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INVESTMENTS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2018
INVESTMENTS AND RELATED-PARTY TRANSACTIONS |
INVESTMENTS AND RELATED-PARTY TRANSACTIONS |
NOTE 15 | INVESTMENTS AND RELATED-PARTY TRANSACTIONS
EQUITY INVESTMENTS As of December 31, 2018, and 2017, investments in unconsolidated entities comprised $1.7 billion and $1.5 billion of equity-method investments, respectively. As of December 31, 2018, Occidental’s equity investments consisted mainly of an 11 percent interest in the general partner which owns approximately 40 percent of Plains All American Pipeline, LP , a 24.5-percent interest in the stock of Dolphin Energy, a 50-percent interest in OxyChem Ingleside facility, and various other partnerships and joint ventures. Equity investments paid dividends of $329 million, $297 million, and $224 million to Occidental in 2018, 2017 and 2016, respectively. As of December 31, 2018, cumulative undistributed earnings of equity-method investees since they were acquired was immaterial. As of December 31, 2018, Occidental's investments in equity investees exceeded the underlying equity in net assets by approximately $636 million, of which $464 million represented goodwill and the remainder comprised intangibles amortized over their estimated useful lives. The following table presents Occidental’s interest in the summarized financial information of its equity-method investments:
For the years ended December 31, (in millions) |  | 2018 |  | 2017 |  | 2016
Revenues and other income |  | $ | 1,932 |  |  | $ | 1,252 |  |  | $ | 1,238 |
Costs and expenses |  | 1,527 |  |  | 973 |  |  | 1,043 |
Net income |  | $ | 405 |  |  | $ | 279 |  |  | $ | 195 |
As of December 31, (in millions) |  | 2018 |  | 2017 |  |
Current assets |  | $ | 547 |  |  | $ | 602 |  |  |
Non-current assets |  | $ | 2,139 |  |  | $ | 2,072 |  |  |
Current liabilities |  | $ | 237 |  |  | $ | 247 |  |  |
Long-term debt |  | $ | 1,042 |  |  | $ | 1,174 |  |  |
Other non-current liabilities |  | $ | 22 |  |  | $ | 66 |  |  |
Stockholders’ equity |  | $ | 1,385 |  |  | $ | 1,187 |  |  |
Occidental’s investment in Dolphin, which was acquired in 2002, consists of two separate economic interests through which Occidental owns (i) a 24.5-percent undivided interest in the upstream operations under an agreement which is proportionately consolidated in the financial statements; and (ii) a 24.5-percent interest in the stock of Dolphin Energy, which operates a pipeline and is accounted for as an equity investment. RELATED-PARTY TRANSACTIONS From time to time, Occidental purchases oil, NGL, power, steam and chemicals from and sells oil, NGL, natural gas, chemicals and power to certain of its equity investees and other related parties. During 2018, 2017 and 2016, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties:
For the years ended December 31, (in millions) |  | 2018 |  | 2017 |  | 2016
Sales (a) |  | $ | 805 |  |  | $ | 636 |  |  | $ | 602 |
Purchases (b) |  | $ | 502 |  |  | $ | 387 |  |  | $ | 7 |
Services |  | $ | 52 |  |  | $ | 38 |  |  | $ | 17 |
Advances and amounts due from |  | $ | 63 |  |  | $ | 63 |  |  | $ | 59 |
Amounts due to |  | $ | 46 |  |  | $ | 45 |  |  | $ | — |
(a) | In 2018, 2017 and 2016, sales of Occidental-produced oil and NGL to Plains Pipeline affiliates accounted for 89 percent, 86 percent and 89 percent of these totals, respectively. Sales to Plains Pipeline affiliates related to Occidental's oil and gas production are disclosed above. In addition to these sales, Occidental conducts marketing activities with Plains Pipeline affiliates for oil, NGL and transportation. Net margins associated with these marketing activities are negligible.
(b) | In 2018, purchases of ethylene from the Ingleside ethylene cracker accounted for 98 percent of related-party purchases.

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- Definition Disclosure of equity and other investments, including ownership interests, summarized information as to assets, liabilities, and results of operations of investees and carrying values of investments and advances to investees. Also includes disclosures on related party transactions. + References No definition available. + Details
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