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EQUITY METHOD INTERESTS
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INTERESTS EQUITY METHOD INTERESTS
As of June 30, 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:
 
 
 
June 30, 2020
 
December 31, 2019
 
Ownership
 
Amount
 
Amount
 
 
 
 
 
 
 
 
 
(In thousands)
Gulf Coast Express Pipeline LLC
16.0%
 
$
286,833

 
$
291,628

EPIC Crude Holdings, LP
15.0%
 
175,051

 
163,199

Permian Highway Pipeline LLC
26.7%
 
454,381

 
310,421

Breviloba, LLC
33.0%
 
492,214

 
492,800

 
 
 
$
1,408,479

 
$
1,258,048


As of June 30, 2020 and December 31, 2019, unamortized basis differences included in the equity method interest balances were $34.7 million and $29.7 million, respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into net income over the useful lives of the underlying pipeline assets when they are placed into service.
The following table presents the activity in the Company’s equity method interests for the six months ended June 30, 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

 
138,467

 
—

 
154,386

Distributions
(26,171
)
 
—

 
—

 
(15,576
)
 
(41,747
)
Capitalized interest(1)
—

 
—

 
5,365

 
—

 
5,365

Equity income (loss), net(2)
20,457

 
(2,354
)
 
128

 
14,990

 
33,221

Accumulated other comprehensive loss
—

 
(794
)
 
—

 
—

 
(794
)
Balance at June 30, 2020
$
286,833

 
$
175,051

 
$
454,381

 
$
492,214

 
$
1,408,479


(1)
Altus’ proportionate share of the Permian Highway Pipeline (PHP) construction costs is funded with the revolving credit facility. Accordingly, Altus capitalized $5.4 million of related interest expense during the six months ended June 30, 2020, which is included in the basis of the PHP equity interest.
(2)
As of June 30, 2020, the amount of consolidated retained earnings, net of amortized basis differences, which represents undistributed earnings, was $3.0 million from Breviloba, LLC.
Summarized Financial Information
The following table represents aggregated selected income statement data for the Company’s equity method interests (on a 100 percent basis):
 
 
Six Months Ended June 30,
 
 
2020
 
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
 
$
182,231

 
$
85,971

 
$
—

 
$
83,120

 
$
4,974

 
$
—

 
$
—

 
$
46,928

Operating expenses
 
53,359

 
83,508

 
46

 
31,831

 
512

 
7,728

 
35

 
14,744

Operating income (loss)
 
128,872

 
2,463

 
(46
)
 
51,289

 
4,462

 
(7,728
)
 
(35
)
 
32,184

Net income (loss)
 
128,470

 
(16,263
)
 
480

 
46,345

 
5,382

 
(16,653
)
 
422

 
32,184

Other comprehensive loss
 
—

 
(5,037
)
 
—

 
—

 
—

 
(9,337
)
 
—

 
 

(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 six months ended June 30, 2019 for comparability.