99.1 Press Release Q2 2014
Exhibit 99.1
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FOR IMMEDIATE RELEASE: | August 5, 2014 |
NW Natural Reports Results for the
Three and Six Months Ended June 30, 2014
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• | Consolidated net income was $1.1 million for the second quarter of 2014, or $0.04 per share, compared to $2.1 million, or $0.08 per share, for the second quarter of 2013. |
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• | Utility margin and net income increased $5.0 million and $1.5 million, respectively, during the second quarter of 2014 compared to last year, while gas storage operating revenues and net income decreased $2.7 million and $2.6 million, respectively, compared to last year. |
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• | Customer growth increased to 1.4% at June 30, 2014, compared to 1.0% at June 30, 2013. |
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• | Utility announces plans to invest between $8 and $16 million in new gas reserves during the second half of 2014. |
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PORTLAND, ORE.—Northwest Natural Gas Company, dba NW Natural (NYSE: NWN), reported consolidated net income of $1.1 million for the second quarter of 2014, or $0.04 per share, compared to net income of $2.1 million, or $0.08 per share, for the second quarter of 2013. Consolidated net income was $39.0 million, or $1.43 per share, for the first six months of 2014, compared to net income of $39.8 million, or $1.47 per share, for the first six months of 2013. The Company's earnings are typically lower during the second and third quarters due to the impact of decreased heating requirements affecting utility results.
“Our second quarter results continued to reflect positive customer growth trends and progress on several key growth initiatives, but were offset by headwinds in the gas storage market," said Gregg Kantor, President and Chief Executive Officer. "Also in the quarter, we began investing in gas reserves under the amended agreement, and we signed a new union labor contract, which we expect to benefit customers, employees, and the Company for years to come."
Consolidated Results
Results for the quarter and year-to-date periods included higher earnings from the utility segment, but losses from the gas storage segment. Gas storage results reflected lower revenues and higher operating expenses, while the utility benefited from customer growth and added rate-base returns on certain investments.
Utility Results
For the three months ended June 30, 2014 and 2013, the utility contributed net income of $2.2 million and $0.7 million, respectively. The $1.5 million increase was driven by higher margins from customer growth and added rate-base return on certain investments, including gas reserves, partially offset by a decrease in other income due to lower interest on regulatory deferred accounts.
For the six months ended June 30, 2014, utility net income was $38.2 million, compared to $36.7 million last year. Results reflected an increase in utility margin from customer growth and rate-base returns on certain investments.
Customer growth. NW Natural's customer growth rate for the trailing 12-month period ended June 30, 2014 was 1.4%, with the Company serving approximately 697,000 customers, compared to a growth rate of 1.0% for the same period in 2013. The Company added about 9,400 new customers during the last 12 months, compared to 7,100 customers added a year ago.
Utility Volumes and Margin.
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| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended | | | | |
| | June 30, | | June 30, | | Change | | % Change |
Dollars and therms in thousands | | 2014 | 2013 | | 2014 | 2013 | | QTD | YTD | | QTD | YTD |
Gas sales & transportation deliveries | | 208,253 |
| 212,097 |
| | 614,470 |
| 612,287 |
| | (3,844 | ) | 2,183 |
| | (1.8 | )% | 0.4 | % |
Utility margin | | $ | 69,795 |
| $ | 64,801 |
| | $ | 200,089 |
| $ | 192,101 |
| | $ | 4,994 |
| $ | 7,988 |
| | 7.7 | % | 4.2 | % |
For the quarter, total gas sales and transportation deliveries decreased 3.8 million therms, or 2%, compared to the same period last year due to warmer weather. Heating degree days were 10% lower than 2013 and 23% lower than average. However, utility margin for the quarter increased $5.0 million over last year, reflecting a combination of customer growth and added rate-base returns on gas reserve and other investments.
