12. INVESTMENT IN JOINT VENTURES

Summary Financial Information

Condensed combined financial information related to our joint ventures is presented below:



	December 31,
	2013		2012
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	263,683	$	375,686
Long-term assets	300,484		289,584
Total assets	$	564,167	$	665,270
Current liabilities	$	118,720	$	185,525
Long-term liabilities	273,220		231,559
Total liabilities	391,940		417,084
Total equity	172,227		248,186
Total liabilities and equity	$	564,167	$	665,270



	Year Ended December 31,
	2013			2012			2011
	(Thousands of Dollars)
Statement of (Loss) Income Information:
Revenues	$	1,623,155		$	458,816		$	36,419
Operating (loss) income	$	(45,373	)	$	(4,801	)	$	23,062
Net (loss) income	$	(59,963	)	$	(12,418	)	$	23,066

NuStar Asphalt LLC. Asphalt JV is owned 50% by the Partnership and 50% by Lindsay Goldberg. Asphalt JV owns and operates the asphalt refining assets that were previously wholly owned by NuStar Energy, including an asphalt refinery located in Paulsboro, New Jersey and a terminal in Savannah, Georgia.

During the year ended December 31, 2013, our equity in loss of joint ventures included a $49.6 million loss from our investment in Asphalt JV, which exceeded our investment in Asphalt JV. From the point our investment in Asphalt JV reached $0, we recorded additional losses of $13.1 million, as a reduction of the carrying value of the note receivable from Asphalt JV. See Note 19 for a discussion of our agreements with Asphalt JV. In February 2014, we divested of our remaining 50% ownership interest in Asphalt JV. See Note 29 for additional discussion.

ST Linden Terminals, LLC. The 44-acre facility provides deep-water terminalling capabilities at New York Harbor and primarily stores petroleum products, including gasoline, jet fuel and fuel oils. As part of our acquisition of Kaneb Pipeline Partners, L.P. and Kaneb Services LLC in July 2005 (the Kaneb Acquisition), we acquired an investment in ST Linden Terminals, LLC (Linden). Linden is owned 50% by the Partnership and 50% by NIC Holding Corp. In connection with the Kaneb Acquisition, we recorded our investment in Linden at fair value, which exceeded our 50% share of its members’ equity. This excess totaled $42.6 million and $43.0 million as of December 31, 2013 and 2012, respectively, a portion of which is being amortized into expense over the average life of the assets held by Linden, or 25 years. The remaining balance not amortized represents goodwill of Linden.