Investing Income
			Years Ended December 31,
		2012		2011		2010
			(Millions)
Equity earnings (losses) (1)		$	111	$	155	$	143
Income (loss) from investments (1)			49		7		43
Impairment of cost-based investments			-		(1)		-
Interest income and other			28		7		2
	Total investing income	$	188	$	168	$	188

In June 2010, we sold our 50 percent interest in Accroven SRL (Accroven) to the state-owned oil company, Petróleos de Venezuela S.A. (PDVSA) for $107 million. Income (loss) from investments in 2012, 2011, and 2010 includes gains of $53 million, $11 million, and $43 million, respectively, from the sale. As part of the settlement regarding certain Venezuelan assets in the first quarter of 2012 (see Note 3), we also received payment for all outstanding balances due from this sale, including interest. Payments were recognized upon receipt, as future collections were not reasonably assured.

Investments
		December 31,
		2012		2011
		(Millions)
Equity method:
	Access Midstream Partners - 25%	$	2,187	$	-
	Overland Pass Pipeline Company LLC (OPPL) - 50%		454		433
	Gulfstream - 50%		348		362
	Laurel Mountain - 51% (1)		444		291
	Discovery - 60% (1)		350		182
	Other		204		122
			3,987		1,390
Cost method			-		1
Marketable equity securities			-		24
		$	3,987	$	1,415

Marketable equity securities are classified as available-for-sale and included in other current assets and deferred charges in the Consolidated Balance Sheet. The carrying value is reported at fair value with net unrealized appreciation reported as a component of other comprehensive income.

We have purchases from our equity method investees included in product costs in the Consolidated Statement of Operations of $186 million, $234 million, and $220 million for the years ended 2012, 2011, and 2010, respectively. We have $15 million and $23 million included in accounts payable in the Consolidated Balance Sheet with our equity method investees at December 31, 2012 and 2011, respectively.

WPZ has operating agreements with certain equity method investees. These operating agreements typically provide for reimbursement or payment to WPZ for certain direct operational payroll and employee benefit costs, materials, supplies, and other charges and also for management services. We supplied a portion of these services, primarily those related to employees since WPZ does not have any employees, to certain equity method investees. The total gross charges to equity method investees for these fees included in the Consolidated Statement of Operations are $75 million, $57 million and $38 million for the years ended 2012, 2011, and 2010, respectively.

In addition to the discussion of the basis difference related to Access Midstream Partners in Note 2, we also have differences between the carrying value of our equity investments and the underlying equity in the net assets of the investees of $59 million at December 31, 2012, primarily related to impairments we previously recognized. These differences are amortized over the expected remaining life of the investees' underlying assets.

Our equity-method investees' organizational documents generally require distribution of available cash to equity holders on a quarterly basis. We generally fund our portion of significant expansion or development projects of these investees, except for Access Midstream Partners which is expected to be self-funding, through additional capital contributions. As of December 31, 2012, our proportionate share of amounts remaining to be spent for specific capital projects already in progress for Discovery and Laurel Mountain totaled $189 million and $55 million, respectively.

In December 2012, we completed the acquisition of a 25 percent ownership interest of Access Midstream Partners for approximately $2.19 billion in cash. (See Note 2.) We contributed $169 million to Discovery in 2012 and $174 million, $137 million and $43 million to Laurel Mountain in 2012, 2011 and 2010, respectively. In addition, in September 2010, we purchased an additional 49 percent ownership interest in OPPL for $424 million.

Dividends and distributions, including those presented below, received from companies accounted for by the equity method were $173 million, $193 million, and $175 million in 2012, 2011, and 2010, respectively. These transactions reduced the carrying value of our investments. These dividends and distributions primarily included:

	2012		2011		2010
	(Millions)
Gulfstream	$	79	$	84	$	81
Discovery		21		40		44
Aux Sable Liquid Products L.P.		28		35		28
OPPL		28		19		-

Summarized Financial Position and Results of Operations of All Equity Method Investments
			December 31,
			2012		2011
			(Millions)
Current assets			$	582	$	381
Noncurrent assets				11,571		8,004
Current liabilities				507		378
Noncurrent liabilities				3,807		2,324

	Years Ended December 31,
	2012		2011		2010
	(Millions)
Gross revenue	$	1,821	$	1,808	$	1,545
Operating income		557		747		732
Net income		488		654		624