Advances to and Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2019

ADVANCES TO AND INVESTMENTS IN UNCONSOLIDATED AFFILIATES:

Citrus

ETO owns CrossCountry Energy, LLC, a wholly-owned subsidiary of ETO, which in turn owns a 50% interest in Citrus. The other 50% interest in Citrus is owned by a subsidiary of KMI. Citrus owns 100% of FGT, an approximately 5,362-mile natural gas pipeline system that originates in Texas and delivers natural gas to the Florida peninsula. Our investment in Citrus is reflected in our interstate transportation and storage segment.

FEP

ETO 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 in Panola County, Mississippi. ETO’s investment in FEP is reflected in the interstate transportation and storage segment. The Partnership 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. The Partnership 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

ETO 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. ETO’s investment in MEP is reflected in the interstate transportation and storage segment.

The carrying values of the Partnership’s investments advances to and in unconsolidated affiliates as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019		2018
Citrus	$	1,876	$	1,737
FEP	218		107
MEP	429		225
Others	937		573
Total	$	3,460	$	2,642

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



	Years Ended December 31,
	2019		2018		2017
Citrus	$	148	$	141	$	144
FEP	59		55		53
MEP	15		31		38
Other	80		117		(91		)
Total equity in earnings of unconsolidated affiliates	$	302	$	344	$	144

Summarized Financial Information

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



	December 31,
	2019		2018
Current assets	$	247	$	212
Property, plant and equipment, net	7,680		7,800
Other assets	40		39
Total assets	$	7,967	$	8,051

Current liabilities	$	738	$	1,534
Non-current liabilities	3,242		3,439
Equity	3,987		3,078
Total liabilities and equity	$	7,967	$	8,051



	Years Ended December 31,
	2019		2018 ⁽¹⁾		2017
Revenue	$	1,192	$	1,249	$	1,358
Operating income	683		723		407
Net income	443		460		145


⁽¹⁾	Selected income data related to HPC for the year ended December 31, 2018 reflects HPC’s results for January 1, 2018 through March 31, 2018. HPC was fully consolidated beginning April 1, 2018 as discussed above.

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