For the six month period, total gas sales and transportation deliveries increased 2.2 million therms, or 0.4%, mainly due to customer growth and higher volumes during the February cold weather event, partially offset by weather that was 3% warmer than last year and 5% warmer than average. Utility margin for the first six months increased 4%, or $8.0 million, compared to last year primarily due to a $9.5 million increase from customer growth and the added rate-base returns on our gas reserve and other investments, partially offset by $2.4 million of losses from the impact of higher gas costs on our incentive sharing mechanism.
Environmental Insurance Settlements. In February 2014, NW Natural settled with defendant insurance companies in the Company's environmental insurance litigation, which sought recovery for past and future environmental remediation expenses. The Company received settlement proceeds totaling $102 million in the first six months of 2014, and approximately $150 million cumulatively.
Gas Reserves. During the second quarter of 2014, the Company was notified by its new partner, Jonah Energy LLC, of investment opportunities under the Company's amended gas reserve agreement. At this time, the Company has agreed to participate in selected wells to be drilled in 2014 and may have the opportunity to participate in additional wells in future years. The Company currently expects to invest an additional $8 million to $16 million in the second half of 2014 under the amended agreement, bringing the total investment, including amounts invested under the original agreement, to between $27 million and $35 million for 2014. The Company is seeking regulatory approval from the OPUC. Our investment balance under the original agreement earns a rate of return for our shareholders and provides long-term gas price protection for our utility customers.
New Labor Agreement. The Company ratified a new labor agreement with its union employees during the second quarter, which was effective June 1, 2014. Average compensation increases for the first year are roughly 4%, with an additional annual 3% increase effective December 1, 2015 and each year thereafter.
Gas Storage Results
The gas storage segment incurred a $1.2 million net loss for the second quarter of 2014, compared to a contribution of $1.5 million net income for the same period in 2013. The loss included a $2.7 million decrease in operating revenues from re-contracting some expiring storage capacity for the 2014-15 gas storage year, which began April 1, 2014, at substantially lower market prices than in previous years, and a $1.3 million increase in power and repair costs at our Gill Ranch facility. The power cost increase reflected higher injections into storage during the second quarter to replenish low storage levels following higher withdrawals this past winter. The repair cost increase reflected work at our Gill Ranch facility, which has now been in operation for three annual cycles. The Company intends to continue developing repair and maintenance plans for the future as well as evaluating potential capital improvements that may be needed to enhance the facility.
For the first six months of 2014, gas storage operating revenues and net income decreased $3.0 million and $2.6 million, respectively, compared to the same period in 2013 primarily due to the same factors described for the quarter.
Consolidated Operations and Maintenance Expense
Operations and maintenance expense for the second quarter of 2014 increased $1.5 million over 2013 primarily due to a $1.3 million increase in power and repair costs at our Gill Ranch facility. Utility expenses were consistent period over period, but reflected offsetting variances from higher utility safety program costs and lower incentive compensation accruals.
Operations and maintenance expense for the first six months of 2014 increased $3.1 million, or 5%, compared to the same period for 2013 due to a $1.8 million increase in power and repair costs at our Gill Ranch facility, and a $1.2 million increase in bad debt expense at the utility reflecting an adjustment to the uncollectible provision account balance taken in the first quarter of 2013. The utility bad debt expense as a percent of revenues was 0.18% for the trailing 12 months ended June 30, 2014. The six month period also reflected similar offsetting variances as described for the quarter with higher utility safety program costs and lower incentive compensation accruals.
Cash Flows
Cash provided by operations for the first six months of 2014 was $233 million, compared to $160 million for the same period in 2013. The variance reflects the receipt of environmental insurance proceeds, which was $102 million before tax, as well as other positive working capital changes.
Earnings Guidance for 2014
The Company reaffirmed earnings guidance for 2014 in the range of $2.15 to $2.35 per share. The Company’s 2014 earnings guidance assumes a continued economic recovery, customer growth from the utility segment, average weather conditions, no significant changes in prevailing legislative and regulatory policies or outcomes, and resolution of the environmental cost recovery mechanism during 2014.
