EQUITY METHOD INTERESTS (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the activity in the Company’s equity method interests for the three months ended March 31, 2020:

	Gulf Coast Express Pipeline LLC			EPIC Crude Holdings, LP			Permian Highway Pipeline LLC		Breviloba, LLC
												Total
	(In thousands)
Balance at December 31, 2019	$	291,628		$	163,199		$	310,421	$	492,800		$	1,258,048
Contributions	919			15,000			66,908		—			82,827
Distributions	(13,462		)	—			—		(9,075		)	(22,537		)
Capitalized interest(1)	—			—			3,358		—			3,358
Equity income (loss), net(2)	10,456			(1,466		)	113		7,195			16,298
Accumulated other comprehensive loss	—			(1,184		)	—		—			(1,184		)
Balance at March 31, 2020	$	289,541		$	175,549		$	380,800	$	490,920		$	1,336,810

(1) Altus’ proportionate share of the Permian Highway Pipeline (PHP) construction costs is funded with the revolving credit facility. Accordingly, Altus capitalized $3.4 million of related interest expense during the three months ended March 31, 2020, which is included in the basis of the PHP equity interest.

(2)

As of March 31, 2020, the amount of consolidated retained earnings, net of amortized basis differences, which represents undistributed earnings was $1.6 million from Breviloba, LLC..

As of March 31, 2020, the Company owned the following equity method interests in Permian Basin long-haul pipeline entities. For each of the equity method interests, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the equity method interests. The table below presents the ownership percentage held by the Company for each entity:

		March 31, 2020		December 31, 2019
	Ownership	Amount		Amount
		(In thousands)
Gulf Coast Express Pipeline LLC	16.0%	$	289,541	$	291,628
EPIC Crude Holdings, LP	15.0%	175,549		163,199
Permian Highway Pipeline LLC	26.7%	380,800		310,421
Breviloba, LLC	33.0%	490,920		492,800
		$	1,336,810	$	1,258,048

Equity Method Investment, Summarized Financial Information

The following table represents aggregated selected income statement data for the Company’s equity method interests (on a 100 percent basis):

	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019(1)
	Gulf Coast Express Pipeline LLC		EPIC Crude Holdings, LP			Permian Highway Pipeline LLC			Breviloba, LLC		Gulf Coast Express Pipeline LLC			EPIC Crude Holdings, LP			Permian Highway Pipeline LLC			Breviloba, LLC
	(In thousands)
Revenues	$	92,205	$	40,759		$	—		$	42,818	$	1,643		$	—		$	—		$	10,378
Operating expenses	26,499		46,430			23			17,229		(395		)	3,181			10			5,159
Operating income (loss)	65,706		(5,671		)	(23		)	25,589		2,038			(3,181		)	(10		)	5,219
Net income (loss)	65,658		(10,944		)	425			22,184		2,707			(7,601		)	(10		)	5,219
Other comprehensive loss	—		(7,887		)	—			—		—			—			—

(1)

Although the Company’s interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July of 2019, respectively, the financial results are presented for the three months ended March 31, 2019 for comparability.