Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

The OMP Merger qualified for reporting as a discontinued operation in accordance with ASC 205-20. There were no discontinued operations for the three months ended March 31, 2023.

Condensed Consolidated Statement of Operations

The results of operations reported as discontinued operations in connection with the OMP Merger were as follows for the period presented:

	Three Months Ended March 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	(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

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(1)Includes discontinued intercompany eliminations.

Condensed Consolidated Statement of Cash Flows

Depreciation, depletion and amortization attributable to discontinued operations in “Cash flows from operating activities” was immaterial for the three months ended March 31, 2022. Capital expenditures attributable to discontinued operations included in “Cash flows used in investing activities” was $6.1 million for the three months ended March 31, 2022. There were no significant non-cash activities from discontinued operations for the three months ended March 31, 2022.