Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Our investments in unconsolidated entities consisted of the following (in millions, except percentage data):


		Ownership Interest at March 31, 2020	Investment Balance
Entity ⁽¹⁾	Type of Operation				March 31, 2020			December 31, 2019
BridgeTex Pipeline Company, LLC	Crude Oil Pipeline	20%	$	427		$	431
Cactus II Pipeline LLC	Crude Oil Pipeline	65%	767			738
Capline Pipeline Company LLC	Crude Oil Pipeline ⁽²⁾	54%	499			484
Diamond Pipeline LLC	Crude Oil Pipeline	50%	477			476
Eagle Ford Pipeline LLC	Crude Oil Pipeline	50%	391			382
Eagle Ford Terminals Corpus Christi LLC (“Eagle Ford Terminals”)	Crude Oil Terminal and Dock	50%	128			126
Red Oak Pipeline LLC (“Red Oak”)	Crude Oil Pipeline ^{(3) (4)}	50%	54			20
Saddlehorn Pipeline Company, LLC (“Saddlehorn”)	Crude Oil Pipeline	30%	181			234
STACK Pipeline LLC	Crude Oil Pipeline	50%	116			117
White Cliffs Pipeline, LLC	Crude Oil Pipeline	36%	193			196
Wink to Webster Pipeline LLC	Crude Oil Pipeline ⁽³⁾	16%	182			136
Other investments			299			343
Total investments in unconsolidated entities			$	3,714		$	3,683

⁽¹⁾Except for Eagle Ford Terminals, which is reported in our Facilities segment, the financial results from the entities are reported in our Transportation segment.

⁽²⁾The Capline pipeline was taken out of service pending the reversal of the pipeline system.

⁽³⁾Asset is currently under construction and has not yet been placed in service.

⁽⁴⁾In March 2020, the partners announced they were deferring the Red Oak pipeline project and suspending actions that would require additional capital spending on the project, and that they would re-evaluate demand for the project in light of recent market developments.

Impairments

During the three months ended March 31, 2020, we recognized a loss of $43 million related to the write-down of certain of our investments included in “Other investments” in the table above due to an other-than-temporary impairment related to a decline in market conditions. This loss is reflected in “Gain on/(impairment of) investments in unconsolidated entities, net” on our Condensed Consolidated Statement of Operations.

Divestitures

Saddlehorn. In February 2020, we sold a 10% ownership interest in Saddlehorn for proceeds of approximately $78 million, including working capital adjustments, and have retained a 30% interest. We recorded a gain of approximately $21 million related to this sale, which is included in “Gain on/(impairment of) investments in unconsolidated entities” on our Condensed Consolidated Statement of Operations. We continue to account for our remaining interest under the equity method of accounting.