Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-34776 | |
Entity Registrant Name | Chord Energy Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0554627 | |
Entity Address, Address Line One | 1001 Fannin Street | |
Entity Address, Address Line Two | Suite 1500 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 281 | |
Local Phone Number | 404-9500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CHRD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 41,549,926 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001486159 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 592,300 | $ 593,151 |
Accounts receivable, net | 790,989 | 781,738 |
Inventory | 60,887 | 54,411 |
Prepaid expenses | 29,180 | 17,624 |
Derivative instruments | 24,728 | 23,735 |
Other current assets | 32 | 11,853 |
Total current assets | 1,498,116 | 1,482,512 |
Property, plant and equipment | ||
Oil and gas properties (successful efforts method) | 5,320,711 | 5,120,121 |
Other property and equipment | 69,011 | 72,973 |
Less: accumulated depreciation, depletion and amortization | (611,716) | (481,751) |
Total property, plant and equipment, net | 4,778,006 | 4,711,343 |
Derivative instruments | 38,231 | 37,965 |
Investment in unconsolidated affiliate | 112,997 | 130,575 |
Long-term inventory | 20,669 | 22,009 |
Operating right-of-use assets | 22,501 | 23,875 |
Deferred tax assets | 126,304 | 200,226 |
Other assets | 18,579 | 22,576 |
Total assets | 6,615,403 | 6,631,081 |
Current liabilities | ||
Accounts payable | 7,909 | 29,056 |
Revenues and production taxes payable | 568,387 | 607,964 |
Accrued liabilities | 481,764 | 362,454 |
Accrued interest payable | 9,597 | 3,172 |
Derivative instruments | 175,622 | 341,541 |
Advances from joint interest partners | 3,087 | 3,736 |
Current operating lease liabilities | 11,589 | 9,941 |
Other current liabilities | 10,132 | 3,469 |
Total current liabilities | 1,268,087 | 1,361,333 |
Long-term debt | 394,626 | 394,209 |
Asset retirement obligations | 148,137 | 146,029 |
Derivative instruments | 260 | 2,829 |
Operating lease liabilities | 22,267 | 13,266 |
Other liabilities | 23,286 | 33,617 |
Total liabilities | 1,856,663 | 1,951,283 |
Commitments and contingencies (Note 19) | ||
Stockholders’ equity | ||
Common stock, $0.01 par value: 120,000,000 shares authorized; 43,897,964 shares issued and 41,538,209 shares outstanding at March 31, 2023; and 120,000,000 shares authorized, 43,726,181 shares issued and 41,477,093 shares outstanding at December 31, 2022 | 439 | 438 |
Treasury stock, at cost: 2,359,755 shares at March 31, 2023 and 2,249,088 shares at December 31, 2022 | (266,953) | (251,950) |
Additional paid-in capital | 3,487,648 | 3,485,819 |
Retained earnings | 1,537,606 | 1,445,491 |
Total stockholders’ equity | 4,758,740 | 4,679,798 |
Total liabilities and stockholders’ equity | $ 6,615,403 | $ 6,631,081 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 43,897,964 | 43,726,181 |
Common stock, shares outstanding (in shares) | 41,538,209 | 41,477,093 |
Treasury stock, shares (in shares) | 2,359,755 | 2,249,088 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Total revenues | $ 896,517 | $ 652,969 |
Total revenues | ||
Lease operating expenses | 153,408 | 63,187 |
Gathering, processing and transportation expenses | 37,015 | 32,398 |
Production taxes | 60,517 | 35,858 |
Depreciation, depletion and amortization | 133,791 | 44,673 |
General and administrative expenses | 32,484 | 24,367 |
Total operating expenses | 571,672 | 362,620 |
Gain on sale of assets, net | 1,227 | 1,521 |
Operating income | 326,072 | 291,870 |
Other income (expense) | ||
Net gain (loss) on derivative instruments | 66,934 | (367,922) |
Net gain (loss) from investment in unconsolidated affiliate | (2,216) | 60,137 |
Interest expense, net of capitalized interest | (7,135) | (7,216) |
Other income | 5,193 | 1,754 |
Total other income (expense), net | 62,776 | (313,247) |
Income (loss) from continuing operations before income taxes | 388,848 | (21,377) |
Income tax (expense) benefit | (91,849) | 1,826 |
Net income (loss) from continuing operations | 296,999 | (19,551) |
Income from discontinued operations attributable to Chord, net of income tax | 0 | 485,554 |
Net income attributable to Chord | $ 296,999 | $ 466,003 |
Basic earnings (loss) attributable to Chord per share: | ||
Basic from continuing operations (in dollars per share) | $ 7.13 | $ (1.01) |
Basic from discontinued operations (in dollars per share) | 0 | 25.15 |
Basic total (Note 18) (in dollars per share) | 7.13 | 24.14 |
Diluted earnings (loss) attributable to Chord per share: | ||
Diluted from continuing operations (in dollars per share) | 6.87 | (1.01) |
Diluted from discontinued operations (in dollars per share) | 0 | 25.15 |
Diluted total (Note 18) (in dollars per share) | $ 6.87 | $ 24.14 |
Weighted average shares outstanding: | ||
Basic (Note 18) (in shares) | 41,568 | 19,306 |
Diluted (Note 18) (in shares) | 43,149 | 19,306 |
Oil and Gas Services | ||
Revenues | ||
Total revenues | $ 766,200 | $ 493,502 |
Total revenues | ||
Exploration and impairment | 24,864 | 510 |
Purchased Oil and Gas | ||
Revenues | ||
Total revenues | 130,317 | 159,467 |
Total revenues | ||
Expenses | $ 129,593 | $ 161,627 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Non-controlling Interests |
Beginning balance, common stock (in shares) at Dec. 31, 2021 | 19,276,000 | |||||
Beginning balance at Dec. 31, 2021 | $ 1,221,573 | $ 200 | $ (100,000) | $ 863,010 | $ 269,690 | $ 188,673 |
Beginning balance, treasury stock (in shares) at Dec. 31, 2021 | 871,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Equity-based compensation (in shares) | 94,000 | |||||
Stock-based compensation and vesting's and Equity-based compensation | 4,848 | 4,800 | 48 | |||
Tax withholdings on settlement of equity awards and Modification of equity-based awards | (226) | (226) | ||||
Dividends | $ (73,074) | (73,074) | ||||
Share repurchases (in shares) | 0 | |||||
Warrants exercised (in shares) | 233,000 | |||||
Warrants exercised | $ 15,692 | $ 3 | 15,689 | |||
Tax withholdings on settlement of equity-based awards (in shares) | 31,000 | 31,000 | ||||
Tax withholdings on settlement of equity-based awards | (4,132) | $ (4,132) | ||||
OMP Merger | (191,032) | (191,032) | ||||
Net income | 468,314 | 466,003 | 2,311 | |||
Ending balance, common stock (in shares) at Mar. 31, 2022 | 19,572,000 | |||||
Ending balance at Mar. 31, 2022 | $ 1,441,963 | $ 203 | $ (104,132) | 883,273 | 662,619 | $ 0 |
Ending balance, treasury stock (in shares) at Mar. 31, 2022 | 902,000 | |||||
Beginning balance, common stock (in shares) at Dec. 31, 2022 | 41,477,093 | 41,477,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 4,679,798 | $ 438 | $ (251,950) | 3,485,819 | 1,445,491 | |
Beginning balance, treasury stock (in shares) at Dec. 31, 2022 | 2,249,088 | 2,249,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Equity-based compensation (in shares) | 210,000 | |||||
Stock-based compensation and vesting's and Equity-based compensation | $ 11,854 | $ 2 | 11,852 | |||
Dividends | $ (204,884) | (204,884) | ||||
Share repurchases (in shares) | 110,667 | 111,000 | 111,000 | |||
Share repurchases | $ (15,003) | $ (15,003) | ||||
Warrants exercised (in shares) | 82,954 | 39,000 | ||||
Warrants exercised | $ 276 | 276 | ||||
Tax withholdings on settlement of equity-based awards (in shares) | 77,000 | |||||
Tax withholdings on settlement of equity-based awards | (10,300) | $ (1) | (10,299) | |||
Net income | $ 296,999 | 296,999 | ||||
Ending balance, common stock (in shares) at Mar. 31, 2023 | 41,538,209 | 41,538,000 | ||||
Ending balance at Mar. 31, 2023 | $ 4,758,740 | $ 439 | $ (266,953) | $ 3,487,648 | $ 1,537,606 | |
Ending balance, treasury stock (in shares) at Mar. 31, 2023 | 2,359,755 | 2,360,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income including non-controlling interests | $ 296,999 | $ 468,314 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 133,791 | 44,673 |
Gain on sale of assets | (1,227) | (520,421) |
Impairment | 23,304 | 0 |
Deferred income taxes | 73,923 | (7) |
Net (gain) loss on derivative instruments | (66,934) | 367,922 |
Net (gain) loss from investment in unconsolidated affiliate | 2,216 | (60,137) |
Equity-based compensation expenses | 11,854 | 4,848 |
Deferred financing costs amortization and other | (3,791) | 3,433 |
Working capital and other changes: | ||
Change in accounts receivable, net | (14,657) | (111,813) |
Change in inventory | (12,753) | 667 |
Change in prepaid expenses | 1,211 | (369) |
Change in accounts payable, interest payable and accrued liabilities | 8,176 | 52,122 |
Change in other assets and liabilities, net | 16,699 | 16,348 |
Net cash provided by operating activities | 468,811 | 265,580 |
Cash flows from investing activities: | ||
Capital expenditures | (172,328) | (48,831) |
Proceeds from divestitures, net of cash divested | 7,034 | 147,056 |
Costs related to divestitures | 0 | (11,368) |
Derivative settlements | (91,656) | (70,670) |
Proceeds from sale of investment in unconsolidated affiliate | 12,347 | 0 |
Distributions from investment in unconsolidated affiliate | 3,015 | 13,116 |
Net cash provided by (used in) investing activities | (241,588) | 29,303 |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 0 | 15,000 |
Deferred financing costs | 0 | (9) |
Repurchases of common stock | (15,003) | 0 |
Tax withholding on vesting of equity-based awards | (10,300) | (4,132) |
Dividends paid | (202,473) | (70,579) |
Payments on finance lease liabilities | (388) | (229) |
Proceeds from warrants exercised | 90 | 457 |
Net cash used in financing activities | (228,074) | (59,492) |
Increase (decrease) in cash and cash equivalents | (851) | 235,391 |
Cash and cash equivalents: | ||
Beginning of period | 593,151 | 174,783 |
End of period | 592,300 | 410,174 |
Supplemental non-cash transactions: | ||
Change in accrued capital expenditures | 46,097 | 17,504 |
Change in asset retirement obligations | 234 | (428) |
Investment in unconsolidated affiliate | $ 0 | $ 568,312 |
