|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY ELEVENTH
LEIDY HUB, INC. CERTIFICATE
ELLISBURG-LEIDY NORTHEAST HUB COMPANY PURSUANT TO
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 months ended June 30, 1996. Also attached as Exhibit
B is a balance sheet for the Partnership at June 30, 1996. Exhibit C is the
income statement of Leidy Hub, Inc. for the three and twelve months ended June
30, 1996, and Exhibit D is the balance sheet for Leidy Hub, Inc. at June 30,
1996.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 13th day of August 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>
EXHIBIT INDEX
(File No. 70-8417)
------------------
(1) Exhibit A - Income Statement of Ellisburg-Leidy Northeast Hub Company for
the Three Months Ended June 30, 1996.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub Company as of
June 30, 1996.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three and Twelve
Months Ended June 30, 1996.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of June 30, 1996.
EXHIBIT A
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended
June 30, 1996
------------------
REVENUES
Gas Sales $ 948,130
Wheeling Fees 3,794
Parking Fees 2,912
Other 334,447
----------
Total Revenues 1,289,283
----------
COST OF SALES
Gas Purchases 910,699
Parking 12,171
Transportation Cost 15,190
Wheeling -
Other 288,721
----------
Total Cost of Sales 1,226,781
----------
Gross Margin 62,502
Other Income -
General & Administrative
Allocation (32,549)
----------
Net Income $ 29,953
==========
EXHIBIT B
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At June 30, 1996
----------------
CURRENT ASSETS
Cash $1,622,816
Accounts Receivable 3,613,418
Inventory 201,693
----------
Total Current Assets $5,437,927
PROPERTY & EQUIPMENT 28,812
----------
TOTAL ASSETS $5,466,739
==========
CURRENT LIABILITIES
Gas Purchase Payable $5,034,186
Transportation Payable (110,029)
----------
Total Current Liabilities 4,924,157
----------
TOTAL LIABILITIES 4,924,157
----------
EQUITY
Contributed Capital - Hub Services, Inc. 413,446
Contributed Capital - Leidy Hub, Inc. 129,136
----------
Total Equity 542,582
----------
TOTAL LIABILITIES & EQUITY $5,466,739
==========
EXHIBIT C
---------
LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
June 30, 1996 June 30, 1996
------------------ --------------------
Operating Expenses:
Operation Expense $ 5,647 $ 22,419
Depreciation, Depletion and
Amortization - 28
Other Taxes (981) (1,042)
------- -------
Total Operating Expenses 4,666 21,405
------- -------
Other Income:
Equity Interest in:
Ellisburg-Leidy Northeast
Hub Co. 15,467** 13,218
Enerchange 38,444** 258,914
Miscellaneous - 3,087
------- --------
53,911 275,219
------- --------
Other Deductions:
Interest-Assoc. Companies 4,078 17,030
Miscellaneous - 602,593 *
------ -------
4,078 619,623
------ -------
Pretax Income 45,167 (365,809)
------ ---------
Income Taxes - Current 19,362 (290,862)
- Deferred (390) 166,735
------- --------
18,972 (124,127)
------- ---------
Net Income (Loss) $26,195 $(241,682)
------- --------
------- --------
* Amount represents the write-off during the quarter ended September 30,
1995, of an investment in the developer of an electronic meter reading
device. The investment was determined to be worthless based upon the
liquidation of the developer.
** Leidy Hub, Inc. only recorded partnership activity for April and May
1996 as the June 1996 information was not available in time for Leidy
Hub, Inc.'s June accounting close. The June 1996 activity will be
recorded in July 1996.
EXHIBIT D
---------
LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At June 30, 1996
----------------
ASSETS
Current Assets:
Cash $ 14,101
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 20,835
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,236)
----------
Property, Plant & Equipment (28)
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 129,627*
Investment in Enerchange 964,289*
Other Deferred Debit 1,873
----------
Total Other Assets 1,095,789
----------
Total Assets $1,116,596
----------
----------
LIABILITIES & STOCKHOLDERS EQUITY
Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,364,500
Retained Earnings (660,131)
----------
Total Stockholders Equity 708,369
----------
Current & Accrued Liabilities:
Notes Payable Assoc. Companies 300,000
Accounts Payable - Assoc. Companies 7,057
Federal Income Taxes Payable (17,957)
Other Accruals 453
----------
Total Current & Accrued Liabilities 289,553
----------
Accumulated Deferred Income Taxes 118,674
----------
Total Liabilities & Equity $1,116,596
----------
----------
* The investment balance at June 30, 1996 only reflects partnership
activity through May 1996 as the June 1996 information was not
available in time for Leidy Hub, Inc.'s June accounting close. The
June 1996 activity will be recorded in July 1996.
|
|