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Divestitures and Assets Held for Sale | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Assets Held for Sale | Divestitures and Assets Held for Sale 2024 Divestitures and Assets Held for Sale Assets held for sale. During the third quarter of 2024, the Company entered into an agreement to divest certain of its non-core properties located outside of the Williston Basin. The transaction closed on October 25, 2024 for estimated net cash proceeds (including purchase price adjustments) of $36.1 million. As of September 30, 2024, the Company classified the assets and liabilities associated with these properties as held for sale on its Condensed Consolidated Balance Sheet. The following table presents balance sheet data related to the assets held for sale:
|  |  |  |  |  | September 30, 2024
|  |  |  |  |  | (In thousands)
Assets: |  |  |  |  |  |
Oil and gas properties |  |  |  |  |  | $ | 39,367 |
Less: accumulated depreciation, depletion and amortization |  |  |  |  |  | (1,169) |
Total property, plant and equipment, net |  |  |  |  |  | 38,198 |
Inventory |  |  |  |  |  | 357 |
Prepaid expenses |  |  |  |  |  | 43 |
Total current assets held for sale |  |  |  |  |  | $ | 38,598 |
Liabilities: |  |  |  |  |  |
Assets retirement obligations |  |  |  |  |  | $ | 1,587 |
Revenues and production taxes payable |  |  |  |  |  | 1,158 |
Total current liabilities held for sale |  |  |  |  |  | $ | 2,745 |
Net assets |  |  |  |  |  | $ | 35,853 |
Other divestitures. During the three and nine months ended September 30, 2024, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $0.9 million and $21.3 million, respectively. 2023 Divestitures Non-core properties. During the year ended December 31, 2023, the Company entered into separate agreements with multiple buyers to sell certain of its non-core properties located outside of the Williston Basin (the “Non-core Asset Sales”). As of December 31, 2023, the Company had completed these Non-core Asset Sales and received total net cash proceeds (including purchase price adjustments) of $39.1 million, subject to customary post-closing adjustments. As of December 31, 2023, the Company recorded a pre-tax net loss on sale of assets of $8.4 million for the Non-core Asset Sales and an impairment loss of $5.6 million to adjust the carrying value of the assets held for sale to their estimated fair value less costs to sell. The impairment loss was recorded within exploration and impairment expenses on the Condensed Consolidated Statements of Operations. Other divestitures. During the year ended December 31, 2023, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $12.1 million.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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