Note 4 - Equity Method Investment

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures Disclosure [Text Block]

4.	EQUITY METHOD INVESTMENT

The Partnership’s investment in Advantage Pipeline, L.L.C. (“Advantage Pipeline”), over which the Partnership had significant influence but

not

control, was accounted for by the equity method. The Partnership did

not

consolidate any part of the assets or liabilities of Advantage Pipeline. On

April 3, 2017,

Advantage Pipeline was acquired by a joint venture formed by affiliates of Plains All American Pipeline, L.P. and Noble Midstream Partners LP. The Partnership received cash proceeds at closing from the sale of its approximate

30%

equity ownership interest in Advantage Pipeline of approximately

$25.3

million and recorded a gain on the sale of the investment of

$4.2

million. Approximately

10%

of the gross sale proceeds were held in escrow, subject to certain post-closing settlement terms and conditions. The Partnership received approximately

$1.1

million of the funds held in escrow in

August 2017,

and approximately

$2.2

million for its pro rata portion of the remaining net escrow proceeds in

January 2018.

The Partnership’s proceeds were used to prepay revolving debt (without a commitment reduction). As of

September 30, 2019

, the Partnership had

equity investments.