| Schedule of investments accounted for by the equity method |
Summarized balance sheet information:
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December 31, |
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2019 |
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2018 |
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(In thousands) |
Current assets |
$ |
421,326 |
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|
$ |
471,733 |
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Noncurrent assets |
$ |
1,260,075 |
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|
$ |
1,302,488 |
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Current liabilities |
$ |
132,569 |
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|
$ |
239,975 |
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Noncurrent liabilities |
$ |
163,241 |
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$ |
94,575 |
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Summarized results of operations:
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December 31, |
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2019 |
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2018 |
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2017 |
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(In thousands) |
Gross revenue |
$ |
625,012 |
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|
$ |
1,729,778 |
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|
$ |
755,374 |
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Net (loss) income |
$ |
(76,523 |
) |
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$ |
253,451 |
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|
$ |
(37,102 |
) |
Investments accounted for by the equity method consist of the following as of December 31, 2019 and 2018:
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Carrying Value |
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Loss (income) from equity method investments |
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Approximate Ownership % |
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December 31, |
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For the Year Ended December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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2017 |
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(In thousands) |
Investment in Tatex Thailand II, LLC |
23.5 |
% |
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$ |
— |
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$ |
— |
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$ |
(2,086 |
) |
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$ |
(241 |
) |
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$ |
(549 |
) |
Investment in Tatex Thailand III, LLC(1)
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— |
% |
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— |
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— |
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— |
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— |
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(183 |
) |
Investment in Grizzly Oil Sands ULC |
24.9999 |
% |
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21,000 |
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44,259 |
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32,710 |
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|
510 |
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2,189 |
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Investment in Timber Wolf Terminals LLC(2)
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— |
% |
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— |
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— |
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— |
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536 |
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8 |
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Investment in Windsor Midstream LLC |
22.5 |
% |
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39 |
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39 |
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— |
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(9 |
) |
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25,233 |
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Investment in Stingray Cementing LLC(3)
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— |
% |
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— |
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— |
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— |
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— |
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205 |
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Investment in Blackhawk Midstream LLC(4)
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— |
% |
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— |
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— |
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— |
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(38 |
) |
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— |
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Investment in Stingray Energy Services LLC(3)
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— |
% |
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— |
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— |
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— |
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— |
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282 |
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Investment in Sturgeon Acquisitions LLC(3)
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— |
% |
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— |
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— |
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— |
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(71 |
) |
Investment in Mammoth Energy Services, Inc.(3)
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21.8 |
% |
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11,005 |
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|
191,823 |
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179,524 |
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(49,969 |
) |
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(11,288 |
) |
Investment in Strike Force Midstream LLC(5)
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— |
% |
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— |
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— |
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— |
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(693 |
) |
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1,954 |
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$ |
32,044 |
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$ |
236,121 |
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$ |
210,148 |
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$ |
(49,904 |
) |
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$ |
17,780 |
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(1) |
In December 2017, the Company received its final distribution from Tatex Thailand III, LLC ("Tatex III"), which was dissolved in 2017. |
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(2) |
On June 5, 2018, the Company received its final distribution from Timber Wolf Terminals LLC ("Timber Wolf"), which was dissolved in 2018. |
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(3) |
On June 5, 2017, Mammoth Energy acquired Stingray Cementing LLC, Stingray Energy Services LLC and Sturgeon Acquisitions LLC. See below under Mammoth Energy Services, Inc. for information regarding these transactions. |
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(4) |
On December 31, 2018, the Company received its final distribution from Blackhawk Midstream LLC ("Blackhawk"), which was dissolved in 2018. |
(5)
On May 1, 2018, the Company sold its 25% interest in Strike Force Midstream LLC ("Strike Force") to EQT Midstream Partners, LP for proceeds of $175.0 million in cash. As a result of the sale, the Company recognized a gain of $96.4 million net of transaction fees, which is included in gain on sale of equity method investments in the accompanying consolidated statement of operations.
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