ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED AFFILIATES:

Citrus

ETP owns CrossCountry, which owns a 50% interest in Citrus. The other 50% interest in Citrus is owned by a subsidiary of KMI. Citrus owns 100% of FGT, a natural gas pipeline system that originates in Texas and delivers natural gas to the Florida peninsula.

FEP

ETP has a 50% interest in FEP which owns an approximately 185-mile natural gas pipeline that originates in Conway County, Arkansas, continues eastward through White County, Arkansas and terminates at an interconnect with Trunkline Gas Company in Panola County, Mississippi. ETP evaluated its investment in FEP for impairment as of December 31, 2017, based on FASB Accounting Standards Codification 323, Investments - Equity Method and Joint Ventures. ETP recorded an impairment of its investment in FEP of $141 million during the year ended December 31, 2017 due to a negative outlook for long-term transportation contracts as a result of a decrease in production in the Fayetteville basin and a customer re-contracting with a competitor.

MEP

ETP owns a 50% interest in MEP, which owns approximately 500 miles of natural gas pipeline that extends from Southeast Oklahoma, across Northeast Texas, Northern Louisiana and Central Mississippi to an interconnect with the Transcontinental natural gas pipeline system in Butler, Alabama. ETP evaluated its investment in MEP for impairment as of September 30, 2016, based on FASB Accounting Standards Codification 323, Investments - Equity Method and Joint Ventures. Based on commercial discussions with current and potential shippers on MEP regarding the outlook for long-term transportation contract rates, the Partnership concluded that the fair value of its investment was other than temporarily impaired, resulting in a non-cash impairment of $308 million during the year ended December 31, 2016.

HPC

ETP owns a 49.99% interest in HPC, which, through its ownership of RIGS, delivers natural gas from Northwest Louisiana to downstream pipelines and markets through a 450-mile intrastate pipeline system. ETP evaluated its investment in HPC for impairment as of December 31, 2017, based on FASB Accounting Standards Codification 323, Investments - Equity Method and Joint Ventures. During the year ended December 31, 2017, ETP recorded a $172 million impairment of its equity method investment in HPC primarily due to a decrease in projected future revenues and cash flows driven by the bankruptcy of one of HPC’s major customers in 2017 and an expectation that contracts expiring in the next few years will be renewed at lower tariff rates and lower volumes.

The carrying values of the Partnership’s investments in unconsolidated affiliates as of December 31, 2017 and 2016, were as follows:



	December 31,
	2017		2016
Citrus	$	1,754	$	1,729
FEP	121		101
MEP	242		318
HPC	28		382
Others	560		510
Total	$	2,705	$	3,040

The following table presents equity in earnings (losses) of unconsolidated affiliates:



	December 31,
Equity in earnings (losses) of unconsolidated affiliates:	2017			2016		2015
Citrus	$	144		$	102	$	97
FEP	53			51		55
MEP	38			40		45
HPC⁽¹⁾	(168		)	31		32
Others	77			46		47
Total	$	144		$	270	$	276


⁽¹⁾	For the year ended December 31, 2017, equity in earnings (losses) of unconsolidated affiliates includes the impact of non-cash impairments recorded by HPC, which reduced the Partnership’s equity in earnings by $185 million.

Summarized Financial Information

The following tables present aggregated selected balance sheet and income statement data for our unconsolidated affiliates, including Citrus, FEP, HPC and MEP (on a 100% basis) for all periods presented:



	December 31,
	2017		2016
Current assets	$	206	$	214
Property, plant and equipment, net	8,336		8,726
Other assets	43		181
Total assets	$	8,585	$	9,121

Current liabilities	$	861	$	816
Non-current liabilities	4,492		4,940
Equity	3,232		3,365
Total liabilities and equity	$	8,585	$	9,121



	Years Ended December 31,
	2017		2016		2015
Revenue	$	1,358	$	1,164	$	1,385
Operating income	407		714		800
Net income	145		384		470

In addition to the equity method investments described above our subsidiaries have other equity method investments which are not significant to our consolidated financial statements.