EQUITY METHOD INVESTMENTS

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



	June 30, 2015		December 31, 2014
White Cliffs	$	281,627	$	269,635
NGL Energy Partners LP	122,773		162,246
Glass Mountain	144,431		146,039
Total equity method investments	$	548,831	$	577,920

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
White Cliffs	$	15,545	$	12,291	$	34,635	$	23,371
NGL Energy Partners LP*	6,220		4,968		5,915		8,559
Glass Mountain	2,138		1,928		3,912		2,219
Total earnings from equity method investments	$	23,903	$	19,187	$	44,462	$	34,149

* Excluding gain on issuance of common units of $5.9 million for the three months and six months ended June 30, 2015 and $8.1 million for the six months ended June 30, 2014.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
White Cliffs	$	20,551	$	14,467	$	44,705	$	28,052
NGL Energy Partners LP	4,468		5,671		9,483		11,012
Glass Mountain	5,009		2,937		6,920		2,937
Total cash distributions received from equity method investments	$	30,028	$	23,075	$	61,108	$	42,001

White Cliffs

Certain unaudited summarized income statement information of White Cliffs for the three months and six months ended June 30, 2015 and 2014 is shown below (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenue	$	48,509	$	34,533	$	103,123	$	67,807
Operating, general and administrative expenses	$	9,045	$	5,539	$	17,398	$	12,307
Depreciation and amortization expense	$	8,587	$	4,537	$	17,125	$	8,930
Net income	$	30,870	$	24,457	$	68,593	$	46,570

The equity in earnings of White Cliffs for the three months and six months ended June 30, 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 $0.4 million and $0.4 million of such general and administrative expense for the three months ended June 30, 2015 and 2014, respectively. White Cliffs recorded $0.7 million and $0.8 million of such general and administrative expense for the six months ended June 30, 2015 and 2014, respectively.

The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the six months ended June 30, 2015, we contributed $21.4 million to these projects, including $13.1 million of contributions 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 $23.6 million. The project is expected to be completed in late 2015.

NGL Energy Partners LP

At June 30, 2015, we owned 4,652,568 common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"), which represents approximately 4.5% of the total 103,794,870 limited partner units of NGL Energy outstanding at March 31, 2015, and an 11.78% interest in the general partner of NGL Energy.

At June 30, 2015, the fair market value of our 4,652,568 common unit investment in NGL Energy was $141.1 million, based on a June 30, 2015 closing price of $30.33 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 and six months ended June 30, 2015 and 2014, relates to the earnings of NGL Energy for the three months and six months ended March 31, 2015 and 2014, 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 recognized a non-cash gain of $5.9 million associated with these issuances in the second quarter of 2015.

During the six months ended June 30, 2015, we sold 1,999,533 of our NGL Energy common units for $56.3 million, net of related costs of $0.5 million. We recorded net gains related to these sales of $6.6 million and $14.5 million in "other expense (income)" in our condensed consolidated statement of operations and comprehensive income for the three months and six months ended June 30, 2015, respectively.

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



	Three Months Ended March 31,				Six Months Ended March 31,
	2015		2014		2015		2014
Revenue	$	3,220,771	$	3,975,935	$	7,772,917	$	6,719,380
Cost of sales	$	2,933,021	$	3,764,744	$	7,244,689	$	6,340,773
Operating, general and administrative expenses	$	151,793	$	110,923	$	323,857	$	201,676
Depreciation and amortization expense	$	54,140	$	37,475	$	104,475	$	72,969
Net income	$	90,942	$	43,146	$	85,673	$	67,198

Glass Mountain

Certain unaudited summarized income statement information of Glass Mountain for the three months and six months ended June 30, 2015 is shown below (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenue	$	9,788	$	8,891	$	20,909	$	12,744
Cost of sales	$	—	$	—	$	1,982	$	—
Operating, general and administrative expenses	$	1,473	$	1,158	$	2,911	$	2,008
Depreciation and amortization expense	$	3,932	$	3,770	$	7,976	$	6,118
Net income	$	4,381	$	3,962	$	8,036	$	4,615

The equity in earnings of Glass Mountain for the three months and six months ended June 30, 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.

For the six months ended June 30, 2015, we contributed $1.4 million to Glass Mountain related to capital projects.