Chord Energy Corporation (NASDAQ:CHRD) Q1 2024 Earnings Call Transcript

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Daniel Brown: That’s a great question. The team has done a fabulous job driving down our cycle times on the drilling front. And it’s a combination of working with the vendors on pit design and advancing our bit design on that. You hit the nail on the head with respect to the drilling that we’re using, the properties of that mode and how we’re able to to drill the well bores really quickly, but also keep laterals claim what we’re doing that and of course, having good laterals that we can get to get the pipe to bottom with no problem and cemented in place. So it’s not really any one individual area. It’s just it’s cords commitment to continuous improvement. We’re never going to rest with what we done historically. We have set the record for the fastest three were three mile well in the basin. But that doesn’t mean we’re going to step back and be comfortable with those results will continue to focus and look for additional wins to drive down those cycle times.

Sean McGowan: Got it. Maybe a follow-up just on several of your competitors or peers are talking about refracs and the Bakken and the Eagleford. How do you guys think about the refrac market? Do you think about it? I think enter plus does some, but any color on that would be helpful.

Daniel Brown: Yes, I think where we’re open to re-fracs. We think we’ve got some opportunity within our program to do those. We candidly, the greenfield development program we have right now is really compelling data. But as we have opportunities to the refracs, particularly in areas where we see development in the area. So we’ve already got wells shut in in the area with already got wells fracked protected in the area. Those areas are doing refracs at that moment is that it would be difficult for the refrac itself to justify going back into areas like that to shut wells and frac protect them because there’s expense and cost associated with all of that. And so I think you’ll see us focus on refracs and that manner as a standalone program for us, we are observing we are observing others.

We’re learning from our own practices and and we’ll move forward. one of the one of the in that one of the reasons you go in and do a refrac program is really the original wells were mainly under stimulated, at least relative to modern expectations in the first place. And we’ve got a few areas in the field that are that are like that, that generally speaking, I think that legacy organizations and there’s been a pretty good job upfront. And so maybe there’s not as much of meat on the bone is or maybe for some others. But that’s still an interesting program that we’re looking at. Yes.

Operator: Thank you. There are no further questions at this time. I will now hand the call back to Mr. Danny Brown, CEO, for closing remarks.

Daniel Brown: Thank you, and I will close out. We appreciate everyone’s time today and interest in our company. Also want to thank our employees for their continued commitment and dedication because they really are the backbone to our success. We pride ourselves on being strong capital allocators and doing the right thing for shareholders. We remain more excited than ever about the merits of the combination with into plus, which will accelerate cords, beneficial rate of change as it relates to improving returns and value creation and look forward to updating the market on our progress as we move through that process. And with that, thanks to everyone for joining our call. This concludes today’s call.

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