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Investment in Laramie Energy, LLC
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Laramie Energy, LLC Investment in Laramie Energy, LLC
    As of June 30, 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 had a $400 million revolving credit facility with a borrowing base set at $147.4 million that was secured by a lien on its natural gas and crude oil properties and related assets. As of June 30, 2021, the balance outstanding on the revolving credit facility was approximately $147.4 million.
On July 1, 2021, Laramie Energy entered into a term loan agreement which provided a term loan in the principal amount of $160 million. Laramie Energy used the proceeds from the term loan to repay the outstanding balance on the revolving credit facility. The term loan is secured by a lien on its natural gas and crude oil properties and related assets. Under the terms of the term loan, Laramie Energy is generally prohibited from making future cash distributions to its owners, including us, except for certain permitted tax distributions. Laramie Energy’s term loan matures on July 1, 2025.
    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 June 30, 2021 and December 31, 2020.
    Summarized financial information for Laramie Energy is as follows (in thousands):
June 30, 2021December 31, 2020
Current assets$48,982 $34,573 
Non-current assets340,782 355,538 
Current liabilities229,294 217,523 
Non-current liabilities40,491 93,193 
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Natural gas and oil revenues$37,616 $23,545 $119,964 $58,258 
Income (loss) from operations5,941 (8,699)53,150 (7,330)
Net income (loss)133 (14,349)40,584 (13,775)
Laramie Energy’s net income includes (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Depreciation, depletion, and amortization$8,772 $10,042 $15,756 $19,321 
Unrealized (gain) loss on derivative instruments731 4,139 182 1,725