Dividend Declaration
The board of directors of NW Natural declared a quarterly dividend of 46.0 cents a share on the Company’s common stock. The dividends will be payable on Aug. 15, 2014 to shareholders of record on July 31, 2014. Currently, the Company’s indicated annual dividend rate is $1.84 per share.
Presentation of Results
In addition to presenting results of operations and earnings amounts in accordance with generally accepted accounting principles (GAAP), NW Natural has expressed certain measures in this press release on an equivalent cents-per-share basis, which are non-GAAP financial measures. These amounts reflect factors that directly impact the Company's earnings. In calculating these financial disclosures, we allocate income tax expense based on the effective tax rate, where applicable. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. NW Natural believes that these non-GAAP financial measures provide useful information to the reader by removing the effects of variances in GAAP reported results of operations that we believe are not indicative of fundamental changes in our financial condition or results of operations.
Conference Call Arrangements
As previously reported, NW Natural will conduct a conference call and webcast starting at 8 a.m. Pacific Time (11 a.m. Eastern Time) on Aug. 5, 2014 to review the Company's financial and operating results for the three and six months ended June 30, 2014.
To hear the conference call live, please dial 1-888-317-6016 within the United States and 1-855-669-9657 from Canada. International callers can dial 1-412-317-6016. To access the conference replay, please call 1-877-344-7529 and enter the conference identification pass code (10049150). To hear the replay from international locations, please dial 1-412-317-0088.
To hear the conference by webcast, log on to NW Natural's corporate website at www.nwnatural.com.
Forward-Looking Statements
This report, and other presentations made by NW Natural from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, goals, strategies, future events, economic recovery, investments, hedge efficacy, gas reserve investments and their financial value and benefit, customer growth, weather, commodity and other costs, customer rates or rate recovery, effects of the new labor contract, financial positions, revenues and earnings, dividends, performance, operations and maintenance and capital expenses, facility enhancements, timing or effects of future regulatory proceedings or future regulatory approvals, effects of regulatory mechanisms, including, but not limited to, the environmental cost recovery mechanism and gas reserve investments, contracting levels or pricing, and other statements that are other than statements of historical facts.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors", and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in the Company's most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the Company's quarterly reports filed thereafter.
All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible for the Company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.
About NW Natural
