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Investment in Laramie Energy, LLC | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Laramie Energy, LLC | Investment in Laramie Energy, LLC As of September 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 September 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 September 30, 2022, the term loan had an outstanding balance of $85.1 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):
| September 30, 2022 |  | December 31, 2021
Current assets | $ | 61,845 |  |  | $ | 68,779 |
Non-current assets | 336,991 |  |  | 328,571 |
Current liabilities | 76,594 |  |  | 107,976 |
Non-current liabilities | 248,088 |  |  | 177,503 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Natural gas and oil revenues | $ | 63,621 |  |  | $ | 46,329 |  |  | $ | 172,355 |  |  | $ | 166,293 |
Income from operations | 32,056 |  |  | 20,807 |  |  | 86,124 |  |  | 73,957 |
Net loss | (5,187) |  |  | (41,892) |  |  | (37,704) |  |  | (1,308) |
Laramie Energy’s net loss includes (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation, depletion, and amortization | $ | 6,754 |  |  | $ | 6,134 |  |  | $ | 18,018 |  |  | $ | 21,890 |
Unrealized loss on derivative instruments | 17,367 |  |  | 54,857 |  |  | 70,756 |  |  | 55,039 |

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