For each of the following investments, we have the ability to exercise significant influence over these investments based on certain governance provisions and our participation in the significant activities and decisions that impact the management and economic performance of the investments.


	December 31,
	2020			2019
	Ownership	Amount		Ownership	Amount
Mattox (1)	79%	$	163	—	$	—
Amberjack – Series A / Series B	75.0% / 50.0%	382		75.0% / 50.0%	426
Mars	71.5%	152		71.5%	161
Bengal	50.0%	88		50.0%	88
Permian Basin	50.0%	83		50.0%	91
LOCAP	41.48%	12		41.48%	9
Explorer (2)	38.59%	73		38.59%	88
Poseidon	36.0%	—		36.0%	—
Colonial (2)	16.125%	29		16.125%	30
Proteus	10.0%	14		10.0%	15
Endymion	10.0%	17		10.0%	18
		$	1,013		$	926

We acquired a 79% interest in Mattox from SGOM in the April 2020 Transaction. This investment qualifies for equity method accounting, as we exercise significant influence but do not control this investment. Upon acquisition, we recorded SGOM’s historical carrying value of the equity interests transferred as a transaction between entities under common control, totaling $174 million. We recognize equity earnings for Mattox prospectively from the date of acquisition, and record the distributions from Mattox as a reduction to the equity method investment balance.

We acquired an additional 25.97% interest in Explorer and an additional 10.125% interest in Colonial in the June 2019 Acquisition. As a result, these investments now qualify for equity method accounting as we have the ability to exercise significant influence over these investments as of the acquisition date. 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. Upon acquisition, we added our Parent’s historical carrying value of the equity interests transferred as a transaction between entities under common control, totaling $90 million, to the basis of our previously held interests of $60 million as this is the date these investments qualified for equity method accounting. Since the June 2019 Acquisition, we record distributions from these investments as reductions to the respective equity method investment balances for Explorer and Colonial as these amounts are no longer considered dividend income due to the change in the method of accounting. We recognize equity earnings for both Explorer and Colonial prospectively from the date of acquisition.

Unamortized differences in the basis of the initial investments and our interest in the separate net assets within the financial statements of the investees are amortized into net income over the remaining useful lives of the underlying assets. As of December 31, 2020 and 2019, the unamortized basis differences included in our equity method investments are $84 million and $92 million, respectively. For the years ended 2020, 2019 and 2018, the net amortization expense was $8 million, $6 million and $4 million, respectively, which is included in Income from equity method investments.

During the first quarter of 2018, the investment amount for Poseidon was reduced to zero due to distributions received that were in excess of our investment balance and we, therefore, suspended the equity method of accounting. As we have no commitments to provide further financial support to Poseidon, we have recorded excess distributions of $37 million, $33 million and $24 million in Other income for the years ended December 31, 2020, 2019 and 2018, respectively. Once our cumulative share of equity earnings becomes greater than the cumulative amount of distributions received, we will resume the equity method of accounting as long as the equity method investment balance remains greater than zero.


	For the Year Ended December 31,
	2020		2019		2018
Mattox (1)	$	45	$	—	$	—
Amberjack (2)	102		125		80
Mars	114		126		108
Bengal	18		24		21
Explorer (3)	44		41		—
Colonial (3)	75		40		—
Poseidon (4)	—		—		6
Other (5)	19		17		20
	$	417	$	373	$	235

The adoption of the revenue standard for the majority of our equity method investments followed the non-public business entity adoption date of January 1, 2019 for their stand-alone financial statements, with the exception of Mars and Permian Basin, which both adopted on January 1, 2018. As a result of adopting the revenue standard January 1, 2019 and 2018 by Amberjack and Mars, respectively, we recognized our proportionate share of each investment’s cumulative effect transition adjustment increasing the opening deficit in the amounts of $9 million and $7 million, respectively. The Amberjack adjustment is related to its dedication and transportation agreements, which contain tiered pricing arrangements resulting in a deferral of revenue. The Mars adjustment related to its transportation and dedication agreement and method of recognition as a stand-ready obligation, which resulted in a deferral of the recognition of revenue over the life of the contract, whereas under previous GAAP revenue was recognized upon physical delivery. The adoption of the revenue standard by our other equity method investments was not material.

Under the lease standard, the adoption date for our equity method investments will follow the non-public business entity adoption date of January 1, 2020 for their stand-alone financial statements, with the exception of Permian Basin, which adopted on January 1, 2019. There has been no material impact on the Partnership’s consolidated financial statements as a result of the adoption of the lease standard by our equity method investees.

