northwest natural gas co (NWN) Key Developments
Stephen P. Feltz Plans to Retire as Senior Vice President and Chief Financial Officer of Northwest Natural Gas Company in 2015
Jan 12 15
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.
Northwest Natural Gas Company Announces Quarterly Dividend, Payable on February 13, 2015
Jan 8 15
The board of directors of Northwest Natural Gas Company has declared a quarterly dividend of 46.5 cents per share on the company's common stock. The dividends will be paid on Feb. 13, 2015 to shareholders of record on Jan. 30, 2015. The company's indicated annual dividend rate is $1.86 per share.
Northwest Natural Gas Company Announces Executive Changes
Dec 19 14
On December 18, 2014, Margaret D. Kirkpatrick, senior vice president and general counsel of Northwest Natural Gas Company (company), informed the board of directors (Board) of her intent to retire from the company on or about December 31, 2015. In connection with her notification and as part of the company's long-term succession planning efforts, on December 18, 2014, the board appointed Ms. Kirkpatrick as senior vice president, Environmental Policy and Affairs, effective January 1, 2015. Ms. Kirkpatrick joined the company in 2005 as vice president and general counsel. Also in connection with Ms. Kirkpatrick's retirement plans and the board's long-term succession planning efforts, on December 18, 2014, the board appointed MardiLyn Saathoff as senior vice president and general counsel, effective January 1, 2015. Ms. Saathoff is currently the vice president, Legal, Risk and Compliance, Chief Governance Officer and Corporate Secretary of the company, and was previously identified by the board as successor to the position of general counsel. She has served as chief governance officer and corporate secretary since joining the company in 2008, and served as the company's deputy general counsel from 2010 to 2013, until her current appointment. Also at the December 18, 2014 board meeting, and in connection with the coard's ongoing succession plans, the board appointed Shawn M. Filippi as vice president and corporate secretary, effective January 1, 2015. Ms. Filippi joined the company in 2005, and has served in a variety of legal roles during that time. She currently serves as the company's senior legal counsel and assistant corporate secretary, and was previously identified by the board as the successor to the position of corporate secretary. The board also appointed Kimberly A. Heiting as vice resident, communications and chief marketing officer, effective January 1, 2015. Ms. Heiting joined the company in 1998 and has served in a variety of roles during that time, including, among others, corporate communications director, chief communications officer and chief marketing and communications officer.
Northwest Natural Gas Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reaffirms Earnings Guidance for the Year 2014
Nov 4 14
Northwest Natural Gas Company announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's operating revenues were $87.2 million compared with $88.2 million a year ago. Loss from operations was $5.1 million compared with $3.8 million a year ago. Loss before income taxes was $15.5 million compared with $13.8 million a year ago. Net loss was $8.7 million or $0.32 per diluted share compared with $8.2 million or $0.31 per diluted share a year ago. The decrease was due to a $3.1 million increase in utility margin, offset by a $2.7 million decrease in gas storage operating revenues and a $0.9 million decrease in other income. As on September 30, 2014, the company's book value per share was $27.65.
For the nine months, the company's operating revenues were $513.8 million compared with $497.8 million a year ago. Income from operations was $83.2 million compared with $83.5 million a year ago. Income before income taxes was $51.2 million compared with $53.2 million a year ago. Net income was $30.2 million or $1.11 per diluted share compared with $31.5 million or $1.17 per diluted share a year ago. Net income was $1.3 million lower than the same period last year due to an $11.1 million increase in utility margin, offset by a $5.6 million decrease in gas storage operating revenues and a combined $7.5 million decrease in net income from operation and maintenance expense, depreciation expense, and other income. Cash provided by operations for the period was $215 million, compared to $157 million for the same period in 2013. The variance mainly reflected the receipt of environmental insurance proceeds, which totaled $102 million pre-tax, offset by an $18.0 million decrease from changes in deferred gas costs balances due to higher actual gas prices than prices set in the purchased gas adjustment, and a decrease of $11.3 million from changes in deferred tax liabilities mainly due to the tax effect of deferred environmental recoveries. Capital expenditures were $86.6 million compared with $86.3 million a year ago.
The company reaffirmed earnings guidance for 2014 in the range of $2.15 to $2.35 per share.
Northwest Natural Gas Company Increases Quarterly Dividend, Payable on November 14, 2014
Oct 7 14
The board of directors of Northwest Natural Gas Company has increased the quarterly dividend on the company's common stock to 46.5 cents per share from 46.0 cents per share. The dividends will be paid on November 14, 2014 to shareholders of record on October 31, 2014. The company's indicated annual dividend rate is $1.86 per share.