XML 26 R10.htm IDEA: XBRL DOCUMENT v3.22.2
Investment in Laramie Energy, LLC
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Laramie Energy, LLC Investment in Laramie Energy, LLC
    As of June 30, 2022, 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. The balance of our investment in Laramie Energy was zero as of June 30, 2022 and December 31, 2021.
Laramie Energy has a term loan agreement which provides a term loan secured by a lien on its natural gas and crude oil properties and related assets. As of June 30, 2022, the term loan had an outstanding balance of $91.8 million. 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.
    Summarized financial information for Laramie Energy is as follows (in thousands):
June 30, 2022December 31, 2021
Current assets$52,908 $68,779 
Non-current assets326,050 328,571 
Current liabilities60,983 107,976 
Non-current liabilities238,635 177,503 
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Natural gas and oil revenues$57,885 $37,616 $108,734 $119,964 
Income from operations29,954 5,941 54,068 53,150 
Net income (loss)383 133 (32,517)40,584 
Laramie Energy’s net income (loss) includes (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Depreciation, depletion, and amortization$5,555 $8,772 $11,264 $15,756 
Unrealized loss on derivative instruments10,734 731 53,389 182