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Equity Method Investments
 12 Months Ended
Dec. 31, 2024
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, which owns and operates a crude oil pipeline running from Cushing, Oklahoma to Longview, Texas. Additionally, we have two pipeline joint ventures, in which 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") to operate the other pipeline system.
On August 5, 2024, the Partnership acquired Permian Pipeline Holdings, LLC, which holds 50% equity interests in W2W Holdings, from a wholly owned subsidiary of Delek Holdings. Our interest in W2W Holdings includes a 15.6% indirect interest in the Wink to Webster joint venture, and related joint venture indebtedness.
W2W Holdings was originally formed by Delek Holdings and MPLX Operations LLC to obtain financing and fund capital calls associated with its collective and contributed interests in Wink to Webster. Wink to Webster owns and operates a long-haul crude oil pipeline system with origin points at Wink and Midland in the Permian Basin and delivery points at multiple Houston area locations. We determined that W2W Holdings is a VIE. While we have the ability to exert significant influence through participation in board and management committees, we are not the primary beneficiary since we do not have a controlling financial interest in W2W Holdings, and no single party has the power to direct the activities that most significantly impact W2W Holdings' economic performance.
Distributions received from WWP are first applied to service the debt of W2W Holdings wholly owned finance LLC, with excess distributions made to the W2W Holdings members as provided for in the W2W Holdings LLC Agreement and as allowed for under its debt agreements. The obligations of the W2W Holdings members under the W2W Holdings LLC Agreement are guaranteed by the parents of the member entities.
As of December 31, 2024, except for the guarantee of member obligations under the joint venture, we do not have other guarantees with or to W2W Holdings, nor any third-party associated with W2W Holdings contracted work. The Partnership's maximum exposure to any losses incurred by W2W Holdings is limited to its investment.
Summarized financial information for W2W Holdings on a 100% basis is shown below (in thousands):
As of December 31, 2024
Current Assets$193 
Non-current Assets$702,910 
Current liabilities$56,074 
Non-current liabilities$481,189 
Year Ended December 31,
2024
Revenues$88,603 
Gross profit$88,603 
Operating income$88,293 
Net income$59,442 
Combined summarized financial information for the three remaining joint ventures on a 100% basis is shown below (in thousands):
As of December 31, 2024As of December 31, 2023
Current Assets$44,655 $55,948 
Non-current Assets$588,441 $607,002 
Current liabilities$9,889 $8,994 
Non-current liabilities$572 $63 
Years Ended December 31,
202420232022
Revenues$134,736 $139,699 $140,634 
Gross profit$85,955 $89,132 $88,575 
Operating income$82,708 $84,349 $85,096 
Net income$84,131 $85,636 $85,311 
The Partnership's investment balances in these joint ventures were as follows (in thousands):
As of December 31, 2024As of December 31, 2023
Red River$136,455 $141,091 
W2W Holdings86,117 — 
CP LLC59,252 61,273 
Andeavor Logistics35,328 38,973 
Total Equity Method Investments$317,152 $241,337