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Equity Investments
 12 Months Ended
Dec. 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:
thousandsBalance at December 31, 2022Equity
income, net		ContributionsDistributions
Distributions
in excess of
cumulative
earnings (1)
Balance at December 31, 2023
White Cliffs$16,095 $2,094 $— $(1,720)$(3,221)$13,248 
Rendezvous16,114 (2,621)— (638)(2,040)10,815 
Mont Belvieu JV91,310 23,476 — (23,128)(3,102)88,556 
TEG15,856 3,504 700 (3,527)(1,348)15,185 
TEP184,687 35,578 — (35,829)(11,877)172,559 
FRP192,716 47,829 — (48,003)(5,991)186,551 
Whitethorn LLC146,595 (6,870)132 6,398 (1,456)144,799 
Saddlehorn104,191 24,003 — (23,545)(2,889)101,760 
Panola19,311 2,507 — (2,638)(464)18,716 
Mi Vida48,862 9,135 — (8,215)(4,358)45,424 
Red Bluff Express108,959 14,324 321 (14,324)(2,358)106,922 
Total$944,696 $152,959 $1,153 $(155,169)$(39,104)$904,535 
_________________________________________________________________________________________
(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.
thousandsBalance at December 31, 2023Equity
income, net		ContributionsDistributions
Distributions
in excess of
cumulative
earnings (1)
Acquisitions and Divestitures (2)
Balance at December 31, 2024
White Cliffs$13,248 $3,916 $— $(3,916)$(3,446)$— $9,802 
Rendezvous10,815 (2,274)— (985)(1,917)— 5,639 
Mont Belvieu JV88,556 51 — (442)(6,047)(82,118)— 
TEG15,185 832 — (855)(666)— 14,496 
TEP172,559 27,585 — (27,837)(2,247)— 170,060 
FRP186,551 48,726 — (46,948)(4,741)— 183,588 
Whitethorn LLC144,799 1,185 — 3,326 (4,924)(144,386)— 
Saddlehorn101,760 4,200 — (4,124)(3,096)(98,740)— 
Panola18,716 74 — (74)(1,021)(17,695)— 
Mi Vida45,424 9,126 — (10,566)(1,219)— 42,765 
Red Bluff Express106,922 18,964 9,690 (18,965)(1,526)— 115,085 
Total$904,535 $112,385 $9,690 $(111,386)$(30,850)$(342,939)$541,435 
_________________________________________________________________________________________
(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.
7. EQUITY INVESTMENTS

The investment balance in White Cliffs at December 31, 2024, 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, 2024, includes $17.4 million for the purchase price allocated to the investment in Rendezvous in excess of the historical 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.
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.
The following tables present the summarized combined financial information for equity investments (amounts represent 100% of investee financial information):
Year Ended December 31,
thousands202420232022
Revenues$699,011 $1,572,120 $1,922,733 
Operating income439,052 619,597 661,779 
Net income441,752 623,593 661,916 
December 31,
thousands20242023
Current assets$176,058 $302,675 
Property, plant, and equipment, net2,186,172 4,114,540 
Other assets2,349 50,693 
Total assets$2,364,579 $4,467,908 
Current liabilities$75,130 $130,028 
Non-current liabilities7,943 17,920 
Equity2,281,506 4,319,960 
Total liabilities and equity$2,364,579 $4,467,908