Advances to and Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2021

Investment In Affiliates [Abstract]

Investments In Affiliates

INVESTMENTS IN UNCONSOLIDATED AFFILIATES:

Citrus

CrossCountry Energy, LLC, a wholly-owned subsidiary of Energy Transfer, owns a 50% interest in Citrus. Citrus owns 100% of FGT, an approximately 5,362-mile natural gas pipeline system that originates in Texas and delivers natural gas to the Florida peninsula. Our investment in Citrus is reflected in our interstate transportation and storage segment.

FEP

Energy Transfer has a 50% interest in FEP which owns the Fayetteville Express Pipeline, an approximately 185-mile natural gas pipeline that originates in Conway County, Arkansas, continues eastward through White County, Arkansas and terminates at an interconnect with Trunkline in Panola County, Mississippi. Energy Transfer’s investment in FEP is reflected in the interstate transportation and storage segment.

MEP

Energy Transfer owns a 50% interest in MEP, which owns the Midcontinent Express Pipeline, an approximately 500-miles natural gas pipeline that extends from Southeast Oklahoma, across Northeast Texas, Northern Louisiana and Central

Mississippi to an interconnect with the Transcontinental natural gas pipeline system in Butler, Alabama. Energy Transfer’s investment in MEP is reflected in the interstate transportation and storage segment.

White Cliffs

We own a 51% interest in White Cliffs, which was acquired by Energy Transfer in the SemGroup acquisition. White Cliffs consists of two parallel, 12-inch common carrier pipelines: one crude oil pipeline and one NGL pipeline. These pipelines transport crude and NGLs from Platteville, Colorado to Cushing, Oklahoma. The Partnership recorded an impairment of its investment in White Cliffs of $129 million during the year ended December 31, 2020 due to a decrease in projected future revenues and cash flows as a result of the overall market demand decline that occurred subsequent to the SemGroup acquisition and related purchase price allocation in December 2019.

The carrying values of the Partnership’s investments in unconsolidated affiliates as of December 31, 2021 and 2020 were as follows:

	December 31,
	2021		2020
Citrus	$	1,792	$	1,867
FEP	—		4
MEP	378		406
White Cliffs	245		274
Other	532		509
Total	$	2,947	$	3,060

The following table presents equity in earnings (losses) of unconsolidated affiliates:

	Years Ended December 31,
	2021		2020		2019
Citrus	$	157	$	162	$	148
FEP (1)	—		(139)		59
MEP	(17)		(6)		15
White Cliffs	—		20		4
Other	106		82		76
Total equity in earnings of unconsolidated affiliates	$	246	$	119	$	302

(1)For the year ended December 31, 2020, equity in earnings (losses) of unconsolidated affiliates includes the impact of non-cash impairments recorded by FEP, which reduced the Partnership’s equity in earnings by $208 million.

Summarized Financial Information

The following tables present aggregated selected balance sheet and income statement data for our unconsolidated affiliates, Citrus, FEP, MEP, and White Cliffs (on a 100% basis) for all periods presented:

	December 31,
	2021		2020
Current assets	$	242	$	227
Property, plant and equipment, net	7,239		7,339
Other assets	77		58
Total assets	$	7,558	$	7,624
Current liabilities	$	500	$	600
Non-current liabilities	3,602		3,298
Equity	3,456		3,726
Total liabilities and equity	$	7,558	$	7,624

	Years Ended December 31,
	2021		2020		2019
Revenue	$	1,003	$	1,243	$	1,192
Operating income	459		6		683
Net income (loss)	282		(199)		443

In addition to the equity method investments described above we have other equity method investments which are not significant to our consolidated financial statements.