Cash G&A expenses were $22 million, below guidance, with a $7 million reduction in full-year cash G&A guidance.
Chord Energy delivered strong second quarter 2025 results with free cash flow of approximately $141 million, exceeding expectations.
Lease operating expenses (LOE) were $10.02 per Boe, at the higher end of guidance, mainly due to increased workover costs after first quarter weather disruptions.
Net debt was approximately $810 million as of July 31, with net leverage around 0.3x trailing 12 months, and liquidity of about $1.8 billion.
Oil volumes were above the top end of guidance due to strong execution, well performance, and reduced downtime.
Production taxes averaged 7.3% of commodity sales, below expectations due to nonrecurring refunds for stripper wells.
Returned 92% of free cash flow to shareholders, including a base dividend of $1.30 per share and significant share repurchases reducing share count by about 10%.
Adjusted EBITDA for the quarter was $170.2 million, driven by a $141 million increase in refining and a $4 million increase in logistics segment EBITDA.
Capital expenditures totaled $164 million, with $119 million in the Logistics segment primarily for growth projects at DKL, including the Libby 2 gas plant.
Cash flow from operations was $51 million, including timing-related working capital inflows and $30 million of restructuring and one-time charges.
Delek paid $16 million in dividends and repurchased $13 million of shares during the quarter, maintaining a strong balance sheet with net debt around $275 million excluding DKL.
Delek US reported a net loss of $106 million or negative $1.76 per share for Q2 2025, with an adjusted net loss of $33 million or negative $0.56 per share.
Dafinchi