NOBLE ENERGY INC | 2013 | FY | 3

Equity Method Investments
Investments accounted for under the equity method consist primarily of the following:
•
45% interest in Atlantic Methanol Production Company, LLC (AMPCO), which owns and operates a methanol plant and related facilities in Equatorial Guinea;
•
28% interest in Alba Plant LLC (Alba Plant), which owns and operates a liquefied petroleum gas processing plant in Equatorial Guinea; and
•
50% interest in CONE Gathering LLC (CONE), which owns and operates natural gas gathering facilities servicing our joint venture properties in the Marcellus Shale.
Equity method investments are included in other noncurrent assets in the consolidated balance sheets, and our share of earnings is reported as income from equity method investees in the consolidated statements of operations. Our share of income taxes incurred directly by the equity method investees is reported in income from equity method investees and is not included in our income tax provision in our consolidated statements of operations. At December 31, 2013, our retained earnings included $105 million related to the undistributed earnings of equity method investees.
The carrying value of our AMPCO investment was $9 million higher than the underlying net assets of the investee at December 31, 2013.  The difference is related to capitalized interest which is being amortized into earnings over the remaining useful life of the plant.
Equity method investments are as follows:
 
 
December 31,
(millions)
 
2013
 
2012
Equity Method Investments
 
 
 
 
AMPCO
 
$
139

 
$
137

Alba Plant
 
95

 
93

CONE
 
184

 
121

Other
 
19

 
16

Total Equity Method Investments
 
$
437

 
$
367

 Summarized, 100% combined financial information for equity method investees is as follows:
 
 
December 31,
(millions)
 
2013
 
2012
Balance Sheet Information
 
 
 
 
Current Assets
 
$
463

 
$
384

Noncurrent Assets
 
983

 
902

Current Liabilities
 
373

 
348

Noncurrent Liabilities
 
29

 
24


 
 
Year Ended December 31,
(millions)
 
2013
 
2012
 
2011
Statements of Operations Information
 
 
 
 
 
 
Operating Revenues
 
$
1,256

 
$
1,173

 
$
1,139

Operating Expenses
 
388

 
361

 
335

Operating Income
 
868

 
812

 
804

Other (Income) Net
 
(14
)
 
(5
)
 
(12
)
Income Before Income Taxes
 
882

 
817

 
816

Income Tax Provision
 
212

 
200

 
201

Net Income
 
$
670

 
$
617

 
$
615

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