XML 29 R18.htm IDEA: XBRL DOCUMENT v3.23.2
Investment in Unconsolidated Affiliate
6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Affiliate Investment in Unconsolidated Affiliate
As of June 30, 2023 and December 31, 2022, the fair value of the Company’s investment in Crestwood was $115.8 million and $130.6 million, respectively. As of June 30, 2023 and December 31, 2022, the Company owned less than 5% of Crestwood’s issued and outstanding common units.
During the three and six months ended June 30, 2023, the Company recorded a net gain of $10.1 million and $7.9 million, respectively, on its investment in Crestwood, primarily comprised of an unrealized gain for the change in fair value of the investment of $6.8 million and $1.1 million, respectively, and a realized gain for cash distributions received from Crestwood of $3.0 million and $6.0 million, respectively. 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 cash distributions received from Crestwood of $13.7 million and $26.9 million, respectively.
Related Party Transactions
For the six months ended June 30, 2022, related party transactions with Crestwood totaled $20.1 million of lease operating expenses and $13.3 million of GPT 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 was no longer considered a related party as of September 30, 2022.