Investments

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments

Note 7. Investments

We have ownership interests in the following:

• 3.33% interest in White Cliffs;

• 50% interest in the Advantage Joint Venture;

• 50% interest in the Delaware Crossing Joint Venture;

• 15% interest in EPIC Y-Grade; and

• 30% interest in EPIC Crude.

Delaware Crossing Joint Venture On February 7, 2019, we executed definitive agreements with Salt Creek Midstream LLC (Salt Creek) and completed the formation of the Delaware Crossing Joint Venture to construct a crude oil pipeline system with a capacity of 160 MBbl/d in the Delaware Basin. During the first quarter of 2019, we have made capital contributions of approximately $38.3 million.

EPIC Y-Grade On January 31, 2019, we exercised and closed our option with EPIC Midstream Holdings, LP (EPIC) to acquire an interest in EPIC Y-Grade. EPIC Y-Grade will construct an approximately 700-mile pipeline linking natural gas liquid (NGL) reserves in the Permian Basin and Eagle Ford Shale to Gulf Coast refiners, petrochemical companies, and export markets. During the first quarter of 2019, we have made capital contributions of approximately $123.2 million.

EPIC Crude On January 31, 2019, we exercised our option to acquire an interest in EPIC Crude. On March 8, 2019, we closed our option with EPIC to acquire the interest in EPIC Crude. EPIC Crude will construct an approximately 700-mile pipeline with a capacity of 590 MBbl/d from the Delaware Basin to the Gulf Coast. During the first quarter of 2019, we have made capital contributions of approximately $103.7 million.

The following table presents our investments at the dates indicated:

(in thousands)	March 31, 2019		December 31, 2018
White Cliffs	$	9,698	$	9,373
Advantage Joint Venture	73,326		72,944
Delaware Crossing Joint Venture	37,086		—
EPIC Y-Grade	123,184		—
EPIC Crude	103,704		—
Total Investments	$	346,998	$	82,317

The following table presents our investment income for the periods indicated:

	Three Months Ended March 31,
(in thousands)	2019			2018
White Cliffs	$	1,048		$	831
Advantage Joint Venture	2,241			1,862
Delaware Crossing Joint Venture	(1,183		)	—
EPIC Y-Grade	(30		)	—
EPIC Crude	—			—
Other (1)	265			175
Total Investment Income	$	2,341		$	2,868

⁽¹⁾ 

Represents income associated with our fee for serving as the operator of the Advantage Joint Venture and Delaware Crossing Joint Venture.