EQUITY METHOD INVESTMENTS

Our equity method investments consist of the following (in thousands):



	March 31, 2015		December 31, 2014
White Cliffs	$	279,753	$	269,635
NGL Energy Partners LP	135,808		162,246
Glass Mountain	145,902		146,039
Total equity method investments	$	561,463	$	577,920

Our earnings from equity method investments consist of the following (in thousands):



	Three Months Ended March 31,
	2015			2014
White Cliffs	$	19,090		$	11,080
NGL Energy Partners LP*	(305		)	3,591
Glass Mountain	1,774			291
Total earnings from equity method investments	$	20,559		$	14,962

* Excluding gain on issuance of common units of $8.1 million for the three months ended March 31, 2014.

Cash distributions received from equity method investments consist of the following (in thousands):



	Three Months Ended March 31,
	2015		2014
White Cliffs	$	24,154	$	13,585
NGL Energy Partners LP	5,015		5,341
Glass Mountain	1,911		—
Total cash distributions received from equity method investments	$	31,080	$	18,926

White Cliffs

Certain unaudited summarized income statement information of White Cliffs for the three months ended March 31, 2015 and 2014 is shown below (in thousands):



	Three Months Ended March 31,
	2015		2014
Revenue	$	54,614	$	33,274
Operating, general and administrative expenses	$	8,353	$	6,768
Depreciation and amortization expense	$	8,538	$	4,393
Net income	$	37,723	$	22,113

The equity in earnings of White Cliffs for the three months ended March 31, 2015 and 2014 is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. Such expenses are recorded by White Cliffs and are allocated to our ownership interest. White Cliffs recorded $0.3 million and $0.4 million of such general and administrative expense for the three months ended March 31, 2015 and 2014, respectively.

The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the three months ended March 31, 2015, we contributed $14.9 million to these projects, including a $6.6 million contribution for an expansion project adding approximately 65,000 barrels per day of capacity. Remaining contributions related to the expansion project will be paid in 2015 and are expected to total $30.1 million. The project is expected to be completed in late 2015.

NGL Energy Partners LP

At March 31, 2015, we owned 5,652,568 common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"), which represents approximately 6.4% of the total 88,545,764 limited partner units of NGL Energy outstanding at December 31, 2014, and an 11.78% interest in the general partner of NGL Energy.

At March 31, 2015, the fair market value of our 5,652,568 common unit investment in NGL Energy was $148.3 million, based on a March 31, 2015 closing price of $26.23 per common unit. This does not reflect our 11.78% interest in the general partner of NGL Energy. The fair value of our limited partner investment in NGL Energy is categorized as a Level 1 measurement, as it is based on quoted market prices.

Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2015 and 2014, relates to the earnings of NGL Energy for the three months ended December 31, 2014 and 2013, respectively.

In the first quarter of 2015, NGL announced several transactions in which they issued common units publicly and privately which diluted our limited partnership interest. As we record activity on a one-quarter lag, we expect to record a non-cash gain associated with these issuances in the second quarter of 2015.

In the first quarter of 2015, we sold 999,533 of our NGL Energy common units for $29.0 million, net of related costs of $0.4 million. We recorded a net gain of approximately $7.9 million in "other expense (income)" in our condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2015.

Subsequent to March 31, 2015, we sold an additional 1 million of our NGL Energy common units for $27.3 million, net of related costs of $0.1 million. We expect to record a net gain of approximately $6.6 million related to this sale.

Certain unaudited summarized income statement information of NGL Energy for the three months ended December 31, 2014 and 2013 is shown below (in thousands):



	Three Months Ended December 31,
	2014			2013
Revenue	$	4,552,146		$	2,743,445
Cost of sales	$	4,311,668		$	2,576,029
Operating, general and administrative expenses	$	172,064		$	90,753
Depreciation and amortization expense	$	50,335		$	35,494
Net income (loss)	$	(5,269	)	$	24,052

Glass Mountain

Certain unaudited summarized income statement information of Glass Mountain for the three months ended March 31, 2015 is shown below (in thousands):



	Three Months Ended March 31,
	2015		2014
Revenue	$	11,121	$	3,853
Cost of sales	$	1,982	$	—
Operating, general and administrative expenses	$	1,438	$	850
Depreciation and amortization expense	$	4,044	$	2,348
Net income	$	3,655	$	653

The equity in earnings of Glass Mountain for the three months ended March 31, 2015 reported in our condensed consolidated statement of operations and comprehensive income is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period.