Organization and Operations of
Organization and Operations of the Company | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations of the Company | Organization and Operations of the Company Chord Energy Corporation (together with its consolidated subsidiaries, the “Company” or “Chord”) is an independent exploration and production (“E&P”) company with quality and sustainable long-lived assets in the Williston Basin. The Company, formerly known as Oasis Petroleum Inc. (“Oasis”), was established upon the completion of the merger of equals (the “Merger”) with Whiting Petroleum Corporation (“Whiting”) on July 1, 2022. Whiting was an independent oil and gas company engaged in the development, production and acquisition of crude oil, natural gas liquids (“NGL”) and natural gas primarily in the Rocky Mountains region of the United States. The Merger was accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). Accordingly, unless otherwise specifically noted herein, the periods prior to July 1, 2022 report the financial results of legacy Oasis, while the periods as of and subsequent to July 1, 2022 report the financial results of Chord, which include the operating results of Whiting and the associated impacts from the Merger. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2022 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”). Risks and Uncertainties As a producer of crude oil, NGLs and natural gas, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGLs and natural gas, which are dependent upon numerous factors beyond its control such as economic, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that the prices for crude oil, NGLs or natural gas will not be subject to wide fluctuations in the future. A substantial or extended decline in prices for crude oil and, to a lesser extent, NGLs and natural gas, could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil, NGLs and natural gas reserves that may be economically produced and the Company’s access to capital. Cash Equivalents The Company invests in certain money market funds, commercial paper and time deposits, all of which are stated at fair value or cost which approximates fair value due to the short-term maturity of these investments. The Company classifies all such investments with original maturity dates less than 90 days as cash equivalents. While the Company may maintain balances of cash and cash equivalents in excess of amounts that are federally insured by the Federal Deposit Insurance Corporation, the Company invests with financial institutions that it believes are creditworthy and has not experienced any material losses in such accounts. Significant Accounting Policies |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenues from contracts with customers were as follows for the periods presented: Three Months Ended March 31, 2023 2022 (In thousands) Crude oil revenues $ 650,908 $ 385,908 Purchased crude oil sales 109,265 122,172 NGL and natural gas revenues 115,292 107,594 Purchased NGL and natural gas sales 21,052 37,295 Total revenues $ 896,517 $ 652,969 The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three months ended March 31, 2023 and 2022, revenue recognized related to performance obligations satisfied in prior reporting periods was not material. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The following table sets forth the Company’s inventory: March 31, 2023 December 31, 2022 (In thousands) Inventory Equipment and materials $ 20,961 $ 21,097 Crude oil inventory 39,926 33,314 Total inventory 60,887 54,411 Long-term inventory Linefill in third-party pipelines 20,669 22,009 Total long-term inventory 20,669 22,009 Total $ 81,556 $ 76,420 |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Balance Sheet Information | Additional Balance Sheet Information The following table sets forth certain balance sheet amounts comprised of the following: March 31, 2023 December 31, 2022 (In thousands) Accounts receivable, net Trade and other accounts $ 679,307 $ 661,121 Joint interest accounts 117,280 127,772 Total accounts receivable 796,587 788,893 Less: allowance for credit losses (5,598) (7,155) Total accounts receivable, net $ 790,989 $ 781,738 Accrued liabilities Accrued oil and gas marketing $ 182,544 $ 127,240 Accrued capital costs 132,318 76,747 Accrued lease operating expenses 85,844 73,714 Accrued general and administrative expenses 24,333 42,259 Current portion of asset retirement obligations 18,552 19,376 Accrued dividends 15,754 5,873 Other accrued liabilities 22,419 17,245 Total accrued liabilities $ 481,764 $ 362,454 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments, including certain cash and cash equivalents, accounts receivable, accounts payable and other payables, are carried at cost, which approximates their respective fair market values due to their short-term maturities. The Company recognizes its non-financial assets and liabilities, such as asset retirement obligations (“ARO”) and properties acquired in a business combination or upon impairment at fair value on a non-recurring basis. Financial Assets and Liabilities Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Fair value at March 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative contracts (see Note 7) $ — $ 945 $ — $ 945 Contingent consideration (see Note 7) — 62,014 — 62,014 Investment in unconsolidated affiliate (see Note 12 ) 112,997 — — 112,997 Total assets $ 112,997 $ 62,959 $ — $ 175,956 Liabilities: Commodity derivative contracts (see Note 7) $ — $ 172,345 $ 3,537 $ 175,882 Total liabilities $ — $ 172,345 $ 3,537 $ 175,882 Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative contracts (see Note 7) $ — $ 780 $ — $ 780 Contingent consideration (see Note 7) — 60,920 — 60,920 Investment in unconsolidated affiliate (see Note 12) 130,575 — — 130,575 Total assets $ 130,575 $ 61,700 $ — $ 192,275 Liabilities: Commodity derivative contracts (see Note 7) $ — $ 329,676 $ 14,694 $ 344,370 Total liabilities $ — $ 329,676 $ 14,694 $ 344,370 Commodity derivative contracts . The Company enters into commodity derivative contracts to manage risks related to changes in crude oil, NGL and natural gas prices. The Company’s swaps, collars and basis swaps are valued by a third-party preparer based on an income approach. The significant inputs used are commodity prices, discount rate and the contract terms of the derivative instruments. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace and are therefore designated as Level 2 within the fair value hierarchy. The Company recorded an adjustment to reduce the fair value of its net derivative liability for these contracts by $0.9 million and $3.5 million at March 31, 2023 and December 31, 2022, respectively. See Note 7—Derivative Instruments for additional information. Transportation derivative contracts. The Company is a party to certain buy/sell transportation contracts that are derivative contracts for which the Company has not elected the “normal purchase normal sale” exclusion under FASB ASC 815, Derivatives and Hedging . These transportation derivative contracts are valued by a third-party preparer based on an income approach. The significant inputs used are quoted forward prices for commodities, market differentials for crude oil and either the Company’s or the counterparty’s nonperformance risk, as appropriate. The assumptions used in the valuation of these contracts include certain market differential metrics that are unobservable during the term of the contracts. Such unobservable inputs are significant to the contract valuation methodology, and the contracts’ fair values are therefore designated as Level 3 within the fair value hierarchy. See Note 7—Derivative Instruments for additional information. Contingent consideration. In June 2021, the Company completed the divestiture of oil and gas properties in the Texas region of the Permian Basin. In connection with the divestiture, the Company is entitled to receive up to three earn-out payments of $25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of New York Mercantile Exchange (“NYMEX”) West Texas Intermediate crude oil price index (“NYMEX WTI”) exceeds $60 per barrel for such year (the “Permian Basin Sale Contingent Consideration”). If NYMEX WTI for calendar year 2023 or 2024 is less than $45 per barrel, then each calendar year thereafter the buyer’s obligation to make any remaining earn-out payments is terminated. The fair value of the Permian Basin Sale Contingent Consideration is determined by a third-party preparer using a Monte Carlo simulation model and Ornstein-Uhlenbeck pricing process. The significant inputs used are NYMEX WTI forward price curve, volatility, mean reversion rate and counterparty credit risk adjustment. The Company determined these were Level 2 fair value inputs that are substantially observable in active markets or can be derived from observable data. See Note 7—Derivative Instruments for additional information. Investment in unconsolidated affiliate. In connection with the OMP Merger (defined in Note 10—Divestitures), the Company owns common units in Crestwood Equity Partners LP (“Crestwood”) which are accounted for using the fair value option under FASB ASC 825-10, Financial Instruments . The fair value of the Company’s investment in Crestwood was determined using Level 1 inputs based upon the quoted market price of Crestwood’s publicly traded common units at March 31, 2023 and December 31, 2022. See Note 12—Investment in Unconsolidated Affiliate for additional information. Non-Financial Assets and Liabilities The fair value of the Company’s non-financial assets and liabilities measured on a non-recurring basis are determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, environmental and regulatory environments. