The following table presents the activity of WES’s equity investments for the years ended December 31, 2014 and 2013:



	Equity Investments
thousands	Fort Union ⁽¹⁾			White Cliffs ⁽²⁾			Rendezvous ⁽³⁾			Mont Belvieu JV ⁽⁴⁾			TEG ⁽⁵⁾			TEP ⁽⁶⁾			FRP ⁽⁷⁾			Total
Balance at December 31, 2012	$	23,453		$	17,567		$	65,110		$	—		$	9,033		$	80,737		$	23,866		$	219,766
Initial investment	—			—			—			78,129			—			—			—			78,129
Investment earnings (loss), net of amortization	6,273			9,681			2,088			5,690			93			(776		)	(101		)	22,948
Contributions	16			19,087			—			37,309			6,732			108,969			105,547			277,660
Capitalized interest	—			—			—			1,352			791			8,801			6,089			17,033
Distributions	(4,570		)	(9,099		)	(4,029		)	—			—			—			—			(17,698		)
Distributions in excess of cumulative earnings ⁽⁸⁾	—			(2,197		)	(2,241		)	—			—			—			—			(4,438		)
Balance at December 31, 2013	$	25,172		$	35,039		$	60,928		$	122,480		$	16,649		$	197,731		$	135,401		$	593,400
Investment earnings (loss), net of amortization	6,344			11,912			1,729			29,029			650			6,108			2,064			57,836
Contributions	—			10,456			—			3,957			352			6,623			42,033			63,421
Capitalized interest	—			—			—			—			—			—			857			857
Distributions	(5,583		)	(11,330		)	(3,669		)	(34,129		)	(523		)	(5,622		)	(2,111		)	(62,967		)
Distributions in excess of cumulative earnings ⁽⁸⁾	—			(1,762		)	(2,652		)	—			(338		)	(6,047		)	(7,256		)	(18,055		)
Balance at December 31, 2014	$	25,933		$	44,315		$	56,336		$	121,337		$	16,790		$	198,793		$	170,988		$	634,492

⁽¹⁾

WES has a 14.81% interest in Fort Union, a joint venture that owns a gathering pipeline and treating facilities in the Powder River Basin. Anadarko is the construction manager and physical operator of the Fort Union facilities. Certain business decisions, including, but not limited to, decisions with respect to significant expenditures or contractual commitments, annual budgets, material financings, dispositions of assets or amending the owners’ firm gathering agreements, require 65% or unanimous approval of the owners.

⁽²⁾

WES has a 10% interest in White Cliffs, a limited liability company that owns a crude oil pipeline that originates in Platteville, Colorado and terminates in Cushing, Oklahoma. The third-party majority owner is the manager of the White Cliffs operations. Certain business decisions, including, but not limited to, approval of annual budgets and decisions with respect to significant expenditures, contractual commitments, acquisitions, material financings, dispositions of assets or admitting new members, require more than 75% approval of the members.

⁽³⁾

WES has a 22% interest in Rendezvous, a limited liability company that operates gas gathering facilities in Southwestern Wyoming. Certain business decisions, including, but not limited to, decisions with respect to significant expenditures or contractual commitments, annual budgets, material financings, dispositions of assets or amending the members’ gas servicing agreements, require unanimous approval of the members.

⁽⁴⁾

WES has a 25% interest in the Mont Belvieu JV, an entity formed to design, construct, and own two fractionation trains located in Mont Belvieu, Texas. A third party is the operator of the Mont Belvieu JV fractionation trains. Certain business decisions, including, but not limited to, decisions with respect to the execution of contracts, settlements, disposition of assets, or the creation, appointment, or removal of officer positions require 50% or unanimous approval of the owners.

⁽⁵⁾

WES has a 20% interest in TEG, an entity that consists of two NGL gathering systems that link natural gas processing plants to TEP. Enbridge Midcoast Energy, LP (“Enbridge”) is the operator of the two gathering systems. Certain business decisions, including, but not limited to, decisions with respect to the execution of contracts, settlements, disposition of assets, or the delegation, creation, appointment, or removal of officer positions require more than 50% approval of the members.

⁽⁶⁾

WES has a 20% interest in TEP, which consists of an NGL pipeline that originates in Skellytown, Texas and extends to Mont Belvieu, Texas. Enterprise Products Operating LLC (“Enterprise”) is the operator of TEP. Certain business decisions, including, but not limited to, decisions with respect to the execution of contracts, settlements, disposition of assets, or the creation, appointment, or removal of officer positions require more than 50% approval of the members.

⁽⁷⁾

WES has a 33.33% interest in the FRP, an NGL pipeline that extends from Weld County, Colorado to Skellytown, Texas. Enterprise is the operator of FRP. Certain business decisions, including, but not limited to, decisions with respect to the execution of contracts, settlements, disposition of assets, or the creation, appointment, or removal of officer positions require more than 50% approval of the members.


⁽⁸⁾	Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, is calculated on an individual investment basis.