On October 23, 2019, we entered into a Settlement Agreement with SPLC (the “Settlement Agreement”) with respect to the storage revenue reimbursement provision contained in the Purchase and Sale Agreement entered into in 2016 under which we acquired an additional 20% interest in Mars. As a result of the Settlement Agreement, we received approximately $9 million during the fourth quarter of 2019 from SPLC that was recognized as an additional capital contribution. Pursuant to the Purchase and Sale Agreement, SPLC agreed to pay us up to $10 million if Mars inventory management fees do not meet certain levels for the calendar years 2017 through 2021.

Based on our updated forecast and expectations of market conditions, we determined that there was a triggering event as of December 7, 2020 for our Permian Basin equity method investment that required us to update our impairment evaluation. The updated forecast had reductions in forecasted volumes gathered and processed by Permian Basin. Based on our evaluation, we determined that the fair value of our investment in Permian Basin was in excess of the carrying value as of December 7, 2020, and, therefore, there was no other-than-temporary impairment. However, if the facts and circumstances change in the near-term for Permian Basin and indicate a loss in value that is other-than-temporary, we will re-evaluate whether the carrying amount of this equity method investment may not be recoverable.

The fair value of the Permian Basin investment was determined based upon applying both the discounted cash flow method, which is an income approach, and a market approach. The discounted cash flow fair value estimate is based on known and knowable information at the measurement date. The significant assumptions that were used to develop the estimate of fair value

under the discounted cash flow method include management's best estimates of the expected future cash flows, including prices and volumes, the weighted average cost of capital and the long-term growth rate. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, we cannot provide assurance that actual amounts will not vary significantly from estimated amounts.

Due to the continuing effects of the COVID-19 pandemic, we also evaluated whether an impairment indicator existed as of December 31, 2020 for our other equity method investments. Based on our current forecast and expectations of market conditions, we determined that there was no triggering event that required us to update our impairment evaluation of these equity method investments. However, if the facts and circumstances change in the near-term and indicate a loss in value that is other-than-temporary, we will re-evaluate whether the carrying amount of our equity method investments may not be recoverable.

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


	For the Year Ended December 31, 2020
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Mattox (1)	$	66	$	9	$	57	$	57
Amberjack	280		78		202		201
Mars	259		97		162		163
Bengal	65		30		35		35
Explorer	329		175		154		119
Colonial	1,395		660		735		473
Poseidon	147		36		111		105
Other (2)	220		123		97		88


	As of December 31, 2020
	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Equity (deficit)		Total liabilities and equity (deficit)
Balance Sheets
Mattox (1)	$	13	$	204	$	217	$	—	$	12	$	205	$	217
Amberjack	44		836		880		10		124		746		880
Mars	47		269		316		23		103		190		316
Bengal	33		161		194		7		—		187		194
Explorer	74		537		611		49		459		103		611
Colonial	501		3,105		3,606		245		3,508		(147)		3,606
Poseidon	31		176		207		10		238		(41)		207
Other (2)	35		920		955		56		486		413		955


	For the Year Ended December 31, 2019
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Amberjack	$	315	$	73	$	242	$	243
Mars	282		104		178		179
Bengal	77		30		47		47
Explorer (1)	258		115		143		111
Colonial (2)	829		449		380		255
Poseidon	132		35		97		87
Other (3)	190		108		82		73


	As of December 31, 2019
	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Equity (deficit)		Total liabilities and equity (deficit)
Balance Sheets
Amberjack	$	56	$	804	$	860	$	4	$	32	$	824	$	860
Mars	57		173		230		8		22		200		230
Bengal	35		157		192		6		—		186		192
Explorer (1)	93		530		623		44		442		137		623
Colonial (2)	323		2,920		3,243		519		2,873		(149)		3,243
Poseidon	30		190		220		16		246		(42)		220
Other (3)	60		917		977		73		469		435		977


	For the Year Ended December 31, 2018
	Total revenues		Total operating expenses		Operating income		Net income
Statements of Income
Amberjack (1)	$	204	$	47	$	157	$	157
Mars	241		87		154		154
Bengal	69		28		41		41
Poseidon	116		35		81		73
Other (2)	152		67		85		76


	As of December 31, 2018
	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Equity (deficit)		Total liabilities and equity (deficit)
Balance Sheets
Amberjack (1)	$	46	$	846	$	892	$	4	$	4	$	884	$	892
Mars	53		178		231		5		18		208		231
Bengal	27		156		183		9		—		174		183
Poseidon	19		203		222		16		243		(37)		222
Other (2)	50		876		926		65		456		405		926