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Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations By Statement Of Operations And Balance Sheet | 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):
| Successor |  |  | Predecessor
| Year Ended December 31, |  | Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020
| 2022 |  | 2021 |  |  |
Revenues |  |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,013 |  |  | $ | 297 |  |  |  | $ | 2,075 |
Purchased oil and gas sales(1) | (13,364) |  |  | (131,369) |  |  | (13,406) |  |  |  | (50,744) |
Midstream revenues | 23,271 |  |  | 254,228 |  |  | 26,031 |  |  |  | 166,631 |
Total revenues | 9,907 |  |  | 123,872 |  |  | 12,922 |  |  |  | 117,962 |
Operating expenses |  |  |  |  |  |  |  |
Lease operating expenses(1) | (4,535) |  |  | (62,142) |  |  | (4,676) |  |  |  | (42,034) |
Midstream expenses | 13,224 |  |  | 122,040 |  |  | 10,572 |  |  |  | 42,987 |
Gathering, processing and transportation expenses (1) | (3,555) |  |  | (49,795) |  |  | (4,074) |  |  |  | (31,988) |
Purchased oil and gas expenses(1) | (12,506) |  |  | (125,709) |  |  | (12,921) |  |  |  | (43,163) |
Depreciation, depletion and amortization | — |  |  | 31,868 |  |  | 2,305 |  |  |  | 20,113 |
Impairment | — |  |  | 2 |  |  | — |  |  |  | 111,613 |
General and administrative expenses(1) | 3,314 |  |  | 4,193 |  |  | (579) |  |  |  | 594 |
Total operating expenses | (4,058) |  |  | (79,543) |  |  | (9,373) |  |  |  | 58,122 |
Gain on sale of assets | 518,900 |  |  | — |  |  | — |  |  |  | — |
Operating income | 532,865 |  |  | 203,415 |  |  | 22,295 |  |  |  | 59,840 |
Other income (expense) |  |  |  |  |  |  |  |
Interest expense, net of capitalized interest | (3,685) |  |  | (36,945) |  |  | (1,148) |  |  |  | (39,648) |
Reorganization items, net |  |  | — |  |  | — |  |  |  | 120,915 |
Other income (expense) | (93) |  |  | (115) |  |  | (1) |  |  |  | 136 |
Total other income (expense), net | (3,778) |  |  | (37,060) |  |  | (1,149) |  |  |  | 81,403 |
Income from discontinued operations before income taxes | 529,087 |  |  | 166,355 |  |  | 21,146 |  |  |  | 141,243 |
Income tax expense(2) | (101,080) |  |  | (17) |  |  | — |  |  |  | — |
Income from discontinued operations, net of income tax | 428,007 |  |  | 166,338 |  |  | 21,146 |  |  |  | 141,243 |
Net income (loss) attributable to non-controlling interests | 2,311 |  |  | 35,696 |  |  | 3,950 |  |  |  | (84,283) |
Income from discontinued operations attributable to Chord, net of income tax | $ | 425,696 |  |  | $ | 130,642 |  |  | $ | 17,196 |  |  |  | $ | 225,526 |
__________________ (1)Includes discontinued intercompany eliminations. (2)The Company applied the intraperiod tax allocation rules in accordance with FASB ASC 740-20, Intraperiod Tax Allocation (“ASC 740-20”) to determine the allocation of tax expense between continuing operations and discontinued operations. ASC 740-20 generally requires the allocation of tax expense to be based on a comparative calculation of tax expense with and without income from discontinued operations. During the year ended December 31, 2022, the Company released a portion of its valuation allowance (see Note 17—Income Taxes for additional information) and allocated the majority of the income tax benefit associated with this valuation allowance release to continuing operations. The total tax expense associated with the OMP Merger was partially offset by the release of the Company’s valuation allowance allocated to discontinued operations, resulting in a tax expense of $101.1 million attributable to discontinued operations during the year ended December 31, 2022. Consolidated Balance Sheets The carrying amounts of the major classes of assets and liabilities related to the OMP Merger are as follows for the period presented:
| December 31, 2021
| (In thousands)
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.

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