Chord Energy Corp

9. Divestitures

2024 Divestitures

Other divestitures. During the three months ended March 31, 2024, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $2.4 million. Subsequently, in April 2024, the Company completed additional non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $12.2 million.

2023 Divestitures

Non-core properties. During the year ended December 31, 2023, the Company entered into separate agreements with multiple buyers to sell a vast majority of its non-core properties located outside of the Williston Basin (the “Non-core Asset Sales”). As of December 31, 2023, the Company completed these Non-core Asset Sales and received total net cash proceeds (including purchase price adjustments) of $39.1 million, subject to customary post-closing adjustments. During the year ended December 31, 2023, the Company recorded a pre-tax net loss on sale of assets of $8.4 million for the Non-core Asset Sales and an impairment loss of $5.6 million to adjust the carrying value of the assets held for sale to their estimated fair value less costs to sell. The impairment loss was recorded within exploration and impairment expenses on the Condensed Consolidated Statements of Operations.

Other divestitures. In addition, during the year ended December 31, 2023, the Company completed certain non-operated wellbore divestitures in the Williston Basin for total net cash proceeds of $12.1 million.