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Equity Method Investment
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Equity Method Investment
As discussed in Note 1 of the Company's 2019 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. As of June 30, 2020, NMRD’s renewable energy capacity in operation was 85.1 MW. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. The investment in NMRD is accounted for using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations.

In the six months ended June 30, 2020 and 2019, PNMR Development made cash contributions of $18.3 million and $13.3 million to NMRD to be used primarily for its construction activities.

PNMR presents its share of net earnings from NMRD in other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows:

Results of Operations
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In thousands)
Operating revenues
$2,641  $1,103  $4,308  $1,828  
Operating expenses1,472  655  3,052  1,451  
Net earnings
$1,169  $448  $1,256  $377  
Financial Position
June 30,December 31,
20202019
(In thousands)
Current assets$5,672  $7,187  
Net property, plant, and equipment163,629  132,772  
Non-current assets1,214  —  
Total assets
170,515  139,959  
Current liabilities2,073  9,640  
Non-current liabilities368  —  
Owners’ equity
$168,074  $130,319