Chord Energy’s 2026 drilling activity remains concentrated in the Williston Basin, with the supplied dataset recording 103 wells drilled through November 8—95 in North Dakota and eight in Montana. Williams and McKenzie counties led activity with a combined 65 wells, while Patterson rigs accounted for 63% of recorded drilling. Alongside this development program, Chord is improving existing-well performance through chemical treatments and production optimization, expanding its four-mile lateral program and reducing drilling and completion costs through faster execution. These improvements helped raise full-year oil production guidance to approximately 162,500 barrels per day, while the company generated approximately $442 million in adjusted free cash flow during Q3.
Q3/2026 Call Transcript
- Strong cash generation: Chord generated approximately $442 million in adjusted free cash flow in Q3, returning most of it to shareholders through a $1.30-per-share base dividend and share repurchases.
- Higher oil production outlook: Full-year oil guidance increased from 159,000 to 162,500 barrels per day, supported by better existing-well performance and drilling and completion efficiencies. Management sees potential to maintain approximately 162,500 barrels per day in 2027; formal guidance is expected in February.
- Existing-well optimization remains a priority: Chord has completed hundreds of chemical treatments, including acid, solvent, surfactant and combination treatments. The company is evaluating which deliver the strongest returns before selecting its 2027 program.
- Completion chemicals under evaluation: Laboratory testing could lead to chemical applications in new-well completions in 2027. These treatments had not yet been used in Chord’s completion jobs at the time of the call.
- Four-mile laterals progressing: Chord had brought 47 four-mile wells online by quarter-end. Production is meeting expectations, and every well has been cleaned out to the toe. Management needs roughly another year of data to assess the fourth mile’s full contribution.
- Improving execution: Four-mile-well drilling costs declined approximately 9% since Q1, while fracture completion productivity improved more than 20% year to date, averaging over one mile per day. These gains offset low- to mid-single-digit service cost inflation.
- Capital spending increased: The 2026 capital outlook is approximately $1.46 billion, reflecting additional operated completions, higher nonoperated activity and $20 million of additional midstream investment.
- More activity across the basin: Management reported approximately 30% growth in basin rig count during the second half of 2026, increasing Chord’s participation in nonoperated projects. Nonoperated assets represent approximately 10%–15% of production.
- Further marketing savings: Contract optimization across oil, gas and water is expected to deliver $35 million–$55 million in additional annual savings, bringing total annual savings to approximately $85 million. Some benefits will arrive in late 2027 and 2028.
- Midstream investment supports cost control: Chord is selectively building infrastructure where its own investment offers better economics than third-party rates. The spending supports the current production program.
- Seasonal production dip expected: Production is expected to soften into Q1 2027 before improving in Q2 and Q3 as additional wells come online. A second frac crew has been contracted, with its start dependent on availability.
- Capital discipline continues: Leverage is below 0.5 times, and management expects to return 75% or more of free cash flow to shareholders. Shares outstanding have declined approximately 17% since the Enerplus combination was announced in 2024.
- Leadership and strategy: New CEO Michael Lou emphasized continuity: improve free cash flow per share, optimize the production base, preserve a strong balance sheet and evaluate acquisitions against shareholder returns.
Chord Energy Corporation — U.S. Wells Drilled, 2026 YTD
The supplied file contains 103 records representing 103 unique well licence numbers, with Activity Dates from January 5 through November 8, 2026. All records fall within 2026; no duplicate well licence numbers were found.
Records by state
State Well records Share North Dakota 95 92.2% Montana 8 7.8% Total 103 100.0%
Records by play/basin and county
All six counties are classified geographically within the Williston Basin / Bakken–Three Forks operating area. This is a geographic grouping; the file does not identify each well’s target formation. Chord’s company materials support this basin classification. chordenergy.com
Play / basin State County Well records Bakken–Three Forks / Williston North Dakota Williams 38 Bakken–Three Forks / Williston North Dakota McKenzie 27 Bakken–Three Forks / Williston North Dakota Dunn 20 Bakken–Three Forks / Williston North Dakota Mountrail 10 Bakken–Three Forks / Williston Montana Roosevelt 5 Bakken–Three Forks / Williston Montana Richland 3 Total 103
Williams and McKenzie counties together account for 65 records, or 63.1% of the file.
Top contractor-and-rig combinations
Only five distinct contractor-and-rig combinations appear in the file.
Rank Contractor and rig Well records Share 1 Patterson 286 25 24.3% 2 True 40 22 21.4% 3 Patterson 806 20 19.4% 4 Patterson 808 20 19.4% 5 Nabors B26 16 15.5% Total 103 100.0%
Across its three listed rigs, Patterson accounts for 65 records, followed by True with 22 and Nabors with 16. These are YTD well counts by rig, rather than current active-rig counts.
Chord Energy’s supplied 2026 YTD drilling dataset contains 103 wells across North Dakota and Montana, led by Williams and McKenzie counties, with Patterson rigs accounting for 65 wells. In its Q3 earnings call, Chord highlighted stronger existing-well performance, four-mile lateral development and operating efficiencies that supported higher full-year oil production guidance of approximately 162,500 barrels per day.
Author: phinds