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Commodity derivative contracts. The Company utilizes derivative financial instruments to manage risks related to changes in commodity prices. The Company’s crude oil contracts settle monthly based on the average NYMEX WTI. Natural gas contracts settle monthly based on the average Henry Hub natural gas index price (“NYMEX HH”), while natural gas basis swaps settle monthly based on the average fixed differential between NYMEX HH and the Northern Natural Gas Ventura (“NNG Ventura”) index price. The Company utilizes fixed-price swaps and collars to manage risks related to changes in commodity prices. Swaps are designed to establish a fixed price for the volumes under contract, while collars are designed to establish a minimum price (floor) and a maximum price (ceiling) for the volumes under contract. In addition, the Company utilizes basis swaps to manage commodity price locational risk. The Company’s basis swaps are designed to establish a fixed differential between NYMEX and the index price referenced in the contract. The Company may, from time to time, restructure existing derivative contracts or enter into new transactions to effectively modify the terms of current contracts in order to improve the pricing parameters in existing contracts. At March 31, 2023, the Company had the following outstanding commodity derivative contracts: Commodity Settlement Derivative Volumes Weighted Average Prices Fixed-Price Swaps Floor Ceiling Crude oil 2023 Two-way collar 4,583,500 Bbl $ 45.79 $ 64.46 Crude oil 2023 Fixed-price swaps 4,032,000 Bbl $ 51.33 Natural gas 2023 Two-way collar 4,299,000 MMBtu $ 2.31 $ 2.86 Natural gas basis (1) 2023 Fixed-price swaps 1,365,000 MMbtu $ (0.22) __________________ (1) The weighted average price associated with the natural gas basis swaps shown in the tables above represents the average fixed differential to NYMEX HH as stated in the related contracts, which is compared to the NNG Ventura index price for each period. If NYMEX HH combined with the fixed differential as stated in each contract is higher than the NNG Ventura index price at any settlement date, the Company receives the difference. Conversely, if the NNG Ventura index price is higher than NYMEX HH combined with the fixed differential, the Company pays the difference. Subsequent to March 31, 2023, the Company entered into the following commodity derivative contracts: Weighted Average Prices Commodity Settlement Period Derivative Instrument Volumes Floor Ceiling Crude oil 2023 Two-way collar 736,000 Bbl $ 65.00 $ 88.51 Crude oil 2024 Two-way collar 640,000 Bbl $ 65.00 $ 80.13 Transportation derivative contracts. The Company is a party to two contracts that provide for the transportation of crude oil through a buy/sell structure from North Dakota to either Cushing, Oklahoma or Guernsey, Wyoming. The contracts require the purchase and sale of fixed volumes of crude oil through July 2024 as specified in the agreements. The Company determined that these contracts qualified as derivatives and did not elect the “normal purchase normal sale” exclusion. As of March 31, 2023, the estimated fair value of these contracts was $3.5 million, of which $3.3 million was classified as a current derivative liability and $0.3 million was classified as a non-current derivative liability on the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2022, the estimated fair value of these contracts was $14.7 million, of which $11.9 million was classified as a current derivative liability and $2.8 million was classified as a non-current derivative liability on the Company’s Condensed Consolidated Balance Sheet. The Company records the changes in fair value of these contracts to gathering, processing and transportation expenses on the Company’s Condensed Consolidated Statement of Operations. Settlements on these contracts are reflected as operating activities on the Company’s Consolidated Statements of Cash Flows and represent cash payments to the counterparties for transportation of crude oil or the net settlement of contract liabilities if the transportation was not utilized, as applicable. See Note 6—Fair Value Measurements for additional information. Contingent consideration. The Company bifurcated the Permian Basin Sale Contingent Consideration from the host contract and accounted for it separately at fair value. The Permian Basin Sale Contingent Consideration is marked-to-market each reporting period, with changes in fair value recorded in the other income (expense) section of the Company’s Condensed Consolidated Statements of Operations as a net gain or loss on derivative instruments. As of March 31, 2023, the estimated fair value of the Permian Basin Sale Contingent Consideration was $62.0 million, of which $23.8 million was classified as a current derivative asset and $38.2 million was classified as a non-current derivative asset on the Condensed Consolidated Balance Sheet. As of December 31, 2022, the estimated fair value of the Permian Basin Sale Contingent Consideration was $60.9 million, of which $23.0 million was classified as a current derivative asset and $38.0 million was classified as a non-current derivative asset on the Condensed Consolidated Balance Sheet. See Note 6—Fair Value Measurements for additional information. The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented: Three Months Ended March 31, Derivative Instrument Statements of Operations Location 2023 2022 (In thousands) Commodity derivatives Net gain (loss) on derivative instruments $ 65,840 $ (384,872) Commodity derivatives (buy/sell transportation contracts) (1) Gathering, processing and transportation expenses 11,157 — Contingent consideration Net gain (loss) on derivative instruments 1,094 16,950 __________________ (1) The change in the fair value of the transportation derivative contracts was recorded as a gain in gathering, processing and transportation expenses for the three months ended March 31, 2023. In accordance with the FASB’s authoritative guidance on disclosures about offsetting assets and liabilities, the Company is required to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting agreement. The Company’s derivative instruments are presented as assets and liabilities on a net basis by counterparty, as all counterparty contracts provide for net settlement. No margin or collateral balances are deposited with counterparties, and as such, gross amounts are offset to determine the net amounts presented in the Company’s Condensed Consolidated Balance Sheets. The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: March 31, 2023 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 4,573 $ (3,628) $ 945 Contingent consideration Derivative instruments — current assets 23,783 — 23,783 Contingent consideration Derivative instruments — non-current assets 38,231 — 38,231 Total derivatives assets $ 66,587 $ (3,628) $ 62,959 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 175,973 $ (3,628) $ 172,345 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 3,277 — 3,277 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 260 — 260 Total derivatives liabilities $ 179,510 $ (3,628) $ 175,882 December 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 10,194 $ (9,414) $ 780 Contingent consideration Derivative instruments — current assets 22,955 — 22,955 Contingent consideration Derivative instruments — non-current assets 37,965 — 37,965 Total derivatives assets $ 71,114 $ (9,414) $ 61,700 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 339,090 $ (9,414) $ 329,676 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 11,865 — 11,865 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 2,829 — 2,829 Total derivatives liabilities $ 353,784 $ (9,414) $ 344,370 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment: March 31, 2023 December 31, 2022 (In thousands) Proved oil and gas properties $ 5,291,359 $ 5,089,185 Less: Accumulated depletion (590,969) (461,175) Proved oil and gas properties, net 4,700,390 4,628,010 Unproved oil and gas properties 29,352 30,936 Other property and equipment 69,011 72,973 Less: Accumulated depreciation (20,747) (20,576) Other property and equipment, net 48,264 52,397 Total property, plant and equipment, net $ 4,778,006 $ 4,711,343 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2022 Acquisitions On July 1, 2022, the Company completed the Merger with Whiting and issued 22,671,871 shares of common stock and paid $245.4 million of cash to Whiting stockholders. The Merger was accounted for under the acquisition method of accounting in accordance with ASC 805. Purchase price allocation. Under the acquisition method of accounting, the assets and liabilities of Whiting were recorded at their respective fair values as of the acquisition date on July 1, 2022. The allocation of the fair value to the identifiable assets acquired and liabilities assumed resulted in no goodwill or bargain purchase gain being recognized. As provided under ASC 805, the purchase price allocation may be subject to change for up to one year after July 1, 2022. There were no measurement period adjustments recorded to the purchase price allocation during the three months ended March 31, 2023. Unaudited pro forma financial information. The results of Whiting’s operations have been included in the Company’s consolidated financial statements since July 1, 2022. The following supplemental unaudited pro forma financial information for the three months ended March 31, 2022 has been prepared as if the Merger had occurred on January 1, 2022. The information presented below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The pro forma financial information includes certain non-recurring pro forma adjustments that were directly attributable to the Merger, including transaction costs incurred by the Company and Whiting. The unaudited pro forma financial information does not purport to be indicative of results of operations that would have occurred had the Merger occurred on the basis assumed above, nor is such information indicative of the Company’s expected future results. The pro forma results of operations do not include any future cost savings or other synergies that may result from the Merger or any estimated costs that have not yet been incurred by the Company to integrate the Whiting assets. Three Months Ended March 31, 2022 (In thousands) Revenues $ 1,179,825 Net income attributable to Chord 357,129 Net income attributable to Chord per share: Basic $ 8.48 Diluted 8.03 |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures OMP Merger. On February 1, 2022, the Company completed the merger of Oasis Midstream Partners LP (“OMP”) and OMP GP LLC with and into a subsidiary of Crestwood and received $160.0 million in cash and 20,985,668 common units of Crestwood (the “OMP Merger”). The OMP Merger represented a strategic shift for the Company and qualified for reporting as a discontinued operation under FASB ASC 205-20, Presentation of financial statements – Discontinued Operations (“ASC 205-20”). See Note 11—Discontinued Operations for additional information on amounts reported as discontinued operations. See Note 6—Fair Value Measurements and Note 12—Investment in Unconsolidated Affiliate for additional information on the Company’s investment in Crestwood. The Company recorded a pre-tax gain on sale of assets of $518.9 million, which included (i) the cash consideration of $160.0 million, (ii) the fair value of the Company’s retained investment in Crestwood of $568.3 million; less (iii) the book value of the Company’s investment in OMP of $198.0 million and (iv) transaction costs of $11.4 million. The gain on sale of assets was reported within income from discontinued operations attributable to Chord, net of income tax on the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2022. |
