We reported a combined $3,346.2 million as "Investments" in our accompanying consolidated balance sheet as of December 31, 2011. As of December 31, 2010, our investments totaled $3,886.0 million. Our investments primarily consist of equity investments where we hold significant influence over investee actions and which we account for under the equity method of accounting.

	December 31,
	2011		2010
Rockies Express Pipeline LLC	$	1,594.8	$	1,703.0
Midcontinent Express Pipeline LLC		666.6		706.4
Plantation Pipe Line Company		185.0		190.3
Fayetteville Express Pipeline LLC		173.3		0.2
Red Cedar Gathering Company		167.8		163.2
EagleHawk Field Services LLC		141.0		-
Eagle Ford Gathering LLC		117.5		29.9
Watco Companies, LLC		101.7		-
Express pipeline system		65.0		68.5
Cortez Pipeline Company		10.4		9.9
KinderHawk Field Services LLC		-		924.6
All others		114.9		81.8
Total equity investments		3,338.0		3,877.8
Bond investments		8.2		8.2
Total investments	$	3,346.2	$	3,886.0

The decrease in the carrying amount of our equity investments since December 31, 2010 was primarily due to our July 1, 2011 acquisition of the remaining 50% ownership interest in KinderHawk Field Services LLC that we did not already own. On that date, we exchanged our status as an owner of an equity investment in KinderHawk for a full controlling financial interest, and we began accounting for our investment under the full consolidation method. For further information pertaining to our KinderHawk acquisitions, see Note 3 "Acquisitions and Divestitures-Acquisitions-(8) KinderHawk Field Services LLC" and "-(16) KinderHawk Field Services LLC and EagleHawk Field Services LLC."

Rockies Express Pipeline LLC-we operate and own a 50% ownership interest in Rockies Express Pipeline LLC, the sole owner of the Rockies Express natural gas pipeline system. The remaining ownership interests in Rockies Express Pipeline LLC are owned by subsidiaries of Sempra Energy (25%) and ConocoPhillips (25%);

Midcontinent Express Pipeline LLC-we operate and own a 50% ownership interest in Midcontinent Express Pipeline LLC. It is the sole owner of the Midcontinent Express natural gas pipeline system. The remaining ownership interest in Midcontinent Express Pipeline LLC is owned by subsidiaries of Regency Energy Partners, L.P. (50%);

Plantation Pipe Line Company-we operate and own a 51.17% ownership interest in Plantation Pipe Line Company, the sole owner of the Plantation refined petroleum products pipeline system. A subsidiary of Exxon Mobil Corporation owns the remaining interest. Each investor has an equal number of directors on Plantation's board of directors, and board approval is required for certain corporate actions that are considered participating rights; therefore, we do not control Plantation Pipe Line Company, and we account for our investment under the equity method;

Fayetteville Express Pipeline LLC-we own a 50% ownership interest in Fayetteville Express Pipeline LLC, the sole owner of the Fayetteville Express natural gas pipeline system. Energy Transfer Partners, L.P. owns the remaining 50% interest and serves as operator of Fayetteville Express Pipeline LLC. The Fayetteville Express system began interim transportation service on October 12, 2010, and began full operations on January 1, 2011; however, as of December 31, 2010, we had no material net investment in Fayetteville Express Pipeline LLC because in November 2009, Fayetteville Express Pipeline LLC established and made borrowings under its own revolving bank credit facility in order to fund its pipeline development and construction costs and to make distributions to its member owners to reimburse them for prior contributions;

Red Cedar Gathering Company-we own a 49% ownership interest in the Red Cedar Gathering Company. The remaining 51% interest in Red Cedar is owned by the Southern Ute Indian Tribe. Red Cedar is the sole owner of the Red Cedar natural gas gathering, compression and treating system;

EagleHawk Field Services LLC-we acquired a 25% ownership interest in the EagleHawk Field Services LLC from Petrohawk Energy Corporation effective July 1, 2011. For further information about this acquisition, see Note 3 "Acquisitions and Divestitures-Acquisitions-(16) KinderHawk Field Services LLC and EagleHawk Field Services LLC;"

Eagle Ford Gathering LLC-on May 14, 2010, we and Copano Energy, L.L.C. entered into formal agreements for a joint venture to provide natural gas gathering, transportation and processing services to natural gas producers in the Eagle Ford Shale formation in south Texas. We named the joint venture Eagle Ford Gathering LLC, and we own a 50% member interest in Eagle Ford Gathering LLC. Copano owns the remaining 50% interest and serves as operator and managing member of Eagle Ford Gathering LLC;

Watco Companies, LLC-we made a combined $100.0 million preferred equity investment in Watco Companies, LLC, the largest privately held short line railroad company in the United States. We acquired 100,000 Class A preferred shares and pursuant to the terms of our investment, we receive priority, cumulative cash distributions from the preferred shares at a rate of 3.25% per quarter, and we participate partially in additional profit distributions at a rate equal to 0.5%. The preferred shares have no conversion features and hold no voting powers, but do provide us certain approval rights, including the right to appoint one of the members to Watco's Board of Managers;

Cortez Pipeline Company-we operate and own a 50% ownership interest in the Cortez Pipeline Company, the sole owner of the Cortez carbon dioxide pipeline system. A subsidiary of Exxon Mobil Corporation owns a 37% ownership interest and Cortez Vickers Pipeline Company owns the remaining 13% ownership interest.

	Year Ended December 31,
	2011			2010			2009
Rockies Express Pipeline LLC	$	86.7		$	87.6		$	98.5
Plantation Pipe Line Company		44.7			30.3			26.8
Midcontinent Express Pipeline LLC		42.7			30.1			14.7
Red Cedar Gathering Company		31.9			28.7			24.9
Cortez Pipeline Company		24.1			22.5			22.3
Fayetteville Express Pipeline LLC		23.8			-			3.6
KinderHawk Field Services LLC		22.1			19.5			-
Eagle Ford Gathering LLC		11.2			(0.1	)		-
Watco Companies, LLC		6.6			-			-
EagleHawk Field Services LLC		3.5			-			-
Express pipeline system		(2.0	)		(3.3	)		(4.1	)
All others		15.8			7.8			3.0
Total	$	311.1		$	223.1		$	189.7
Amortization of excess costs	$	(6.7	)	$	(5.8	)	$	(5.8	)

Summarized combined financial information for our significant equity investments (listed or described above) is reported below (in millions; amounts represent 100% of investee financial information):

	Year Ended December 31,
Income Statement	2011		2010		2009
Revenues	$	2,312.9	$	1,645.7	$	1,215.6
Costs and expenses		1,747.3		1,204.0		824.5
Earnings before extraordinary items and cumulative effect of a change in accounting principle		565.6		441.7		391.1
Net income	$	565.6	$	441.7	$	391.1

	December 31,
Balance Sheet	2011		2010
Current assets	$	491.5	$	486.6
Non-current assets	$	11,488.6	$	12,712.1
Current liabilities	$	545.8	$	622.3
Non-current liabilities	$	5,311.9	$	5,451.6
Partners'/Owners' equity	$	6,122.4	$	7,124.8

As of December 31, 2011 and 2010, our investment amounts also included a bond investment totaling $8.2 million. This investment consisted of certain tax exempt, fixed-income development revenue bonds we acquired in the fourth quarter of 2008. Because we have both the ability and the intent to hold these debt securities to maturity, we account for this investment at historical cost. We acquired our bond investment by issuing notes under the Gulf Opportunity Zone Act of 2005, which is further discussed in Note 8 "Debt-Subsidiary Debt-Gulf Opportunity Zone Bonds."