Chord Energy’s customer map starts with two buyers taking a third of sales

Chord Energy Corporation (CHRD) has a customer map with a conspicuous front door: two buyers accounted for roughly one-third of its product sales in 2025. Phillips 66 took the larger slice, and Marathon Petroleum took the next one. The rest of the disclosed web is much thinner, with ExxonMobil appearing on the other side of an asset acquisition and Energy Transfer showing up as an investee.

The customer concentration is the cleanest fact in the filing. Chord names both buyers and gives their shares of product sales.

"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."
Chord Energy / 10-K / Feb. 26, 2026

In plain English, Phillips 66 (PSX) was Chord’s largest disclosed customer at 21% of product sales, while Marathon Petroleum (MPC) accounted for 12%. Together, the two represented approximately 33%. The filing does not name the buyers of the other product sales in this disclosure, so the map is concentrated where the company gives us names and percentages, and blank everywhere else.

ExxonMobil (XOM) appears in a different role. Chord’s filing describes a 2025 agreement to acquire Williston Basin assets from an ExxonMobil subsidiary. The relationship list labels ExxonMobil as both a supplier and partner, but the supplied filing sentence itself describes an acquisition, not a routine input purchase or operating partnership.

"Acquisitions 2025 Acquisition On September 15, 2025, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire certain developed and undeveloped oil and gas assets located in the Williston Basin from XTO Energy Inc. and…"
Chord Energy / 10-K / Nov. 6, 2025

That makes ExxonMobil the map’s multi-role counterparty: the disclosed seller in an asset deal, and a relationship Chord’s filing data separately tags as supplier and partner. The sentence stops short of giving the transaction’s value or describing the commercial terms, so there is no need to decorate the blank space.

The final named connection is Energy Transfer LP (ET), which Chord discloses as an investment rather than a customer, supplier, or partner. The filing points to a market quotation as the basis for valuing that holding.

"The fair value of the Company’s investment in Energy Transfer was determined using Level 1 inputs based upon the quoted market price of Energy Transfer’s publicly traded common units at March 31, 2026 and December 31, 2025, respectively."
Chord Energy / 10-Q / May 7, 2026

So the disclosed map is less a sprawling ecosystem than a short list with one very large branch. Chord sells to two named refiners, is buying Williston Basin assets from an ExxonMobil subsidiary, and owns an investment in Energy Transfer. The filing gives the customer branch hard percentages. The other branches come with labels and relationships, but far fewer measurements.

These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.

Chord Energy’s customer map starts with two buyers taking a third of sales

What Jodie is watching

Commodity prices are affecting both operating results and derivatives: Chord Energy reported a six-month net derivative loss tied primarily to the futures curve for forecasted oil prices.

Transported volumes decreased on the Trunkline, Gulf Run, and Mississippi River systems because of lower demand.

Interest expense on senior unsecured notes increased period over period after Chord Energy issued its 2033 and 2030 Senior Notes during 2025.

Phillips 66 disclosed higher NGL prices from tight supply and fewer Middle East cargos, alongside lower natural gas prices from increased supply and seasonal demand changes.