(15)	EQUITY METHOD INVESTMENTS

We accounted for our investments in entities over which we had significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, we recorded our proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. We also evaluated our equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other than temporary decline in value of the investment. Such events include sustained operating losses by the investee or long-term negative changes in the investee’s industry. As of June 16, 2014, we no longer have equity method investments.

Investment in Whipstock Natural Gas Services, LLC

In 2006, we acquired a 50% interest in Whipstock Natural Gas Services, LLC (“Whipstock”), an unconsolidated investee in the business of providing oil and gas drilling equipment, well servicing rigs and equipment, and other well services in Appalachia. On the acquisition date, we contributed cash of $11.7 million representing the fair value of 50% of the membership interest in Whipstock. In September 2013, we sold our equity method investment in Whipstock for proceeds of $7.0 million and recognized a gain of $4.4 million.

Investment in Nora Gathering, LLC

In May 2007, we completed the initial closing of a joint development arrangement with EQT Corporation (“EQT”). Pursuant to the terms of the arrangement, Range and EQT (“the parties”) agreed to, among other things, form a new pipeline and natural gas gathering operations entity, Nora Gathering, LLC (“NGLLC”). NGLLC was an unconsolidated investee created by the parties for the purpose of conducting pipeline, natural gas gathering, and transportation operations associated with the parties’ collective interests in properties in the Nora Field. In connection with the formation, we contributed cash of $94.7 million for a 50% membership interest in NGLLC. In the past three years, there were no additional contributions made to fund the expansion of the Nora Field gathering system infrastructure.

NGLLC followed a calendar year basis of financial reporting consistent with us and our equity in NGLLC earnings from the acquisition date is included in brokered natural gas, marketing and other revenue in the accompanying consolidated statements of income for 2014, 2013 and 2012. In 2014, we received partnership distributions of $7.0 million compared to $9.0 million in 2013 and $12.8 million in 2012. In determining our proportionate share of the net earnings of NGLLC, certain adjustments were required to be made to NGLLC’s reported results to eliminate the profits recognized by NGLLC included in the gathering and transportation fees charged to us on production in the Nora Field. For the six months ended June 30, 2014, our equity in losses of NGLLC of $277,000 reflects a reduction of $3.1 to eliminate the profit on gathering and transportation fees charged to us. For the year ended December 31, 2013, our equity in losses of NGLLC of $146,000 reflects a reduction of $7.7 million to eliminate the profit on the gathering and transportation fees charged to us. For the year ended December 31, 2012, our equity in the losses of NGLLC of $1.2 million reflects a reduction of $7.5 million to eliminate the profit on the gathering and transportation fees charged to us.

On June 16, 2014, as part of our Conger Exchange, we acquired the remaining 50% interest in NGLLC held by EQT. See Note 3 for additional information. As of June 2014, we have consolidated these operations into our consolidated financial statements.