v3.25.3
EQUITY METHOD INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 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:
September 30,December 31,
Ownership
20252024
(In thousands)
PHP
55.5%$1,576,289 $1,607,323 
Breviloba
33.0%421,226 428,383 
Epic Crude Holdings, LP (“EPIC”) (1)
27.5%87,984 82,172 
$2,085,499 $2,117,878 
(1)The Company owned 27.5% of EPIC as of September 30, 2025. In August 2025, the Company entered into a Purchase and Sale Agreement to sell all of its equity interest in EPIC and such transaction was closed in October 2025.
The following table presents the activity in the Company’s EMIs for the nine months ended September 30, 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
1,206 — — 1,206 
Distributions(1)
(165,051)(37,506)(5,500)(208,057)
Equity income, net(2)
132,811 30,349 11,312 174,472 
Balance at September 30, 2025$1,576,289 $421,226 $87,984 $2,085,499 
(1)Distributions consisted of a return on investment of $205.2 million, which was included in cash flows from operating activities, and a return of investment of $2.9 million, which was included in cash flows from investing activities.
(2)For the nine months ended September 30, 2025, equity income was net of amortization and accretion of basis differences and capitalized interests, which represents undistributed earnings, amortization of $5.9 million from PHP, $0.5 million from Breviloba, LLC, and accretion of $4.7 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 and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,
20252024
Permian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LPPermian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LP
(In thousands)
Revenues$130,660 $56,527 $90,273 $127,719 $53,929 $97,514 
Operating income84,656 29,565 26,801 83,785 27,398 25,052 
Net income (loss)84,518 30,277 2,673 83,783 27,558 (5,159)
Nine Months Ended September 30,
20252024
Permian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LPPermian Highway Pipeline LLCBreviloba, LLCEPIC Crude Holdings, LP
(In thousands)
Revenues$387,728 $171,432 $294,950 $380,359 $156,326 $284,050 
Operating income250,474 88,662 88,274 245,467 74,563 70,631 
Net income (loss)250,237 89,562 20,599 245,016 75,005 (29,889)