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Investments
 12 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investments
Note 6. Investments
We have ownership interests in the following entities:
•
3.33% interest in White Cliffs;
•
50% interest in Advantage;
•
50% interest in Delaware Crossing;
•
15% interest in EPIC Y-Grade; and
•
30% interest in EPIC Crude.
Advantage On April 3, 2017, we acquired the interest in Advantage for $66.8 million. Advantage owns a crude oil pipeline system in the Southern Delaware Basin.
Delaware Crossing On February 7, 2019, we executed definitive agreements with Salt Creek and completed the formation of Delaware Crossing, which is constructing a crude oil pipeline system in the Delaware Basin. During 2019, we made capital contributions of $70.3 million.
EPIC Y-Grade On January 31, 2019, we exercised and closed our option with E    PIC Midstream Holdings, LP (“EPIC”) to acquire an interest in EPIC Y-Grade, which owns the EPIC Y-Grade pipeline from the Delaware Basin to Corpus Christi, Texas. During 2019, we made capital contributions of $169.1 million.
EPIC Crude On January 31, 2019, we exercised our option with EPIC to acquire an interest in EPIC Crude Holdings, which is constructing the EPIC crude oil pipeline from the Delaware Basin to Corpus Christi, Texas. On March 8, 2019, we closed our option with EPIC to acquire the interest in EPIC Crude. During 2019, we made capital contributions of $351.2 million.
The following table presents our investments at the dates indicated:
(in thousands)
December 31, 2019
 
December 31, 2018
White Cliffs
$
10,268

 
$
9,373

Advantage
76,834

 
72,944

Delaware Crossing
68,707

 
—

EPIC Y-Grade
165,853

 
—

EPIC Crude
339,116

 
—

Total Investments (1)
$
660,778

 
$
82,317

(1) 
We have capitalized $27.9 million in expenses that are included in the basis of the investments. The capitalized items include acquisition related expense and capitalized interest. As of December 31, 2019, $27.7 million remains unamortized.
The following table presents our investment loss (income) for the periods indicated:
 
Year Ended December 31,
(in thousands)
2019
 
2018
 
2017
White Cliffs
$
(3,107
)
 
$
(3,687
)
 
$
(4,088
)
Advantage
(8,159
)
 
(11,880
)
 
(1,779
)
Delaware Crossing
3,061

 
—

 
—

EPIC Y-Grade
8,381

 
—

 
—

EPIC Crude
19,152

 
—

 
—

Other (1)
(1,580
)
 
(722
)
 
(467
)
Total Investment Loss (Income)
$
17,748

 
$
(16,289
)
 
$
(6,334
)

(1) 
Represents our fee for serving as the operator of Advantage and Delaware Crossing.
Summarized, 100% combined balance sheet information for equity method investments was as follows:
(in thousands)
December 31, 2019
 
December 31, 2018
Current Assets
$
304,057

 
$
10,451

Noncurrent Assets
4,296,648

 
138,221

Current Liabilities
443,573

 
5,667

Noncurrent Liabilities
$
1,868,138

 
$
288

Summarized, 100% combined statements of operations for equity method investments was as follows:
 
Year Ended December 31,
(in thousands)
2019
 
2018
 
2017
Operating Revenues
$
481,466

 
$
35,153

 
$
11,034

Operating Expenses
575,306

 
11,148

 
7,358

Operating (Loss) Income
(93,840
)
 
24,005

 
3,676

Other Expense (Income)
41,616

 
(37
)
 
—

(Loss) Income Before Income Taxes
(135,456
)
 
24,042

 
3,676

Tax Expense
118

 
171

 
35

Net (Loss) Income
$
(135,574
)
 
$
23,871

 
$
3,641


Subsequent Event In February 2020, Black Diamond exercised its option, effective February 1, 2020, to acquire a 20% ownership interest in Saddlehorn Pipeline Company, LLC (“Saddlehorn”) for $155 million, or $84 million net to the Partnership. The Saddlehorn pipeline transports crude oil and condensate from the DJ Basin and the Powder River Basin to storage facilities in Cushing, Oklahoma, and, after expansion, will have total capacity of 290 MBbl/d.
Saddlehorn is jointly owned by affiliates of Magellan Midstream Partners, L.P. (“Magellan”), Plains All American Pipeline, L.P. (“Plains”) and Western Midstream Partners, LP (“Western Midstream”). After Black Diamond’s purchase, with Magellan and Plains each selling a 10% interest, Magellan and Plains will each own a 30% membership interest and Black Diamond and Western Midstream will each own a 20% membership interest in Saddlehorn. Magellan continues to serve as operator of the Saddlehorn pipeline. The Partnership funded its share of the transaction price with available cash and a draw under its revolving credit facility.