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Discontinued Operations | 6 Months Ended
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Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations The OMP Merger represented a strategic shift for the Company and qualified as a discontinued operation in accordance with ASC 205-20. Condensed Consolidated Statements of Operations The results of operations reported as discontinued operations in connection with the OMP Merger were as follows for the periods presented (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 232 |  |  | $ | — |  |  | $ | 703 |
Purchased oil and gas sales (1) | — |  |  | (26,967) |  |  | (13,364) |  |  | (58,652) |
Midstream revenues | — |  |  | 55,783 |  |  | 23,271 |  |  | 117,095 |
Total revenues | — |  |  | 29,048 |  |  | 9,907 |  |  | 59,146 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses (1) | — |  |  | (16,099) |  |  | (4,535) |  |  | (31,903) |
Midstream expenses | — |  |  | 23,547 |  |  | 13,224 |  |  | 51,445 |
Gathering, processing and transportation expenses (1) | — |  |  | (12,302) |  |  | (3,555) |  |  | (24,696) |
Purchased oil and gas expenses (1) | — |  |  | (25,568) |  |  | (12,506) |  |  | (56,096) |
Depreciation, depletion and amortization | — |  |  | 9,737 |  |  | — |  |  | 18,957 |
Impairment | — |  |  | 2 |  |  | — |  |  | 2 |
General and administrative expenses (1) | — |  |  | (789) |  |  | 3,314 |  |  | (465) |
Total operating expenses | — |  |  | (21,472) |  |  | (4,058) |  |  | (42,756) |
Gain on sale of assets | — |  |  | — |  |  | 518,900 |  |  | — |
Operating income | — |  |  | 50,520 |  |  | 532,865 |  |  | 101,902 |
Other (income) expense |  |  |  |  |  |  |
Interest expense, net of capitalized interest | — |  |  | (11,148) |  |  | (3,685) |  |  | (14,980) |
Other income (expense) | — |  |  | 139 |  |  | (93) |  |  | 112 |
Total other expense, net | — |  |  | (11,009) |  |  | (3,778) |  |  | (14,868) |
Income from discontinued operations before income taxes | — |  |  | 39,511 |  |  | 529,087 |  |  | 87,034 |
Income tax expense | — |  |  | — |  |  | (41,222) |  |  | — |
Income from discontinued operations, net of income tax | — |  |  | 39,511 |  |  | 487,865 |  |  | 87,034 |
Net income attributable to non-controlling interests | — |  |  | 7,945 |  |  | 2,311 |  |  | 16,272 |
Income from discontinued operations attributable to Chord, net of income tax | $ | — |  |  | $ | 31,566 |  |  | $ | 485,554 |  |  | $ | 70,762 |
__________________ (1)Includes discontinued intercompany eliminations Condensed Consolidated Balance Sheet The carrying amounts of the major classes of assets and liabilities related to the OMP Merger were as follows for the period presented (in thousands):
| December 31, 2021 |  |
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 2,669 |  |  |
Accounts receivable, net | 6,509 |  |  |
Inventory | 8,541 |  |  |
Prepaid expenses | 456 |  |  |
Total current assets of discontinued operations | 18,175 |  |  |
Property, plant and equipment |  |  |
Oil and gas properties (successful efforts method)(1) | (3,207) |  |  |
Other property and equipment | 933,667 |  |  |
Less: accumulated depreciation, depletion and amortization | (32,102) |  |  |
Total property, plant and equipment, net | 898,358 |  |  |
Operating right-of-use assets | 671 |  |  |
Intangible assets | 40,277 |  |  |
Goodwill | 70,534 |  |  |
Other assets | 1,303 |  |  |
Total non-current assets of discontinued operations | 1,011,143 |  |  |
Total assets of discontinued operations | $ | 1,029,318 |  |  |
LIABILITIES |  |  |
Current liabilities |  |  |
Accounts payable | $ | 43 |  |  |
Revenues and production taxes payable | 1,635 |  |  |
Accrued liabilities | 36,183 |  |  |
Accrued interest payable | 9,296 |  |  |
Current operating lease liabilities | 733 |  |  |
Other current liabilities | 564 |  |  |
Total current liabilities of discontinued operations | 48,454 |  |  |
Long-term debt | 644,078 |  |  |
Asset retirement obligations | 904 |  |  |
Other liabilities | 6,217 |  |  |
Total non-current liabilities of discontinued operations | 651,199 |  |  |
Total liabilities of discontinued operations | $ | 699,653 |  |  |
___________________________ (1) Includes discontinued intercompany eliminations. Condensed Consolidated Statements of Cash Flows There was no depreciation, depletion and amortization attributable to discontinued operations in “Cash flows from operating activities” for the six months ended June 30, 2022. For the six months ended June 30, 2021, depreciation, depletion and amortization attributable to discontinued operations in “Cash flows from operating activities” was $19.0 million. Capital expenditures attributable to discontinued operations included in “Cash flows used in (provided by) investing activities” were $6.1 million for the six months ended June 30, 2022 and $9.0 million for the six months ended June 30, 2021. There were no significant non-cash activities from discontinued operations for the periods presented.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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