piedmont natural gas co (PNY) Key Developments
Piedmont Natural Gas Co. Inc. Reports Earnings Results for the Year Ended October 31, 2014; Provides Earnings Guidance for the Full Year 2015
Dec 23 14
Piedmont Natural Gas Co. Inc. reported earnings results for the year ended October 31, 2014. Net income for the year was $1.84 per diluted share, up 3% from $1.78 per diluted share in 2013. Revenues were $1.5 billion, up 15% from $1.3 billion reported last year. The company reported year-over-year increases in its 2014 financial results driven by higher demand for natural gas. The company reported net income at $143.8 million against net income of $134.4 million in the same period in 2013.
For full year 2015, the company expects earnings to range between $1.82 and $1.92 per diluted share.
Piedmont Expands Natural Gas Fueling Stations to Convenience Stores
Dec 18 14
Piedmont Natural Gas planned to lease space at a Spinx convenience store in Anderson, S.C., to set up a compressed natural gas fueling station that will be open to the public. The company is looking at new sites for its CNG stations. Piedmont will own and maintain the site's CNG facilities, which will be open to the public for use by commercial fleets and individual vehicles.
Piedmont Natural Gas and Spinx Announce Agreement to Add Compressed Natural Gas Refueling Facilities at Anderson, South Carolina Store
Dec 17 14
Piedmont Natural Gas and The Spinx Company announced an agreement to add a Piedmont compressed natural gas (CNG) refueling station at a Spinx convenience store location. Piedmont will lease space at an existing Spinx store located at the corner of Pearman Dairy Road and West Whitner Street in Anderson, South Carolina in order to install the necessary CNG refueling equipment and compressors. Piedmont will own and maintain the site's CNG facilities which will be open to the public for use by commercial fleets and individual vehicles. The new station will be Piedmont's 11th public CNG refueling station in the Carolinas and in Tennessee, and its third public CNG station in South Carolina. The use of compressed natural gas as a transportation fuel has grown significantly in recent years and has many benefits and advantages for fleet owners and individual operators. CNG is environmentally friendly, reducing greenhouse gas emissions like CO2 from vehicles by 15% to 20% and emitting virtually no nitrous oxide (NO) or sulphur dioxide (SO2). In addition, CNG costs less than gasoline or diesel, results in fewer oil changes and less maintenance for vehicles, and helps reduce America's dependence on imported oil.
Piedmont Natural Gas Co. Inc. Declares Quarterly Dividend, Payable on January 15, 2015
Dec 12 14
Piedmont Natural Gas Co. Inc. announced the declaration of a quarterly dividend on common stock of 32 cents per share, payable on January 15, 2015, to holders of record at the close of business on December 24, 2014.
North Carolina Department of Utilities Commission Issues Order Approving Agreement of Natural Gas Interruptible Transportation Service and Minimum Margin Commitment Agreement Between Piedmont Natural Gas Company, Inc., and a Prospective Customer
Nov 27 14
The North Carolina Utilities Commission issued the order: in the matter of natural gas interruptible transportation service and minimum margin commitment agreement between Piedmont Natural Gas Company Inc., and a prospective customer. On September 18, 2014, Piedmont Natural Gas Company, Inc. (Piedmont), filed a multi-year natural gas interruptible transportation service and minimum margin commitment agreement (agreement) between Piedmont and a prospective customer (customer). Piedmont submitted the agreement under seal on the grounds that it is confidential and proprietary and has been designated as such pursuant to G.S. 132-1.2. Piedmont stated that the Agreement relates to the construction of expanded Piedmont facilities necessary to provide natural gas service to the customer's location and the customer's agreement to pay special contract rates to cover the costs of such service. Piedmont further indicated that no other customer will be impacted by the Agreement and that the Agreement is in the public interest. The public staff presented this matter at the commission's regular staff conference on November 24, 2014. Based on its investigation, the public staff determined that the terms of the agreement are within the parameters presented in G.S. 62-140. The public staff recommended that the commission issue an order concluding that the agreement is not unlawful and does not violate the rules and regulations of the commission and allowing Piedmont to provide service to customer pursuant to the agreement. The public staff also recommended that the order state that the commission's acceptance of the agreement neither constitutes approval of the amount of any compensation paid thereunder nor prejudices the right of any party to take issue with any provision of the agreement in question in a future proceeding. The commission concludes that the agreement is not unlawful and does not violate the rules and regulations of the commission. accordingly, the commission finds good cause to allow the agreement to become effective as filed. It is, therefore, ordered as: That Piedmont is hereby authorized to provide natural gas service to customer pursuant to the agreement; and that authorizing Piedmont to provide natural gas service to customer pursuant to the natural gas interruptible transportation service and minimum margin commitment agreement filed in this docket neither constitutes approval of the amount of any compensation paid there under nor prejudices the right of any party to take issue with any provision of the contract in question in a future proceeding.