HOUSTON, Sept. 16, 2026 /PRNewswire/ -- Chord Energy Corporation (NASDAQ:CHRD) ("Chord," "Chord Energy," or the "Company") announced today that one of its subsidiaries has entered into an agreement to sell its entire non-operated Marcellus position to POSCO International Corporation for total gross consideration of $550MM. The transaction is expected to close in the fourth quarter of 2026 subject to customary closing conditions.

Transaction Highlights:

Divesting non-operated Marcellus position consisting of approximately 32k net acres and trailing 12-month (TTM) production of approximately 121 MMcfpd. Volumes consist of 100% residue gas with no NGLs;
Transaction is highly accretive across key metrics. Transaction value represents approximately 6x Adjusted EBITDA⁽¹⁾ based on gross proceeds of $550MM and $3.50/MMBtu Henry Hub;
Chord received a $55MM deposit with the remaining consideration payable at closing. Effective date for the transaction is July 1, 2026;
Chord's net leverage⁽²⁾ is expected to decline further as a result of the divestiture, and remain well below peer levels;
Proceeds will be deployed over time in a manner consistent with the Company's disciplined capital allocation framework. Following the transaction, Chord's portfolio will be focused exclusively in the Williston Basin, where the Company expects to continue driving significant value creation through its size, scale and robust inventory life.

(1)

Non-GAAP financial measure. Adjusted EBITDA multiple is based on an estimated TTM solely with respect to the divested Marcellus assets. See "Non-GAAP Financial Measures" below.

(2)

Non-GAAP financial measure. Net Leverage is defined as net debt (total long-term debt less cash and cash equivalents) at June 30, 2026 divided by TTM Adjusted EBITDA at June 30, 2026. See "Non-GAAP Financial Measures" below.

"The divestiture of our non-operated Marcellus position builds on Chord's multi-year track record of disciplined capital allocation and portfolio optimization," said Danny Brown, Chord Energy's Chief Executive Officer. "Following the close of the Enerplus transaction in May 2024, Chord identified its non-operated Marcellus position as non-core. Since then, we have benefited from the Marcellus' significant free cash flow generation and are pleased to bring substantial value forward through the divestiture announced today. This highly accretive transaction allows us to further strengthen our peer-leading balance sheet and focus on creating significant value from our world-class Williston Basin position. Chord's disciplined capital allocation, operational efficiency, and financial strength position us to create value while navigating a volatile macro environment."

Chord expects to update guidance in conjunction with its 3Q26 earnings release in November. On a pro forma basis, Chord expects the following impacts to its post-divestiture key metrics:

Oil weighting would increase by approximately 4 to 5 percentage points;
Given stronger gas realizations in the Marcellus, gas realizations would decrease by approximately 16 to 30 percentage points;
Due to higher oil weighting in the Williston Basin, LOE would increase by approximately 70 to 80 cents per Boe;
Cash GPT³ would decrease by 20 to 25 cents per Boe;
Production taxes would increase by approximately 0.15% to 0.45% of oil, NGL, and natural gas sales; and
CapEx would decrease by approximately $25MM annually.

(3)

Non-GAAP financial measure. See "Non-GAAP Financial Measures" below.

Moelis & Company LLC and RBC Capital Markets acted as strategic and financial advisors to Chord Energy, and Orrick, Herrington & Sutcliffe LLP acted as legal advisor.

Bank of America acted as strategic and financial advisor to Chord's counterparty, POSCO International Corporation, and DLA Piper acted as legal advisor.

Non-GAAP Financial Measures

Non-GAAP financial measures, including Adjusted EBITDA, Net Leverage and Cash GPT included in this press release, are not prepared in accordance with GAAP and are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes that these non-GAAP financial measures are useful supplemental measures that provide an indication of the results generated by the Company's principal business activities. However, these measures are not recognized by GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures provided by other issuers. From time to time, the Company provides forward-looking forecasts of these measures; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measures. The reconciling items in future periods could be significant. To see how the Company reconciles its historical presentations of its non-GAAP financial measures to the most directly comparable GAAP measures, please visit the Investors—Documents & Disclosures—Non-GAAP Reconciliation page on the Company's website at https://ir.chordenergy.com/non-gaap.

Forward-Looking Statements and Cautionary Statements

Certain statements in this press release, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements regarding future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord's expectations, beliefs, plans, financial condition, objectives, assumptions or future events or performance are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "likely," "plan," "positioned," "strategy" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Chord's plans and expectations with respect to the return of capital plan, production levels, anticipated financial and operating results, other guidance, and the effects and anticipated benefits of the Marcellus divestiture. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based on certain assumptions made by Chord based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chord, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, the ability to complete or realize the anticipated benefits from the Marcellus divestiture, changes in crude oil, NGL and natural gas realized prices, uncertainty regarding the future actions of foreign oil producers and the related impacts such actions have on the balance between the supply of and demand for crude oil, NGLs, and natural gas, the actions taken by OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with production levels, changes in trade policies and regulations, including increases or change in duties, current and potentially new tariffs or quotas and other similar measures, as well as the potential impact of retaliatory tariffs and other actions, war between Russia and Ukraine, military conflicts in the Red Sea Region, Iran, and the wider Middle East and their effect on commodity prices, changes or uncertainty in general economic and geopolitical conditions, inflation rates and the impact of associated monetary policy responses, including fluctuating interest rates, logistical challenges and supply chain disruptions, including as a result of conflicts, our business strategy, including the continued implementation of our 4-mile well program, the geographic concentration of our operations, uncertainties in estimating proved reserves and forecasting production results, drilling and completion of wells, operational factors affecting the commencement or maintenance of producing wells, the availability of infrastructure and midstream service providers, our ability to realize the anticipated benefits from acquisitions, the condition of the capital markets generally, as well as Chord's ability to access them, the proximity to and capacity of transportation facilities, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Chord's business and other important factors that could cause actual results to differ materially from those projected as described in Chord's reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made and Chord undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Additional information concerning other risk factors is also contained in Chord's most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.

Media Contact: IR@chordenergy.com

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SOURCE Chord Energy