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Investment in Laramie Energy, LLC
 9 Months Ended
Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Laramie Energy, LLC Investment in Laramie Energy, LLC
    As of September 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.
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 its 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. As of September 30, 2021, the term loan had an outstanding balance of $152.2 million.
    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 September 30, 2021 and December 31, 2020.
    Summarized financial information for Laramie Energy is as follows (in thousands):
September 30, 2021December 31, 2020
Current assets$55,518 $34,573 
Non-current assets335,198 355,538 
Current liabilities118,735 217,523 
Non-current liabilities193,893 93,193 
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Natural gas and oil revenues$46,329 $28,257 $166,293 $86,515 
Income (loss) from operations20,807 (3,443)73,957 (10,773)
Net loss(41,892)(12,643)(1,308)(26,418)
Laramie Energy’s net loss includes (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Depreciation, depletion, and amortization$6,134 $9,013 $21,890 $28,334 
Unrealized loss on derivative instruments54,857 5,918 55,039 7,643