CHRD), risks include oil price swings, derivative losses (realized oil derivatives lost USD 58.6 million in the quarter), and closing risk on the Marcellus deal.

Where Things Stand

The release does not itemize the difference, so the gap is unexplained here, but the operating story is clear. Chord Energy (NASDAQ:CHRD) beat Volume guidance, generated USD 431.5 million of adjusted free cash flow, and returned cash through a USD 1.30 dividend and USD 205.0 million of buybacks. GAAP earnings of USD 3.29 per share lag adjusted EPS of USD 6.08, so investors comparing the two should check the full reconciliation. Next markers are the Marcellus closing, the December 7 dividend payment, the second frac crew decision and fourth-quarter volumes of 159.5 to 162.5 MBopd.