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Investment in Unconsolidated Affiliate | 9 Months Ended
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Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate As of September 30, 2023 and December 31, 2022, the fair value of the Company’s investment in Crestwood was $102.6 million and $130.6 million, respectively. As of September 30, 2023 and December 31, 2022, the Company owned less than 5% of Crestwood’s issued and outstanding common units. During the three and nine months ended September 30, 2023, the Company recorded a net gain of $13.5 million and $21.4 million, respectively, on its investment in Crestwood, primarily comprised of an unrealized gain for the change in fair value of the investment of $9.7 million and $10.8 million, respectively, and a realized gain for cash distributions received from Crestwood of $2.5 million and $8.5 million, respectively. During the three and nine months ended September 30, 2022, the Company recorded an unrealized gain for the change in the fair value of its investment in Crestwood of $18.4 million and an unrealized loss of $44.6 million, respectively, and a realized gain for cash distributions received from Crestwood of $13.7 million and $40.6 million, respectively. Related Party Transactions For the nine months ended September 30, 2022, related party transactions with Crestwood totaled $11.3 million of revenues, $51.1 million of lease operating expenses and $40.7 million of GPT expenses. On September 12, 2022, the Company sold an aggregate of 16,000,000 common units of Crestwood in separate transactions and received net proceeds of $428.2 million. The sale reduced the Company’s 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.

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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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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