September 16, 2014 10:48 AM ET

Gas Utilities

Company Overview of Piedmont Natural Gas Co. Inc.

Company Overview

Piedmont Natural Gas Company, Inc., an energy services company, distributes natural gas in the United States. It operates in two segments, Regulated Utility and Non-Utility Activities. The company also operates energy-related businesses comprising unregulated retail natural gas marketing, regulated interstate natural gas transportation, and storage and regulated intrastate natural gas transportation. It distributes natural gas through transmission pipelines and distribution mains. As of December 23, 2013, the company served approximately one million residential, commercial, industrial, and power generation customers in of North Carolina, South Carolina, and Tennessee, including wholesale cus...

4720 Piedmont Row Drive

Charlotte, NC 28210

United States

Founded in 1949

1,868 Employees



Key Executives for Piedmont Natural Gas Co. Inc.

Age: 57
Total Annual Compensation: $842.5K
Chief Financial Officer and Senior Vice President
Age: 45
Total Annual Compensation: $404.5K
Chief Commercial Operations Officer and Senior Vice President
Age: 54
Total Annual Compensation: $425.3K
Chief Utility Operations Officer and Senior Vice President
Age: 57
Total Annual Compensation: $380.3K
Chief Administrative Officer and Senior Vice President
Age: 55
Total Annual Compensation: $365.0K
Compensation as of Fiscal Year 2013.

Piedmont Natural Gas Co. Inc. Key Developments

Piedmont Natural Gas Co. Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended July 31, 2014; Reaffirms Earnings Guidance for the Year 2014

Piedmont Natural Gas Co. Inc. reported unaudited earnings results for the third quarter and nine months ended July 31, 2014. For the quarter, the company reported operating revenues of $164,187,000 against $162,943,000 a year ago. Operating income was $3,254,000 against $591,000 a year ago. Net loss was $7,344,000 against $2,293,000 a year ago. Basic and diluted loss per share was $0.09 against $0.03 a year ago. For the nine months, the company reported operating revenues of $1,284,167,000 against $1,078,229,000 a year ago. Operating income was $172,872,000 against $138,308,000 a year ago. Net income was $152,768,000 against $139,420,000 a year ago. Diluted earnings per share were $1.96 against $1.86 a year ago. The company reaffirmed its revised fiscal year 2014 earnings guidance of $1.80 to $1.90 per diluted share, with emphasis at the upper end of the range.

Piedmont Natural Gas Co. Inc. Announces Quarterly Dividend, Payable on October 15, 2014

Piedmont Natural Gas Co. Inc. announced that at its regular quarterly meeting of the company's Board of Directors announced the declaration of a quarterly dividend on common stock of 32 cents per share, payable October 15, 2014, to holders of record at the close of business on September 24, 2014.

Dominion, Duke Energy, Piedmont Natural Gas and AGL Resources Form Joint Venture to Own Proposed Atlantic Coast Pipeline

Dominion, Duke Energy, Piedmont Natural Gas and AGL Resources announced the formation of a joint venture to build and own the proposed Atlantic Coast Pipeline. The $4.5 billion to $5 billion, 550-mile natural gas pipeline would run from Harrison County, W. Va., southeast through Virginia with an extension to Chesapeake, Va., and then south through central North Carolina to Robeson County. The partnership, called Atlantic Coast Pipeline LLC, will own the pipeline initially proposed by Dominion as the Southeast Reliability Project. It is designed in part to meet the needs identified in requests for proposals last April by Duke Energy and Piedmont, and in June by Virginia Power Services Energy. It would deliver natural gas supplies to growing markets for additional customers in Virginia and North Carolina. The pipeline would provide a new route for direct access to the burgeoning production in the Marcellus and Utica shale basins of West Virginia, Pennsylvania and Ohio. Dominion is to build and operate the Atlantic Coast Pipeline on behalf of the venture. With more than 100 years of service, Dominion is one of the nation's most-experienced operators of natural gas pipelines. It operates nearly 8,000 miles of interstate pipeline in six states as well as one of the nation's natural gas storage systems. The joint venture ownership stakes are: Dominion, 45%; Duke Energy, 40%; Piedmont, 10%; and AGL Resources, 5%. Subsidiaries and affiliates of all four joint venture partners plan to be customers of the pipeline under 20-year contracts, pending regulatory approvals. PSNC Energy also plans to be a customer of the pipeline under a 20-year contract, pending regulatory approvals. Dominion has begun surveying to determine the best route, one that meets operational and reliability needs while minimizing the impact on the environment as well as historical and cultural resources. The company plans to make a pre-filing request with the Federal Energy Regulatory Commission (FERC) this fall on behalf of Atlantic Coast Pipeline. It expects to file its FERC application in the summer of 2015, receive the FERC Certificate of Public Convenience and Necessity in the summer of 2016, and begin construction shortly thereafter. The extensive FERC review process solicits input from numerous local, state and federal entities, and private citizens. Public safety, air quality, water resources, geology, soils, wildlife and vegetation, threatened and endangered species, land and visual resources, cultural and historic resources, noise, cumulative impacts and reasonable alternatives are fully examined. The main pipeline would have a 42-inch diameter in West Virginia and Virginia, reducing to 36 inches in diameter in North Carolina.

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