piedmont natural gas co (PNY) Key Developments
Wells Fargo Bank, National Association, Bank of America, N.A., Branch Banking and Trust Company, JPMorgan Chase Bank, N.A., PNC Bank, National Association, U.S. Bank National Association and Royal Bank of Canada Enter into Increasing Lender Agreement with Piedmont Natural Gas Company, Inc
Nov 4 13
On November 1, 2013, Wells Fargo Bank, National Association, Bank of America, N.A., Branch Banking and Trust Company, JPMorgan Chase Bank, N.A., PNC Bank, National Association, U.S. Bank National Association and Royal Bank of Canada, each as a Lender under the Amended and Restated Credit Agreement dated as of October 1, 2012, among Piedmont Natural Gas Company Inc. as borrower, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as the administrative agent, entered into an Increasing Lender Agreement pursuant to which each Lender increased its Commitment under the Credit Agreement so that the total Aggregate Commitments are $850 million, increased from $650 million. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. Some of the Lenders (and their respective subsidiaries or affiliates) provide, have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking, and other advisory services to the company. These parties have received, and may in the future receive, customary compensation from the company for such services.
Piedmont Natural Gas Co. Inc. Provides Earnings Guidance for the Fiscal Year Ending October 31, 2014
Nov 1 13
Piedmont Natural Gas is initiating earnings guidance in the range of $1.73 to $1.83 per diluted share for its fiscal year ending October 31, 2014.
Capital expenditures is to be in the range of $425 million to $475 million, including approximately $250 million related to system integrity projects, as well as an additional $55 million to fund the company's joint venture equity interest in the Constitution Pipeline project.
Piedmont Natural Gas Co. Inc. Wins Contract for Assumption of Ownership
Sep 30 13
Piedmont Natural Gas Company Inc. been awarded a maximum $107,464,640 regulated tariff rate contract for assumption of ownership, operation, and maintenance of the Natural Gas Distribution System. This contract is a sole-source acquisition. Location of performance is North Carolina with a September 2066 performance completion date. Using military service is Army. Type of appropriation is fiscal year 2013 Army funds. The contracting activity is the Defense Logistics Agency Energy, Fort Belvoir, Va.
Piedmont Natural Gas Co. Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended July 31, 2013; Reaffirms Earnings Guidance for the Fiscal 2013 and Full Year of 2014
Sep 5 13
Piedmont Natural Gas Co. Inc. announced unaudited earnings results for the third quarter and nine months ended July 31, 2013. For the quarter, the company reported operating revenues of $162,943,000, operating income of $591,000, net loss of $2,293,000 or $0.03 per basic and diluted share compared to operating revenues of $161,123,000, operating loss of $2,513,000, net loss of $4,613,000 or $0.06 per basic and diluted share a year ago.
For the nine months, the company reported operating revenues of $1,078,229,000, operating income of $138,308,000, net income of $139,420,000 or $0.1.86 per diluted share compared to operating revenues of $941,395,000, operating income of $126,088,000, net income of $121,806,000 or $1.69 per basic and diluted share a year ago.
The company reaffirmed its fiscal year 2013 earnings guidance of $1.67 to $1.77 per diluted share and expects full year earnings per share to be near the upper end of the range. The company continues to work diligently on its large capital expansion program for fiscal year 2013, and the revised utility capital expenditure range for the year is now $610 million to $650 million, which is being driven by increased expenditures for system integrity, as well as customer growth.
The investment is expected to be accretive between $0.02 and $0.03 to its earnings per share in 2014.
Piedmont Natural Gas Elects Appointment of Michael C. Tarwater to Board of Director, Effective November 1, 2013
Sep 5 13
The Board of Directors of Piedmont Natural Gas has elected Michael C. Tarwater to the board of the company effective November 1, 2013. Tarwater is Chief Executive Officer of Carolinas HealthCare System (CHS). Prior to his election as CEO, Tarwater served as CHS's Executive Vice President and COO from June 1989 to June 2002. Mr. Tarwater serves on the Board of Trustees of the American Hospital Association and, since 2010, on the Board of Trustees of Queens University of Charlotte where he recently joined its Executive Committee in 2012. Mr. Tarwater also currently serves as the 1(st) Vice Chairman of the Charlotte Chamber of Commerce.