August 29, 2014 4:58 PM ET

Oil, Gas and Consumable Fuels

Company Overview of PAA Natural Gas Storage, L.P.

Company Overview

PAA Natural Gas Storage, L.P. engages in the ownership, acquisition, development, operation, and commercial management of natural gas storage facilities in the United States. The company provides natural gas storage services to various customers, including local gas distribution companies, electric utilities, pipelines, direct industrial users, electric power generators, marketers, producers, LNG exporters, and affiliates of such entities. As of December 31, 2012, it owned and operated 3 natural gas storage facilities located in Louisiana, Mississippi and Michigan with an aggregate working gas storage capacity of approximately 93 billion cubic feet. The company also leases storage capacity a...

333 Clay Street

Suite 1500

Houston, TX 77002

United States

Phone:

713-646-4100

Key Executives for PAA Natural Gas Storage, L.P.

Chairman of PNGS GP LLC and Chief Executive Officer of PNGS GP LLC
Age: 56
President of PNGS GP LLC and Director of PNGS GP LLC
Age: 55
Chief Financial Officer of Pngs GP LLC
Age: 50
Vice President of Operations - PNGS GP LLC
Age: 43
Vice President of Pngs GP LLC
Age: 53
Compensation as of Fiscal Year 2014.

PAA Natural Gas Storage, L.P. Key Developments

PAA Natural Gas Storage, L.P., Special/Extraordinary Shareholders Meeting, Dec 31, 2013

PAA Natural Gas Storage, L.P., Special/Extraordinary Shareholders Meeting, Dec 31, 2013. Agenda: To consider a proposal to approve the proposed merger between PAA Natural Gas Storage, L.P. and Plains All American Pipeline, L.P.

PAA Natural Gas Storage, L.P. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2013

PAA Natural Gas Storage, L.P. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue was $55.47 million against $66.13 million a year ago. Operating income was $14.77 million against $19.87 million a year ago. Net income was $12.14 million against $17.9 million a year ago. Net income available to limited partners was $11.67 million against $17.3 million a year ago. Net income available to limited partners in accordance with application of the two-class method for MLPs was $11.52 million against $17.23 million a year ago. Net income per diluted limited partner unit was $0.16 against $0.24 a year ago. Adjusted net income was $15.03 million against $18.3 million a year ago. Adjusted net income per diluted limited partner unit was $0.20 against $0.25 a year ago. Adjusted EBITDA was $27.35 million against $29.7 million a year ago. EBITDA was $24.45 million against $29.32 million a year ago. This decrease is primarily related to the timing of market opportunities in 2013 as compared to 2012. Adjusted limited partners' net income was $14.36 million against $17.61 million a year ago. Adjusted limited partners' net income per diluted share was $0.20 against $0.25 a year ago. For the nine months, the company reported revenue was $299.96 million against $274.99 million a year ago. Operating income was $54.46 million against $56.25 million a year ago. Net income was $46.68 million against $50.91 million a year ago. Net income available to limited partners was $45.08 million against $49.24 million a year ago. Net income available to limited partners in accordance with application of the two-class method for MLPs was $44.62 million against $48.99 million a year ago. Net income per diluted limited partner unit was $0.62 against $0.69 a year ago. Adjusted net income was $52.56 million against $53.99 million a year ago. Adjusted net income per diluted limited partner unit was $0.70 against $0.73 a year ago. Adjusted EBITDA was $89.48 million against $87.19 million a year ago. EBITDA was $83.61 million against $84.12 million a year ago. Adjusted limited partners' net income was $50.37 million against $52 million a year ago. Adjusted limited partners' net income per diluted share was $0.70 against $0.73 a year ago. For the quarter, the company reported average working storage capacity was 97 Bcf against 89 Bcf a year ago. For the nine months, the company reported average working storage capacity was 96 Bcf against 82 Bcf a year ago.

PAA Natural Gas Storage, L.P. Announces Quarterly Distribution Payable on November 14, 2013

PAA Natural Gas Storage, L.P. announced that it has entered into a definitive agreement and plan of merger with Plains All American Pipeline, L.P. (the "Merger Agreement") that provides for a merger whereby PNG will become a wholly-owned subsidiary of Plains All American Pipeline, L.P. ("PAA") through a unit-for-unit exchange (the "Merger"). The parties anticipate that the Merger will close in the latter half of the fourth quarter of 2013, and that the previously announced quarterly distribution of $0.3575 per PNG common unit payable to holders of record of such units on November 1, 2013 will be paid on November 14, 2013 as scheduled.

Similar Private Companies By Industry

Company Name Region
Well Systems LLC United States
NiSource Gas Transmission & Storage Company United States
Ikerd Coal Company, LLC United States
United Oil & Gas, Inc. United States
Fulcrum BioEnergy, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Bertelsmann AG Europe
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact PAA Natural Gas Storage, L.P., please visit www.pnglp.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.