v3.25.1
EQUITY METHOD INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments The table below presents the ownership percentages and investment balances held by the Company for each entity:
March 31,December 31,
Ownership
20252024
(In thousands)
PHP
55.5%$1,594,801 $1,607,323 
Breviloba
33.0%432,019 428,383 
Epic Crude Holdings, LP (“EPIC”)27.5%85,527 82,172 
$2,112,347 $2,117,878 
The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2025:
Permian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LPTotal
(In thousands)
Balance at December 31, 2024$1,607,323 $428,383 $82,172 $2,117,878 
Contributions and acquisitions
888 — — 888 
Distributions(1)
(55,837)(8,060)— (63,897)
Equity income, net(2)
42,427 11,696 3,355 57,478 
Balance at March 31, 2025$1,594,801 $432,019 $85,527 $2,112,347 
(1)Distributions consisted a return on investment of $63.3 million, which was included in cash flows from operating activities and a return of investment of $0.6 million, which was included in cash flows from investing activities.
(2)For the three months ended March 31, 2025, net of amortization and accretion of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC, and accretion of $1.6 million from EPIC.
Schedule of Equity Method Investment, Summarized Financial Information
The following table represents selected data for the Company’s ongoing EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
20252024
Permian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LPPermian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LP
(In thousands)
Revenues$128,306 $59,492 $102,427 $126,215 $50,958 $84,122 
Operating income82,572 31,976 28,555 80,567 25,420 17,535 
Net income (loss)82,649 31,991 6,545 80,159 25,552 (16,535)