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Investment in Unconsolidated Affiliate | 3 Months Ended
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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.

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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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