EQUITY METHOD INTERESTS

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INTERESTS

EQUITY METHOD INTERESTS

Apache, through its ownership of Altus, has the following equity method interests in Permian Basin long-haul pipeline entities which are accounted for under the equity method of accounting. For each of the equity method interests, Altus has the ability to exercise significant influence based on certain governance provisions and its participation in activities and decisions that impact the management and economic performance of the equity method interests.

	September 30, 2019				December 31, 2018
	Interest		Amount		Interest		Amount
	($ in millions)
Gulf Coast Express Pipeline LLC	16.0	%	$	275	15.0	%	$	91
EPIC Crude Holdings, LP	15.0	%	128		—		—
Permian Highway Pipeline LLC	26.7	%	224		—		—
Shin Oak Pipeline (Breviloba, LLC)	33.0	%	468		—		—
			$	1,095			$	91

As of September 30, 2019 and December 31, 2018, unamortized basis differences included in the equity method interest balances were $26 million and $6 million, respectively. These amounts represent differences in contributions to date and Altus’ 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 Altus’ equity method interests during the nine months ended September 30, 2019:

	Gulf Coast Express Pipeline LLC			EPIC Crude Holdings, LP			Permian Highway Pipeline LLC		Breviloba, LLC		Total
	(In millions)
Balance at December 31, 2018	$	91		$	—		$	—	$	—	$	91
Acquisitions	15			52			161		442		670
Capital contributions	169			83			63		23		338
Distributions	(3		)	—			—		—		(3		)
Equity income (loss), net	3			(5		)	—		3		1
Accumulated other comprehensive loss	—			(2		)	—		—		(2		)
Balance at September 30, 2019	$	275		$	128		$	224	$	468	$	1,095

As of December 31, 2018, Apache also held an investment in Marine Well Containment Company. This investment was sold in the first quarter of 2019 for $30 million, with no gain or loss recorded on the sale.