Equity Investments

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments

7. EQUITY INVESTMENTS

The following table presents the financial statement impact of the Partnership’s equity investments for the six months ended June 30, 2022:

thousands	Balance at December 31, 2021		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Balance at June 30, 2022
White Cliffs	$	40,753	$	438	$	—	$	(147)	$	(1,773)	$	39,271
Rendezvous	22,075		(1,304)		—		(326)		(1,063)		19,382
Mont Belvieu JV	96,728		14,500		—		(14,605)		(3,288)		93,335
TEG	16,116		3,111		—		(3,004)		—		16,223
TEP	188,925		21,552		—		(21,678)		(1,457)		187,342
FRP	196,632		21,318		—		(21,584)		(2,195)		194,171
Whitethorn LLC	149,690		63		255		2,950		(1,565)		151,393
Cactus II	171,294		7,265		—		(7,349)		(6,563)		164,647
Saddlehorn	110,441		11,169		—		(10,934)		(815)		109,861
Panola	20,044		1,052		—		(1,052)		(864)		19,180
Mi Vida	51,763		7,156		—		(7,209)		(3,104)		48,606
Ranch Westex	979		4,688		—		(4,688)		(2,083)		(1,104)
Red Bluff Express	101,747		7,063		4,785		(6,778)		(637)		106,180
Total	$	1,167,187	$	98,071	$	5,040	$	(96,404)	$	(25,407)	$	1,148,487

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(1)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

During the six months ended June 30, 2021, the Partnership recognized an impairment loss on its investment in Ranch Westex of $11.6 million that resulted from a decline in value below the carrying value, which was determined to be other than temporary in nature. This investment was impaired to its estimated fair value of $2.9 million, using the income approach and Level-3 fair value inputs, due to a reduction in estimated future cash flows resulting from lower forecasted producer throughput.