Equity Investments

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024:

thousands	Balance at December 31, 2023		Equity income, net		Distributions		Distributions in excess of cumulative earnings (1)		Acquisitions and Divestitures (2)		Balance at September 30, 2024
White Cliffs	$	13,248	$	3,256	$	(3,256)	$	(2,558)	$	—	$	10,690
Rendezvous	10,815		(1,682)		(1,021)		(1,240)		—		6,872
Mont Belvieu JV	88,556		51		(442)		(6,047)		(82,118)		—
TEG	15,185		622		(639)		(461)		—		14,707
TEP	172,559		19,900		(20,089)		(2,093)		—		170,277
FRP	186,551		35,823		(34,996)		(4,741)		—		182,637
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		6,862		(7,840)		—		—		44,446
Red Bluff Express	106,922		13,936		(13,936)		(1,379)		—		105,543
Total	$	904,535	$	84,227	$	(83,091)	$	(27,560)	$	(342,939)	$	535,172

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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.