Equity Investments (Tables)

9 Months Ended

Sep. 30, 2011

Equity Investments [Abstract]

Equity Investments

(in thousands)	September 30, 2011		December 31, 2010
Assets:
Total current assets	$	173,540	$	120,475
Property and equipment, net		1,060,064		873,228
Other assets		3,929		6,143
Total assets	$	1,237,533	$	999,846
Liabilities and members' equity:
Total current liabilities	$	141,116	$	145,006
Total long-term debt		432,142		—
Total long-term liabilities		4,386		10,092
Total members' equity		659,889		844,748
Total liabilities and members' equity	$	1,237,533	$	999,846

	Three months ended				Nine months ended
(in thousands)	September 30, 2011		September 30, 2010		September 30, 2011		September 30, 2010
Revenues:
Oil and natural gas	$	130	$	69	$	386	$	94
Midstream		64,180		39,133		179,820		114,485
Total revenues		64,310		39,202		180,206		114,579
Costs and expenses:
Oil and natural gas production		17		120		21		162
Midstream operating		29,010		18,916		80,320		69,800
Other expenses		6,979		2,905		35,041		10,483
Depreciation, depletion, and amortization		7,511		4,971		21,022		12,651
Total costs and expenses		43,517		26,912		136,404		93,096
Income before income taxes		20,793		12,290		43,802		21,483
Income tax expense		399		87		1,118		246
Net income	$	20,394	$	12,203	$	42,684	$	21,237
EXCO's share of equity income before amortization	$	10,197	$	6,102	$	21,342	$	10,619
Amortization of the difference in the historical basis of our contribution		469		573		1,407		1,435
EXCO's share of equity income after amortization	$	10,666	$	6,675	$	22,749	$	12,054

(in thousands)	September 30, 2011			December 31, 2010
Equity investments	$	287,979		$	379,001
Basis adjustment (1)		45,755			45,755
Cumulative amortization of basis adjustment (2)		(3,789	)		(2,382	)
EXCO's 50% interest in equity investments	$	329,945		$	422,374

(1) Our equity in TGGT and OPCO, at inception, exceeded the book value of our investments by an aggregate of $45.8 million, comprised of an aggregate of $57.2 million difference in the historical basis of our contribution and the fair value of BG Group's contribution, offset by $11.4 million of goodwill included in our investment in TGGT.

(2) The aggregate $57.2 million basis difference is being amortized over the estimated life of the associated assets.