NW Natural (NYSE:NWN) is headquartered in Portland, Ore., and provides natural gas service to about 697,000 residential, commercial, and industrial customers through 14,000 miles of mains and service lines in western Oregon and southwestern Washington. It is the largest independent natural gas utility in the Pacific Northwest with $2.8 billion in total assets. NW Natural and its subsidiaries currently own and operate underground gas storage facilities with storage capacity of approximately 31 Bcf in Oregon and California. Additional information is available at www.nwnatural.com.
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Investor Contact: | | | Media Contact: | |
Bob Hess | | | Kim Heiting | |
Phone: 503-220-2388 | | | Phone: 503-220-2366 | |
Email: rsh@nwnatural.com | | | Email: kah@nwnatural.com | |
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NORTHWEST NATURAL GAS COMPANY |
Comparative Income Statements |
(Consolidated - Unaudited) |
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| | Three Months Ended |
In thousands, except per share amounts | 06/30/14 | | 06/30/13 | | Change | | % Change |
Income from operations | $ | 13,266 |
| | $ | 13,083 |
| | $ | 183 |
| | 1 | % |
Net Income | | 1,071 |
| | | 2,126 |
| | | (1,055 | ) | | (50 | ) |
| | | | | | | | | | |
Diluted average shares of common stock outstanding | | 27,182 |
| | | 26,999 |
| | | 183 |
| | 1 |
|
Diluted earnings per share of common stock | | 0.04 |
| | | 0.08 |
| | | (0.04 | ) | | (50 | ) |
| | | | | | | | | | |
| | Six Months Ended |
In thousands, except per share amounts | 06/30/14 | | 06/30/13 | | Change | | % Change |
Income from operations | $ | 88,294 |
| | $ | 87,289 |
| | $ | 1,005 |
| | 1 | % |
Net income | | 38,955 |
| | | 39,765 |
| | | (810 | ) | | (2 | ) |
| | | | | | | | | | |
Diluted average shares of common stock outstanding | | 27,158 |
| | | 26,991 |
| | | 167 |
| | 1 |
|
Diluted earnings per share of common stock | | 1.43 |
| | | 1.47 |
| | | (0.04 | ) | | (3 | ) |
| | | | | | | | | | |
| | Twelve Months Ended |
In thousands, except per share amounts | 06/30/14 | | 06/30/13 | | Change | | % Change |
Income from operations | $ | 143,751 |
| | $ | 138,964 |
| | $ | 4,787 |
| | 3 | % |
Net income | | 59,728 |
| | | 57,033 |
| | | 2,695 |
| | 5 |
|
| | | | | | | | | | |
Diluted average shares of common stock outstanding | | 27,096 |
| | | 26,948 |
| | | 148 |
| | 1 |
|
Diluted earnings per share of common stock | | 2.20 |
| | | 2.12 |
| | | 0.08 |
| | 4 |
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NORTHWEST NATURAL GAS COMPANY | | | | | | |
Consolidated Balance Sheets (Unaudited) | | | June 30, | | | June 30, |
In thousands | | | 2014 | | | 2013 |
Assets: | | | | | | |
Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 17,240 |
| | $ | 12,214 |
|
| Accounts receivable | | | 38,621 |
| | | 39,061 |
|
| Accrued unbilled revenue | | | 14,592 |
| | | 14,692 |
|
| Allowance for uncollectible accounts | | | (1,404 | ) | | | (1,189 | ) |
| Regulatory assets | | | 38,265 |
| | | 25,952 |
|
| Derivative instruments | | | 11,191 |
| | | 623 |
|
| Inventories | | | 60,808 |
| | | 62,412 |
|
| Gas reserves | | | 20,373 |
| | | 15,324 |
|
| Income taxes receivable | | | — |
| | | 1,297 |
|
| Deferred tax assets | | | 4,915 |
| | | — |
|
| Other current taxes | | | 14,518 |
| | | 8,781 |
|
| | Total current assets | | | 219,119 |
| | | 179,167 |
|
Non-current assets: | | | | | | |
| Property, plant, and equipment | | | 2,965,226 |
| | | 2,833,083 |
|
| Less: Accumulated depreciation | | | 879,296 |
| | | 833,851 |
|
| | Total property, plant, and equipment, net | | | 2,085,930 |
