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Investment in Unconsolidated Affiliate | 6 Months Ended
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Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate On February 1, 2022, the Company completed the OMP Merger. The Company owns 20,985,668 common units of Crestwood, representing approximately 19% of Crestwood’s issued and outstanding common units as of July 22, 2022. The carrying amount of the Company’s investment in Crestwood was recorded to investment in unconsolidated affiliate on the Condensed Consolidated Balance Sheet. The fair value of the Company’s investment in Crestwood was $568.3 million as of February 1, 2022 and $505.3 million as of June 30, 2022. During the three and six months ended June 30, 2022, the Company recorded an unrealized loss for the change in the fair value of its investment in Crestwood of $110.0 million and $63.0 million, respectively, and a realized gain for a cash distribution from Crestwood of $13.7 million and $26.9 million, respectively. Related Party Transactions The Company has determined that Crestwood is a related party due to its ownership percentage of Crestwood’s issued and outstanding common units and its appointment of two directors to the Board of Directors of Crestwood GP. In connection with the closing of the OMP Merger, certain contracts were assigned to Crestwood for midstream services and the Company has continuing cash outflows to Crestwood for these services. The following table presents, on a net basis, the lease operating expenses and gathering, processing and transportation expenses incurred with Crestwood for the periods presented:
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
| (In thousands)
Lease operating expenses | $ | 20,124 |  |  | $ | 32,075 |
Gathering, processing and transportation expenses | 13,250 |  |  | 22,907 |
As of June 30, 2022, amounts due to Crestwood were $60.2 million. Summarized Financial Information The following table presents summarized financial information of Crestwood for the periods presented:
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
| (In millions)
Revenues | $ | 1,448.0 |  |  | $ | 3,031.8 |
Costs of products/services sold | 1,213.2 |  |  | 2,577.6 |
Net income | 39.4 |  |  | 61.6 |
Net income attributable to Crestwood Equity Partners LP | 29.1 |  |  | 41.1 |

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- References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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