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Equity Investments
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments
7. EQUITY INVESTMENTS

The following tables present the financial statement impact of the Partnership’s equity investments for the years ended December 31, 2021 and 2022:

thousandsBalance at December 31, 2020
Other-than-temporary
impairment
expense (1)
Equity
income, net		ContributionsDistributions
Distributions
in excess of
cumulative
earnings (2)
Balance at December 31, 2021
White Cliffs$45,623 $— $780 $— $(199)$(5,451)$40,753 
Rendezvous28,198 — (2,155)— (1,103)(2,865)22,075 
Mont Belvieu JV98,874 — 33,991 — (33,944)(2,193)96,728 
TEG16,661 — 4,508 — (4,533)(520)16,116 
TEP195,189 — 36,547 — (36,797)(6,014)188,925 
FRP199,881 — 38,280 750 (38,275)(4,004)196,632 
Whitethorn LLC156,729 — 4,969 349 (6,428)(5,929)149,690 
Cactus II173,921 — 18,237 3,336 (18,404)(5,796)171,294 
Saddlehorn111,717 — 30,878 — (31,403)(751)110,441 
Panola20,867 — 2,188 — (2,188)(823)20,044 
Mi Vida55,031 — 10,491 — (10,596)(3,163)51,763 
Ranch Westex18,898 (11,805)12,407 — (15,657)(2,864)979 
Red Bluff Express103,224 — 13,524 — (13,989)(1,012)101,747 
Total$1,224,813 $(11,805)$204,645 $4,435 $(213,516)$(41,385)$1,167,187 
_________________________________________________________________________________________
(1)Recorded in Long-lived asset and other impairments in the consolidated statements of operations.
(2)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.

thousandsBalance at December 31, 2021
Other-than-temporary
impairment
expense (1)
Equity
income, net		ContributionsDistributions
Distributions
in excess of
cumulative
earnings (2)
Acquisitions and DivestituresBalance at December 31, 2022
White Cliffs$40,753 $(19,883)$(1,086)$— $(32)$(3,657)$— $16,095 
Rendezvous22,075 — (2,582)— (677)(2,702)— 16,114 
Mont Belvieu JV96,728 — 29,475 — (29,599)(5,294)— 91,310 
TEG16,116 — 6,384 75 (6,407)(312)— 15,856 
TEP188,925 — 44,650 — (44,902)(3,986)— 184,687 
FRP196,632 — 45,841 455 (46,193)(4,019)— 192,716 
Whitethorn LLC149,690 — (3,417)281 5,223 (5,182)— 146,595 
Cactus II171,294 — 11,696 — (11,835)(18,085)(153,070)— 
Saddlehorn110,441 — 21,491 — (21,034)(6,707)— 104,191 
Panola20,044 — 2,343 — (2,212)(864)— 19,311 
Mi Vida51,763 — 11,316 — (11,113)(3,104)— 48,862 
Ranch Westex979 — 3,392 — (3,392)(8,376)7,397 — 
Red Bluff Express101,747 — 13,980 8,821 (13,980)(1,609)— 108,959 
Total$1,167,187 $(19,883)$183,483 $9,632 $(186,153)$(63,897)$(145,673)$944,696 
_________________________________________________________________________________________
(1)Recorded in Long-lived asset and other impairments in the consolidated statements of operations.
(2)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.
7. EQUITY INVESTMENTS

The investment balance in White Cliffs at December 31, 2022, is $23.9 million less than the Partnership’s underlying equity in White Cliffs’ net assets. During the year ended December 31, 2022, the Partnership recognized an impairment loss of $19.9 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 $16.1 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.
The investment balance in Rendezvous at December 31, 2022, includes $23.9 million for the purchase price allocated to the investment in Rendezvous in excess of the historic cost basis of Western Gas Resources, Inc. (“WGRI”), the entity that previously owned the interest in Rendezvous, which Anadarko acquired in August 2006. This excess balance is attributable to the difference between the fair value and book value of such gathering and treating facilities (at the time WGRI was acquired by Anadarko) and will be amortized to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of those facilities.
The investment balance in Whitethorn LLC at December 31, 2022, is $33.9 million less than the Partnership’s underlying equity in Whitethorn LLC’s net assets, primarily due to terms of the acquisition agreement which provided the Partnership a share of pre-acquisition operating cash flow. This difference will be accreted to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of Whitethorn.
The investment balance in Saddlehorn at December 31, 2022, was $17.7 million less than the Partnership’s underlying equity in Saddlehorn’s net assets, primarily due to income from an expansion project that was funded by Saddlehorn’s other owners being disproportionately allocated to the Partnership beginning in the second quarter of 2020. This difference will be accreted to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of the Saddlehorn pipeline.
In September 2022, the Partnership acquired the remaining 50% interest in Ranch Westex from a third party. Subsequent to the acquisition, the Partnership is the sole owner and operator of the asset and Ranch Westex is no longer accounted for under the equity method of accounting. See Note 3. During the years ended December 31, 2021 and 2020, the Partnership recognized impairment losses of $11.8 million and $29.4 million, respectively, that resulted from a decline in value below the carrying value, which was determined to be other than temporary in nature.
In November 2022, the Partnership sold its 15.00% interest in Cactus II to two third parties. See Note 3.
Management evaluates its equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of such investments may have experienced a decline in value that is other than temporary. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether the investment has been impaired. Management assesses the fair value of equity investments using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third-party comparable sales and discounted cash flow models. If the estimated fair value is less than the carrying value, the excess of the carrying value over the estimated fair value is recognized as an impairment loss in the consolidated statements of operations.
7. EQUITY INVESTMENTS

The following tables present the summarized combined financial information for equity investments (amounts represent 100% of investee financial information):
Year Ended December 31,
thousands202220212020
Revenues$1,922,733 $1,808,791 $1,635,132 
Operating income661,779 946,299 1,045,889 
Net income661,916 945,801 1,045,076 
December 31,
thousands20222021
Current assets$293,539 $398,696 
Property, plant, and equipment, net4,278,398 5,442,565 
Other assets52,163 182,323 
Total assets$4,624,100 $6,023,584 
Current liabilities$123,897 $157,099 
Non-current liabilities17,660 24,713 
Equity4,482,543 5,841,772 
Total liabilities and equity$4,624,100 $6,023,584