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Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Affiliates

Equity method investments comprise the following as of the dates indicated:


	June 30, 2020				December 31, 2019
	Ownership	Investment Amount		Ownership	Investment Amount
Mattox ⁽¹⁾	79.0%	$	171	—	$	—
Amberjack – Series A / Series B	75.0% / 50.0%	414		75.0% / 50.0%	426
Mars	71.5%	153		71.5%	161
Bengal	50.0%	88		50.0%	88
Permian Basin	50.0%	89		50.0%	91
LOCAP	41.48%	10		41.48%	9
Explorer	38.59%	84		38.59%	88
Poseidon	36.0%	—		36.0%	—
Colonial	16.125%	28		16.125%	30
Proteus	10.0%	14		10.0%	15
Endymion	10.0%	18		10.0%	18
		$	1,069		$	926

⁽¹⁾ Mattox was acquired as part of the April 2020 Transaction. This interest has been accounted for on a prospective basis. See below for additional information.

Schedule of Equity Investments in Affiliates Balance Affected

Earnings from our equity method investments were as follows during the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30, 2020
	2020		2019		2020		2019
Mattox⁽¹⁾	$	15	$	—	$	15	$	—
Amberjack	29		31		58		63
Mars	28		29		59		58
Bengal	4		5		9		10
Explorer ⁽²⁾	10		7		24		7
Colonial ⁽²⁾	18		4		45		4
Other⁽³⁾	5		4		11		8
	$	109	$	80	$	221	$	150

⁽¹⁾We acquired an interest in Mattox on April 1, 2020. The acquisition of this interest has been accounted for prospectively.

⁽²⁾We acquired additional interests in Explorer and Colonial in June 2019. The acquisition of these interests has been accounted for prospectively. Prior to the acquisition date, Explorer and Colonial were accounted for as Other investments without readily determinable fair values and were therefore carried at cost.

(3) Included in Other is the activity associated with our investments in Permian Basin, LOCAP, Proteus and Endymion.

Equity Method Investments

The following tables present aggregated selected unaudited income statement data for our equity method investments on a 100% basis. However, during periods in which an acquisition occurs, the selected unaudited income statement data reflects activity from the date of the acquisition.


	Three Months Ended June 30, 2020
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Mattox⁽¹⁾	$	22	$	3	$	19	$	19
Amberjack	74		17		57		56
Mars	61		21		40		40
Bengal	15		8		7		7
Explorer	80		43		37		28
Colonial	348		166		182		116
Poseidon	30		8		22		20
Other ⁽²⁾	57		29		28		23

⁽¹⁾ Our interest in Mattox was acquired on April 1, 2020.

⁽²⁾ Included in Other is the activity associated with our investments in Permian Basin, LOCAP, Proteus and Endymion.


	Six Months Ended June 30, 2020
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Mattox⁽¹⁾	$	22	$	3	$	19	$	19
Amberjack	150		36		114		113
Mars	133		49		84		84
Bengal	32		15		17		17
Explorer	176		90		86		66
Colonial	749		329		420		285
Poseidon	63		17		46		42
Other ⁽²⁾	114		56		58		48

⁽¹⁾ Our interest in Mattox was acquired on April 1, 2020. Mattox’s total revenues, total operating expenses and operating income (on a 100% basis) for the six months ended June 30, 2020 were $40 million, $6 million and $34 million, respectively.

⁽²⁾ Included in Other is the activity associated with our investments in Permian Basin, LOCAP, Proteus and Endymion.


	Three Months Ended June 30, 2019
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Amberjack	$	74	$	17	$	57	$	58
Mars	67		26		41		42
Bengal	19		9		10		10
Explorer ⁽¹⁾	37		13		24		18
Colonial ⁽²⁾	88		44		44		27
Poseidon	34		8		26		23
Other⁽³⁾	56		37		19		17

⁽¹⁾ Our additional interest in Explorer was acquired on June 6, 2019. Explorer’s total revenues, total operating expenses and operating income (on a 100% basis) for the three months ended June 30, 2019 were $133 million, $48 million and $85 million, respectively.

⁽²⁾ Our additional interest in Colonial was acquired on June 6, 2019. Colonial’s total revenues, total operating expenses and operating income (on a 100% basis) for the three months ended June 30, 2019 were $325 million, $164 million and $161 million, respectively.

⁽³⁾ Included in Other is the activity associated with our investments in Permian Basin, LOCAP, Proteus and Endymion.


	Six Months Ended June 30, 2019
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Amberjack	$	155	$	36	$	119	$	120
Mars	130		48		82		83
Bengal	37		16		21		21
Explorer ⁽¹⁾	37		13		24		18
Colonial ⁽²⁾	88		44		44		27
Poseidon	65		17		48		43
Other⁽³⁾	86		55		31		26

⁽¹⁾ Our additional interest in Explorer was acquired on June 6, 2019. Explorer’s total revenues, total operating expenses and operating income (on a 100% basis) for the six months ended June 30, 2019 were $222 million, $94 million and $128 million, respectively.

⁽²⁾ Our additional interest in Colonial was acquired on June 6, 2019. Colonial’s total revenues, total operating expenses and operating income (on a 100% basis) for the six months ended June 30, 2019 were $696 million, $330 million and $366 million, respectively.

(3) Included in Other is the activity associated with our investments in Permian Basin, LOCAP, Proteus and Endymion.