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Last $37.07 USD
Change Today +0.83 / 2.29%
Volume 310.3K
As of 8:04 PM 04/20/15 All times are local (Market data is delayed by at least 15 minutes).

piedmont natural gas co (PNY) Key Developments

North Carolina Department of Utilities Commission Issues Order Approving Rate Adjustments Effective April 1, 2015 in the Matter of Application of Piedmont Natural Gas Company, Inc

On March 18, 2015, Piedmont Natural Gas Company Inc. filed an application requesting authority (North Carolina Department of Utilities Commission) to adjust its rates effective April 1, 2015, pursuant to its Margin Decoupling Tracker (MDT) mechanism. These adjustments are filed in compliance with Appendix C of Piedmont's Service Regulations, which was approved in Piedmont's last general rate case in Docket No. G-9, Sub 631, and are based on the MDT Deferred Account balance as of January 31, 2015. According to the MDT, Piedmont is to compare actual residential and small and medium commercial margins with the margins contained in the approved rates from the most recent general rate case. Piedmont is then to apply for, on a bi-annual basis, authority to implement temporary rate increments and/or decrements (temporaries) to collect or refund any differences in the MDT Deferred Account. The proposed MDT temporaries, as well as the existing MDT temporaries and the corresponding rate changes, expressed in dollars per dekatherm ($/dt), are as follows: The Public Staff presented this matter to the Commission at its March 30, 2015, Staff Conference. The Public Staff stated it had reviewed the proposed rate adjustments and recommended approval as filed. Based on review of the application and the recommendation of the Public Staff, the Commission finds good cause to approve the application. IT IS, THEREFORE, ORDERED as follows: That Piedmont is authorized to implement the proposed rate changes as contained in the body of this Order based on its MDT Deferred Account balances as of January 31, 2015, effective for service rendered on and after April 1, 2015. 2. That Piedmont shall file its revised tariffs consistent with Ordering Paragraph 1 within 5 days of the date of this Order. Piedmont shall give notice to its customers of the rate changes authorized by this Order.

Piedmont Natural Gas Announces Unaudited Earnings Results for the First Quarter Ended January 31, 2015; Reaffirms Earnings Guidance for the Full Year of Fiscal 2015

Piedmont Natural Gas announced unaudited earnings results for the first quarter ended January 31, 2015. For the quarter, the company reported net income of $93 million or $1.18 per diluted share compared to a net income of $97.6 million or $1.26 per diluted share for the same period in 2014. The decline in net income was due to record secondary marketing margin the company generated in 2014. Operating revenues were $607.271 million against $657.733 million a year ago. Operating income was $105.758 million against $102.319 million a year ago. Revenue for the quarter was down to $697.3 million from $657.7 million a year ago. That was more than offset, however, by significantly lower costs of gas. The company reaffirmed earnings guidance for the full year of fiscal 2015. For the year, the company reaffirmed earnings guidance of $1.82 to $1.92 per diluted share.

Aubrey B. Harwell Retires from Piedmont Natural Gas's Board

Piedmont Natural Gas announced the retirement of Aubrey B. Harwell, Jr. from the Board at annual meeting of shareholders held on March 5, 2015. Mr. Harwell has been a member of the company's board since 2002 and served as Chair of the board's directors and corporate governance committee and as a member of the board's compensation committee. He retired effective March 5, 2015 pursuant to the company's director retirement policy.

Piedmont Natural Gas Declares Quarterly Dividend, Payable April 15, 2015

The Board of Directors of Piedmont Natural Gas approved an increase in the company's dividend for the 37th consecutive year. At its regularly scheduled meeting, the Board declared a quarterly dividend on Common Stock of 33 cents per share, up 3.1% from the previous quarterly dividend of 32 cents per share. The increased dividend is payable April 15, 2015, to shareholders of record at the close of business on March 25, 2015.

Piedmont Natural Gas Co. Inc., Q1 2015 Earnings Call, Mar 09, 2015

Piedmont Natural Gas Co. Inc., Q1 2015 Earnings Call, Mar 09, 2015


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