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 North West
Portland, OR 97209
Founded in 1859
Northwest Natural Gas Company Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
Aug 4 15
Northwest Natural Gas Company announced earnings results for the second quarter and six months ended June 30, 2015. For the quarter, For the quarter, the company's earnings were $0.08 per share on net income of $2.2 million as compared to $0.04 per share and $1.1 million for the same period last year. Income from operations was $12,914,000 against $13,266,000 a year ago. Income before income tax was $3,611,000 against $1,851,000 a year ago.
For the six months, the company's earnings were $1.12 per share on net income of $30.7 million as compared to $1.43 per share and $39 million for the same period last year. Results included a $2.2 million decrease in operating revenues due to lower contract prices for the 2014, 2015 gas storage year. This was offset by a $1 million reduction in operating expenses. Cash flow from operating activities was $167 million as compared to $233 million a year ago. Last year's cash flow was significantly enhanced by $91 million of insurance recoveries. This is partially offset by other working capital changes. Income from operations was $65,915,000 against $88,294,000 a year ago. Capital expenditures were $58,072,000 against $52,489,000 a year ago. Book value per share as at June 30, 2015 was $28.39 against $28.40 a year ago. Income before income tax was $51,180,000 against $66,720,000 a year ago.
The company reaffirms its guidance for reported earnings in the range of $1.77 to $1.97 per share for 2015, which includes the $15 million pretax charge. Adjusting to exclude the charge, guidance for 2015 remains unchanged at $2.10 to $2.30 per share. The company's guidance assumes continued customer growth from utility segment, average weather conditions going forward, slow recovery of the gas storage market and no significant changes in prevailing legislative and regulatory policies or outcomes.
Northwest Natural Gas Company Appoints David H. Anderson as President, with Effective from August 1, 2015
Jul 27 15
On July 21, 2015, the Board of Directors of Northwest Natural Gas Company elected David H. Anderson, to the position of President of the company, effective August 1, 2015. Mr. Anderson will also continue to serve as the company's Chief Operating Officer. Mr. Anderson previously served as the company's Executive Vice President and Chief Operating Officer since February 2014.
Northwest Natural Gas Company Declares Quarterly Dividend Payable on August 14, 2015
Jul 2 15
Northwest Natural Gas will distribute an unchanged quarterly dividend of $0.465 per share, payable on August 14, 2015 to holders of record on July 31, 2015.