Last $47.45 USD
Change Today -0.19 / -0.40%
Volume 114.1K
NWN On Other Exchanges
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As of 8:04 PM 02/26/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

220 NW Second Avenue

Portland, OR 97209

United States

Phone: 503-226-4211

Fax:

Northwest Natural Gas Company is engaged in the distribution of natural gas in Oregon, Washington, and California. Segments The company segments include Local Gas Distribution, Gas Storage, and Other. Local Gas Distribution segment This segment is principally engaged in the purchase, sale, and delivery of natural gas and related services to approximately 695,000 customers in Oregon and southwest Washington. The company provides natural gas service to approximately 100 cities in 18 counties with an estimated population of 3.4 million in its service territory. The company serves residential, commercial, and industrial customers. This segment is responsible for building and maintaining a pipeline distribution system, purchasing sufficient gas supplies from producers and marketers, contracting for firm and interruptible transportation of gas through interstate pipelines to bring gas from the supply basins into the company’s service territory, and re-selling the gas to customers subject to rates, terms, and conditions approved by the Public Utility Commission of Oregon (OPUC) and Washington Utilities and Transportation Commission (WUTC). Industrial sectors that the company serves include pulp, paper and other forest products; the manufacture of electronic, electrochemical and electrometallurgical products; the processing of farm and food products; the production of various mineral products; metal fabrication and casting; the production of machine tools, machinery and textiles; the manufacture of asphalt, concrete and rubber; printing and publishing; nurseries; government and educational institutions; and electric generation. The OPUC and WUTC have allocated the company an exclusive service territory, which includes a major portion of western Oregon, including the Portland metropolitan area, majority of the Willamette Valley, the Coastal area from Astoria to Coos Bay, and portions of Washington along the Columbia River. The company’s natural gas pipeline system consists of approximately 14,000 miles of distribution and transmission mains located in its service territory in Oregon and Washington. In addition, the pipeline system includes service pipelines, meters and regulators, and gas regulating and metering stations. The company also holds permits for the crossing of various navigable waterways and smaller tributaries throughout its entire service territory. The company owns service building facilities in Portland, as well as various satellite service centers, garages, warehouses and other buildings necessary and useful in the conduct of its business. The company also owns liquefied natural gas storage facilities in Portland and near Newport, Oregon. Seasonality of Business 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 and Rates This segment is subject to regulation by the OPUC, WUTC, and Federal Energy Regulatory Commission (FERC). In addition, the OPUC and WUTC also regulate the system of accounts and issuance of securities by this segment. Gas Storage segment This segment provides storage services for utilities, gas marketers, electric generators, and industrial users from storage facilities located in Oregon and California. This segment includes the non-utility portion of the Mist gas storage facility near Mist, Oregon; and the company’s 75% share of the Gill Ranch gas storage facility near Fresno, California. The company contracts with an independent energy marketing company to provide asset management services, primarily through the use of commodity transactions and pipeline capacity release transactions. The company holds leases and other property interests in approximately 12,000 net acres of underground natural gas storage in Oregon and approximately 5,000 net acres of underground natural gas storage in California, and easements and other property interests related to pipelines associated with those facilities. Its Mortgage and Deed of Trust is a first mortgage lien on all of the property constituting the company’s utility plant. Facilities Mist Storag

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Industry Analysis

NWN

Industry Average

Valuation NWN Industry Range
Price/Earnings 21.8x
Price/Sales 1.7x
Price/Book 1.7x
Price/Cash Flow 9.4x
TEV/Sales 0.6x
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