This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

NW Natural Reports Results For The Quarter & Nine Months Ended September 30, 2011

Gas deliveries to industrial customers in the third quarter of 2011 were down 3 percent from 106 million therms in 2010’s third quarter, compared to 104 million therms in 2011. Margin from industrial customers was unchanged at $6.6 million for the third quarters in both 2010 and 2011.

Gas storage business update

NW Natural’s gas storage segment reported net income of $1.2 million on net operating revenues of $6.7 million in the third quarter of 2011, compared to $1.8 million and $4.9 million, respectively, in last year’s third quarter. Results in 2011 primarily reflect first-year costs at Gill Ranch Storage, including depreciation, and low storage prices in California, and lower optimization service revenues at the company’s Mist storage operations in Oregon.

Gas reserves update

NW Natural received approval in the second quarter of 2011 from the Public Utility Commission of Oregon (OPUC) to participate in a joint venture with Encana Oil & Gas (USA) Inc. to develop gas reserves on behalf of NW Natural’s utility customers. The company is expected to invest approximately $45-55 million a year over a five-year period, for a total investment of about $250 million. The investment will cover a portion of the expected drilling costs in exchange for working interests in two sections of the Jonah Field in Wyoming. The drilling area includes both future and currently producing wells. Encana began drilling in May 2011, and the company is currently receiving gas from its interests in a section of the gas field. NW Natural’s investment at Sept. 30, 2011 was $30.9 million.

O&M costs reflect Gill Ranch start-up

Operations and maintenance expense was 5 percent higher in the third quarter of 2011, compared to 2010, primarily due to operating costs at Gill Ranch Storage, which became operational in late 2010. Utility O&M expense increased 2 percent in the quarter.

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs