Chord Energy is an independent oil and gas exploration and production (E&P) company focused almost entirely on the Williston Basin in North Dakota and Montana, where it is the largest acreage holder with roughly 1.3M net leasehold acres. Chord drills horizontal wells into the Middle Bakken and Three Forks formations to produce crude oil, NGLs, and natural gas, with crude oil as the dominant revenue driver. Chord operates about 89% of its program, giving it direct control over development pace and costs. The company also holds non-operated working interests in Marcellus Shale gas wells, which it considers non-core. Chord sells crude oil in bulk through gathering system delivery points, marketing in-house to refiners and commodity purchasers via pipeline and rail. Rather than targeting production growth, Chord runs a "low to no oil growth" program, prioritizing free cash flow generation and returns to shareholders. The key efficiency lever is shifting to longer lateral wells — four-mile laterals recover roughly twice the oil of two-mile wells at only 40-60% more cost — dramatically lowering per-barrel supply costs. Chord is also systematically reducing lease operating and midstream contract costs, targeting hundreds of millions in run-rate savings. The company returns cash through a base dividend, share repurchases, and variable dividends, with a leverage-tiered framework that targets returning 75%+ of free cash flow to shareholders below 0.5x net leverage. Chord has grown through bolt-on acquisitions in the Williston Basin, including the 2024 Enerplus deal.