11 Best Crude Oil Stocks To Buy Right Now

9. Chord Energy Corporation (NASDAQ:CHRD)

Number of Hedge Fund Holders: 56

Chord Energy Corporation (NASDAQ:CHRD) is a pure-play exploration and production company with a strong focus on crude oil development in the Williston Basin, one of the most productive shale regions in the United States. Formed through the merger of Oasis Petroleum and Whiting Petroleum, CHRD has built a high-quality asset base that prioritizes efficiency and free cash flow generation. While it also produces natural gas and natural gas liquids, crude oil is the core of CHRD’s business, driving the majority of its revenue.

Chord Energy Corporation (NASDAQ:CHRD) delivered strong results in the latest Q3 2024 with oil volumes at the top end of guidance, driven by strong execution, well performance, and lower downtime. The company generated adjusted free cash flow of approximately $312 million in the quarter, with 75% being returned to shareholders. The company has demonstrated operational excellence through improved capital efficiency, with drilling speeds increasing over 30% compared to the previous year and a 40% increase in frac feet per day through simul-frac operations. The integration of Enerplus assets is progressing well, with the combined team capturing over $200 million of synergies annually.

Looking forward, Chord Energy Corporation (NASDAQ:CHRD) has outlined a three-year plan to maintain oil volumes steady at 152,000 to 153,000 barrels per day from 2025 through 2027 with annual capital expenditures of $1.4 billion per year. The company sees further upside potential through extending lateral lengths, including incorporating 4-mile wells and pushing continuous improvement and cost reduction across all aspects of the business. The outlook is supported by CHRD’s substantial yet low decline and high oil cut production base, paired with a deep portfolio of highly economic, lower-risk, conservatively spaced, and oil-rich inventory. With that in mind, CHRD is well-positioned to withstand any macro scenario.