Northwest Natural Gas Company stores and distributes natural gas in the United States. The company operates through two segments, Local Gas Distribution and Gas Storage. The Local Gas Distribution segment engages in the purchase, sale, and delivery of natural gas and related services to residential, commercial, and industrial customers in Oregon and southwest Washington. This segment builds and maintains pipeline distribution system; purchases gas from producers and marketers; contracts for the transportation of gas from the supply basins to service territory over pipelines; and resells gas. It also transports customer-owned gas from the interstate pipeline connection or city gates to the cu...
220 N.W. Second Avenue
Portland, OR 97209
Founded in 1859
Northwest Natural Gas Company Declares Quarterly Dividend, Payable on November 15, 2016
Oct 6 16
The Board of Directors of Northwest Natural Gas Company has increased the quarterly dividend to 47 cents per share on the Company's common stock. The dividends will be paid Nov. 15, 2016 to shareholders of record on Oct. 31, 2016. The Company's indicated annual dividend rate is $1.88 per share.
Northwest Natural Gas Company Announces Management Changes
Sep 2 16
On September 2, 2016 Gregory C. Hazelton, Senior Vice President, Chief Financial Officer and Treasurer of the company, voluntarily resigned his officer positions with the Company, effective September 2, 2016. Mr. Hazelton will remain an employee of the Company through September 30, 2016 to provide for an orderly transition
of his responsibilities to other employees. On September 2, 2016, the Board of Directors of the Company appointed Brody J. Wilson as interim Chief Financial Officer and interim Treasurer, effective September 2, 2016. Mr. Wilson has served as the company's Controller and Chief Accounting Officer since February 2013 and Assistant Treasurer since February 2016, and he will continue as Controller and Chief Accounting Officer. Mr. Wilson, 37, was a senior manager at PricewaterhouseCoopers LLP from 2009 until joining the Company as accounting director in September 2012.
Northwest Natural Gas Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Reaffirms Earnings Guidance for the Year 2016
Aug 2 16
Northwest Natural Gas Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company’s operating revenue was $99,183,000 compared to $138,280,000 a year ago. Income from operations was $12,606,000 compared to $12,914,000 a year ago. Income before income taxes was $3,401,000 compared to $3,611,000 a year ago. Net income was $2,019,000 or $0.07 per diluted share compared to $2,197,000 $0.08 per diluted share a year ago.
For the six months, the company’s operating revenue was $354,712,000 compared to $399,945,000 a year ago. Income from operations was $86,678,000 compared to $65,915,000 a year ago. Income before income taxes was $65,428,000 compared to $51,180,000 a year ago. Net income was $38,660,000 or $1.40 per diluted share compared to $30,683,000 $1.12 per diluted share a year ago. Book value per share was $29.04 compared to $28.39 a year ago. Cash provided by operating activities was $199,560,000 compared to $167,484,000 a year ago. Capital expenditures were $62,153,000 compared to $58,072,000 a year ago.
For the year 2016, the company reaffirmed earnings guidance in the range of $1.98 to $2.18 per share including the effects of the pre-tax charge of $3.3 million or $0.07 per share after-tax, related to the 2016 Order. Excluding the charge on a non-GAAP basis, earnings guidance is $2.05 to $2.25 per share. The company’s 2016 earnings guidance assumes customer growth from the utility segment, average weather conditions, sustainable operations and maintenance expense levels and normal inflationary increases, slow recovery of the gas storage market, the impact of the five-year extension of bonus depreciation resulting from the enactment of the Federal PATH Act of 2015, and no significant changes in prevailing legislative and regulatory policies, mechanisms, or outcomes.