Investment in Laramie Energy, LLC (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

The change in our equity investment in Laramie Energy is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Beginning balance	$	46,905	$	136,656	$	127,192
Equity earnings (losses) from Laramie Energy (1)	(1,611)		(175,018)		4,487
Accretion of basis difference	—		5,018		4,977
Adjustment of basis difference (2)	—		161,764		—
Impairment of our investment in Laramie Energy	(45,294)		(81,515)		—

Ending balance	$	—	$	46,905	$	136,656

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(1)As of June 30, 2020, we have discontinued the application of the equity method of accounting for our investment in Laramie Energy because the book value of such investment has been reduced to zero.

(2)Represents the reduction in our basis difference resulting from the asset impairment loss recorded by Laramie Energy for the year ended December 31, 2019.

Equity Method Investees Financial Information

Summarized financial information for Laramie Energy is as follows (in thousands):


	December 31,
	2020		2019
Current assets	$	34,573	$	23,367
Non-current assets	355,538		393,575
Current liabilities	217,523		229,687
Non-current liabilities	93,193		85,287


	Year Ended December 31,
	2020		2019		2018
Natural gas and oil revenues	$	121,893	$	193,906	$	226,974
Income (loss) from operations	(2,994)		(360,967)		34,206
Net income (loss)	(22,589)		(380,473)		6,347

Equity Method Investees Net Loss

Laramie Energy’s net income (loss) includes (in thousands):


	Year Ended December 31,
	2020		2019		2018
Asset impairment loss	$	—	$	355,220	$	—
Depreciation, depletion, and amortization	34,966		82,632		66,604
Unrealized (gain) loss on derivative instruments	4,245		(4,283)		4,063