Investment In Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2011

Investment In Unconsolidated Affiliates [Abstract]

Investment In Unconsolidated Affiliates

Investment in Unconsolidated Affiliates

Investment in HPC. HPC was established in March 2009 and as of December 31, 2011, the Partnership owned a 49.99% general partner interest in HPC. As of December 31, 2011 and December 31, 2010, the carrying value of the Partnership’s general partner interest in HPC was $682.1 million and $698.8 million, respectively. The following table summarizes the changes in the Partnership's investment in HPC:

	Successor				Predecessor
HPC	Year Ended December 31, 2011		Period from  Acquisition (May 26, 2010) to December 31, 2010		Period from January 1, 2010 to Disposition (May 25, 2010)		Period from Inception (March 18, 2009) to December 31, 2009
Contributions to HPC	$	—	$	—	$	20,210	$	401,356
Purchase of additional HPC general partner interest	—		—		75,114		52,803
Distributions received from HPC	65,465		52,668		12,446		8,926
Return of investment received from HPC	—		19,995		—		—
Partnership’s share of HPC’s net income	54,582		35,684		15,872		7,886
Amortization of excess fair value of investment in HPC	5,847		3,410		—		—

As discussed in Note 1, the Partnership’s investment in HPC was adjusted to its fair value on May 26, 2010 and the excess fair value over net book value was comprised of two components: (1) $154.9 million was attributed to HPC’s long-lived assets and is being amortized as a reduction of income from unconsolidated affiliates over the useful lives of the respective assets, which vary from 15 to 30 years, and (2) $32.4 million could not be attributed to a specific asset and therefore will not be amortized in future periods.

Investment in MEP. The Partnership purchased a 49.9% interest in MEP from ETE on May 26, 2010. On September 1, 2011, the Partnership purchased an additional 0.1% interest in MEP from ETP for $1.2 million in cash, bringing the total membership interest to 50%. As of December 31, 2011 and December 31, 2010, the carrying value of the Partnership’s interest in MEP was $613.9 million and $652.5 million, respectively. The following table summarizes the changes in the Partnership's investment in MEP:

MEP	Year Ended December 31, 2011		Period from Acquisition (May 26, 2010) to December 31, 2010
Contributions to MEP	$	—	$	85,828
Purchase of additional MEP interest	1,355		—
Distributions received from MEP	82,512		43,306
Partnership’s share of MEP’s net income	42,617		21,219

Investment in Lone Star. On May 2, 2011, the Partnership contributed $592.7 million to Lone Star, in exchange for its 30% interest. To fund a portion of this capital contribution, the Partnership issued 8,500,001 common units representing limited partnership interests with net proceeds of $203.9 million. The remaining portion of the Partnership’s capital contribution was funded by additional borrowings under its revolving credit facility.

As of December 31, 2011, the carrying value of the Partnership’s interest in Lone Star was $628.7 million. Amounts recorded with respect to Lone Star for the period ended December 31, 2011 are summarized in the table below:

Lone Star	Period from Initial Contribution (May 2, 2011) to December 31, 2011
Contributions to Lone Star	$	645,265
Return of investments from Lone Star	22,698
Distributions received from Lone Star	22,037
Partnership’s share of Lone Star’s net income	28,188

Investment in Ranch JV. Ranch JV was created by the Partnership, APM and CM in December 2011, each owns an equal 33.33% interest of the joint venture. As of December 31, 2011, the Partnership has not made any capital contributions into Ranch JV; and Ranch JV has not commenced its business operations.