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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The tables below present the total consideration transferred and its allocation to the identifiable assets acquired and liabilities assumed as of the acquisition date on July 1, 2022.
Purchase Price Consideration
(In thousands)
Common stock issued to Whiting shareholders(1)
$2,478,036 
Cash paid to Whiting shareholders(1)
245,436 
Replacement of Whiting Series A Warrants and Whiting Series B Warrants(2)
79,774 
Replacement of Whiting equity-based compensation awards(3)
27,402 
Cash paid to settle Whiting credit facility(4)
2,154 
Total consideration transferred$2,832,802 
__________________ 
(1)     The Company issued 22,671,871 shares of common stock and paid $245.4 million of cash to Whiting shareholders as Merger Consideration. Each holder of Whiting common stock received 0.5774 shares of common stock as Share Consideration and $6.25 of cash as Cash Consideration. The fair value of the common stock issued was based on the closing price of the Company’s common stock on July 1, 2022 of $109.30. See Note 17—Stockholder's Equity for additional information.
(2)    The Company assumed (i) 4,833,455 Whiting Series A Warrants and (ii) 2,418,832 Whiting Series B Warrants. The replacement of Whiting Series A and B Warrants was based on the closing price of the warrants on July 1, 2022 of $11.25 and $10.50, respectively. See Note 17—Stockholder's Equity for additional information.
(3)    The Whiting equity awards were replaced with awards issued by Chord with similar terms and conditions as the original awards. The fair value of the replacement equity awards attributable to pre-Merger service was recorded as consideration transferred. See Note 16— Equity-Based Compensation for additional information.
(4)    On July 1, 2022, the Company fully satisfied all obligations under the Whiting credit facility and the Whiting credit facility was concurrently terminated. See Note 13—Long-Term Debt for additional information.
The following table summarizes the total revenues and income from continuing operations before income taxes attributable to Whiting that were recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented.
Three and Nine Months Ended September 30, 2022
(In thousands)
Revenues$562,089 
Income from continuing operations before income taxes299,118 
Schedule of Purchase Price Allocation
Purchase Price Allocation
(In thousands)
Assets acquired:
Cash and cash equivalents$94,641 
Accounts receivable, net329,331 
Inventory35,256 
Prepaid expenses14,851 
Other current assets428 
Current assets held for sale16,074 
Oil and gas properties3,192,564 
Other property and equipment31,244 
Long-term inventory3,138 
Operating right-of-use assets15,752 
Deferred tax assets250,170 
Other assets3,346 
Total assets acquired$3,986,795 
Liabilities assumed:
Accounts payable$116,769 
Revenues and production taxes payable249,370 
Accrued liabilities215,218 
Derivatives instruments (current liability)471,693 
Current operating lease liabilities2,629 
Other current liabilities727 
Current liabilities held for sale9,410 
Asset retirement obligations57,197 
Derivative instruments (long-term liability)15,128 
Operating lease liabilities13,123 
Other liabilities2,729 
Total liabilities assumed$1,153,993 
Net assets acquired$2,832,802 
Schedule of Pro Forma Information The pro forma results of operations do not include any future cost savings or other synergies that may result from the Merger or any estimated costs that have not yet been incurred by the Company to integrate the Whiting assets.
Three Months Ended September 30,Nine Months Ended September 30,
202120222021
(In thousands)
Revenues$803,076 $3,739,261 $2,210,632 
Net income attributable to Chord224,262 1,701,478 21,525 
Net income attributable to Chord per share:
Basic$5.26 $40.53 $0.50 
Diluted5.13 38.92 0.50