Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2012

Equity Method Investment, Summarized Financial Information [Abstract]

Investments in Unconsolidated Affiliates

INVESTMENTS IN UNCONSOLIDATED AFFILIATES

Our investments in unconsolidated affiliates consisted of the following:

	December 31,
(in thousands)	2012		2011
Medusa Spar LLC	$	42,540	$	49,480
Other	79		127
	$	42,619	$	49,607

In 2003, we purchased a 50% equity interest in Medusa Spar LLC for $43.7 million. Medusa Spar LLC owns a 75% interest in a production spar platform in the U.S. Gulf of Mexico. Medusa Spar LLC's revenue is derived from processing oil and gas production for a fee based on the volumes processed through the platform (throughput). We account for our investment in Medusa Spar LLC under the equity method of accounting.

Our 50% share of the underlying equity of the net assets of Medusa Spar LLC is approximately equal to its carrying value. Our 50% share of the cumulative undistributed earnings of Medusa Spar LLC was $0.9 million and $7.8 million at December 31, 2012 and 2011, respectively. We received cash distributions of $8.7 million, $6.3 million and $7.7 million from Medusa Spar LLC in 2012, 2011 and 2010, respectively.