Discontinued Operations
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 __________________ (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. |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate As of March 31, 2023 and December 31, 2022 the fair value of the Company’s investment in Crestwood was $113.0 million and $130.6 million, respectively. As of March 31, 2023 and December 31, 2022, the Company owned less than 5% of Crestwood’s issued and outstanding common units. During the three months ended March 31, 2023, the Company recorded a net loss of $2.2 million on its investment in Crestwood, including an unrealized loss of $5.7 million for the change in fair value of the investment and a realized gain of $3.0 million for a cash distribution received from Crestwood. During the three months ended March 31, 2022, the Company recorded a gain of $60.1 million on its investment in Crestwood, including an unrealized gain of $47.0 million for the change in fair value of the investment and a realized gain of $13.1 million for a cash distribution received from Crestwood. Related Party Transactions For the three months ended March 31, 2022, related party transactions with Crestwood totaled $12.0 million of lease operating expenses and $10.1 million of gathering, processing and transportation expenses. On September 12, 2022, the Company sold an aggregate of 16,000,000 common units of Crestwood, which reduced its ownership of Crestwood’s issued and outstanding common units below 5%. As such, Crestwood is no longer considered a related party as of March 31, 2023. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company’s long-term debt consists of the following: March 31, 2023 December 31, 2022 (In thousands) Senior secured revolving line of credit $ — $ — Senior unsecured notes 400,000 400,000 Less: unamortized deferred financing costs (5,374) (5,791) Total long-term debt, net $ 394,626 $ 394,209 Senior secured revolving line of credit . The Company has a senior secured revolving credit facility (the “Credit Facility”) with a $2.5 billion borrowing base and $1.0 billion of elected commitments that matures on July 1, 2027. At March 31, 2023, the Company had no borrowings outstanding and $6.1 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing capacity of $994.0 million. At December 31, 2022, the Company had no borrowings outstanding and $6.4 million of outstanding letters of credit issued under the Credit Facility. During the three months ended March 31, 2023 and 2022, the Company incurred no borrowings on the Credit Facility, resulting in a weighted average interest rate of 0.0% in each period. The Company was in compliance with the financial covenants under the Credit Facility at March 31, 2023. The fair value of the Credit Facility approximates its carrying value since borrowings under the Credit Facility bear interest at variable rates, which are tied to current market rates. Borrowings are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan or an ABR Loan (each as defined in the Credit Facility). The Company incurs interest on outstanding loans at their respective interest rate plus a margin rate ranging between 1.75% to 2.75% for Term SOFR Loans and 0.75% to 1.75% for ABR Loans. In addition, Term SOFR Loans are also subject to a 0.1% credit spread adjustment. The unused borrowing base is subject to a commitment fee ranging between 0.375% to 0.500%. On May 2, 2023, the Company completed its semi-annual borrowing base redetermination and entered into the Third Amendment to Amended and Restated Credit Agreement to reduce the borrowing base to $2.5 billion from $2.75 billion. There were no changes to the total amount of elected commitments of $1.0 billion. The next scheduled redetermination is expected to occur in or around October 2023. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2023: (In thousands) Balance at December 31, 2022 $ 165,405 Liabilities incurred during period 234 Liabilities settled during period (1,841) Accretion expense during period 2,890 Balance at March 31, 2023 $ 166,688 Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At March 31, 2023, the current portion of the total ARO balance was $18.6 million and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheet. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate for the three months ended March 31, 2023 was 23.6% of pre-tax income from continuing operations, as compared to an effective tax rate of 8.5% of pre-tax loss from continuing operations for the three months ended March 31, 2022. The effective tax rate from continuing operations for the three months ended March 31, 2023 was higher than the statutory federal rate of 21% primarily as a result of the impact of state income taxes. The effective tax rate for the three months ended March 31, 2022 was lower than the statutory federal rate of 21% primarily as a result of the Company’s valuation allowance during the three months ended March 31, 2022, substantially all of which was released during the third quarter and fourth quarter of 2022. This was partially offset by the impacts of equity-based compensation windfalls and state income taxes. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation The Company has previously granted RSUs, PSUs and LSUs (each as defined below), as well as phantom unit awards under its equity compensation plans. Equity-based compensation costs are recognized in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023 and 2022, the Company recognized $11.9 million and $4.8 million, respectively, in equity-based compensation costs related to equity-classified awards. Equity-based compensation costs related to liability-classified awards were not material for the three months ended March 31, 2023 or 2022. Restricted stock units. Restricted stock units (“RSUs”) are contingent shares that vest on either a cliff or graded basis over a three-year or four-year period (as applicable) and are subject to a service condition. During the three months ended March 31, 2023, the Company granted 125,451 RSUs to employees with a weighted average grant date value of $132.62 per share. Performance share units. Performance share units (“PSUs”) are contingent shares that vest on a graded basis over a three-year and four-year period subject to a service condition. No PSUs were granted during the three months ended March 31, 2023 or 2022. Leveraged stock units. Leveraged stock units (“LSUs”) are contingent shares that cliff vest over a three-year and four-year period subject to a service condition. No LSUs were granted during the three months ended March 31, 2023 or 2022. Phantom unit awards. Phantom unit awards represent the right to receive a cash payment equal to the fair market value of one share of common stock upon vesting and vest on a graded basis subject to a service condition. During the three months ended March 31, 2023, the Company granted 9,743 phantom unit awards to employees with a weighted average grant date value of $134.60 per share. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Dividends The following table summarizes the Company’s fixed and variable dividends for the first quarter of 2023 and 2022, respectively. Rate per share Base Variable Total Total Dividends Declared (In thousands) Q1 2023 $ 1.25 $ 3.55 $ 4.80 $ 204,884 Q1 2022 $ 0.585 $ 3.00 $ 3.585 $ 73,074 Total dividends declared in the table above includes $5.1 million and $3.0 million associated with dividend equivalent rights on unvested equity-based compensation awards for the three months ended March 31, 2023 and 2022, respectively. On May 3, 2023, the Company declared base-plus-variable cash dividend of $3.22 per share of common stock, including a base cash dividend of $1.25 per share of common stock and a variable cash dividend of $1.97 per share of common stock. The dividends will be payable on May 30, 2023 to shareholders of record as of May 16, 2023. Share-Repurchase Program During the three months ended March 31, 2023, the Company repurchased 110,667 shares of common stock at a weighted average price of $135.55 per common share for a total cost of $15.0 million. As of March 31, 2023, there was $257.9 million remaining under the Company’s share-repurchase program. The Company repurchased no shares of common stock during the three months ended March 31, 2022. Warrants The following table summarizes the Company’s outstanding warrants as of March 31, 2023: Warrants (1) Exercise Price Legacy Oasis 726,536 $ 75.57 Legacy Whiting - Series A 2,775,767 $ 116.37 Legacy Whiting - Series B 1,394,256 $ 133.70 Total 4,896,559 __________________ (1) Represents the number of warrants in terms of shares of Chord common stock. During the three months ended March 31, 2023, there were 82,954 warrants exercised. