XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
Investment in Unconsolidated Affiliates
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Affiliates
(9) Investment in Unconsolidated Affiliates

On May 16, 2022, we formed a joint venture with WhiteWater Midstream, LLC, Devon Energy Corporation, and MPLX LP (the “Matterhorn JV”) to construct a pipeline designed to transport up to 2.5 Bcf/d of natural gas through approximately 490 miles of 42-inch pipeline from the Waha Hub in West Texas to Katy, Texas (the “Matterhorn Express Pipeline”).

As of June 30, 2022, our unconsolidated investments consisted of a 38.75% ownership in GCF, a 30% ownership in the Cedar Cove JV, and a 15% ownership in the Matterhorn JV. The following table shows the activity related to our investment in unconsolidated affiliates for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
GCF
Contributions$0.5 $— $0.5 $— 
Distributions$— $— $— $(3.5)
Equity in loss$(0.9)$(0.7)$(1.6)$(6.4)
Cedar Cove JV
Distributions$(0.2)$(0.1)$(0.4)$(0.2)
Equity in loss$(0.3)$(0.6)$(0.7)$(1.2)
Matterhorn JV
Contributions$26.1 $— $26.1 $— 
Total
Contributions$26.6 $— $26.6 $— 
Distributions$(0.2)$(0.1)$(0.4)$(3.7)
Equity in loss $(1.2)$(1.3)$(2.3)$(7.6)

The following table shows the balances related to our investment in unconsolidated affiliates as of June 30, 2022 and December 31, 2021 (in millions):
June 30, 2022December 31, 2021
GCF$26.9 $28.0 
Cedar Cove JV (1)(2.9)(1.8)
Matterhorn JV26.1 — 
Total investment in unconsolidated affiliates$50.1 $26.2 
____________________________
(1)As of June 30, 2022 and December 31, 2021, our investment in the Cedar Cove JV is classified as “Other long-term liabilities” on the consolidated balance sheets.