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Investment in Laramie Energy, LLC | 3 Months Ended
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Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Laramie Energy, LLC | Investment in Laramie Energy, LLC As of March 31, 2021, we had a 46.0% ownership interest in Laramie Energy. Laramie Energy is focused on producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. Laramie Energy has a $400 million revolving credit facility with a borrowing base currently set at $130.6 million that is secured by a lien on its natural gas and crude oil properties and related assets. As of March 31, 2021, the balance outstanding on the revolving credit facility was approximately $190.6 million. We are guarantors of Laramie Energy’s credit facility, with recourse limited to the pledge of our equity interest in our wholly owned subsidiary, Par Piceance Energy Equity, LLC. Under the terms of its credit facility, Laramie Energy is generally prohibited from making future cash distributions to its owners, including us. Laramie Energy’s credit facility matures on December 15, 2021. During the year ended December 31, 2020, Laramie Energy incurred losses that reduced the book value of our investment to zero, and as of December 31, 2020, we had discontinued the application of the equity method of accounting for our investment in Laramie Energy. As such, the balance of our investment in Laramie Energy was zero as of March 31, 2021 and December 31, 2020. Summarized financial information for Laramie Energy is as follows (in thousands):
| March 31, 2021 |  | December 31, 2020
Current assets | $ | 88,217 |  |  | $ | 34,573 |
Non-current assets | 348,586 |  |  | 355,538 |
Current liabilities | 272,677 |  |  | 217,523 |
Non-current liabilities | 44,279 |  |  | 93,193 |
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Natural gas and oil revenues | $ | 82,348 |  |  | $ | 34,713 |  |  |  |  |
Income from operations | 47,209 |  |  | 1,369 |  |  |  |  |
Net income | 40,451 |  |  | 574 |  |  |  |  |
Laramie Energy’s net income includes (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Depreciation, depletion, and amortization | $ | 6,984 |  |  | $ | 9,279 |  |  |  |  |
Unrealized (gain) loss on derivative instruments | (549) |  |  | (2,414) |  |  |  |  |

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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 http://asc.fasb.org/topic&trid=2196965 + Details
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