XML 95 R19.htm IDEA: XBRL DOCUMENT

Investment in Unconsolidated Affiliate	12 Months Ended
Investment in Unconsolidated Affiliate	Dec. 31, 2023
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. In August 2023, Crestwood and Energy Transfer entered into a definitive merger agreement to which Energy Transfer would acquire Crestwood. On November 3, 2023, Energy Transfer completed their acquisition of Crestwood, and holders of Crestwood common units received 2.07 Energy Transfer common units for each Crestwood unit held. The Company has continued to record its investment in Energy Transfer using the fair value option. Additionally, no gain or loss was recorded in the Consolidated Statements of Operations as a result of this merger. As of December 31, 2023 and 2022, the fair value of the Company’s investment was $100.2 million and $130.6 million, respectively. As of December 31, 2023, the Company owned less than 5% of Energy Transfer’s issued and outstanding common units. The carrying amount of the Company’s investment in Energy Transfer is recorded to investment in unconsolidated affiliate on the Consolidated Balance Sheet. During the year ended December 31, 2023, the Company recorded a net gain of $21.3 million on its investment, primarily comprised of a realized gain for cash distributions received of $10.8 million and an unrealized gain for the change in fair value of the investment of $8.4 million. During the year ended December 31, 2022, the Company recorded an unrealized loss for the change in the fair value of its investment 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. Related Party Transactions 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 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 December 31, 2022.