Equity Method Investments

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

The Company has two equity method investments, Constitution Pipeline Company, LLC (Constitution) and Meade Pipeline Co LLC (Meade), which are further described below. Activity related to these equity method investments is as follows:



	Constitution						Meade								Total
	Year Ended December 31,						Year Ended December 31,								Year Ended December 31,
(In thousands)	2015		2014		2013		2015			2014			2013		2015		2014		2013
Balance at beginning of period	$	64,268	$	26,892	$	6,915	$	3,761		$	—		$	—	$	68,029	$	26,892	$	6,915
Contributions	19,625		34,200		18,875		9,448			3,857			—		29,073		38,057		18,875
Earnings (loss) on equity method investments	6,452		3,176		1,102		(37		)	(96		)	—		6,415		3,080		1,102
Balance at end of period	$	90,345	$	64,268	$	26,892	$	13,172		$	3,761		$	—	$	103,517	$	68,029	$	26,892

Constitution Pipeline Company, LLC

In April 2012, the Company acquired a 25% equity interest in Constitution, which was formed to develop, construct and operate a 124 mile large diameter pipeline to transport natural gas from northeast Pennsylvania to both the New England and New York markets. Under the terms of the agreement, the Company agreed to invest its proportionate share of costs associated with the development and construction of the pipeline and related facilities, subject to a contribution cap of $250 million. The expected in-service date for the new pipeline is the fourth quarter of 2016; however, this estimate is contingent on the timely issuance of remaining outstanding permits. The Company expects to contribute approximately $139.0 million over the next two years.

Meade Pipeline Co LLC

In February 2014, the Company acquired a 20% equity interest in Meade, which was formed to participate in the development and construction of a 177-mile pipeline (Central Penn Line) that will transport natural gas from Susquehanna County, Pennsylvania to an interconnect with Transcontinental Gas Pipe Line Company, LLC’s (Transco) mainline in Lancaster County, Pennsylvania. The new pipeline will be constructed and operated by Transco and will be owned by Transco and Meade in proportion to their respective ownership percentages of approximately 61% and 39%, respectively. Under the terms of the Meade LLC agreement, the Company agreed to invest its proportionate share of Meade’s anticipated costs associated with the new pipeline. The Company expects to contribute approximately $130.2 million over the next two years. The expected in-service date for the new pipeline is scheduled for the second half of 2017.