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Discontinued Operations and Disposal Groups (Tables)
 12 Months Ended
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):
SuccessorPredecessor
Year Ended December 31,Period from November 20, 2020 through December 31, 2020Period from January 1, 2020 through November 19, 2020
20222021
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 revenues23,271 254,228 26,031 166,631 
Total revenues9,907 123,872 12,922 117,962 
Operating expenses
Lease operating expenses(1)
(4,535)(62,142)(4,676)(42,034)
Midstream expenses13,224 122,040 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 assets518,900 — — — 
Operating income532,865 203,415 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 taxes529,087 166,355 21,146 141,243 
Income tax expense(2)
(101,080)(17)— — 
Income from discontinued operations, net of income tax428,007 166,338 21,146 141,243 
Net income (loss) attributable to non-controlling interests2,311 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, net6,509 
Inventory8,541 
Prepaid expenses456 
Total current assets of discontinued operations18,175 
Property, plant and equipment
Oil and gas properties (successful efforts method)(1)
(3,207)
Other property and equipment933,667 
Less: accumulated depreciation, depletion and amortization(32,102)
Total property, plant and equipment, net898,358 
Operating right-of-use assets671 
Intangible assets40,277 
Goodwill70,534 
Other assets1,303 
Total non-current assets of discontinued operations1,011,143 
Total assets of discontinued operations$1,029,318 
LIABILITIES
Current liabilities
Accounts payable$43 
Revenues and production taxes payable1,635 
Accrued liabilities36,183 
Accrued interest payable9,296 
Current operating lease liabilities733 
Other current liabilities564 
Total current liabilities of discontinued operations48,454 
Long-term debt644,078 
Asset retirement obligations904 
Other liabilities6,217 
Total non-current liabilities of discontinued operations651,199 
Total liabilities of discontinued operations$699,653 
_______________________
(1)Includes discontinued intercompany eliminations.