CHRD · CIK 1486159
What Chord Energy Corporation told the SEC could break it.
Chord Energy's disclosures describe a concentrated, oil-weighted producer. Substantially all of its producing properties and operations sit in a single area — the Williston Basin — so its production, reserves, and operating risk ride on that one geography. As an oil-focused E&P, its results depend heavily on crude prices, which fell 14% on average in 2025 amid elevated OPEC+ output and U.S. trade and tariff tensions, and sustained low prices would materially cut cash flow. It also leans on a limited number of midstream providers for much of its gathering and transport, so losing access to that infrastructure could impede delivery of its crude, natural gas, and NGLs.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Williston Basin single-basin concentrationhigh
Substantially all of Chord Energy's producing properties and operations are in the Williston Basin, concentrating its production, reserves and operating risk in a single geographic area.
“Substantially all of our producing properties and operations are located in the Williston Basin, making us vulnerable to risks associated with operating in a concentrated geographic area.”
SEC filing →As of 2026
Commodity & input dependence
- crude oil pricesmedium
As an oil-weighted E&P, Chord's results depend heavily on crude prices; average NYMEX WTI fell 14% in 2025 amid elevated OPEC+ production and US trade/tariff tensions, and sustained low prices would materially reduce cash flows.
“The average NYMEX WTI declined 14% during the year ended December 31, 2025, compared to the prior year, and overall conditions remain unstable. Market conditions during the year were adversely influenced by elevated production levels from OPEC+, ongoing trade and tariff negotiations between the United States and other governments, and retaliatory measures taken by such other governments.”
Supplier concentration
- midstream service providersmedium
Chord depends on a limited number of midstream providers for a large portion of its midstream services; failure to obtain or maintain access to that infrastructure could impede delivery of crude oil, natural gas and NGLs.
“We depend upon a limited number of midstream providers for a large portion of our midstream services, and our failure to obtain and maintain access to the necessary infrastructure from these providers to successfully deliver crude oil, natural gas and N”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Marathon Petroleum Supply & Trading LLC
“For the year ended December 31, 2025, sales to Phillips 66 Company and Marathon Petroleum Supply & Trading LLC accounted for approximately 21 % and 12 %, respectively, of the Company's total product sales.”
Cited →“For the year ended December 31, 2025, sales to Phillips 66 Company and Marathon Petroleum Supply & Trading LLC accounted for approximately 21 % and 12 %, respectively, of the Company's total product sales.”
Cited →
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