Investments (Tables)

12 Months Ended

Dec. 31, 2011

As of December 31, 2011 and 2010, our investments consisted of the following (in millions):

	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

Earnings and losses from equity method investments

Our earnings (losses) from equity investments were as follows (in millions):

	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 financial information of equity method investments

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

table of content

139

	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