| | | 1,999,232 |
|
| Gas reserves | | | 130,280 |
| | | 113,762 |
|
| Regulatory assets | | | 267,248 |
| | | 393,652 |
|
| Derivative instruments | | | 1,202 |
| | | 1,054 |
|
| Other investments | | | 67,689 |
| | | 67,410 |
|
| Restricted cash | | | 3,000 |
| | | 4,000 |
|
| Other non-current assets | | | 12,646 |
| | | 14,312 |
|
| | Total non-current assets | | | 2,567,995 |
| | | 2,593,422 |
|
| | Total assets | | $ | 2,787,114 |
| | $ | 2,772,589 |
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Liabilities and equity: | | | | | | |
Current liabilities: | | |
|
| | |
|
|
| Short-term debt | | $ | 74,200 |
| | $ | 136,000 |
|
| Current maturities of long-term debt | | | 100,000 |
| | | — |
|
| Accounts payable | | | 68,973 |
| | | 63,466 |
|
| Taxes accrued | | | 15,769 |
| | | 6,798 |
|
| Interest accrued | | | 7,053 |
| | | 6,404 |
|
| Regulatory liabilities | | | 26,742 |
| | | 16,644 |
|
| Derivative instruments | | | 1,490 |
| | | 9,392 |
|
| Other current liabilities | | | 34,507 |
| | | 34,446 |
|
| | Total current liabilities | | | 328,734 |
| | | 273,150 |
|
Long-term debt | | | 621,700 |
| | | 691,700 |
|
Deferred credits and other non-current liabilities: | | | | | | |
| Deferred tax liabilities | | | 489,892 |
| | | 469,964 |
|
| Regulatory liabilities | | | 309,327 |
| | | 294,202 |
|
| Pension and other postretirement benefit liabilities | | | 145,861 |
| | | 214,125 |
|
| Derivative instruments | | | 191 |
| | | 1,754 |
|
| Other non-current liabilities | | | 120,423 |
| | | 79,145 |
|
| | Total deferred credits and other non-current liabilities | | | 1,065,694 |
| | | 1,059,190 |
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Equity: | | | | | | |
| Common stock | | | 369,315 |
| | | 359,772 |
|
| Retained earnings | | | 407,698 |
| | | 397,603 |
|
| Accumulated other comprehensive loss | | | (6,027 | ) | | | (8,826 | ) |
| | Total equity | | | 770,986 |
| | | 748,549 |
|
| | Total liabilities and equity | | $ | 2,787,114 |
| | $ | 2,772,589 |
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NORTHWEST NATURAL GAS COMPANY | | | Six Months Ended |
Consolidated Statements of Cash Flows (Unaudited) | | | June 30, |
In thousands | | | 2014 | | | 2013 |
Operating activities: | | | | | | |
| Net income | | $ | 38,955 |
| | $ | 39,765 |
|
| Adjustments to reconcile net income to cash provided by operations: | | | | | | |
| | Depreciation and amortization | | | 39,298 |
| | | 37,737 |
|
| | Regulatory amortization of gas reserves | | | 8,680 |
| | | 4,970 |
|
| | Deferred tax liabilities, net | | | 989 |
| | | 28,401 |
|
| | Non-cash expenses related to qualified defined benefit pension plans | | | 2,540 |
| | | 2,773 |
|
| | Contributions to qualified defined benefit pension plans | | | (6,000 | ) | | | (4,200 | ) |
| | Deferred environmental recoveries, net of (expenditures) | | | 92,104 |
| | | (2,989 | ) |
| | Other | | | 1,010 |
| | | (1,567 | ) |
| | Changes in assets and liabilities: | | | | | | |
| | | Receivables | | | 89,951 |
| | | 63,102 |
|
| | | Inventories | | | (139 | ) | | | 5,190 |
|
| | | Taxes accrued | | | 8,447 |
| | | (1,535 | ) |
| | | Accounts payable | | | (24,472 | ) | | | (22,155 | ) |
| | | Interest accrued | | | (50 | ) | | | 451 |
|
| | | Deferred gas costs | | | (18,812 | ) | | | (648 | ) |
| | | Other, net | | | 744 |
| | | 10,847 |
|
