Transactions with Related Parties

6 Months Ended

Jun. 30, 2021

Note 10—Transactions with Related Parties

Riverstone Investment Group LLC and its affiliates (“Riverstone”) beneficially own a more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the terms of the marketing agreement with Lucid are no less favorable to either party than those held with unaffiliated parties.

The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as included in the consolidated statements of operations for the periods indicated, as well as the related net receivables outstanding as of the balance sheet dates:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Oil and gas sales	$	3,056	$	574	$	4,132	$	1,662
Gathering, processing and transportation expenses	1,636		1,109		2,841		2,062


(in thousands)	June 30, 2021		December 31, 2020
Accounts receivable, net(1)	$	2,251	$	994

(1) Represents amounts due from Lucid and are presented net of unpaid processing fees as of the indicated period end date.

Senior Secured Notes

Riverstone held $106.3 million of the Company’s Senior Secured Notes as of December 31, 2020. In April 2021, the Company redeemed all of its Senior Secured Notes, including the portion held by Riverstone. In connection with this redemption, the Company paid $3.8 million in accrued interest associated with the Senior Secured Notes, including $3.1 million to Riverstone during the three months ended June 30, 2021. No interest payments were made to Riverstone during the three or six months ended June 30, 2020.