Equity Method Investments

We have two joint ventures that have constructed separate crude oil pipeline systems and related ancillary assets, which are serving third parties and subsidiaries of Delek. We own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. ("CP LLC") to operate one of these pipeline systems and a 33% membership interest in the entity formed with Rangeland Energy II, LLC ("Rangeland RIO") to operate the other pipeline system.

The Partnership's investments in these two entities were financed through a combination of cash from operations and borrowings under the Second Amended and Restated Credit Agreement. As of March 31, 2018 and December 31, 2017, the Partnership's investment balance in these joint ventures was $105.6 million and $106.5 million, respectively.

In February 2018, the Partnership and Green Plains Partners LP ("Green Plains") entered into a joint venture engaging in the light products terminalling business. The companies formed DKGP Energy Terminals, LLC ("DKGP Energy"). The Partnership and Green Plains each own a 50% membership interest in DKGP Energy. DKGP Energy signed a membership interest purchase agreement to acquire two light products terminals located in Caddo Mills, Texas and North Little Rock, Arkansas from an affiliate of American Midstream Partners, L.P. ("American Midstream"), which is expected to close during the second quarter of 2018, subject to certain closing conditions and regulatory approvals (the "DKGP Transaction"). Immediately prior to the DKGP Transaction, the Partnership expects to contribute to the joint venture its North Little Rock, Arkansas terminal and its Greenville tank farm located in Caddo Mills, Texas. The DKGP Energy board oversees the newly formed joint venture and appointed an affiliate of the Partnership as the operator that will have day-to-day operational responsibilities of the four terminals, assuming the DKGP Transaction is consummated.

We do not consolidate any part of the assets or liabilities or operating results of our equity method investees. Our share of net income or loss of the investees will increase or decrease, as applicable, the carrying value of our investments in unconsolidated affiliates. With respect to CP LLC and Rangeland RIO, we determined that these entities do not represent variable interest entities and consolidation is not required. We have the ability to exercise significant influence over each of these joint ventures through our participation in the management committees, which make all significant decisions. However, since all significant decisions require the consent of the other investor(s) without regard to economic interest, we have determined that we have joint control and have applied the equity method of accounting. Our investment in these joint ventures is reflected in our pipelines and transportation segment.

Summarized Financial Information

Combined summarized financial information for our equity method investees is shown below (in thousands):



	March 31, 2018		December 31, 2017
Current assets	$	13,226	$	12,671
Non-current assets	$	242,851	$	244,329
Current liabilities	$	2,227	$	1,798
Non-current liabilities	$	—	$	—



	Three Months Ended March 31,
	2018		2017
Revenues	$	7,990	$	5,671
Gross profit	$	7,990	$	5,671
Net income	$	2,712	$	1,013