EQUITY METHOD INTERESTS (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investment Information

	Interest		2021		2020
			(In millions)
Gulf Coast Express Pipeline LLC	16.0	%	$	274	$	284
EPIC Crude Holdings, LP	15.0	%	—		176
Permian Highway Pipeline LLC	26.7	%	630		615
Shin Oak Pipeline (Breviloba, LLC)	33.0	%	461		480
Total Altus equity method interests			$	1,365	$	1,555

The following table presents the activity in Altus’ equity method interests for the years ended December 31, 2021 and 2020:

	Gulf Coast Express Pipeline LLC		EPIC Crude Holdings, LP		Permian Highway Pipeline LLC		Breviloba, LLC		Total
	(In millions)
Balance at December 31, 2019	$	291	$	163	$	311	$	493	$	1,258
Capital contributions	2		29		296		—		327
Distributions	(51)		—		—		(46)		(97)
Capitalized interest(1)	—		—		8		—		8
Equity income (loss), net	42		(16)		—		33		59
Balance at December 31, 2020	284		176		615		480		1,555
Capital contributions	—		2		26		—		28
Distributions	(50)		—		(74)		(49)		(173)
Equity income (loss), net	40		(19)		63		30		114
Accumulated other comprehensive loss	—		1		—		—		1
Impairment(2)	—		(160)		—		—		(160)
Balance at December 31, 2021	$	274	$	—	$	630	$	461	$	1,365

(1)Altus’ proportionate share of the PHP construction costs is funded with Altus’ revolving credit facility. Accordingly, Altus capitalized $8 million of related interest expense during 2020, which is included in the basis of the PHP equity interest.

(2)The Company impaired its investment in EPIC in the fourth quarter of 2021. Refer to Note 1—Summary of Significant Accounting Policies for further details on this impairment charge.

The following presents summarized information of combined statement of operations for Altus’ equity method interests (on a 100 percent basis):

	For the Year Ended December 31,
	2021		2020		2019(1)
	(In millions)
Operating revenues	$	1,082	$	707	$	302
Operating income	548		331		121
Net income	468		256		120
Other comprehensive income (loss)	4		3		(8)

(1)Although Altus’ interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July 2019, respectively, the combined financial results are presented for the full year ended December 31, 2019 for comparability.

The following presents summarized combined balance sheet information for Altus’ equity method interests (on a 100 percent basis) as of December 31:

	2021		2020
	(In millions)
Current assets	$	280	$	260
Noncurrent assets	7,445		7,678
Total assets	$	7,725	$	7,938
Current liabilities	$	153	$	206
Noncurrent liabilities	1,193		1,191
Equity	6,379		6,541
Total liabilities and equity	$	7,725	$	7,938