Northwest Natural Gas Company, doing business as NW Natural, has reported net income of $74.5 million, or $2.76 per share, for 2007, compared to $63.4 million, or $2.29 per share, for 2006.
NW Natural said that total gas sales and transportation deliveries in 2007, excluding deliveries of gas stored for others, were 1.21 billion therms, a 2% increase from 1.19 billion therms in 2006, due mainly to more customers and colder than average weather.
Gas sales to residential and commercial customers in 2007 were 649 million therms, a 4% up from 2006, due to customer growth and weather that was 7% colder than 2006 and 3% colder than average.
The company reported net income of $29.7 million, or $1.11 per share, for the fourth quarter of 2007, compared to $30.1 million, $1.09 per share, for the fourth quarter of 2006. The company’s total gas sales and transportation deliveries in the fourth quarter of 2007, excluding deliveries of gas stored for others, were 383 million therms, a 4% increase, compared to 369 million therms delivered in the fourth quarter of 2006.
Mark Dodson, CEO of NW Natural, said: Our core utility operations performed well despite slower customer growth, and gas storage operations continued to post strong financial results. In addition, initiatives identified in our operational review are essentially in place, which helped manage core utility costs in 2007 to a normalized growth rate of 1%.