Equity Investment

6 Months Ended

Jun. 30, 2012

Equity Investment [Abstract]

Equity Investment

Note 6—Equity Investment

The Company believes that its 26.5% voting interest in CEP at June 30, 2012, along with the right to appoint two directors to CEP’s Board provide it the ability to exercise significant influence over the operating and financial policies of CEP. Rather than accounting for the investment under the equity method, the Company elected the fair value option to account for its interest in CEP. The fair value option was chosen as the Company determined that the market price of CEP’s publicly traded interests provided a more accurate fair value measure of the Company’s investment in CEP. The Company has not elected the fair value option for any of its other assets and liabilities. As a result of the decrease in the market price of CEP’s traded interests, the Company recorded losses of $6.6 million and $2.5 million for the three months and six months ended June 30, 2012, respectively. The losses were recorded as a component of other income (expense) in the condensed consolidated statement of operations.

The following table presents summarized financial information of CEP (in thousands):

	Three Months Ended June 30, 2012			Six Months Ended June 30, 2012
Revenues	$	11,812		$	35,372
Gross profit (loss) (1)		(3,569	)		3,838
Net income (loss) from continuing operations		(5,010	)		875
Net income (loss)		(5,010	)		875

(1) Equals revenues less operating expenses