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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
|  | Year Ended December 31, 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, net |  | (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. During the year ended December 31, 2022, the Company released a portion of its valuation allowance (see Note 15—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.

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