Cash conversion efficiency appears strained, as evidenced by an OCF/NI ratio of 4.67x in 2026Q1, indicating that non-cash charges and working capital outflows of $165.7 million are significantly impacting realized free cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 1.91B | 2.04B | 2.1B | 1.82B | 1.92B | 914.14M | 298.19M | 892.85M | 996.42M | 507.88M | 228.02M | 359.81M | 872.52M | 697.86M | 392.39M | 176.02M | 49.61M |
| Operating CF Margin % | - | 41.84% | 39.94% | 46.7% | 52.76% | 57.86% | 27.53% | 46.24% | 42.91% | 40.68% | 32.36% | 45.56% | 62.76% | 61.11% | 57.14% | 53.27% | 38.48% |
| Operating CF Growth % | -72.45% | -2.7% | 15.24% | -5.41% | 110.47% | 206.56% | -66.6% | -10.39% | 96.19% | 122.73% | -36.63% | -58.76% | 25.03% | 77.85% | 122.92% | 254.8% | - |
| Net Income | -66.77M | 442.51M | 848.63M | 1.02B | 1.86B | 355.3M | -3.77B | -90.65M | -19.5M | 123.8M | -243.02M | -40.25M | 506.88M | 227.96M | 153.39M | 79.39M | -29.7M |
| Depreciation & Amortization | 1.5B | 1.47B | 1.11B | 598.56M | 372.85M | 525.14M | 307.21M | 787.19M | 530.8M | 530.8M | 476.33M | 521.92M | 464.16M | 307.97M | 210.13M | 37.83M | 0 |
| Stock-Based Compensation | 20.4M | 25.7M | 23M | 46.11M | 66.1M | 15.48M | 31.59M | 33.61M | 29.27M | 26.6M | 24.2M | 25.27M | 21.3M | 11.98M | 10.6M | 8.74M | 0 |
| Deferred Taxes | 62.56M | 119.41M | 221.92M | 295.55M | 0 | -977K | -266.37M | -32.7M | -5.87M | -202.88M | -128.54M | -16.11M | 307.46M | 134.58M | 92.48M | 46.79M | 42.96M |
| Other Non-Cash Items | 601.33M | -9.92M | -70.04M | -52.28M | -456.21M | 12.99M | 3.93B | 143.98M | 475.58M | 1.23B | 1.12B | 836.83M | -123.39M | 281.97M | 28.87M | -309.06M | 57.92M |
| Working Capital Changes | -210.09M | -7.21M | -34.05M | -91.87M | 85.13M | 6.2M | 62.83M | 51.42M | -13.87M | -69.1M | -21.76M | 57.55M | 3.57M | -132.02M | -119.42M | 317.42M | -31.55M |
| Change in Receivables | -57.57M | 181.87M | -7.75M | -147.87M | 84.04M | -184.6M | 164.76M | 13.73M | -23.51M | -166.39M | -11.92M | 108.46M | 16.7M | -107.47M | -90.1M | -64.9M | -44.45M |
| Change in Inventory | 7.68M | -16.8M | -14.31M | -12.66M | 8.76M | 2.17M | -2.1M | -5.89M | -14.35M | -2.5M | 254K | 6.87M | -3.78M | -13.94M | -29.31M | -2.55M | -498K |
| Change in Payables | -143.7M | -165.04M | 30.05M | 78.27M | 0 | 190.12M | 0 | 0 | 23.76M | 123.11M | -13.84M | -71.62M | 76.72M | 36.32M | 76.71M | 36.32M | -110.24M |
| Cash from Investing | -1.86B | -1.81B | -1.75B | -1.43B | -682.56M | -920.77M | -102.28M | -828.76M | -1.61B | -714.76M | -1.07B | -479.15M | -1.08B | -2.45B | -1.04B | -309.54M | -309.42M |
| Capital Expenditures | -1.09B | -1.35B | -1.18B | -905.67M | -531.33M | -215.75M | -341.81M | -869.22M | -1.15B | -709.59M | -1.21B | -848.66M | -1.4B | -2.45B | -1.05B | -613.22M | -312.94M |
| CapEx % of Revenue | 20.41% | 27.64% | 22.45% | 23.24% | 14.57% | 13.66% | 31.55% | 45.02% | 49.61% | 56.84% | 171.44% | 107.46% | 100.74% | 214.85% | 153.11% | 185.59% | 242.72% |
| Acquisitions | -52.43M | -575.67M | -655.02M | -307.16M | -148.14M | -590.1M | 0 | -21.01M | -581.65M | 5.77M | 12.33M | 1.07M | 0 | 1.82B | 0 | 322.06M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -732.39M | 117.62M | 80.28M | -258.08M | -3.09M | -8.07M | 239.53M | 42.38M | 119.92M | -10.95M | 124.93M | 368.44M | 323.08M | 8.52M | 12.76M | 1.63M | 312.94M |
| Cash from Financing | 136.93M | -82.09M | -624.46M | -664.7M | -823.1M | 161.19M | -195.7M | -66.27M | 622.59M | 212.38M | 844.31M | 83.25M | 158.85M | 1.63B | 388.79M | 241.71M | 290.88M |
| Debt Issued (Net) | 668.88M | 622.24M | 380.54M | -1.7M | 13.7M | 341.84M | -155.75M | -38.67M | 614.66M | -217.71M | 89.09M | -362M | 164.43M | 1.34B | 0 | 781.32M | -36.79M |
| Equity Issued (Net) | -217.05M | -364.47M | -444.24M | -239.34M | -193.7M | -100M | -2.76M | -4.86M | 37.66M | 430.15M | -2.33M | -2.95M | -5.31M | -1.57M | 0 | -602K | 399.67M |
| Dividends Paid | -305.48M | -317.76M | -529.91M | -500.3M | -654.73M | -111.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -217.46M | -364.88M | -444.24M | -239.34M | -193.7M | -100M | -2.76M | -4.86M | -6.85M | -6.23M | -2.33M | -2.95M | -5.31M | -1.57M | -3.19M | -602K | 0 |
| Other Financing | -9.41M | -22.1M | -30.86M | 76.65M | 11.63M | 31.26M | -37.19M | -22.74M | -29.73M | -55K | 757.54M | 448.2M | -275K | 291.67M | 388.79M | 0 | -72M |
| Net Change in Cash | 190.05M | 152.58M | -281.05M | -275.15M | 418.37M | 154.56M | 207K | -2.17M | 5.47M | 5.49M | 1.5M | -36.08M | -46.09M | -121.55M | -257.43M | 327.35M | 102.96M |
| Free Cash Flow | 521.7M | 692.72M | 918.15M | 914.18M | 1.39B | 698.39M | -43.62M | 23.63M | -155.39M | -201.71M | -980.07M | -488.85M | -528.01M | -1.76B | -658.98M | -437.2M | -263.32M |
