What Chord Energy Corporation told the SEC could break it.

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.”

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.”

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”