Sunoco Logistics Partners L.P. held an earnings conference call on May 7, 2014 to discuss their first quarter 2014 results. During the call, they provided highlights including an 8th consecutive quarter of distribution growth over 5% and updated 2014 organic capital guidance of approximately $1.7 billion. They also discussed major organic projects including expansions of several crude oil pipelines and natural gas liquids pipelines and terminals.
Enbridge Inc. First Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
J Richard Bird, Executive Vice President, Chief Financial Officer & Corporate Development, Enbridge Inc.
An updated slide deck with lots of interesting charts and graphs outlining where Rice has been, and where they are heading with their Marcellus/Utica drilling program (and midstream program).
Enbridge Inc. First Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
J Richard Bird, Executive Vice President, Chief Financial Officer & Corporate Development, Enbridge Inc.
An updated slide deck with lots of interesting charts and graphs outlining where Rice has been, and where they are heading with their Marcellus/Utica drilling program (and midstream program).
The year-end report for 2013 from Gulfport Energy. It shows that the company remains focused on the Utica Shale. Production (and profits) were up dramatically in 2013 as the company continues to focus on drilling for natural gas liquids (NGLs) in the Utica Shale region of eastern Ohio.
National Fuel and their Marcellus Shale drilling subsidiary Seneca Resources issued their fiscal year second quarter results yesterday, which show a 57% increase in shale oil and gas production coming from the Marcellus region.
Aker BP Fourth Quarter Financial Results Q4 2016 - PresentationOILWIRE
Aker BP ASA reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 52 (45) per barrel and a gas price of USD 0.19 (0.22) per standard cubic metre (scm).
The year-end report for 2013 from Gulfport Energy. It shows that the company remains focused on the Utica Shale. Production (and profits) were up dramatically in 2013 as the company continues to focus on drilling for natural gas liquids (NGLs) in the Utica Shale region of eastern Ohio.
National Fuel and their Marcellus Shale drilling subsidiary Seneca Resources issued their fiscal year second quarter results yesterday, which show a 57% increase in shale oil and gas production coming from the Marcellus region.
Aker BP Fourth Quarter Financial Results Q4 2016 - PresentationOILWIRE
Aker BP ASA reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 52 (45) per barrel and a gas price of USD 0.19 (0.22) per standard cubic metre (scm).
A PowerPoint presentation used by Antero to accompany their second quarter 2014 financial and operational update. This presentation is loaded with great information about one of the major drillers in the Marcellus and Utica Shale region. Antero continues to impress!
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The monthly tabulation and prediction from the U.S. Energy Information Administration on production and activity in the largest 7 U.S. shale plays. All 7 shale plays will experience a decrease in natural gas production from the previous month due to low commodity prices.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
A sort of "year in review" for the gas industry in the northeast. If you could boil it all down, the word that appears prominently throughout is "delay" with respect to important natgas pipeline projects. From the Constitution, which should have already been built by now, to smaller projects, delays were the prominent trend for 2016.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
Several anti-drillers filed an appeal of the Federal Energy Regulatory Commission's Certificate for the Kinder Morgan Broad Run Expansion Project, asking for a stay claiming a removal of 40 acres of forest for a compressor station would irreparably harm Mom Earth. FERC has ruled against the stay and told the antis Mom Earth will be just fine.
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
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‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
1. Sunoco Logistics Partners L.P.
First Quarter 2014
Earnings Conference CallEarnings Conference Call
May 7, 2014
2. Forward-Looking Statements
You should review this slide presentation in conjunction with the first quarter 2014 earningsYou should review this slide presentation in conjunction with the first quarter 2014 earnings
conference call for Sunoco Logistics Partners L.P., held on May 7, 2014 at 8:30 a.m. ET (7:30 a.m. CT).
You may listen to the audio portion of the conference call on our website at www.sunocologistics.com
or by dialing (USA toll-free) 1-800-369-2171. International callers should dial 1-517-308-9315. Please
enter Conference ID “Sunoco Logistics.” Audio replays of the conference call will be available for two
k ft th f ll b i i i t l h f ll i th l ti f th llweeks after the conference call beginning approximately one hour following the completion of the call.
To access the replay, dial 1-800-839-1156. International callers should dial 1-402-998-0972.
During the call, those statements we make that are not historical facts are forward-looking
statements. These forward-looking statements are not guarantees of future performance. Although we
believe the assumptions underlying these statements are reasonable, investors are cautioned thatp y g
such forward-looking statements involve risks and uncertainties that may affect our business and
cause actual results to differ materially from those discussed during the conference call or in the slide
presentation. Such risks and uncertainties include economic, business, competitive and/or regulatory
factors affecting our business, as well as uncertainties related to the outcomes of any pending or
future litigation. Sunoco Logistics Partners L.P. has included in its Annual Report on Form 10-K forg g p
the year ended December 31, 2013, and in its subsequent SEC filings, cautionary language identifying
important risk factors (though not necessarily all such factors) that could cause future outcomes to
differ materially from those set forth in the forward-looking statements. For more information about
these risk factors, see our SEC filings, available on our website at www.sunocologistics.com. We
expressly disclaim any obligation to update or alter these forward-looking statements, whether as ap y y g p g ,
result of new information, future events or otherwise.
