2025-05-29-Bernstein-和弦能源（CHRD）_和弦能源_伯恩斯坦第41届年度战略决策会议（SDC）要点_11页_167kb

Chord Energy management's presentation at Bernstein's 41st annual Strategic Decisions Conference highlighted a short-term cautious outlook for oil prices due to OPEC supply concerns and demand uncertainties, but emphasized a long-term bullish perspective on oil's enduring global significance. For natural gas, the company sees growth from LNG exports with a sustainable mid-cycle price of $5/MMBtu. The company prioritizes capital efficiency in the Bakken region through 3-4 mile lateral wells, conservative inventory management targeting 10 years of supply at $60/bbl, and maintains a sub-1x leverage ratio. They are committed to returning approximately 75% of free cash flow (FCF) to shareholders primarily via buybacks in low-price scenarios and variable dividends otherwise. Key highlights include Bakken dominance, targeting adjacent acquisitions for operational synergies, successful implementation of 4-mile laterals reducing breakeven costs by $8-10/barrel, and minimal federal exposure, supported by North Dakota's favorable energy policies. Overall, the company maintains a disciplined approach focused on shareholder returns and operational efficiency.