The Northwest Natural Gas Company, doing business as NW Natural, has reported a net income of $33.2 million, or $1.25 per share, for the fourth quarter of 2008, compared to $29.7 million, or $1.11 per share, for the same quarter of 2007.
For the 12 months ended December 31, 2008, the company has reported a net income of $69.5 million, or $2.61 per share, compared to $74.5 million, or $2.76 per share, for the year 2007. NW Natural has reported gross operating revenues of $349.2 million for the year ended December 31, 2008, compared to $331.61 million for the year 2007.
The company said that, for the fourth quarter of 2008, it has reported gross operating revenues of $1.04 billion, compared to $1.03 billion for the same period of 2007.
Gregg Kantor, president and CEO of NW Natural, said: Despite a year with many challenges, NW Natural delivered good results for its shareholders.
The work of the last few years to control costs by redesigning and streamlining our operations paid off. The year also demonstrated the ongoing value of our gas storage business.
Headquartered in Portland, Ore., NW Natural claims to be the largest independent natural gas utility in the Pacific Northwest. According to the company, it serves over 662,000 residential and business customers in Oregon and southwest Washington.Â