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company calculates earnings per share under the two-class method. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share amounts have been computed as (i) net income (loss) (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations. The following table summarizes the basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Net income (loss) from continuing operations $ 296,999 $ (19,551) Distributed and undistributed earnings allocated to participating securities (682) — Net income (loss) from continuing operations attributable to common stockholders (basic) 296,317 (19,551) Reallocation of distributed and undistributed earnings allocated to participating securities 8 — Net income (loss) from continuing operations attributable to common stockholders (diluted) $ 296,325 $ (19,551) Weighted average common shares outstanding: Basic weighted average common shares outstanding 41,568 19,306 Dilutive effect of share-based awards 902 — Dilutive effect of warrants 679 — Diluted weighted average common shares outstanding 43,149 19,306 Basic earnings (loss) per share from continuing operations $ 7.13 $ (1.01) Diluted earnings (loss) per share from continuing operations $ 6.87 $ (1.01) Anti-dilutive weighted average common shares: Potential common shares 4,561 2,977 For the three months ended March 31, 2023, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive. For the three months ended March 31, 2022, the Company incurred a net loss from continuing operations, and therefore the calculation of diluted loss per share excludes the anti-dilutive effect of all potentially dilutive shares. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of March 31, 2023, the Company’s material off-balance sheet arrangements and transactions include $6.1 million in outstanding letters of credit under the Credit Facility and $17.7 million in net surety bond exposure issued as financial assurance on certain agreements. As of March 31, 2023, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 23 — Commitments and Contingencies in the Company’s 2022 Annual Report except as set forth below. In April 2023, the Company entered into a gas gathering, processing and sale agreement with a requirement to deliver a minimum quantity of unprocessed gas through January 2028 for a total aggregate commitment of approximately $55.6 million. The Company believes its production and reserves are sufficient to fulfill this delivery commitment and therefore expects to avoid any payments for deficiencies under this contract. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | LeasesDuring the three months ended March 31, 2023, the Company began negotiations to sublease a portion of its Denver corporate office. As a result of an offer received and the overall market conditions, the Company recorded a right-of-use (“ROU”) asset impairment charge of $17.5 million, which was the amount by which the carrying value of the ROU asset exceeded the fair value. The Company estimated the fair value of the ROU asset using an income approach based on the net present value of the expected sublease rental income during the sublease term. The ROU asset impairment charge is recorded within exploration and impairment on the Condensed Consolidated Statements of Operations. Other than the item disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the Company’s 2022 Annual Report for more information on the Company’s leases. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2022 is derived from audited financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position, have been included. Management has made certain estimates and assumptions that affect reported amounts in the unaudited condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. These interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”). |
Risks and Uncertainties | Risks and Uncertainties As a producer of crude oil, NGLs and natural gas, the Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGLs and natural gas, which are dependent upon numerous factors beyond its control such as economic, political and regulatory developments and competition from other energy sources. The energy markets have historically been very volatile, and there can be no assurance that the prices for crude oil, NGLs or natural gas will not be subject to wide fluctuations in the future. A substantial or extended decline in prices for crude oil and, to a lesser extent, NGLs and natural gas, could have a material adverse effect on the Company’s financial position, results of operations, cash flows, the quantities of crude oil, NGLs and natural gas reserves that may be economically produced and the Company’s access to capital. |
Cash Equivalents | Cash Equivalents The Company invests in certain money market funds, commercial paper and time deposits, all of which are stated at fair value or cost which approximates fair value due to the short-term maturity of these investments. The Company classifies all such investments with original maturity dates less than 90 days as cash equivalents. While the Company may maintain balances of cash and cash equivalents in excess of amounts that are federally insured by the Federal Deposit Insurance Corporation, the Company invests with financial institutions that it believes are creditworthy and has not experienced any material losses in such accounts. |
Performance Obligations | The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three months ended March 31, 2023 and 2022, revenue recognized related to performance obligations satisfied in prior reporting periods was not material. |
Fair value measurement | Financial Assets and LiabilitiesFinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s non-financial assets and liabilities measured on a non-recurring basis are determined using valuation techniques that include Level 3 inputs. Asset retirement obligations. The initial measurement of ARO at fair value is recorded in the period in which the liability is incurred. Fair value is determined by calculating the present value of estimated future cash flows related to the liability. Estimating the future ARO requires management to make estimates and judgments regarding the timing and existence of a liability, as well as what constitutes adequate restoration when considering current regulatory requirements. Inherent in the fair value calculation are numerous assumptions and judgments, including the ultimate costs, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, environmental and regulatory environments. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Revenues from contracts with customers were as follows for the periods presented: Three Months Ended March 31, 2023 2022 (In thousands) Crude oil revenues $ 650,908 $ 385,908 Purchased crude oil sales 109,265 122,172 NGL and natural gas revenues 115,292 107,594 Purchased NGL and natural gas sales 21,052 37,295 Total revenues $ 896,517 $ 652,969 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table sets forth the Company’s inventory: March 31, 2023 December 31, 2022 (In thousands) Inventory Equipment and materials $ 20,961 $ 21,097 Crude oil inventory 39,926 33,314 Total inventory 60,887 54,411 Long-term inventory Linefill in third-party pipelines 20,669 22,009 Total long-term inventory 20,669 22,009 Total $ 81,556 $ 76,420 |
Schedule of Long-term Inventory | The following table sets forth the Company’s inventory: March 31, 2023 December 31, 2022 (In thousands) Inventory Equipment and materials $ 20,961 $ 21,097 Crude oil inventory 39,926 33,314 Total inventory 60,887 54,411 Long-term inventory Linefill in third-party pipelines 20,669 22,009 Total long-term inventory 20,669 22,009 Total $ 81,556 $ 76,420 |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Balance Sheet Amounts | The following table sets forth certain balance sheet amounts comprised of the following: March 31, 2023 December 31, 2022 (In thousands) Accounts receivable, net Trade and other accounts $ 679,307 $ 661,121 Joint interest accounts 117,280 127,772 Total accounts receivable 796,587 788,893 Less: allowance for credit losses (5,598) (7,155) Total accounts receivable, net $ 790,989 $ 781,738 Accrued liabilities Accrued oil and gas marketing $ 182,544 $ 127,240 Accrued capital costs 132,318 76,747 Accrued lease operating expenses 85,844 73,714 Accrued general and administrative expenses 24,333 42,259 Current portion of asset retirement obligations 18,552 19,376 Accrued dividends 15,754 5,873 Other accrued liabilities 22,419 17,245 Total accrued liabilities $ 481,764 $ 362,454 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: Fair value at March 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative contracts (see Note 7) $ — $ 945 $ — $ 945 Contingent consideration (see Note 7) — 62,014 — 62,014 Investment in unconsolidated affiliate (see Note 12 ) 112,997 — — 112,997 Total assets $ 112,997 $ 62,959 $ — $ 175,956 Liabilities: Commodity derivative contracts (see Note 7) $ — $ 172,345 $ 3,537 $ 175,882 Total liabilities $ — $ 172,345 $ 3,537 $ 175,882 Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Commodity derivative contracts (see Note 7) $ — $ 780 $ — $ 780 Contingent consideration (see Note 7) — 60,920 — 60,920 Investment in unconsolidated affiliate (see Note 12) 130,575 — — 130,575 Total assets $ 130,575 $ 61,700 $ — $ 192,275 Liabilities: Commodity derivative contracts (see Note 7) $ — $ 329,676 $ 14,694 $ 344,370 Total liabilities $ — $ 329,676 $ 14,694 $ 344,370 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Commodity Derivative Instruments | At March 31, 2023, the Company had the following outstanding commodity derivative contracts: Commodity Settlement Derivative Volumes Weighted Average Prices Fixed-Price Swaps Floor Ceiling Crude oil 2023 Two-way collar 4,583,500 Bbl $ 45.79 $ 64.46 Crude oil 2023 Fixed-price swaps 4,032,000 Bbl $ 51.33 Natural gas 2023 Two-way collar 4,299,000 MMBtu $ 2.31 $ 2.86 Natural gas basis (1) 2023 Fixed-price swaps 1,365,000 MMbtu $ (0.22) __________________ (1) The weighted average price associated with the natural gas basis swaps shown in the tables above represents the average fixed differential to NYMEX HH as stated in the related contracts, which is compared to the NNG Ventura index price for each period. If NYMEX HH combined with the fixed differential as stated in each contract is higher than the NNG Ventura index price at any settlement date, the Company receives the difference. Conversely, if the NNG Ventura index price is higher than NYMEX HH combined with the fixed differential, the Company pays the difference. Subsequent to March 31, 2023, the Company entered into the following commodity derivative contracts: Weighted Average Prices Commodity Settlement Period Derivative Instrument Volumes Floor Ceiling Crude oil 2023 Two-way collar 736,000 Bbl $ 65.00 $ 88.51 Crude oil 2024 Two-way collar 640,000 Bbl $ 65.00 $ 80.13 |
