v3.25.4
EQUITY METHOD INVESTMENTS (Tables)
 12 Months Ended
Dec. 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:
December 31,
20252024
(In thousands, except for ownership percentages)
OwnershipAmountOwnershipAmount
PHP55.5 %$1,591,384 55.5 %$1,607,323 
Breviloba
33.0 %417,341 33.0 %428,383 
EPIC(1)
— %— 27.5 %82,172 
$2,008,725 $2,117,878 
(1)The Company owned 27.5% of EPIC as of December 31, 2024. On October 31, 2025, the Company consummated the EPIC Sale (defined below) to sell all its equity interest in EPIC and received $504.2 million of upfront cash consideration.
The following table presents the activities in the Company’s EMIs:
PHP
Breviloba
GCX
EPIC
Total
(In thousands)
Balance at December 31, 2023
$1,666,254 $443,684 $431,051 $— $2,540,989 
Acquisitions— — — 85,417 85,417 
Contributions3,273 — — — 3,273 
Distributions(1)
(236,285)(42,156)(15,610)— (294,051)
Disposition— — (430,941)— (430,941)
Equity income (loss), net(2)
174,081 26,855 15,500 (3,245)213,191 
Balance at December 31, 2024
$1,607,323 $428,383 $— $82,172 $2,117,878 
Contributions1,206 — — — 1,206 
Distributions(1)
(192,695)(50,660)— (5,500)(248,855)
Disposition— — — (87,855)(87,855)
Equity income, net(2)
175,550 39,618 — 11,183 226,351 
Balance at December 31, 2025
$1,591,384 $417,341 $— $— $2,008,725 
(1)For the year ended December 31, 2025, distributions consisted of a return on investment of $246.0 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. For the year ended December 31, 2024, distributions consisted of a return on investment of $290.0 million, which was included in cash flows from operating activities, and a return of investment of $4.1 million , which was included in cash flows from investing activities.
(2)For the year ended December 31, 2025, net of amortization and accretion of basis differences and capitalized interest, which represents undistributed earnings, the amortization (accretion) was $7.9 million from PHP, $0.7 million from Breviloba and $(5.3) million from EPIC. For the year ended December 31, 2024, net of amortization and (accretion) of basis differences and capitalized interest, which represents undistributed earnings, the amortization (accretion) was $7.9 million from PHP, $0.7 million from Breviloba, $2.7 million from GCX and $(3.2) million from EPIC.
Schedule of Equity Method Investments, Summarized Financial Information
The following represents selected income statement and balance sheet data for the Company’s EMI pipeline entities (on a 100 percent basis):
For the Year Ended December 31, 2025
PHP
Breviloba
EPIC(2)
Statements of Operations(In thousands)
Revenues$517,844 $217,893 $326,741 
Operating income332,694119,26194,998 
Net income 332,107117,09020,903 
For the Year Ended December 31, 2024
PHP
Breviloba
GCX(1)
EPIC
Statements of Operations(In thousands)
Revenues$508,137 $193,118 $151,486 $382,958 
Operating income326,33887,301110,67992,566 
Net income (loss)327,33587,886110,458(46,986)
For the Year Ended December 31, 2023
PHP
Breviloba
GCX
EPIC
Statements of Operations(In thousands)
Revenues$401,668 $188,921 $364,223 $347,436 
Operating income259,87293,763267,01955,830 
Net income (loss)261,33294,378273,194(77,825)
December 31,
20252024
PHP
Breviloba
EPIC(2)
PHP
Breviloba
GCX(1)
EPIC
Balance Sheets(In thousands)
Current assets$104,719 $32,768 $153,620 $84,566 $28,302 $47,649 $181,867 
Noncurrent assets2,429,988 1,198,086 1,854,701 2,474,121 1,237,862 1,524,798 1,937,058 
Total assets$2,534,707 $1,230,854 $2,008,321 $2,558,687 $1,266,164 $1,572,447 $2,118,925 
Current liabilities$32,261 $12,412 $44,272 $42,636 $14,639 $21,973 $80,994 
Noncurrent liabilities— 12,528 1,120,142 — 9,187 302 1,197,849 
Equity2,502,446 1,205,914 843,907 2,516,051 1,242,338 1,550,172 840,082 
Total liabilities and equity$2,534,707 $1,230,854 $2,008,321 $2,558,687 $1,266,164 $1,572,447 $2,118,925 
(1)Represented summarized financial information from GCX for the five month period ended and as of May 31, 2024 as the Company sold all its equity interest in GCX on June 4, 2024.
(2)Represented summarized financial information from EPIC for the ten month period ended and as of October 31, 2025 as the Company sold all its equity interest in EPIC on October 31, 2025.