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Investment in Unconsolidated Affiliate | 12 Months Ended
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Dec. 31, 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 and received 20,985,668 Crestwood common units. On September 12, 2022, the Company sold an aggregate of 16,000,000 common units in separate transactions and received net proceeds of $428.2 million. As of December 31, 2022, the Company owned 4,985,668 common units of Crestwood, representing less than 5% of Crestwood’s issued and outstanding common units. The carrying amount of the Company’s investment in Crestwood is recorded to investment in unconsolidated affiliate on the Consolidated Balance Sheet. The fair value of the Company’s investment in Crestwood was $130.6 million as of December 31, 2022. During the year ended December 31, 2022, the Company recorded an unrealized loss for the change in the fair value of its investment in Crestwood of $52.5 million, a realized gain of $43.0 million for the sale of 16,000,000 common units and a realized gain of $43.9 million for cash distributions from Crestwood for the Company’s ownership of common units. The Company initially appointed two directors to the Board of Directors of Crestwood GP pursuant to a director nomination agreement executed in connection with the consummation of the OMP Merger. On September 15, 2022, in connection with the completion of the sale of Crestwood common units and pursuant to the terms of the previously executed director nomination agreement, both directors resigned from the Board of Directors of Crestwood GP. As a result of the Company’s sale of Crestwood common units and the subsequent resignation of two directors from the Board of Directors of Crestwood GP, the Company does not have the ability to exercise significant influence over Crestwood as of December 31, 2022. Related Party Transactions 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 December 31, 2022. Prior to the sale of 16,000,000 common units of Crestwood, the Company owned greater than 5% of Crestwood’s issued and outstanding common units and therefore Crestwood was considered a related party. For the year ended December 31, 2022, related party transactions with Crestwood totaled $15.7 million of revenues, $69.5 million of lease operating expenses and $56.6 million of gathering, processing and transportation expenses.

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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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