Equity Investments

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024:

thousands	Balance at December 31, 2023		Equity income, net		Distributions		Distributions in excess of cumulative earnings (1)		Acquisitions and Divestitures (2)		Balance at March 31, 2024
White Cliffs	$	13,248	$	1,285	$	(1,285)	$	(843)	$	—	$	12,405
Rendezvous	10,815		(578)		(237)		(464)		—		9,536
Mont Belvieu JV	88,556		51		(442)		(6,047)		(82,118)		—
TEG	15,185		169		(175)		(200)		—		14,979
TEP	172,559		7,218		(7,281)		(635)		—		171,861
FRP	186,551		11,727		(11,770)		(1,803)		—		184,705
Whitethorn LLC	144,799		1,185		3,326		(4,924)		(144,386)		—
Saddlehorn	101,760		4,200		(4,124)		(3,096)		(98,740)		—
Panola	18,716		74		(74)		(1,021)		(17,695)		—
Mi Vida	45,424		2,068		(2,050)		—		—		45,442
Red Bluff Express	106,922		5,420		(5,192)		—		—		107,150
Total	$	904,535	$	32,819	$	(29,304)	$	(19,033)	$	(342,939)	$	546,078

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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.

(2)See Note 3.

During the first quarter of 2024, the Partnership closed on the sale of the following equity investments to third parties: (i) the 25.00% interest in Mont Belvieu JV, (ii) the 20.00% interest in Whitethorn LLC, (iii) the 15.00% interest in Panola, and (iv) the 20.00% interest in Saddlehorn. See Note 3.