Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Registrant’s Common Equity. Our common stock is listed on the Nasdaq under the symbol “CHRD”.
Dividends. In 2022, we paid an aggregate amount of cash dividends of $27.03 per share of common stock, including base dividends of $3.67 per share of common stock, variable dividends of $8.36 per share of common stock and a special cash dividend of $15.00 per share of common stock. On February 22, 2023, we declared a base plus variable dividend of $4.80 per share of common stock. These dividends will be payable on March 21, 2023 to stockholders of record as of March 7, 2023.
In August 2022, we introduced a return of capital plan that includes a base dividend of $1.25 per share per quarter ($5.00 per share annualized) and a $300 million share-repurchase program. See “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments” for additional information on the return of capital plan.
Future dividend payments will depend on our earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that our Board of Directors deems relevant. See “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Dividends” for more information.
Holders. As of February 24, 2023, the number of record holders of our common stock was 311. Based on inquiry, management believes that the number of beneficial owners of our common stock as of February 24, 2023 was approximately 93,847.
On February 24, 2023, the last sale price of our common stock, as reported on the Nasdaq, was $136.18 per share.
Unregistered Sales of Securities. There were no sales of unregistered securities during the year ended December 31, 2022.
Securities Authorized for Issuance Under Equity Compensation Plans. Information concerning securities authorized for issuance under our equity compensation plans will be disclosed in our definitive proxy statement for our 2023 Annual Meeting of Stockholders.
Issuer Purchases of Equity Securities. The following table contains information about our acquisition of equity securities during the three months ended December 31, 2022:
Period Total Number of Shares Exchanged (1)(2)
Average Price Paid per Share Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs (2)(3)
Maximum Number
(or Approximate Dollar Value) of Shares that May Yet Be
Purchased Under the
Plans or Programs (2)
October 1 – October 31, 2022 21,438 $ 153.81 — $ 300,000,000
November 1 – November 30, 2022 8,251 156.25 — 300,000,000
December 1 – December 31, 2022 206,063 133.45 203,314 272,898,821
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(1) During the fourth quarter of 2022, we withheld 32,438 shares of common stock to satisfy tax withholding obligations upon vesting of certain equity-based awards.
(2) During the fourth quarter of 2022, we repurchased 203,314 shares of common stock at a weighted average price of $133.30 per common share for a total cost of $27.1 million as part of our publicly announced share repurchase program.
(3) On August 3, 2022, we announced our new share repurchase program, in which our Board of Directors authorized share repurchases of up to $300 million of our common stock.
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Stock Performance Graph. The following performance graph and related information is “furnished” with the SEC and shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically request that such information be treated as “soliciting material” or specifically incorporate such information by reference into such a filing.
The performance graph shown below compares the cumulative total return to our common stockholders as compared to the cumulative total returns on the Standard and Poor’s 500 Index (“S&P 500”) and the Standard and Poor’s 500 Oil & Gas Exploration & Production Index (“S&P 500 O&G E&P”) for the period of November 20, 2020 (the date we emerged from bankruptcy and our common stock commenced trading) through December 31, 2022. The comparison was prepared based upon the following assumptions:
1. $100 was invested in our common stock, the S&P 500 and the S&P 500 O&G E&P on November 20, 2020 at the closing price on such date; and
2. Dividends were reinvested.
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Item 6. [Reserved]
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