和弦能量：伯恩斯坦第41届年度战略决策会议（SDC）要点

Bob Brackett, Ph.D.+1 917 344 8422bob.brackett@bernsteinsg.comLinh Nguyen+1 917 344 8355linh.nguyen@bernsteinsg.comMinnie Xu+1 917 344 8574minnie.xu@bernsteinsg.comAnshika Bajpai+1 917 344 8306anshika.bajpai@bernsteinsg.com Chord Energy (CHRD) Presenter: Danny Brown, CEO Chord Energy (not covered) 5/29/2025, 2:30pm Takeaway:short-term cautious on oil due to OPEC supply overhang and demand uncertainties but long-term bullish, stressing oil’s enduringglobal importance. For natural gas, he sees growth driven by LNG exports and views $5/MMBtu as a sustainable mid-cycle gas price. Thecompany prioritizes capital efficiency in the Bakken via 3–4-mile lateral wells and conservative inventory management (10 years at $60/bbl), while maintaining a sub-1x leverage ratio and returning ~100% of FCF to shareholders through buybacks/dividends. Highlights •Bakken Dominance: CHRD maintains ~10 years of inventory at $60/bbl, focusing on the middle Bakken formation with a conservativemodel of 4 wells per section. CHRD prioritizes wide spacing and long laterals (3–4 miles) to efficiently drain reservoirs while preservinginventory. •Targets Bakken-only acquisitions with adjacent acreage to leverage operational synergies (e.g., longer laterals, shared infrastructure).Non-core assets (e.g., Marcellus dry gas) may be monetized opportunistically.•4-Mile laterals was successfully deployed in 2025, with 7 planned spuds building on 3-mile lateral success. ~$8–$10/barrel breakevenimprovement vs. 2-mile laterals, with the first 4-mile well completed under budget and on production targets.•Minimal federal exposure, and North Dakota’s pro-energy policies enable innovation.•Commits to returning 75%+ of free cash flow (FCF) to shareholders, with a bias toward share buybacks in low-price environments (<$75/bbl oil) and variable dividends when prices are higher. Maintains a sub-1x net debt/EBITDA leverage ratio (current ratio: ~0.3x). Presentation attendance:moderate BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates. VALUATION METHODOLOGY This research publication covers six or more companies. For valuation methodology and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167. RISKS This research publication covers six or more companies. For risks and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp •Market-Perform: Stock will perform in line with the market index to within +/-15 pp •Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernst