UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
EIGHTH
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 December 31, 1995. Also
attached as Exhibit B is a balance sheet for the Partnership at December 31,
1995. Exhibit C is the income statement of Leidy Hub, Inc. for the three and
twelve months ended December 31, 1995, and Exhibit D is the balance sheet for
Leidy Hub, Inc. at December 31, 1995.
IN WITNESS WHEREOF, the undersigned companies have duly caused this
Certificate to be signed this 9th day of February 1996.
LEIDY HUB, INC. AND NATIONAL FUEL GAS COMPANY
By___________________________________________
Gerald T. Wehrlin
Secretary and Treasurer, Leidy Hub, Inc.
Controller, National Fuel Gas Company
<PAGE 2>
EXHIBIT INDEX
(File No. 70-8417)
------------------
(1) Exhibit A - Income Statement of Ellisburg-Leidy Northeast Hub
Company for the Three and Twelve Months Ended
December 31, 1995.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub
Company as of December 31, 1995.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three
and Twelve Months Ended December 31, 1995.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of December 31,
1995.
EXHIBIT A
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, 1995 December 31, 1995
------------------ -------------------
REVENUES
Gas Sales $5,983,703 $22,667,455
Wheeling Fees 77,299 156,734
Parking Fees 4,405 20,263
Other (46,040) 449,007
---------- -----------
Total Revenues 6,019,367 23,293,459
---------- -----------
COST OF SALES
Gas Purchases 5,786,310 22,274,610
Parking 2,858 18,956
Transportation Cost 29,560 44,489
Wheeling 59,167 81,454
Other (72,846) 420,151
---------- -----------
Total Cost Of Sales 5,805,049 22,839,660
---------- -----------
Gross Margin 214,318 453,799
Other Income - 710
General & Administrative
Allocation (19,501) (189,326)
---------- -----------
Net Income $ 194,817 $ 265,183
========== ===========
EXHIBIT B
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At December 31, 1995
--------------------
CURRENT ASSETS
Cash $ 738,350
Accounts Receivable 4,460,222
Inventory 196,506
----------
Total Current Assets 5,395,078
----------
PROPERTY & EQUIPMENT 28,812
----------
TOTAL ASSETS $5,423,890
==========
CURRENT LIABILITIES
Gas Purchase Payable $4,858,127
Transportation Payable 69,036
----------
Total Current Liabilities 4,927,163
----------
TOTAL LIABILITIES 4,927,163
----------
EQUITY
Contributed Capital - Hub Services, Inc. 375,518
Contributed Capital - Leidy Hub, Inc. 121,209
----------
Total Equity 496,727
----------
TOTAL LIABILITIES & EQUITY $5,423,890
==========
EXHIBIT C
LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, 1995 December 31, 1995
------------------ -------------------
Operating Expenses:
Operation Expense $ 6,950 $ 22,803
Other Taxes 610 (72)
-------- ---------
Total Operating Expenses 7,560 22,731
-------- ---------
Other Income:
Equity Interest in:
Ellisburg-Leidy
Northeast Hub Co. 9,752 15,306
Enerchange 108,766 108,766
Miscellaneous - 402
-------- ---------
118,518 124,474
-------- ---------
Other Deductions:
Interest-Assoc. Companies 5,676 14,840
Miscellaneous - 602,593 *
-------- ---------
5,676 617,433
-------- ---------
Pretax Income 105,282 (515,690)
-------- ---------
Income Taxes - Current 38,059 (347,061)
- Deferred (477) 167,304
-------- ---------
37,582 (179,757)
-------- ---------
Net Income (Loss) $ 67,700 $(335,933)
======== =========
* 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
liquidation of the developer.
EXHIBIT D
LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At December 31, 1995
--------------------
ASSETS
Current Assets:
Cash $ 91,923
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 98,657
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,208)
----------
Property, Plant & Equipment -
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 121,209
Investment in Enerchange 759,766
Other Deferred Debit 1,875
----------
Total Other Assets 882,850
----------
Total Assets $ 981,507
==========
LIABILITIES & STOCKHOLDERS EQUITY
Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,364,500
Retained Earnings (749,362)
----------
Total Stockholders Equity 619,138
----------
Current & Accrued Liabilities:
Notes Payable Assoc. Companies 300,000
Accounts Payable - Assoc. Companies 7,788
Federal Income Taxes Payable (66,133)
Other Accruals 1,261
----------
Total Current & Accrued Liabilities 242,916
----------
Accumulated Deferred Income Taxes 119,453
----------
Total Liabilities & Equity $ 981,507
==========
