UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
SEVENTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
LEIDY HUB, INC. PURSUANT TO
ELLISBURG-LEIDY NORTHEAST HUB COMPANY RULE 24
File No. 70-8417
(Public Utility Holding Company Act of 1935)
- --------------------------------------------
In accordance with the terms of the Order dated July 29, 1994 issued to
National Fuel Gas Company ("National") authorizing Leidy Hub, Inc., a subsidiary
of National to enter into a partnership with Hub Services, Inc., a subsidiary of
Natural Gas Clearinghouse (File No. 70-8417, HCAR No. 35-26093), attached as
Exhibit A is an income statement of Ellisburg-Leidy Northeast Hub Company (the
Partnership) for the three and twelve months ended September 30, 1995. Also
attached as Exhibit B is a balance sheet for the Partnership at September 30,
1995. Exhibit C is the income statement of Leidy Hub, Inc. for the three and
twelve months ended September 30, 1995, and Exhibit D is the balance sheet for
Leidy Hub, Inc. at September 30, 1995.
IN WITNESS WHEREOF, the undersigned companies have duly caused this
Certificate to be signed this 14th day of November 1995.
LEIDY HUB, INC. AND NATIONAL FUEL GAS COMPANY
By \s\ Gerald T. Wehrlin
-------------------------------------------
Gerald T. Wehrlin
Secretary and Treasurer, Leidy Hub, Inc.
Controller, National Fuel Gas Company
<PAGE>
EXHIBIT INDEX
(File No. 70-8417)
(1) Exhibit A - Income Statement of Ellisburg-Leidy Northeast Hub Company
for the Three and Twelve Months Ended September 30,
1995.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub Company as
of September 30, 1995.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three and
Twelve Months Ended September 30, 1995.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of September 30, 1995.
EXHIBIT A
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
September 30, 1995 September 30, 1995
REVENUES
Gas Sales $5,073,813 $22,009,044
Wheeling Fees 26,968 84,995
Parking Fees - 56,486
Other (30,060) 549,839
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Total Revenues 5,070,721 22,700,364
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COST OF SALES
Gas Purchases 5,005,233 21,549,944
Parking 14 36,316
Transportation Cost 14,929 15,079
Wheeling 13,166 23,203
Other (41,894) 552,711
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Total Cost Of Sales 4,991,448 22,177,253
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Gross Margin 79,273 523,111
General & Administrative
Allocation 7,825 250,825
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Net Income $ 71,448 $ 272,286
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EXHIBIT B
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At September 30, 1995
---------------------
CURRENT ASSETS
Cash $ 151,760
Accounts Receivable 2,823,020
----------
Total Current Assets 2,974,780
----------
PROPERTY & EQUIPMENT 28,812
----------
TOTAL ASSETS $3,003,592
==========
CURRENT LIABILITIES
Gas Purchase Payable $2,711,513
Transportation Payable (9,831)
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Total Current Liabilities 2,728,682
----------
TOTAL LIABILITIES 2,728,682
----------
EQUITY
Contributed Capital - Hub Services, Inc. 190,453
Contributed Capital - Leidy Hub, Inc. 111,457
----------
Total Equity 274,910
----------
TOTAL LIABILITIES & EQUITY $3,003,592
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EXHIBIT C
---------
LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
September 30, 1995 September 30, 1995
------------------ -------------------
Operating Expenses:
Operations Expense $ 6,453 $ 16,670
Other Taxes (671) (382)
--------- ---------
Total Operating Expenses 5,782 16,288
--------- ---------
Other Income:
Equity Interest in:
Ellisburg-Leidy
Northeast Hub Co. (1,864)* 97,053
Enerchange - -
Miscellaneous - 443
--------- ---------
(1,864) 97,496
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Other Deductions:
Interest-Assoc. Companies 3,013 11,286
Miscellaneous 602,593 ** 602,593 **
--------- ---------
605,606 613,879
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Pretax Income (613,252) (532,671)
--------- ---------
Income Taxes - Current (382,629) (354,215)
- Deferred 167,990 167,780
--------- ---------
(214,639) (186,435)
--------- ----------
Net Income (Loss) $(398,613) $(346,236)
========= =========
* Amount includes partnership activity for the months of June 1995 through
September 30, 1995. As noted in our Rule 24 filing for the quarter ended
June 30, 1995, Leidy Hub, Inc. was only able to record partnership
activity for the period of April through May 1995 as the June 1995
information was not available in time for Leidy Hub, Inc.'s June
accounting close.
** Amount represents the write-off during the quarter ended September 30,
1995, of an investment in the developer of an electronic meter reading
device. This investment was determined to be worthless based upon the
bankruptcy of the developer.
EXHIBIT D
---------
LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At September 30, 1995
---------------------
ASSETS
Current Assets:
Cash $ 75,836
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 82,570
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,208)
----------
Property, Plant & Equipment -
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 111,457
Investment in Enerchange -
Other Deferred Debit 1,875
----------
Total Other Assets 113,332
----------
Total Assets $ 195,902
==========
LIABILITIES & STOCKHOLDERS EQUITY
Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,038,500
Retained Earnings (817,062)
----------
Total Stockholders Equity 225,438
----------
Current & Accrued Liabilities:
Notes Payable Assoc. Companies 200,000
Accounts Payable - Assoc. Companies 4,117
Federal Income Taxes Payable (360,393)
Other Accruals 609
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Total Current & Accrued Liabilities (155,667)
----------
Accumulated Deferred Income Taxes 126,131
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Total Liabilities & Equity $ 195,902
==========
