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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 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:
|  |  |  |  |  | September 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:
|  |  |  |  | Nine Months Ended September 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(2) |  |  |  |  |  |  | (101,080) |
Income from discontinued operations, net of income tax |  |  |  |  |  |  | 428,007 |
Net income attributable to non-controlling interests |  |  |  |  |  |  | 2,311 |
Income from discontinued operations attributable to Chord, net of income tax |  |  |  |  |  |  | $ | 425,696 |
__________________ (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. Prior to the release of a portion of the Company’s valuation allowance in the third quarter of 2022, the Company recorded $41.2 million of income tax expense attributable to discontinued operations during the six months ended June 30, 2022. During the three months ended September 30, 2022, the Company released a portion of its valuation allowance and allocated the majority of the income tax benefit associated with the release of the valuation allowance to continuing operations. The total tax expense associated with the OMP Merger was partially offset by the release of the valuation allowance allocated to discontinued operations, resulting in an incremental tax expense of $59.9 million recorded in the three months ended September 30, 2022, since a smaller portion of the deferred tax liabilities reported in discontinued operations is being offset with deferred tax assets.

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