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 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.
Piedmont Natural Gas Co. Inc. Provides Earnings Guidance for the Fiscal Year Ending October 31, 2015
Nov 3 14
Piedmont Natural Gas Co. Inc. provided earnings guidance for the fiscal year ending October 31, 2015. For the period, the company expected higher depreciation expense due to additional utility plant in service. Utility capital expenditures in the range of $450 million - $550 million, including approximately $250 million related to system integrity projects, as well as an additional $75 million-$125 million to fund the company's joint venture equity interest in the Constitution Pipeline and Atlantic Coast Pipeline projects. Higher interest expense primarily due to the full-year impact of the company's $250 million long-term debt issuance in fiscal year 2014.
Piedmont Natural Gas Receives Regulatory Approval for Atlantic Coast Pipeline Agreements
Oct 27 14
Piedmont Natural Gas received regulatory approval from the North Carolina Utilities Commission (NCUC) for its affiliate agreements with the Atlantic Coast Pipeline (ACP). Since Piedmont Natural Gas is both a financial partner and a customer of the proposed natural gas pipeline, Piedmont's affiliate agreements with ACP are subject to NCUC approval. Approval of the agreements represents a key step in the overall regulatory approval process. Ultimate approval for the natural gas pipeline project rests with the Federal Energy Regulatory Commission. The proposed natural gas pipeline would transport natural gas from the prolific Marcellus shale production region in West Virginia, Ohio and Pennsylvania, and deliver it through a 550-mile long natural gas pipeline constructed through parts of West Virginia, Virginia, and North Carolina. The new natural gas pipeline would be the second major interstate pipeline serving the state of North Carolina and is proposed to be in service by late 2018.