Schedule of Gains and Losses from Commodity Derivative Instruments | The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented: Three Months Ended March 31, Derivative Instrument Statements of Operations Location 2023 2022 (In thousands) Commodity derivatives Net gain (loss) on derivative instruments $ 65,840 $ (384,872) Commodity derivatives (buy/sell transportation contracts) (1) Gathering, processing and transportation expenses 11,157 — Contingent consideration Net gain (loss) on derivative instruments 1,094 16,950 __________________ (1) The change in the fair value of the transportation derivative contracts was recorded as a gain in gathering, processing and transportation expenses for the three months ended March 31, 2023. |
Schedule of Gross and Net Information about Commodity Derivative Assets | The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: March 31, 2023 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 4,573 $ (3,628) $ 945 Contingent consideration Derivative instruments — current assets 23,783 — 23,783 Contingent consideration Derivative instruments — non-current assets 38,231 — 38,231 Total derivatives assets $ 66,587 $ (3,628) $ 62,959 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 175,973 $ (3,628) $ 172,345 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 3,277 — 3,277 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 260 — 260 Total derivatives liabilities $ 179,510 $ (3,628) $ 175,882 December 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 10,194 $ (9,414) $ 780 Contingent consideration Derivative instruments — current assets 22,955 — 22,955 Contingent consideration Derivative instruments — non-current assets 37,965 — 37,965 Total derivatives assets $ 71,114 $ (9,414) $ 61,700 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 339,090 $ (9,414) $ 329,676 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 11,865 — 11,865 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 2,829 — 2,829 Total derivatives liabilities $ 353,784 $ (9,414) $ 344,370 |
Schedule of Gross and Net Information about Commodity Derivative Liabilities | The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: March 31, 2023 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 4,573 $ (3,628) $ 945 Contingent consideration Derivative instruments — current assets 23,783 — 23,783 Contingent consideration Derivative instruments — non-current assets 38,231 — 38,231 Total derivatives assets $ 66,587 $ (3,628) $ 62,959 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 175,973 $ (3,628) $ 172,345 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 3,277 — 3,277 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 260 — 260 Total derivatives liabilities $ 179,510 $ (3,628) $ 175,882 December 31, 2022 Derivative Instrument Balance Sheet Location Gross Amount Gross Amount Offset Net Amount (In thousands) Derivatives assets: Commodity derivatives Derivative instruments — current assets $ 10,194 $ (9,414) $ 780 Contingent consideration Derivative instruments — current assets 22,955 — 22,955 Contingent consideration Derivative instruments — non-current assets 37,965 — 37,965 Total derivatives assets $ 71,114 $ (9,414) $ 61,700 Derivatives liabilities: Commodity derivatives Derivative instruments — current liabilities $ 339,090 $ (9,414) $ 329,676 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — current liabilities 11,865 — 11,865 Commodity derivatives (buy/sell transportation contracts) Derivative instruments — non-current liabilities 2,829 — 2,829 Total derivatives liabilities $ 353,784 $ (9,414) $ 344,370 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table sets forth the Company’s property, plant and equipment: March 31, 2023 December 31, 2022 (In thousands) Proved oil and gas properties $ 5,291,359 $ 5,089,185 Less: Accumulated depletion (590,969) (461,175) Proved oil and gas properties, net 4,700,390 4,628,010 Unproved oil and gas properties 29,352 30,936 Other property and equipment 69,011 72,973 Less: Accumulated depreciation (20,747) (20,576) Other property and equipment, net 48,264 52,397 Total property, plant and equipment, net $ 4,778,006 $ 4,711,343 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Pro Forma Information | The pro forma results of operations do not include any future cost savings or other synergies that may result from the Merger or any estimated costs that have not yet been incurred by the Company to integrate the Whiting assets. Three Months Ended March 31, 2022 (In thousands) Revenues $ 1,179,825 Net income attributable to Chord 357,129 Net income attributable to Chord per share: Basic $ 8.48 Diluted 8.03 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations By Statement Of Operations And Balance Sheet | 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 __________________ (1) Includes discontinued intercompany eliminations. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The Company’s long-term debt consists of the following: March 31, 2023 December 31, 2022 (In thousands) Senior secured revolving line of credit $ — $ — Senior unsecured notes 400,000 400,000 Less: unamortized deferred financing costs (5,374) (5,791) Total long-term debt, net $ 394,626 $ 394,209 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes in Asset Retirement Obligations | The following table reflects the changes in the Company’s ARO during the three months ended March 31, 2023: (In thousands) Balance at December 31, 2022 $ 165,405 Liabilities incurred during period 234 Liabilities settled during period (1,841) Accretion expense during period 2,890 Balance at March 31, 2023 $ 166,688 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Payable | The following table summarizes the Company’s fixed and variable dividends for the first quarter of 2023 and 2022, respectively. Rate per share Base Variable Total Total Dividends Declared (In thousands) Q1 2023 $ 1.25 $ 3.55 $ 4.80 $ 204,884 Q1 2022 $ 0.585 $ 3.00 $ 3.585 $ 73,074 |
Schedule of Warrants | The following table summarizes the Company’s outstanding warrants as of March 31, 2023: Warrants (1) Exercise Price Legacy Oasis 726,536 $ 75.57 Legacy Whiting - Series A 2,775,767 $ 116.37 Legacy Whiting - Series B 1,394,256 $ 133.70 Total 4,896,559 __________________ |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Number of Shares Outstanding | The following table summarizes the basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Net income (loss) from continuing operations $ 296,999 $ (19,551) Distributed and undistributed earnings allocated to participating securities (682) — Net income (loss) from continuing operations attributable to common stockholders (basic) 296,317 (19,551) Reallocation of distributed and undistributed earnings allocated to participating securities 8 — Net income (loss) from continuing operations attributable to common stockholders (diluted) $ 296,325 $ (19,551) Weighted average common shares outstanding: Basic weighted average common shares outstanding 41,568 19,306 Dilutive effect of share-based awards 902 — Dilutive effect of warrants 679 — Diluted weighted average common shares outstanding 43,149 19,306 Basic earnings (loss) per share from continuing operations $ 7.13 $ (1.01) Diluted earnings (loss) per share from continuing operations $ 6.87 $ (1.01) Anti-dilutive weighted average common shares: Potential common shares 4,561 2,977 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Net cash provided by operating activities, reduced | $ (468,811) | $ (265,580) |
Net cash provided by investing activities, increased | $ (241,588) | $ 29,303 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 896,517 | $ 652,969 |
Crude oil revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 650,908 | 385,908 |
Purchased crude oil sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 109,265 | 122,172 |
NGL and natural gas revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 115,292 | 107,594 |
Purchased NGL and natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 21,052 | $ 37,295 |
Inventory - Components of Inven
Inventory - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory | ||
Equipment and materials | $ 20,961 | $ 21,097 |
Crude oil inventory | 39,926 | 33,314 |
Total inventory | 60,887 | 54,411 |
Long-term inventory | ||
Linefill in third-party pipelines | 20,669 | 22,009 |
Total long-term inventory | 20,669 | 22,009 |
Total | $ 81,556 | $ 76,420 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 796,587 | $ 788,893 |
Less: allowance for credit losses | (5,598) | (7,155) |
Total accounts receivable, net | 790,989 | 781,738 |
Accrued oil and gas marketing | 182,544 | 127,240 |
Accrued capital costs | 132,318 | 76,747 |
Accrued lease operating expenses | 85,844 | 73,714 |
Accrued general and administrative expenses | 24,333 | 42,259 |
Current portion of asset retirement obligations | 18,552 | 19,376 |
Accrued dividends | 15,754 | 5,873 |
Other accrued liabilities | 22,419 | 17,245 |
Accrued liabilities | 481,764 | 362,454 |
Trade and other accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 679,307 | 661,121 |
