Investment in Laramie Energy, LLC (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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

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

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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,
	2021		2020
	(Unaudited)
Current assets	$	68,779	$	34,573
Non-current assets	328,571		355,538
Current liabilities	107,976		217,523
Non-current liabilities	177,503		93,193

	Year Ended December 31,
	2021		2020		2019
	(Unaudited)
Natural gas and oil revenues	$	221,176	$	121,893	$	193,906
Income (loss) from operations	99,133		(2,994)		(360,967)
Net income (loss)	32,476		(22,589)		(380,473)

Equity Method Investees Net Loss

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

	Year Ended December 31,
	2021		2020		2019
	(Unaudited)
Asset impairment loss	$	—	$	—	$	355,220
Depreciation, depletion, and amortization	26,458		34,966		82,632
Unrealized (gain) loss on derivative instruments	32,417		4,245		(4,283)