CHRDChord Energy Corp

Crude Petroleum & Natural Gas

Revenue: $4.9B; 7.1% YoY
Operating margin: 4.0%; 81% YoY
EBITDA: $1.7B; 24% YoY
Market cap: $8.7B
Employees: 676; $7M revenue each
Net debt / EBITDA: 0.5×; $870M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
46× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$7M · 86th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$3.6B	$3.9B	$5.3B	$4.9B	7.1%
Operating income	$809M	$1.6B	$1.3B	$1.1B	$197M	82%
Net income	$320M	$1.9B	$1.0B	$849M	$44M	95%
Operating cash flow	$914M	$1.9B	$1.8B	$2.1B	$2.0B	2.7%
Stock-based comp	$15M	$61M	$46M	$23M	$26M	12%
Buybacks	$100M	$152M	$239M	$444M	$365M	18%
Dividends	$112M	$655M	$500M	$530M	$318M	40%

Deal filings

Filed	Form	Acquirer	Price	Premium
Apr 9, 2024	DEFM14A	Spark Acquisition ULC	$1.84	33.33%
Mar 27, 2024	PREM14A	Spark Acquisition ULC	$1.84	0%

13D filers

Filed	Filer	Form	Stake	Intent
Oct 6, 2020	EnCap Energy Capital Fund VIII, L.P.	SC 13D/A	2.2%	Active
Oct 30, 2019	EnCap Energy Capital Fund VIII, L.P.	SC 13D	6.3%	Active

Insider trading

Open-market buys, 12 mo: $107K · 1
Open-market sells, 12 mo: $12M · 21
Net: −$12M

Pay vs performance

No pay-versus-performance disclosure yet.