Joint interest accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 117,280 | $ 127,772 |
Fair Value Measurements - Hiera
Fair Value Measurements - Hierarchy of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 175,956 | $ 192,275 |
Total liabilities | 175,882 | 344,370 |
Commodity derivative instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 945 | 780 |
Total liabilities | 175,882 | 344,370 |
Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 62,014 | 60,920 |
Investment in unconsolidated affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 112,997 | 130,575 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 112,997 | 130,575 |
Total liabilities | 0 | 0 |
Level 1 | Commodity derivative instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Investment in unconsolidated affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 112,997 | 130,575 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 62,959 | 61,700 |
Total liabilities | 172,345 | 329,676 |
Level 2 | Commodity derivative instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 945 | 780 |
Total liabilities | 172,345 | 329,676 |
Level 2 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 62,014 | 60,920 |
Level 2 | Investment in unconsolidated affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 3,537 | 14,694 |
Level 3 | Commodity derivative instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 3,537 | 14,694 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Investment in unconsolidated affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) $ / bbl | Dec. 31, 2022 USD ($) | Jun. 30, 2021 payment | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Derivative credit risk valuation adjustment, derivative liabilities | $ | $ 0.9 | $ 3.5 | ||||
Divestitures | Primary Permian Basin Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of earn-out payments | payment | 3 | |||||
Contingent consideration, minimum average daily settlement price, requiring additional payment (in dollars per barrel) | $ / bbl | 60 | |||||
Contingent consideration, minimum average daily settlement price, terminating agreement (in dollars per barrel) | $ / bbl | 45 | |||||
Anticipated | Divestitures | Primary Permian Basin Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture | $ | $ 25 | $ 25 | $ 25 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Outstanding Commodity Derivative Instruments (Details) | 1 Months Ended | 3 Months Ended |
May 04, 2023 $ / bbl bbl | Mar. 31, 2023 BTU $ / bbl $ / MMBTU bbl | |
Crude oil | 2023 Two-way collar | NYMEX WTI | ||
Derivative [Line Items] | ||
Volumes (in Bbls / in Gallons) | bbl | 4,583,500 | |
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu) | 45.79 | |
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu) | 64.46 | |
Crude oil | 2023 Two-way collar | NYMEX WTI | Subsequent Event | ||
Derivative [Line Items] | ||
Volumes (in Bbls / in Gallons) | bbl | 736,000 | |
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu) | 65 | |
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu) | 88.51 | |
Crude oil | 2023 Fixed price swaps | NYMEX WTI | ||
Derivative [Line Items] | ||
Volumes (in Bbls / in Gallons) | bbl | 4,032,000 | |
Crude oil | 2023 Fixed price swaps | NYMEX WTI | Long | ||
Derivative [Line Items] | ||
Weighted Average Prices (in dollars per barrel / dollars per btu / dollars per gallon) | 51.33 | |
Crude oil | 2024 Two-way collar | NYMEX WTI | Subsequent Event | ||
Derivative [Line Items] | ||
Volumes (in Bbls / in Gallons) | bbl | 640,000 | |
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu) | 65 | |
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu) | 80.13 | |
Natural gas | 2023 Two-way collar | NYMEX HH | ||
Derivative [Line Items] | ||
Volumes (in MMBtu) | BTU | 4,299,000 | |
Weighted Average Prices, Floor (in dollars per barrel / dollars per btu) | $ / MMBTU | 2.31 | |
Weighted Average Prices, Ceiling (in dollars per barrel / dollars per btu) | $ / MMBTU | 2.86 | |
Natural gas basis | 2023 Fixed price swaps | NYMEX HH / NNG Ventura Index | ||
Derivative [Line Items] | ||
Volumes (in MMBtu) | BTU | 1,365,000 | |
Natural gas basis | 2023 Fixed price swaps | NYMEX HH / NNG Ventura Index | Short | ||
Derivative [Line Items] | ||
Weighted Average Prices (in dollars per barrel / dollars per btu / dollars per gallon) | $ / MMBTU | 0.22 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Thousands | Jul. 01, 2022 instrument | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of contracts acquired | instrument | 2 | ||
Derivative liabilities, gross amount | $ 179,510 | $ 353,784 | |
Divestitures | Primary Permian Basin Sale | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Contingent consideration | 62,000 | 60,900 | |
Derivative instruments — current liabilities | Divestitures | Primary Permian Basin Sale | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Contingent consideration | 23,800 | 23,000 | |
Derivative instruments — non-current liabilities | Divestitures | Primary Permian Basin Sale | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Contingent consideration | 38,200 | 38,000 | |
Commodity derivatives (buy/sell transportation contracts) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative liabilities, gross amount | 3,500 | 14,700 | |
Commodity derivatives (buy/sell transportation contracts) | Derivative instruments — current liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative liabilities, gross amount | 3,277 | 11,865 | |
Commodity derivatives (buy/sell transportation contracts) | Derivative instruments — non-current liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative liabilities, gross amount | $ 260 | $ 2,829 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains and Losses from Commodity Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Net gain (loss) on derivative instruments | $ 66,934 | $ (367,922) |
Commodity derivatives | ||
Derivative [Line Items] | ||
Net gain (loss) on derivative instruments | 65,840 | (384,872) |
Commodity derivatives (buy/sell transportation contracts) | ||
Derivative [Line Items] | ||
Net gain (loss) on derivative instruments | 11,157 | 0 |
Contingent consideration | ||
Derivative [Line Items] | ||
Net gain (loss) on derivative instruments | $ 1,094 | $ 16,950 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, gross amount | $ 66,587 | $ 71,114 |
Derivative liabilities, gross amount | 179,510 | 353,784 |
Derivative assets, gross amounts offset | (3,628) | (9,414) |
Derivative liabilities, gross amounts offset | (3,628) | (9,414) |
Derivative assets, net amount | 62,959 | 61,700 |
Derivative liabilities, net amount | 175,882 | 344,370 |
Recurring | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities | 175,882 | 344,370 |
Commodity derivative instrument | Recurring | ||
Derivatives, Fair Value [Line Items] | ||
Total liabilities | 175,882 | 344,370 |
Commodity derivative instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, gross amount | 4,573 | 10,194 |
Derivative liabilities, gross amount | 175,973 | 339,090 |
Derivative assets, gross amounts offset | (3,628) | (9,414) |
Derivative liabilities, gross amounts offset | (3,628) | (9,414) |
Derivative assets, net amount | 945 | 780 |
Derivative liabilities, net amount | 172,345 | 329,676 |
Contingent consideration | Derivative instruments — current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, gross amount | 23,783 | 22,955 |
Derivative assets, gross amounts offset | 0 | 0 |
Derivative assets, net amount | 23,783 | 22,955 |
Contingent consideration | Derivative instruments — non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, gross amount | 38,231 | 37,965 |
Derivative assets, gross amounts offset | 0 | 0 |
Derivative assets, net amount | 38,231 | 37,965 |
Commodity derivatives (buy/sell transportation contracts) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, gross amount | 3,500 | 14,700 |
Commodity derivatives (buy/sell transportation contracts) | Derivative instruments — current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, gross amount | 3,277 | 11,865 |
Derivative liabilities, gross amounts offset | 0 | 0 |
Derivative liabilities, net amount | 3,277 | 11,865 |
Commodity derivatives (buy/sell transportation contracts) | Derivative instruments — non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, gross amount | 260 | 2,829 |
Derivative liabilities, gross amounts offset | 0 | 0 |
Derivative liabilities, net amount | $ 260 | $ 2,829 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties | $ 5,291,359 | $ 5,089,185 |
Less: Accumulated depletion | (590,969) | (461,175) |
Proved oil and gas properties, net | 4,700,390 | 4,628,010 |
Unproved oil and gas properties | 29,352 | 30,936 |
Other property and equipment | 69,011 | 72,973 |
Less: Accumulated depreciation | (20,747) | (20,576) |
Other property and equipment, net | 48,264 | 52,397 |
Total property, plant and equipment, net | $ 4,778,006 | $ 4,711,343 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Whiting Merger $ in Millions | Jul. 01, 2022 USD ($) shares |
Business Acquisition [Line Items] | |
Shares issued (in shares) | shares | 22,671,871 |
Cash paid | $ 245.4 |
Goodwill | 0 |
Bargain purchase gain | $ 0 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Information (Details) - Whiting Merger $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ | $ 1,179,825 |
Net income attributable to Chord | $ | $ 357,129 |
Net income attributable to Chord per share: | |
Basic (in dollars per share) | $ / shares | $ 8.48 |
Diluted (in dollars per share) | $ / shares | $ 8.03 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 12, 2022 | Feb. 01, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Investment in unconsolidated affiliate, fair value | $ 112,997 | $ 130,575 | ||
Divestitures | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | 518,900 | |||
OMP Merger | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Shares issued (in shares) | 16,000,000 | |||
Investment in unconsolidated affiliate, fair value | $ 113,000 | $ 130,600 | ||