| | Cash provided by operating activities | | | 233,245 |
| | | 160,142 |
|
Investing activities: | | | | | | |
| Capital expenditures | | | (52,489 | ) | | | (55,055 | ) |
| Utility gas reserves | | | (18,632 | ) | | | (34,397 | ) |
| Proceeds from sale of assets | | | — |
| | | 6,580 |
|
| Restricted cash | | | 1,000 |
| | | — |
|
| Other | | | (1,043 | ) | | | 1,743 |
|
| | Cash used in investing activities | | | (71,164 | ) | | | (81,129 | ) |
Financing activities: | | | | | | |
| Common stock issued, net | | | 3,733 |
| | | 2,355 |
|
| Long-term debt retired | | | (20,000 | ) |
|
| — |
|
| Change in short-term debt | | | (114,000 | ) | | | (54,250 | ) |
| Cash dividend payments on common stock | | | (24,938 | ) | | | (24,509 | ) |
| Other | | | 893 |
| | | 682 |
|
| | Cash used in financing activities | | | (154,312 | ) | | | (75,722 | ) |
Increase (decrease) in cash and cash equivalents | | | 7,769 |
| | | 3,291 |
|
Cash and cash equivalents, beginning of period | | | 9,471 |
| | | 8,923 |
|
Cash and cash equivalents, end of period | | $ | 17,240 |
| | $ | 12,214 |
|
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Supplemental disclosure of cash flow information: | | | | | | |
| Interest paid | | $ | 23,270 |
| | $ | 21,746 |
|
| Income taxes paid | | | 14,945 |
| | | — |
|
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NORTHWEST NATURAL GAS COMPANY |
Financial Highlights (Unaudited) |
Second Quarter - 2014 |
| |
| | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | | | Twelve Months Ended | |
In thousands, except per share amounts, customer, and degree day data | | June 30, | | | June 30, | | | June 30, | |
2014 | | 2013 | Change | 2014 | | 2013 | Change | 2014 | | 2013 | Change |
Operating revenues | $ | 133,169 |
| | $ | 131,714 |
| 1% | $ | 426,555 |
| | $ | 409,575 |
| 4% | $ | 775,498 |
| | $ | 726,552 |
| 7% |
| | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | |
| Cost of gas | | 58,280 |
| | | 59,142 |
| (1) | | 213,481 |
| | | 201,501 |
| 6 | | 385,278 |
| | | 352,583 |
| 9 |
| Operations and maintenance | | 34,731 |
| | | 33,217 |
| 5 | | 70,117 |
| | | 66,974 |
| 5 | | 139,756 |
| | | 129,881 |
| 8 |
| General taxes | | 7,183 |
| | | 7,342 |
| (2) | | 15,365 |
| | | 16,074 |
| (4) | | 29,247 |
| | | 30,419 |
| (4) |
| Depreciation and amortization | | 19,709 |
| | | 18,930 |
| 4 | | 39,298 |
| | | 37,737 |
| 4 | | 77,466 |
| | | 74,705 |
| 4 |
| Total operating expenses | | 119,903 |
| | | 118,631 |
| 1 | | 338,261 |
| | | 322,286 |
| 5 | | 631,747 |
| | | 587,588 |
| 8 |
Income from operations | | 13,266 |
| | | 13,083 |
| 1 | | 88,294 |
| | | 87,289 |
| 1 | | 143,751 |
| | | 138,964 |
| 3 |
Other income and expense, net | | 262 |
| | | 1,450 |
| (82) | | 1,645 |
| | | 1,970 |
| (16) | | 4,344 |
| | | 4,037 |
| 8 |
Interest expense, net | | 11,677 |
| | | 11,069 |
| 5 | | 23,219 |
| | | 22,196 |
| 5 | | 46,195 |
| | | 43,698 |
| 6 |
Income before income taxes | | 1,851 |
| | | 3,464 |
| (47) | | 66,720 |
| | | 67,063 |
| (1) | | 101,900 |
| | | 99,303 |
| 3 |
Income tax expense | | 780 |
| | | 1,338 |
| (42) | | 27,765 |
| | | 27,298 |
| 2 | | 42,172 |
| | | 42,270 |
| — |
Net income | $ | 1,071 |
| | $ | 2,126 |
| (50) | $ | 38,955 |
| | $ | 39,765 |
| (2) | $ | 59,728 |
| | $ | 57,033 |
| 5 |
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Common shares outstanding: | | | | | | | | | | | | | | | | | | |
