Last $47.25 USD
Change Today -0.20 / -0.42%
Volume 123.3K
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As of 8:04 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

northwest natural gas co (NWN) Key Developments

Northwest Natural Gas Company Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015

Northwest Natural Gas Company announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported income from operations of $59,748,000 compared with $59,244,000 for the same period a year ago. Net income was $28,470,000 or $1.04 per diluted share compared with $29,006,000 or $1.07 per diluted share for the same period a year ago. Income from operations was $59,748,000 compared with $59,244,000 for the same period a year ago. Income before income taxes was $49,090,000 compared with $49,014,000 for the same period a year ago. For the year, the company reported income from operations of $142,965,000 compared with $142,746,000 for the same period a year ago. Net income was $58,692,000 or $2.16 per diluted share compared with $60,538,000 or $2.24 per diluted share for the same period a year ago. Cash provided by operating activities was $215,657,000 compared with $176,390,000 for the same period a year ago. Capital expenditures was $120,092,000 compared with $138,924,000 for the same period a year ago. Income from operations was $142,965,000 compared with $142,746,000 for the same period a year ago. Income before income taxes was $100,335,000 compared with $102,243,000 for the same period a year ago. The Company initiated earnings guidance to be in the range of $1.77 to $1.97 per share for 2015. As adjusted, its earnings guidance is $2.10 to $2.30 per share for 2015 excluding the effects of the $15.0 million pre-tax charge, which is equivalent to $0.33 per share after-tax, for the regulatory disallowance associated with the recent OPUC order on the recovery of past environmental cost deferrals.

Northwest Natural Gas Company to Proceed with North Mist Expansion Project Permitting

Northwest Natural Gas Company announced that it has received approval from Portland General Electric (PGE) to move forward with the permitting and land acquisition work required for NW Natural to provide no-notice underground gas storage services for PGE's natural gas-fired generating plants at Port Westward, Oregon -- one of which is designed to integrate more wind power into PGE's generation mix. This new storage service is intended to allow PGE to draw on natural gas resources from NW Natural's facilities in Mist, Oregon to meet its fueling needs and rapidly respond to changing conditions in wind generation. In order to provide this service, NW Natural will begin the permitting and land acquisition work required to advance the expansion project in the northern section of its existing underground storage facility at Mist. The North Mist Expansion Project would include a new reservoir providing up to 2.5 billion cubic feet of available storage, an additional compressor station with design capacity of 120,000 dekatherms of gas per day, and a 13-mile pipeline to connect to PGE's gas plants at Port Westward. The current estimated cost of the expansion is approximately $125 million with a potential in-service date in the 2018/2019 winter season, depending on the permitting process and construction schedule. The expansion project is subject to NW Natural obtaining all required permits and certain property rights, and a notice to proceed from PGE. As of December 31, 2014, of the amounts authorized by PGE for the project, NW Natural had spent $3.3 million.

Northwest Natural Gas Company to Report Q4, 2014 Results on Feb 27, 2015

Northwest Natural Gas Company announced that they will report Q4, 2014 results at 9:00 AM, Eastern Standard Time on Feb 27, 2015

Northwest Natural Gas Company, Q4 2014 Earnings Call, Feb 27, 2015

Northwest Natural Gas Company, Q4 2014 Earnings Call, Feb 27, 2015

Stephen P. Feltz Plans to Retire as Senior Vice President and Chief Financial Officer of Northwest Natural Gas Company in 2015

On January 6, 2015, Mr. Stephen P. Feltz, Senior Vice President and Chief Financial Officer of Northwest Natural Gas Company announced that, after 32 years of service, he plans to retire from the company during 2015. The company is in the process of identifying Mr. Feltz's successor. Mr. Feltz plans to remain in his position until his successor is engaged.

 

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