OMP Merger | Divestitures | Crestwood Equity Partners LP | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash paid | $ 160,000 | |||
Shares issued (in shares) | 20,985,668 | |||
Success based transaction costs | $ 11,400 | |||
OMP Merger | Divestitures | Crestwood Equity Partners LP | Crestwood Equity Partners LP | Level 2 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Investment in unconsolidated affiliate, fair value | 568,300 | |||
OMP Merger | Divestitures | Crestwood Equity Partners LP | OMP General Partner LLC [Member] | Level 2 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Investment in unconsolidated affiliate, fair value | $ 198,000 |
Discontinued Operations - State
Discontinued Operations - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from discontinued operations attributable to Chord, net of income tax | $ 0 | $ 485,554 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total revenues | 9,907 | |
Lease operating expenses | (4,535) | |
Gathering, processing and transportation expenses | (3,555) | |
General and administrative expenses | 3,314 | |
Total operating expenses | (4,058) | |
Gain on sale of assets | 518,900 | |
Operating income | 532,865 | |
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 | |
Purchased oil and gas | Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total revenues | (13,364) | |
Expenses | (12,506) | |
Midstream Services | Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total revenues | 23,271 | |
Expenses | $ 13,224 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flow Detail (Details) - Discontinued Operations $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash flows from operating activities | $ 0 |
Cash flows from investing activities | $ 6.1 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 12, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated affiliate, fair value | $ 112,997 | $ 130,575 | ||
Net gain (loss) from investment in unconsolidated affiliate | (2,216) | $ 60,137 | ||
Operating Lease, Expense | Crestwood Equity Partners LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related party, expense | 12,000 | |||
Results of Operations, Transportation Costs | Crestwood Equity Partners LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related party, expense | 10,100 | |||
OMP Merger | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated affiliate, fair value | 113,000 | $ 130,600 | ||
Unconsolidated affiliate, unrealized loss | (5,700) | 47,000 | ||
Unconsolidated affiliate, realized gain | $ 3,000 | $ 13,100 | ||
Shares issued (in shares) | 16,000,000 | |||
OMP Merger | Crestwood Equity Partners LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest acquired | 5% | 5% | 5% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt, net | $ 394,626 | $ 394,209 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 0 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 400,000 | 400,000 |
Less: unamortized deferred financing costs | $ (5,374) | $ (5,791) |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 01, 2022 | Mar. 31, 2023 | May 02, 2023 | Dec. 31, 2022 | |
Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | $ 0 | ||
Line of credit facility, remaining borrowing capacity | 994,000 | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 400,000 | 400,000 | ||
Stated interest rate (as a percent) | 6.375% | |||
Senior Notes | Level 1 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 396,200 | |||
Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate (as a percent) | 0% | |||
Credit Facility | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Elected commitments | $ 2,750,000 | |||
Credit facility borrowing base | 1,000,000 | |||
Long-term debt, gross | 0 | 0 | ||
Letters of credit outstanding | $ 6,100 | $ 6,400 | ||
Credit Facility | Credit Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Elected commitments | $ 2,500,000 | |||
Credit facility borrowing base | $ 1,000,000 | |||
Amended and Restated Credit Facility | Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (as a percent) | 0.10% | |||
Amended and Restated Credit Facility | Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.375% | |||
Amended and Restated Credit Facility | Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (as a percent) | 1.75% | |||
Amended and Restated Credit Facility | Credit Facility | Minimum | Alternative Base Rate (ABR) | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (as a percent) | 0.75% | |||
Amended and Restated Credit Facility | Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.50% | |||
Amended and Restated Credit Facility | Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (as a percent) | 2.75% | |||
Amended and Restated Credit Facility | Credit Facility | Maximum | Alternative Base Rate (ABR) | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (as a percent) | 1.75% |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at beginning of period | $ 165,405 |
Liabilities incurred during period | 234 |
Liabilities settled during period | (1,841) |
Accretion expense during period | 2,890 |
Balance at end of period | $ 166,688 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Current portion of asset retirement obligations | $ 18,552 | $ 19,376 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | 23.60% | 8.50% |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity-Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 11.9 | $ 4.8 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted (in shares) | 125,451 | |
Weighted average grant date fair value (in dollars per share) | $ 132.62 | |
Restricted Stock Units (RSUs) | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted Stock Units (RSUs) | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Performance Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted (in shares) | 0 | 0 |
Performance Share Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Performance Share Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Leverage Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted (in shares) | 0 | 0 |
Leverage Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Leverage Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Phantom Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted (in shares) | 9,743 | |
Weighted average grant date fair value (in dollars per share) | $ 134.60 | |
Number of shares for cash payment value (in shares) | 1 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 03, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 4.80 | $ 3.585 | |
Dividends payable | $ 204,884 | $ 73,074 | |
Regular Cash Dividend | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 1.25 | $ 0.585 | |
Regular Cash Dividend | Subsequent Event | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 1.25 | ||
Variable Dividends | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 3.55 | $ 3 | |
Variable Dividends | Subsequent Event | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | 1.97 | ||
Base-Plus-Variable Cash Dividend | Subsequent Event | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 3.22 | ||
Dividend Equivalent Rights On Unvested Equity-Based Compensation Awards | |||
Dividends Payable [Line Items] | |||
Dividends payable | $ 5,100 | $ 3,000 |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends Payable [Line Items] | ||
Repurchase of common stock (in shares) | 110,667 | 0 |
Repurchase of common stock, average cost (in dollars per share) | $ 135.55 | |
Share repurchases | $ 15,003 | |
Stock repurchase program, remaining authorized repurchase amount | $ 257,900 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Warrants (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | 4,896,559 |
Warrants exercised (in shares) | 82,954 |
Legacy Oasis | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | 726,536 |
Exercise Price (in dollars per share) | $ / shares | $ 75.57 |
Legacy Whiting - Series A | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | 2,775,767 |
Exercise Price (in dollars per share) | $ / shares | $ 116.37 |
Legacy Whiting - Series B | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | 1,394,256 |
Exercise Price (in dollars per share) | $ / shares | $ 133.70 |
Earnings (Loss) Per Share - Sum
Earnings (Loss) Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income (loss) from continuing operations | $ 296,999 | $ (19,551) |
Distributed and undistributed earnings allocated to participating securities | (682) | 0 |
Net income (loss) from continuing operations attributable to common stockholders (basic) | 296,317 | (19,551) |
Reallocation of distributed and undistributed earnings allocated to participating securities | 8 | 0 |
Net income (loss) from continuing operations attributable to common stockholders (diluted) | $ 296,325 | $ (19,551) |
Weighted average common shares outstanding, basic (in shares) | 41,568 | 19,306 |
Dilutive effect of share-based awards (in shares) | 902 | 0 |
Dilutive effect of warrants (in shares) | 679 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 43,149 | 19,306 |
Basic from continuing operations (in dollars per share) | $ 7.13 | $ (1.01) |
Diluted from continuing operations (in dollars per share) | $ 6.87 | $ (1.01) |
Anti-dilutive weighted average common shares (in shares) | 4,561 | 2,977 |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Basic from discontinued operations (in dollars per share) | $ 0 | $ 25.15 |
Diluted from discontinued operations (in dollars per share) | $ 0 | $ 25.15 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Apr. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Subsequent Event | |||
Commitments and Contingencies [Line Items] | |||
Commitment amount | $ 55.6 | ||
Surety Bond | |||
Commitments and Contingencies [Line Items] | |||
Off-balance sheet commitments | $ 17.7 | ||
Credit Facility | Credit Facility | |||
Commitments and Contingencies [Line Items] | |||
Letters of credit outstanding | $ 6.1 | $ 6.4 |
Leases (Details)
Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Leases [Abstract] | |
Asset impairment charge | $ 17.5 |