Earnings Highlights CHRD, DVN, GPRT, & OVV

Chord Energy (CHRD)
Chord Energy benefited from better than modeled well performance, solid cost control, and improved downtime, leading to strong oil production and free cash flow above expectations. The macro-outlook has deteriorated and the company continues to monitor the environment for new developments. As a result, the company is reducing activity in accordance with the original 2025 operating plan. Chord is still maintaining full year production guidance, while decreasing capital by $30 million, reflecting program efficiencies. Going forward, should conditions remain unfavorable or weaken, Chord has sufficient operational and financial flexibility to moderate activity and maintain an efficient, returns-focused program.


Devon Energy (DVN)
For Q1 2025, Devon Energy produced 388,000 barrels of oil per day, exceeding the top-end of guidance. Q1 2025 natural gas production was slightly above the midpoint of guidance. Oil production exceeded Devon’s expectations driven by robust base performance and exceptional well results.
The company is pulling forward some progress into this year and cutting 2025 full year capital by $100 million while maintaining productive capacity for the remainder of 2025. Based on the strength of first quarter results, Devon is increasing its full-year 2025 oil production forecast by 1 percent. The company is also increasing its full year 2025 natural gas production guidance by 0.4% compared to the prior reporting quarter.


Gulfport Energy (GPRT)
Gulfport is reaffirming its full year 2025 production guidance with natural gas production expected to increase approximately 20% by fourth quarter 2025 compared to first quarter 2025. The company is reallocating drilling activity in late 2025 toward dry gas Utica development to bolster 2026 development economics and adjusted free cash flow generation.

Gulfport achieved significant drilling efficiencies in first quarter 2025 with average drilling footage per day improving approximately 28% over full year 2024. Additionally, Gulfport accomplished an all-time high completion efficiency in April 2025 with 105.5 continuous pumping hours on a pad.


Ovintiv (OVV)
The current commodity fundamental landscape validates Ovintiv’s prior 2025 choice for maintenance-level investment in 2025. The company remains among the lowest WTI breakeven producers. The company’s oil beat primarily was driven by the Permian basin. First quarter oil and condensate production were above the guidance range. Ovintiv’s full year 2025 natural gas production guidance is unchanged from the prior reporting quarter.