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Company Description

Contact Info

220 N.W. Second Avenue

Portland, OR 97209

United States

Phone: 503-226-4211

Fax:

Northwest Natural Gas Company stores and distributes natural gas in Oregon, Washington, and California. Segments The company has two core businesses, such as its regulated local gas distribution business, referred to as the Utility segment, which serves residential, commercial, and industrial customers in Oregon and southwest Washington; and its gas storage businesses, referred to as the Gas Storage segment, which provides storage services for utilities, gas marketers, electric generators, and large industrial users from storage facilities located in Oregon and California. Utility segment This segment principally engages in the regulated distribution of natural gas in Oregon and southwest Washington to approximately 714,000 customers. In total, the company provides natural gas service to approximately 100 cities in 18 counties with an estimated population of 3.5 million in its service territory. The company has been allocated a service territory by the Public Utility Commission of Oregon (OPUC) and Washington Utilities and Transportation Commission (WUTC), which include a major portion of western Oregon, including the Portland metropolitan area, most of the Willamette Valley, the Coastal area from Astoria to Coos Bay, and portions of Washington along the Columbia River. Major businesses located in the company’s service territory include retail, manufacturing, and high-technology industries. The company has an approved compressed natural gas tariff in place to provide customers with high-pressured gas service. Further, the company has partnered with local agencies on environmental programs, and is able to allow residential and commercial customers to offset their carbon emissions by supporting carbon-reduction projects at dairies and other farms. The company purchases its gas supplies primarily from the Alberta and British Columbia areas of Canada and multiple receipt points in the U.S. Rocky Mountains. Seasonality This segment’s business is seasonal in nature due to higher gas usage by residential and commercial customers during the cold winter heating months. Regulation This segment is subject to regulation by the OPUC, WUTC, and Federal Energy Regulatory Commission (FERC). Gas Storage segment This segment includes the non-utility portion of the Mist gas storage facility near Mist, Oregon; the company’s Gill Ranch gas storage facility near Fresno, California; and asset management services provided by an independent energy marketing company. Mist Storage Facility The Mist storage facility consists of 7 depleted natural gas reservoirs, 22 injection and withdrawal wells, a compressor station, dehydration and control equipment, gathering lines and other related facilities. Services: Mist provides multi-cycle gas storage services to customers in the interstate and intrastate markets from the facility located in Columbia County, Oregon, near the town of Mist. The Mist field was initially converted to storage operations for the company’s utility customers. The company offers intrastate firm storage services in Oregon under an OPUC-approved rate schedule as an optional service to eligible non-residential utility customers. Customers: For Mist storage services, firm service agreements with customers are entered into with terms typically ranging from 2 to 10 years. The company’s gas storage revenues from Mist are derived primarily from firm service customers who provide energy related services, including natural gas distribution, electric generation, and energy marketing. Seasonality: There is seasonal variation with Mist storage capacity related to utility customers' lower demand during the spring and summer months. Regulation: The company’s Mist facility is subject to regulation by the OPUC and WUTC. In addition, FERC has approved maximum cost-based rates under the company’s Mist interstate storage certificate. Gill Ranch Storage Facility Gill Ranch Storage, LLC (Gill Ranch), the company’s subsidiary, has a joint project agreement with Pacific Gas and Electric Company (PG&E) to develop and own the Gill Ranch underground natural gas storage facility near Fresno, California. Gill Ranch is the sole operator of the facility. The facility consists of 3 depleted natural gas reservoirs, 12 injection and withdrawal wells, a compressor station, dehydration and control equipment, gathering lines, an electric substation, a natural gas transmission pipeline extending 27 miles from the storage field to an interconnection with the PG&E transmission system, and other related facilities. Gill Ranch owns the rights to 75% of the available storage capacity at the facility. Gill Ranch’s share of the facility provides 15 billion cubic feet of working gas capacity. Services: Gill Ranch provides intrastate, multi-cycle storage services in California at market-based rates under a California Public Utilities Commission (CPUC)-approved tariff that includes firm storage service, interruptible storage service, and park and loan storage services. Customers: Gill Ranch’s customers provide energy related services, including natural gas production, marketing, and electric generation. Regulation: Gill Ranch has a tariff on file with the CPUC authorizing it to charge market-based rates for the storage services offered. Other The company has non-utility investments and other business activities, which are aggregated and reported as other. Other primarily consists of an equity method investment in a joint venture to build and operate a gas transmission pipeline in Oregon; and a minority interest in Kelso-Beaver Pipeline held by the company’s wholly-owned subsidiary, NNG Financial Corporation. The company’s pipelines are regulated by FERC. History Northwest Natural Gas Company was founded in 1859. The company was incorporated under the laws of Oregon in 1910.

 

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Valuation NWN Industry Range
Price/Earnings 27.4x
Price/Sales 2.5x
Price/Book 2.1x
Price/Cash Flow 11.8x
TEV/Sales 1.4x
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