v3.26.1
EQUITY METHOD INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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
20262025
(In thousands)
PHP
55.5%$1,579,875 $1,591,384 
Breviloba
33.0%411,729 417,341 
$1,991,604 $2,008,725 
The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2026:
Permian Highway Pipeline LLCBreviloba, LLCTotal
(In thousands)
Balance at December 31, 2025$1,591,384 $417,341 $2,008,725 
Distributions(1)
(56,619)(11,690)(68,309)
Equity income, net(2)
45,110 6,078 51,188 
Balance at March 31, 2026$1,579,875 $411,729 $1,991,604 
(1)Distributions consisted of a return on investment of $68.3 million, which was included in cash flows from operating activities.
(2)For the three months ended March 31, 2026, equity income was net of amortization of basis differences and capitalized interest, which represents undistributed earnings, of $2.0 million from PHP and $0.2 million from Breviloba, LLC.
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, 2026 and 2025.
Three Months Ended March 31,
20262025
Permian Highway Pipeline LLCBreviloba, LLCPermian Highway Pipeline LLCBreviloba, LLC
(In thousands)
Revenues$128,686 $39,769 $128,306 $59,492 
Operating income84,884 19,969 82,572 31,976 
Net income84,741 19,856 82,649 31,991