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v3.23.2

Divestitures and Assets Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Assets Held for Sale | The following table presents balance sheet data related to the assets held for sale:
|  |  |  |  |  | June 30, 2023
|  |  |  |  |  | (In thousands)
Assets: |  |  |  |  |  |
Oil and gas properties |  |  |  |  |  | $ | 16,634 |
Less: accumulated depreciation, depletion and amortization |  |  |  |  |  | (6,244) |
Total property, plant and equipment, net |  |  |  |  |  | 10,390 |
Inventory |  |  |  |  |  | 336 |
Total current assets held for sale |  |  |  |  |  | $ | 10,726 |
Liabilities: |  |  |  |  |  |
Assets retirement obligations |  |  |  |  |  | $ | 13,036 |
Revenues and production taxes payable |  |  |  |  |  | 296 |
Total current liabilities held for sale |  |  |  |  |  | $ | 13,332 |
Net liabilities |  |  |  |  |  | $ | (2,606) |
The results of operations reported as discontinued operations in connection with the OMP Merger were as follows for the period presented:
|  |  |  |  | Six Months Ended June 30, 2022
|  |  |  | (In thousands)
Revenues |  |  |  |  |  |  |
Purchased oil and gas sales(1) |  |  |  |  |  |  | $ | (13,364) |
Midstream revenues |  |  |  |  |  |  | 23,271 |
Total revenues |  |  |  |  |  |  | 9,907 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses(1) |  |  |  |  |  |  | (4,535) |
Midstream expenses |  |  |  |  |  |  | 13,224 |
Gathering, processing and transportation expenses(1) |  |  |  |  |  |  | (3,555) |
Purchased oil and gas expenses(1) |  |  |  |  |  |  | (12,506) |
General and administrative expenses(1) |  |  |  |  |  |  | 3,314 |
Total operating expenses |  |  |  |  |  |  | (4,058) |
Gain on sale of assets |  |  |  |  |  |  | 518,900 |
Operating income |  |  |  |  |  |  | 532,865 |
Other expense |  |  |  |  |  |  |
Interest expense, net of capitalized interest |  |  |  |  |  |  | (3,685) |
Other expense |  |  |  |  |  |  | (93) |
Total other expense |  |  |  |  |  |  | (3,778) |
Income from discontinued operations before income taxes |  |  |  |  |  |  | 529,087 |
Income tax expense |  |  |  |  |  |  | (41,222) |
Income from discontinued operations, net of income tax |  |  |  |  |  |  | 487,865 |
Net income attributable to non-controlling interests |  |  |  |  |  |  | 2,311 |
Income from discontinued operations attributable to Chord, net of income tax |  |  |  |  |  |  | $ | 485,554 |
__________________ (1)Includes discontinued intercompany eliminations.

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