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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The tables below present the total consideration transferred and its preliminary 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 stockholders(1) |  | $ | 2,478,036 |
Cash paid to Whiting stockholders(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 stockholders 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 19—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 19—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 18— 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 15—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 Consolidated Statement of Operations for the period presented.
|  | Year Ended December 31, 2022
|  | (In thousands)
Revenues |  | $ | 1,044,079 |
Income from continuing operations before income taxes |  | 553,686 |
Schedule of Purchase Price Allocation |
|  | Preliminary Purchase Price Allocation
|  | (In thousands)
Assets acquired: |  |
Cash and cash equivalents |  | $ | 94,641 |
Accounts receivable, net |  | 491,514 |
Inventory |  | 35,256 |
Prepaid expenses |  | 14,851 |
Other current assets |  | 5,719 |
Current assets held for sale |  | 16,074 |
Oil and gas properties |  | 3,211,043 |
Other property and equipment |  | 31,244 |
Long-term inventory |  | 3,138 |
Operating right-of-use assets |  | 15,752 |
Deferred tax assets |  | 228,574 |
Other assets |  | 3,346 |
Total assets acquired |  | $ | 4,151,152 |
Liabilities assumed: |  |
Accounts payable |  | $ | 116,769 |
Revenues and production taxes payable |  | 411,553 |
Accrued liabilities |  | 215,218 |
Derivatives instruments (current liability) |  | 471,693 |
Current operating lease liabilities |  | 2,629 |
Other current liabilities |  | 2,902 |
Current liabilities held for sale |  | 9,410 |
Asset retirement obligations |  | 57,197 |
Derivative instruments (long-term liability) |  | 15,128 |
Operating lease liabilities |  | 13,123 |
Other liabilities |  | 2,728 |
Total liabilities assumed |  | $ | 1,318,350 |
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.
|  |  |  | Year Ended December 31,
|  |  |  | 2022 |  | 2021
|  |  |  | (In thousands)
Revenues |  |  |  | $ | 4,759,706 |  |  | $ | 3,113,407 |
Net income attributable to Chord |  |  |  | 2,093,776 |  |  | 477,184 |
Net income attributable to Chord per share: |  |  |  |  |  |
Basic |  |  |  | $ | 50.00 |  |  | $ | 11.21 |
Diluted |  |  |  | 47.88 |  |  | 10.93 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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