| Investments Accounted for by the Equity Method |
Investments accounted for by the equity method consist of the following as of June 30, 2018 and December 31, 2017:
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Carrying value |
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(Income) loss from equity method investments
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Approximate ownership % |
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June 30, 2018 |
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December 31, 2017 |
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Three months ended June 30, |
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Six months ended June 30, |
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2018 |
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2017 |
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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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$ |
(63 |
) |
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$ |
(211 |
) |
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$ |
(104 |
) |
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$ |
(454 |
) |
Investment in Grizzly Oil Sands ULC |
24.9999 |
% |
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49,957 |
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57,641 |
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228 |
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208 |
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558 |
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573 |
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Investment in Timber Wolf Terminals LLC |
50.0 |
% |
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— |
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983 |
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534 |
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— |
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536 |
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4 |
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Investment in Windsor Midstream LLC |
22.5 |
% |
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39 |
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30 |
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(9 |
) |
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25,545 |
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(9 |
) |
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25,234 |
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Investment in Stingray Cementing LLC(1)
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— |
% |
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— |
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— |
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— |
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77 |
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— |
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205 |
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Investment in Blackhawk Midstream LLC |
48.5 |
% |
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— |
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— |
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— |
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— |
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— |
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— |
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Investment in Stingray Energy Services LLC(1)
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— |
% |
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— |
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— |
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— |
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85 |
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— |
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282 |
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Investment in Sturgeon Acquisitions LLC(1)
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— |
% |
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— |
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— |
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— |
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(139 |
) |
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— |
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(71 |
) |
Investment in Mammoth Energy Services, Inc.(1)
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22.2 |
% |
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168,853 |
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165,715 |
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(9,242 |
) |
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342 |
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(22,712 |
) |
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2,500 |
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Investment in Strike Force Midstream LLC(2)
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— |
% |
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— |
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77,743 |
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(336 |
) |
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(83 |
) |
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(693 |
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2,458 |
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$ |
218,849 |
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$ |
302,112 |
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$ |
(8,888 |
) |
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$ |
25,824 |
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$ |
(22,424 |
) |
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$ |
30,731 |
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(1) |
On June 5, 2017, Mammoth Energy Services, Inc. ("Mammoth Energy") acquired Stingray Cementing LLC, Stingray Energy Services LLC and Sturgeon Acquisitions LLC. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding these transactions.
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(2) |
On May 1, 2018, the Company sold its 25% interest in Strike Force Midstream to EQT Midstream Partners, LP. See below under under Strike Force Midstream LLC for information regarding this transaction.
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| Equity Method Investment Balance Sheet Summary |
The tables below summarize financial information for the Company’s equity investments as of June 30, 2018 and December 31, 2017.
Summarized balance sheet information:
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June 30, 2018 |
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December 31, 2017 |
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(In thousands) |
Current assets |
$ |
395,532 |
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$ |
415,032 |
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Noncurrent assets |
$ |
1,353,052 |
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$ |
1,542,090 |
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Current liabilities |
$ |
368,377 |
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$ |
261,086 |
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Noncurrent liabilities |
$ |
47,450 |
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$ |
148,839 |
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| Equity Method Investment Income Statement Summary |
Summarized results of operations:
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Three months ended June 30, |
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Six months ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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(In thousands) |
Gross revenue |
$ |
566,404 |
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$ |
99,640 |
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$ |
1,067,537 |
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$ |
194,118 |
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Net income (loss) |
$ |
49,018 |
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$ |
(67,336 |
) |
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$ |
113,470 |
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$ |
(92,675 |
) |
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