This presentation includes certain non-GAAP financial measures intended to supplement, not
substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP
financial measures are provided in the slides at the end of the presentation. You should consider
carefully the comparable GAAP measures and the reconciliations to those measures provided in thiscarefully the comparable GAAP measures and the reconciliations to those measures provided in this
presentation.
2
3. 1Q Highlights
Di t ib ti Distributions:
8th consecutive quarter over quarter increase of at least 5%
• 36th consecutive increase overall
• Guidance ~5% quarter over quarter increases in 2014
1Q increase: $2.65/unit to $2.78/unit (annualized)
21% increase over 1Q13 distribution of $2.29/unit (annualized)
Capital:
2013 i it l f $965 illi2013 organic capital of $965 million
2014 updated organic capital guidance of ~ $1.7 billion
2014 maintenance capital guidance of ~ $70 million2014 maintenance capital guidance of $70 million
Financing:
Successfully completed $1.0 billion of debt financing in Aprily p g p
Established a $250 million at-the-market (ATM) equity program
3
4. 8 Consecutive Quarters of at Least 5% Distribution Growth
Guidance ~5% quarter over quarter increases in 2014
4
5. Major Organic Projects
11 Successful Open Seasons:
3 West Texas Crude expansion projects (crude oil)
Permian Express 1 (crude oil)Permian Express 1 (crude oil)
Permian Express 2 (crude oil)
Eaglebine Express (crude oil)
Granite Wash Extension (crude oil)
Allegheny Access (refined products)
Mariner West (natural gas liquids)Mariner West (natural gas liquids)
Mariner East 1 (natural gas liquids)
Mariner South (natural gas liquids)
Actively developing:
Mariner East 2 (natural gas liquids)*
* Open Season Launched 5
8. Crude Projects
Granite Wash Extension
Granite Wash Crude to multiple markets
P i E 1
West Texas Crude
Expansions Permian Express 1
Permian Crude to Nederland
Expansions
Permian Crude to multiple
markets
Permian Express 2
Permian Crude to multiple markets
Eaglebine Express
Eaglebine / Woodbine Crude to Nederland
8
9. Mariner Franchise
Mariner East 1
Ethane / Propane from Houston to Marcus Hook
Mariner West
Ethane from Houston to Sarnia
Mariner South Mariner East 2Mariner South
Propane / Butane from Mont Belvieu to Nederland
Mariner East 2
NGLs from Shales to Marcus Hook
9
10. Mariner West & East – Comprehensive Marcellus Solution
Mariner West
Ethane from Houston to Sarnia
Mariner East 1
Ethane / Propane from Houston to Marcus HookEthane from Houston to Sarnia Ethane / Propane from Houston to Marcus Hook
Mariner East 2
NGLs from Shales to Marcus Hook
10
11. Marcus Hook – Natural Gas Liquids
Acquired from Sunoco, Inc. – $60MM
Continued commitment to growth in natural
gas liquids
Anchors Mariner East
Located near the Marcellus and Utica Located near the Marcellus and Utica
shales, the site offers many features:
Five underground caverns for storing
NGLs
D b h il k Deep water berths, rail access, truck
capability and advantageous pipeline
infrastructure
A northeast NGL hub, capable of
handling a broad array of NGLs and
located <300 miles from the Marcellus,
is very attractive to producers as well
as local and overseas consumers.
11
14. SXL Q1 2014 Financial Highlights
(amounts in millions) Three Months Ended
March 31,
2014 2013
Sales and other operating revenue 4,477$ 3,512$
Cost of products sold 4,210 3,224
Operating expenses 34 26
Selling general and administrative expenses 37 33Selling, general and administrative expenses 37 33
Depreciation and amortization expense 69 64
Total costs and expenses 4,350 3,347
Operating income 127 165
I t t t d d bt t (26) (24)Interest cost and debt expense, net (26) (24)
Capitalized interest 10 5
Other income 4 2
Income before provision for income taxes 115 148
Provision for income taxes (5) (6)
Net Income 110 142
Net income attributable to noncontrolling interests (3) (2)
Net Income attributable to Sunoco
14
Logistics Partners L.P. 107$ 140$
15. SXL Q1 2014 Financial Highlights
(amounts in millions, except per unit amounts)
Three Months Ended
March 31,
2014 20132014 2013
Calculation of Limited Partners' interest:
Net Income attributable to Sunoco Logistics Partners L.P. 107$ 140$
Less: General Partner's interest (38) (27)
Li it d P t ' i t t i N t I 69$ 113$Limited Partners' interest in Net Income 69$ 113$
Net Income per Limited Partner unit:p
Basic 0.66$ 1.09$
Diluted 0.66$ 1.09$
Weighted Average Limited Partners' units outstanding:
Basic 104.0 103.8
Diluted 104 5 104 1Diluted 104.5 104.1
15
16. SXL Q1 2014 Financial Highlights
( i illi )(amounts in millions)
Three Months Ended
March 31,
2014 2013
Capital Expenditures:p p
Expansion 465$ 136$
Maintenance 18 4
Investment in joint venture interests 42 -Investment in joint venture interests 42
Total 525$ 140$
16
17. SXL Q1 2014 Financial Highlights
( i illi )(amounts in millions)
March 31, December 31,
2014 2013
Balance Sheet Data:
Cash and cash equivalents 140$ 39$Cash and cash equivalents 140$ 39$
Advances to affiliated companies 14$ 239$
Revolving credit facilities (1)
985$ 235$Revolving credit facilities ( )
985$ 235$
Senior Notes 1,975 2,150
Unamortized fair value adjustments (2)
116 120
Unamortized bond discount (3) (2)
Total debt 3 073$ 2 503$Total debt 3,073$ 2,503$
Equity:
Sunoco Logistics Partners L.P. Equity 6,207$ 6,204$
N t lli i t t 122 121Noncontrolling interests 122 121
Total Equity 6,329$ 6,325$
(1) In April 2014, the Partnership repaid the outstanding balance under its $1.50 billion credit facility using proceeds from the April 2014 senior
notes offering.
