10. Equity in Nonconsolidated Investments
The Company has ownership interests in nonconsolidated investments that are accounted for under the equity method of accounting. The following table summarizes the Company’s equity in the nonconsolidated investments:
|
|
|
|
|
Interest |
|
Ownership |
|
As of December 31, |
| ||||
|
Investees |
|
Location |
|
Type |
|
31, 2013 |
|
2013 |
|
2012 |
| ||
|
|
|
|
|
|
|
|
|
(Thousands) |
| ||||
|
Nora Gathering, LLC (Nora LLC) |
|
USA |
|
Joint |
|
50% |
|
$ |
128,983 |
|
$ |
130,368 |
|
The Company’s ownership share of the earnings for 2013, 2012 and 2011 related to the total investments accounted for under the equity method was $7.6 million, $6.1 million and $7.2 million, respectively, reported in other income on the Statements of Consolidated Income. Also included in its ownership share of the earnings of equity method investments for the year ended December 31, 2011 was the Company’s equity earnings related to its equity investment in Appalachian Natural Gas Trust (ANGT), which no longer exists due to the ANPI transaction. See Note 8 for further details.
EQT Midstream’s equity investment in Nora LLC represents a 50% ownership interest which was obtained during 2007 through a series of transactions with Pine Mountain Oil and Gas, Inc., a subsidiary of Range Resources Corporation, by contributing Nora area gathering property in exchange for the ownership interest. EQT Midstream made no additional equity investments in Nora LLC during 2012 or 2013.
The following tables summarize the unaudited condensed financial statements for nonconsolidated investments accounted for under the equity method of accounting for the periods noted:
Summarized Balance Sheets
|
|
|
As of December 31, |
| ||||
|
|
|
2013 |
|
2012 |
| ||
|
|
|
(Thousands) |
| ||||
|
Current assets |
|
$ |
27,014 |
|
$ |
15,966 |
|
|
Noncurrent assets |
|
239,583 |
|
249,347 |
| ||
|
Total assets |
|
$ |
266,597 |
|
$ |
265,313 |
|
|
|
|
|
|
|
| ||
|
Current liabilities |
|
$ |
8,529 |
|
$ |
4,476 |
|
|
Stockholders’ equity |
|
258,068 |
|
260,837 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
266,597 |
|
$ |
265,313 |
|
Summarized Statements of Income
|
|
|
Years Ended December 31, |
| |||||||
|
|
|
2013 |
|
2012 |
|
2011 |
| |||
|
|
|
(Thousands) |
| |||||||
|
Revenues |
|
$ |
45,040 |
|
$ |
47,888 |
|
$ |
49,772 |
|
|
Operating expenses |
|
29,810 |
|
35,596 |
|
35,520 |
| |||
|
Net income |
|
$ |
15,230 |
|
$ |
12,292 |
|
$ |
14,252 |
|