Investment In BBEP

12 Months Ended

Dec. 31, 2013

Equity Method Investment, Summarized Financial Information [Abstract]

INVESTMENT IN BBEP

Since December 31, 2011 we own no BBEP Units. We recognized gains of $217.9 million for the year ended December 31, 2011 as other income for the difference between our weighted average carrying value of $3.51 per BBEP Unit and the net sales proceeds.

We accounted for our investment in BBEP Units using the equity method, utilizing a one-quarter lag from BBEP’s publicly available information. Summarized financial information for BBEP is as follows:



	For the Twelve Months Ended September 30, 2011

	(in thousands)
Revenue ⁽¹⁾	$	425,386
Operating expense	313,388
Operating income	111,998
Interest and other ⁽²⁾	40,759
Income tax (benefit) expense	1,070
Noncontrolling interests	183
Net income available to BBEP	$	69,986
Net income available to common unitholders	$	69,986


⁽¹⁾	For the twelve months ended September 30, 2011, unrealized gains of $24.0 million on commodity derivatives were recognized.


⁽²⁾	The twelve months ended September 30, 2011 included $3.3 million for unrealized gains on interest rate swaps.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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