| FCF Margin % | 9.79% | 14.2% | 17.48% | 23.46% | 38.19% | 44.2% | -4.03% | 1.22% | -6.69% | -16.16% | -139.08% | -61.9% | -37.98% | -153.74% | -95.97% | -132.32% | -204.24% |
| FCF Growth % | -51.77% | -24.55% | 0.43% | -34.36% | 99.42% | 1701.04% | -284.58% | 115.21% | 22.96% | 79.42% | -100.49% | 7.42% | 69.93% | -166.43% | -50.73% | -66.03% | - |
| FCF per Share | 9.19 | 11.97 | 17.41 | 21.06 | 43.18 | 33.82 | -2.18 | 1.18 | -0.49 | -0.85 | -5.34 | -3.76 | -5.26 | -18.80 | -7.12 | -4.74 | -2.86 |
| FCF Conversion (FCF/Net Income) | -7.81x | 45.90x | 2.47x | 1.78x | 1.04x | 2.86x | -0.08x | -6.96x | -28.23x | 4.10x | -0.46x | -8.94x | 1.72x | 3.06x | 2.56x | 2.22x | -1.67x |
| Interest Paid | 0 | 0 | 49.51M | 26.37M | 24.27M | 41.6M | 154.83M | 155.83M | 141.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 53.72M | 17.2M | 0 | 20M | 110K | 111K | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Bakken regional pricing volatility
As reported in quarterly financial statements, Chord Energy exhibits a significant disconnect between net income and operating cash flow, with the OCF/NI ratio reaching an extreme 4.67x in 2026Q1, suggesting that non-cash charges and working capital adjustments are heavily masking the company's underlying cash-generative performance.
The persistent gap between net income and operating cash flow indicates that GAAP earnings are heavily influenced by non-cash items, particularly high depreciation and amortization charges following the Oasis-Whiting merger. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of acquired asset bases.
Based on recent SEC filings, Chord Energy's free cash flow trajectory remains highly inconsistent, fluctuating from a low of $24.3 million in 2025Q2 to a peak of $348.0 million in 2025Q1, reflecting the inherent sensitivity of the company's cash margins to commodity price cycles.
The volatility in FCF margins suggests that the company's capital allocation strategy is frequently interrupted by the need to manage working capital and regional price differentials. This lack of stability in cash conversion warrants further investigation into the sustainability of current dividend and buyback programs.
According to the provided cash flow data, Chord Energy maintains a high capital intensity, with the CapEx-to-revenue ratio peaking at 33.5% in 2025Q2, which indicates that significant reinvestment is required to sustain production levels within the mature Williston Basin asset base.
The elevated capital expenditure levels relative to revenue suggest that the company is heavily focused on maintaining its drilling inventory, potentially at the expense of immediate free cash flow. Analysts should evaluate whether these investments are effectively replacing reserves or merely offsetting the natural decline rates of existing wells.
As evidenced by financial data, Chord Energy experienced a substantial working capital outflow of $165.7 million in 2026Q1, which appears to be a recurring headwind that periodically suppresses the company's ability to convert operating cash flow into realized free cash flow for shareholder returns.
The erratic nature of working capital changes suggests potential inefficiencies in inventory management or timing differences in midstream throughput payments. This volatility in cash flow timing may complicate the company's ability to maintain a predictable capital return profile for investors.
Based on reported figures, Chord Energy has prioritized shareholder returns through a combination of dividends and buybacks, with total outflows reaching $141.9 million in 2026Q1, even as the company navigates significant fluctuations in its underlying operating cash flow and capital expenditure requirements.
The commitment to returning capital appears aggressive relative to the volatility of the company's free cash flow generation. Investors should monitor whether this deployment strategy remains sustainable if regional pricing differentials in the Bakken continue to pressure realized margins and overall cash availability.
Quick answers to the most common questions about buying CHRD stock.
Chord Energy Corporation (CHRD) generated $2.04B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chord Energy Corporation (CHRD) generated $692.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Chord Energy Corporation (CHRD) spent $1.35B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Chord Energy Corporation (CHRD) returned $317.8M to shareholders via cash dividends and spent $364.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.