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EQUITY METHOD INVESTMENTS
6 Months Ended
Jun. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENTS

8. EQUITY METHOD INVESTMENTS

Ohio Gathering owns, operates and is currently developing midstream infrastructure consisting of a liquids-rich natural gas gathering system, a dry natural gas gathering system and a condensate stabilization facility in the Utica Shale in southeastern Ohio. Ohio Gathering provides gathering services pursuant to primarily long-term, fee-based gathering agreements, which include acreage dedications.

A reconciliation of our 40% ownership interest in Ohio Gathering to our investment per Ohio Gathering's books and records follows (in thousands).

Investment in equity method investees, June 30, 2018

 

$

670,827

 

June cash distributions

 

 

2,580

 

Basis difference

 

 

(123,508

)

Investment in equity method investees, net of basis difference,

    May 31, 2018

 

$

549,899

 

 

For the three and six months ended June 30, 2018, there were no contributions to Ohio Gathering.

Summarized statements of operations information for OGC and OCC follow (amounts represent 100% of investee financial information). Results include gross asset impairments of $12.3 million for the three and six months ending June 30, 2018 and $8.7 million for the three and six months ending June 30, 2017.

 

 

Three months ended

May 31, 2018

 

 

Three months ended

May 31, 2017

 

 

 

OGC

 

 

OCC

 

 

OGC

 

 

OCC

 

 

 

(In thousands)

 

Total revenues

 

$

34,123

 

 

$

2,070

 

 

$

31,083

 

 

$

2,004

 

Total operating expenses

 

 

35,518

 

 

 

1,958

 

 

 

33,221

 

 

 

1,836

 

Net (loss) income

 

 

(1,396

)

 

 

(59

)

 

 

(139

)

 

 

23

 

 

 

 

Six months ended

May 31, 2018

 

 

Six months ended

May 31, 2017

 

 

 

OGC

 

 

OCC

 

 

OGC

 

 

OCC

 

 

 

(In thousands)

 

Total revenues

 

$

69,083

 

 

$

4,559

 

 

$

68,158

 

 

$

4,057

 

Total operating expenses

 

 

62,293

 

 

 

4,099

 

 

 

60,326

 

 

 

4,309

 

Net income (loss)

 

 

6,784

 

 

 

121

 

 

 

7,834

 

 

 

(1,192

)