17
(2) In connection with the application of push-down accounting, the Partnership’s senior notes were adjusted to fair value upon the closing of the
acquisition of the Partnership’s general partner by Energy Transfer Partners, L.P. on October 5, 2012.
18. SXL Non-GAAP Financial Measures
( i illi )(amounts in millions)
Three Months Ended
March 31,
2014 2013
142$110$Net Income
Interest expense, net 16 19
Depreciation and amortization expense 69 64
Provision for income taxes 5 6
Non-cash compensation expense 5 4
Unrealized gains on commodity risk management activities (1) (3)
142$110$Net Income
Unrealized gains on commodity risk management activities (1) (3)
Proportionate share of unconsolidated affiliates' interest, depreciation
and provision for income taxes 4 4
Adjusted EBITDA
(1)
208 236
Interest expense, net (16) (19)p ( ) ( )
Provision for income taxes (5) (6)
Amortization of fair value adjustments on long-term debt (4) (6)
Distributions versus Adjusted EBITDA of unconsolidated affiliates (6) (3)
Maintenance capital expenditures (18) (4)
Distributable Cash Flow attributable to noncontrolling interests (4) (3)
(1) Management of the Partnership believes Adjusted EBITDA and distributable cash flow information enhances an investor's understanding of a
business’s ability to generate cash for payment of distributions and other purposes Adjusted EBITDA and distributable cash flow do not
Distributable Cash Flow attributable to noncontrolling interests (4) (3)
Contributions attributable to acquisition from affiliate 3 -
Distributable Cash Flow
(1)
158$ 195$
business s ability to generate cash for payment of distributions and other purposes. Adjusted EBITDA and distributable cash flow do not
represent and should not be considered alternatives to net income or cash flows from operating activities as determined under United States
generally accepted accounting principles (GAAP) and may not be comparable to other similarly titled measures of other businesses.
18
19. SXL Crude Oil Pipelines
(financial amounts in millions)
Three Months Ended
March 31,
2014 2013
Financial Highlights
Sales and other operating revenue 131$ 95$
Adjusted EBITDA 93$ 61$
Operating Highlights
Pipeline throughput (thousands of bpd) 2,041 1,582
Pipeline revenue per barrel (cents) 71.6 67.0
19
(1) Amounts exclude earnings attributable to noncontrolling interests.
20. SXL Crude Oil Acquisition and Marketing
(financial amounts in millions) Three Months Ended
March 31,
2014 2013
Financial Highlights
Sales and other operating revenue 4,094$ 3,259$p g
Adjusted EBITDA 12$ 112$
Operating Highlights
Crude oil purchases (thousands of bpd) 840 750p ( p )
Gross margin per barrel purchased (cents) (1)
21.1 172.0
Average crude oil price (per barrel) $98.61 $94.34
20
(1) Represents total segment sales and other operating revenue less cost of products sold and operating expenses, divided by total crude oil
purchases.
21. SXL Terminal Facilities
(financial amounts in millions) Three Months Ended
March 31,
2014 2013
Financial Highlights
Sales and other operating revenue 287$ 183$Sales and other operating revenue 287$ 183$
Adjusted EBITDA 86$ 54$
Operating Highlights
Terminal throughput (thousands of bpd):Terminal throughput (thousands of bpd):
Refined products terminals 413 414
Nederland terminal 1,322 850
Refinery terminals 226 325
21
Refinery terminals 226 325
22. SXL Refined Products Pipelines
(financial amounts in millions)
2014 2013
March 31,
Three Months Ended
2014 2013
Financial Highlights
S l d th ti 41$ 30$Sales and other operating revenue 41$ 30$
Adjusted EBITDA 17$ 9$
Operating Highlights (1)
Pipeline throughput (thousands of bpd) 521 522
Pipeline revenue per barrel (cents) 88.3 62.9
22
(1) Amounts exclude earnings attributable to noncontrolling interests.
(2) Excludes amounts attributable to equity interests which are not consolidated.