NW Natural Reports Results For The Three And Nine Months Ended September 30, 2016

  • Reported consolidated net loss of $8.0 million, or $0.29 per share, for the third quarter of 2016, compared to a net loss of $6.7 million, or $0.24 per share, for 2015.
  • Received Notice to Proceed (NTP) for the North Mist gas storage expansion project allowing the Company to move the project forward with construction to begin this fall. Project costs are estimated to be $128 million with a target in-service date during the winter of 2018-19. 
  • Continued our legacy of excellent customer service with the highest customer satisfaction score among large utilities in the West and the second highest score in the nation in the 2016 J.D. Power Gas Utility Residential Customer Satisfaction study. 
  • Reduced residential rates to the lowest level in 15 years with a credit of $19.4 million to customers in June and an additional rate reduction effective Nov. 1, 2016 in both Oregon and Washington. 
  • Increased the customer growth rate to 1.6% at Sept. 30, 2016 with over 11,500 customers added in the last 12 months.
  • Delivered increasing dividends for the 61st consecutive year. The Company's current annual dividend rate is $1.88 per share. 
  • Reaffirmed earnings guidance for 2016, at $1.98 to $2.18 per share or $2.05 to $2.25 per share adjusted to exclude the effects of the pre-tax charge of $3.3 million, or $0.07 per share after-tax (1), related to the final environmental implementation order received in January 2016 as described below.

PORTLAND, Ore., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Northwest Natural Gas Company, dba NW Natural (NYSE:NWN), reported a consolidated net loss of $8.0 million, or $0.29 per share for the third quarter of 2016, compared to a loss of $6.7 million, or $0.24 per share, for the same period of 2015. The Company's results typically reflect a loss during the third quarter due to the impact of decreased heating requirements during the summer months. Results included higher operations and maintenance (O&M) expense in 2016 as costs moved to more sustainable levels after implementing savings initiatives in 2015, partially offset by higher revenues from the gas storage segment.

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