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Equity Method Investments | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Equity Method Investments The Partnership owns a 33% membership interest in Red River Pipeline Company LLC ("Red River"), a joint venture operated with Plains Pipeline, L.P. Red River owns a 16-inch crude oil pipeline running from Cushing, Oklahoma to Longview, Texas with capacity of 235,000 bpd. Summarized financial information for Red River on a 100% basis is shown below (in thousands):
| As of June 30, 2023 |  | As of December 31, 2022
Current Assets | $ | 29,766 |  |  | $ | 33,365 |
Non-current Assets | $ | 390,251 |  |  | $ | 394,267 |
Current liabilities | $ | 6,069 |  |  | $ | 5,144 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Revenues | $ | 18,429 |  |  | $ | 21,449 |  |  | $ | 37,381 |  |  | $ | 44,135 |  |  |
Gross profit | $ | 11,210 |  |  | $ | 13,665 |  |  | $ | 22,697 |  |  | $ | 29,266 |  |  |
Operating income | $ | 12,054 |  |  | $ | 13,493 |  |  | $ | 23,348 |  |  | $ | 28,912 |  |  |
Net income | $ | 12,220 |  |  | $ | 13,481 |  |  | $ | 23,693 |  |  | $ | 28,877 |  |  |
We have two additional joint ventures that have constructed separate crude oil pipeline systems and related ancillary assets, which are serving third parties and subsidiaries of Delek Holdings. 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 Andeavor Logistics Rio Pipeline LLC ("Andeavor Logistics"), formerly known as Rangeland Energy II, LLC ("Rangeland Energy") to operate the other pipeline system. Combined summarized financial information for these two equity method investees on a 100% basis is shown below (in thousands):
| As of June 30, 2023 |  | As of December 31, 2022
Current assets | $ | 21,449 |  |  | $ | 18,888 |
Non-current assets | $ | 226,320 |  |  | $ | 231,898 |
Current liabilities | $ | 2,370 |  |  | $ | 1,973 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Revenues | $ | 13,025 |  |  | $ | 11,558 |  |  | $ | 25,171 |  |  | $ | 20,453 |  |  |
Gross profit | $ | 8,375 |  |  | $ | 7,220 |  |  | $ | 16,195 |  |  | $ | 11,458 |  |  |
Operating income | $ | 7,278 |  |  | $ | 6,622 |  |  | $ | 13,924 |  |  | $ | 10,190 |  |  |
Net Income | $ | 7,405 |  |  | $ | 6,626 |  |  | $ | 14,151 |  |  | $ | 10,195 |  |  |
The Partnership's investments in these three entities were financed through a combination of cash from operations and borrowings under the DKL Credit Facility. The Partnership's investment balances in these joint ventures were as follows (in thousands):
| As of June 30, 2023 |  | As of December 31, 2022
Red River | $ | 140,940 |  |  | $ | 149,635 |
CP LLC | 60,241 |  |  | 64,056 |
Andeavor Logistics | 41,566 |  |  | 43,331 |
Total Equity Method Investments | $ | 242,747 |  |  | $ | 257,022 |
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 our equity method investments, 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 investments in pipeline joint ventures segment.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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