Equity Method Investments

The Company holds a 25% equity interest in Constitution Pipeline Company, LLC (Constitution) and a 20% equity interest in Meade Pipeline Co LLC (Meade). Activity related to these equity method investments is as follows:



	Constitution						Meade						Total
	Nine Months Ended September 30,
(In thousands)	2018			2017			2018			2017			2018			2017
Balance at beginning of period	$	732		$	96,850		$	85,345		$	32,674		$	86,077		$	129,524
Contributions	250			3,750			72,616			19,632			72,866			23,382
Loss on equity method investments	(982		)	(3,971		)	(27		)	(15		)	(1,009		)	(3,986		)
Balance at end of period	$	—		$	96,629		$	157,934		$	52,291		$	157,934		$	148,920

During 2018, the Company expects to contribute approximately $70.0 million to its equity method investments. For further information regarding the Company’s equity method investments, refer to Note 4 of the Notes to the Consolidated Financial Statements in the Form 10-K/A.

Meade

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 interconnect with Transcontinental Gas Pipe Line Company, LLC’s (Transco) mainline in Lancaster County, Pennsylvania. The Central Penn Line is operated by Transco and is owned by Transco and Meade in proportion to their respective ownership percentages of approximately 61% and 39%, respectively. By order issued on February 3, 2017, the Federal Energy Regulatory Commission (FERC) issued Transco a certificate of public convenience and necessity authorizing the construction of the new pipeline. Subsequently on October 4, 2018, the FERC issued a notice granting Authorization to Place the Facilities into service and on October 9, 2018, Transco notified the FERC that the Central Penn Line was placed into service on October 6, 2018.

On August 14, 2018, the Company entered into a precedent agreement with Transco for up to 250,000 Dth per day of firm transportation capacity on Transco's proposed Leidy South expansion project. The Company will also be participating as an equity owner in the expansion project through its ownership in Meade and expects to contribute approximately $17.8 million, its proportionate share of the anticipated costs of the expansion project. The expansion project is anticipated to be in-service as early as the fourth quarter of 2021, assuming all necessary regulatory approvals are received in a timely manner and construction proceeds on schedule.

Constitution

As of September 30, 2018, the Company’s carrying value of its investment in Constitution is less than its proportionate share of Constitution’s net assets by $95.9 million. This basis difference is due to the Company’s impairment recorded in the fourth quarter of 2017 and relates entirely to the pipeline assets of Constitution. The Company expects to amortize this basis difference once the related assets of Constitution are placed in service, which may or may not occur, depending on the outcome of the legal and regulatory process related to certain permitting matters.

The Company remains committed to funding the project in an amount proportionate to its ownership interest for the development and construction of the new pipeline.