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February 07, 2016 11:18 AM ET

Gas Utilities

Company Overview of Northwest Natural Gas Company

Company Overview

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

Second Avenue

Portland, OR 97209

United States

Founded in 1859

1,103 Employees

Phone:

503-226-4211

Key Executives for Northwest Natural Gas Company

Chief Executive Officer and Director
Age: 57
Total Annual Compensation: $659.4K
President and Chief Operating Officer
Age: 53
Total Annual Compensation: $459.4K
Chief Administrative Officer and Senior Vice President
Age: 59
Total Annual Compensation: $308.3K
Compensation as of Fiscal Year 2014.

Northwest Natural Gas Company Key Developments

Northwest Natural Gas Company Declares Quarterly Dividend, Payable on Feb. 12, 2016

The Board of Directors of Northwest Natural Gas Company has declared a quarterly dividend of 46.75 cents per share on the company's common stock. The dividends will be paid Feb. 12, 2016 to shareholders of record on Jan. 29, 2016. The company's indicated annual dividend rate is $1.87 per share.

Northwest Natural Gas Company Announces Management Changes

Northwest Natural Gas Company announced that Gregg S. Kantor, Chief Executive Officer and member of the company's Board of Directors at the December 17, 2015 Board meeting his intent to retire from his position as CEO and director of the company effective July 31, 2016. Mr. Kantor will continue to serve as an advisor to the Board of NW Natural until December 31, 2016, at which time he will retire as an employee of NW Natural. Mr. Kantor began serving as NW Natural's President and Chief Executive Officer on January 1, 2009. As of August 1, 2015, as part of the company's ongoing succession planning, Mr. Kantor relinquished his position as President, but continued to serve as the Company's Chief Executive Officer. At the December 17, 2015 Board meeting, the Board designated Mr. David H. Anderson, NW Natural's President and Chief Operating Officer, as successor to the office of CEO, upon Mr. Kantor's retirement. The Board expects to formally appoint Mr. Anderson as NW Natural's CEO and to specify his compensation and benefits in mid-2016. Mr. Anderson, who is 54, previously served as Executive Vice President and Chief Operating Officer from February 2014 to July 2015, as Executive Vice President of Operations and Regulation from February 2013 to February 2014, and as Senior Vice President and Chief Financial Officer from 2004 when he joined the company to February 2013. Before joining NW Natural, Mr. Anderson was Senior Vice President and Chief Financial Officer at TXU Gas.

Northwest Natural Gas Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Reaffirms Earnings Guidance for the Year 2015

Northwest Natural Gas Company announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company's operating revenues were $93.128 million compared with $87.199 million a year ago. Loss from operations was $1.873 million compared with $5.077 million a year ago. Loss before income taxes was $11.238 million compared with $15.475 million a year ago. Net loss was $6.685 million or $0.24 per diluted share compared with $8.733 million or $0.32 per diluted share a year ago. Improved results were primarily due to the following: a $1.5 million increase in utility margin, a $0.8 million increase in gas storage operating revenues, a $0.9 million decrease in operations and maintenance expense, and a $0.7 million decrease in interest expense. Book value per share was $27.74 as at September 30, 2015 against $27.65 a year ago. For the nine months, the company's operating revenues were $493.073 million compared with $513.754 million a year ago. Income from operations was $64.042 million compared with $83.217 million a year ago. Income before income taxes was $39.942 million compared with $51.245 million a year ago. Net income was $23.998 million or $0.88 per diluted share compared with $30.222 million or $1.11 per diluted share a year ago. Improved results were primarily due to the following: a $1.5 million increase in utility margin, a $0.8 million increase in gas storage operating revenues, a $0.9 million decrease in operations and maintenance expense, and a $0.7 million decrease in interest expense. Cash provided by operations for the first nine months of 2015 was $173 million, compared to $215 million for the same period in 2014. The decrease is primarily due to receiving $102 million of environmental insurance recoveries in the first nine months of 2014, which did not recur in 2015, and other working capital changes. Capital expenditures were $86.923 million compared with $86.552 million a year ago. The company reaffirmed earnings guidance for 2015 in the range of $1.77 to $1.97 per share. As adjusted, 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 OPUC order on the recovery of past environmental cost deferrals. The company's 2015 earnings guidance assumes continued customer growth from utility segment, average weather conditions for the remainder of the year, slow recovery of the gas storage market, and no other significant changes in prevailing legislative and regulatory policies or outcomes. Impact on earnings per share assumes average shares outstanding of 27.4 million and an income tax rate of 39.5%.

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