Chord Energy (CHRD) FY2023 results: revenue $3.9 billion, up 6.9% on the year

Chord Energy Corp. (CHRD) reported revenue of $3.9 billion for fiscal 2023, the year ended 31 December 2023, up 6.9% on the year before. Net income was $1.0 billion, down 44.8%, and diluted earnings per share $23.51. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$3.9 billion

+6.9% on the year

FY2016FY2023

Operating margin

32.7%

43.4% a year earlier

FY2016FY2023

Net income

$1.0 billion

-44.8% on the year

FY2016FY2023

Diluted EPS

$23.51

-59.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,897	3,647	1,580	+6.9%
Cost of revenue	761	n/a	n/a
Gross profit	3,135	n/a	n/a
Gross margin	80.5%	n/a	n/a
Operating income	1,273	1,584	809	-19.6%
Operating margin	32.7%	43.4%	51.2%
Interest expense	28.6	29.3	30.8	-2.4%
Pre-tax income	n/a	n/a	188
Income tax	315	-46.9	-1.0
Effective tax rate	n/a	n/a	-0.5%
Net income	1,024	1,856	320	-44.8%
Net margin	26.3%	50.9%	20.2%
Diluted EPS	$23.51	$57.55	$15.48	-59.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,820	1,924	914	-5.4%
Cash from investing	-1,430	-683	-921
Cash from financing	-665	-823	161
Depreciation and amortisation	599	370	158	+61.9%
Share-based compensation	46.1	61.3	15.5	-24.7%
Buybacks	239	152	100	+57.5%
Dividends paid	500	655	112	-23.6%
Dividend per share	$11.88	$27.03	n/a	-56.0%
Diluted shares, weighted	43m	32m	21m	+34.6%
Shares outstanding at period end	41m	41m	19m	-0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	5,077	4,680	1,033	+8.5%
Non-controlling interest	n/a	0.0	189
Debt	396	394	393	+0.4%
Operating lease liabilities	18.7	13.3	6.7	+40.7%
Finance lease liabilities	1.9	0.8	0.2	+138.4%
Other liabilities	1,433	1,543	1,406	-7.1%
Total liabilities and equity	6,926	6,631	3,027	+4.4%
Fixed assets	5,315	4,711	1,320	+12.8%
Goodwill	0.0	n/a	n/a
Cash and equivalents	318	593	172	-46.4%
Receivables	943	782	377	+20.6%
Inventory	72.6	54.4	29.0	+33.4%
Other assets	278	490	1,128	-43.4%
Total assets	6,926	6,631	3,027	+4.4%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.