| Average diluted for period | | 27,182 |
| | | 26,999 |
| | | 27,158 |
| | | 26,991 |
| | | 27,096 |
| | | 26,948 |
| |
| End of period | | 27,147 |
| | | 26,972 |
| | | 27,147 |
| | | 26,972 |
| | | 27,147 |
| | | 26,972 |
| |
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Per share information: | | | | | | | | | | | | | | | | | | |
| Diluted earnings per share | $ | 0.04 | | $ | 0.08 | | | 1.43 | | | 1.47 | | $ | 2.20 | | $ | 2.12 | |
| Dividends declared per share of common stock | | 0.460 | | | 0.455 | | | 0.920 | | | 0.910 | | | 1.84 | | | 1.79 | |
| Book value per share, end of period | | 28.40 | | | 27.75 | | | 28.40 | | | 27.75 | | | 28.40 | | | 27.75 | |
| Market closing price, end of period | | 47.15 | | | 42.48 | | | 47.15 | | | 42.48 | | | 47.15 | | | 42.48 | |
| | | | | | | | | | | | | | | | | | |
Capital Structure, end of period: | | | | | | | | | | | | | | | | | | |
| Common stock equity | | 49.2 | % | | | 47.5 | % | | | 49.2 | % | | | 47.5 | % | | | 49.2 | % | | | 47.5 | % | |
| Long-term debt | | 39.7 |
| | | 43.9 |
| | | 39.7 |
| | | 43.9 |
| | | 39.7 |
| | | 43.9 |
| |
| Short-term debt (including amounts due in one year) | | 11.1 |
| | | 8.6 |
| | | 11.1 |
| | | 8.6 |
| | | 11.1 |
| | | 8.6 |
| |
| Total | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | |
| | | | | | | | | | | | | | | | | | | |
Utility operating statistics: | | | | | | | | | | | | | | | | | | |
Customers, end of period | | 697,422 |
| | | 688,067 |
| 1.4% | | 697,422 |
| | | 688,067 |
| 1.4% | | 697,422 |
| | | 688,067 |
| 1.4% |
Utility volumes (therms): | | | | | | | | | | | | | | | | | | |
| Residential and commercial sales | | 96,533 |
| | | 103,313 |
| | | 370,689 |
| | | 371,977 |
| | | 670,618 |
| | | 625,932 |
| |
| Industrial sales and transportation | | 111,720 |
| | | 108,784 |
| | | 243,781 |
| | | 240,310 |
| | | 477,996 |
| | | 470,948 |
| |
Total utility volumes sold and delivered | | 208,253 |
| | | 212,097 |
| | | 614,470 |
| | | 612,287 |
| | | 1,148,614 |
| | | 1,096,880 |
| |
Utility operating revenues: | | | | | | | | | | | | | | | | | | |
| Residential and commercial sales | $ | 113,186 |
| | $ | 110,155 |
| | $ | 383,188 |
| | $ | 366,521 |
| | $ | 689,917 |
| | $ | 638,138 |
| |
| Industrial sales and transportation | | 16,855 |
| | | 15,723 |
| | | 38,367 |
| | | 34,748 |
| | | 72,499 |
| | | 69,225 |
| |
| Other revenues | | 1,166 |
| | | 1,242 |
| | | 2,643 |
| | | 2,771 |
| | | 3,926 |
| | | 5,693 |
| |
| Less: Revenue taxes | | 3,132 |
| | | 3,177 |
| | | 10,628 |
| | | 10,438 |
| | | 19,192 |
| | | 18,435 |
| |
Total utility operating revenues | | 128,075 |
| | | 123,943 |
| | | 413,570 |
| | | 393,602 |
| | | 747,150 |
| | | 694,621 |
| |
| Less: Cost of gas | | 58,280 |
| | | 59,142 |
| | | 213,481 |
| | | 201,501 |
| | | 385,278 |
| | | 352,583 |
| |
Utility margin | $ | 69,795 |
| | $ | 64,801 |
| | $ | 200,089 |
| | $ | 192,101 |
| | $ | 361,872 |
| | $ | 342,038 |
| |
| | | | | | | | | | | | | | | | | | |
Degree days: | | | | | | | | | | | | | | | | | | |
| Average (25-year average) | | 691 |
| | | 691 |
| | | 2,546 |
| | | 2,546 |
| | | 4,240 |
| | | 4,256 |
| |
| Actual | | 530 |
| | | 591 |
| (10)% | | 2,420 |
| | | 2,495 |
| (3)% | | 4,304 |
| | | 3,988 |
| 8% |
Percent colder (warmer) than average weather | | (23 | )% | | | (14 | )% | | | (5 | )% | | | (2 | )% | | | 2 | % | | | (6 | )% | |