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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
In the Matter of
NATIONAL FUEL GAS COMPANY TWELFTH
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 September 30, 1996. Also
attached as Exhibit B is a balance sheet for the Partnership at September 30,
1996. Exhibit C is the income statement of Leidy Hub, Inc. for the three and
twelve months ended September 30, 1996, and Exhibit D is the balance sheet for
Leidy Hub, Inc. at September 30, 1996.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 14th day of November 1996.
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 Months Ended September 30, 1996.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub Company
as of September 30, 1996.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three and
Twelve Months Ended September 30, 1996.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of September 30,
1996.
EXHIBIT A
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended
September 30, 1996
REVENUES
Gas Sales $911,336
Parking Fees 4,369
Other 3,440
--------
Total Revenues 919,145
--------
COST OF SALES
Gas Purchases 889,868
Transportation Cost 7,080
Wheeling (296)
-------
Other
Total Cost of Sales 896,652
-------
Gross Margin 22,493
General & Administrative
Allocation 11,662
-------
Net Income $ 10,831
========
EXHIBIT B
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At September 30, 1996
CURRENT ASSETS
Cash $2,027,894
Accounts Receivable 4,126,331
Inventory 201,693
----------
Total Current Assets 6,355,918
PROPERTY & EQUIPMENT 28,812
---------
TOTAL ASSETS $6,384,730
==========
CURRENT LIABILITIES
Gas Purchase Payable $5,941,346
Transportation Payable (110,029)
----------
Total Current Liabilities 5,831,317
----------
TOTAL LIABILITIES 5,831,317
----------
EQUITY
Contributed Capital - Hub Services, Inc. 418,861
Contributed Capital - Leidy Hub, Inc. 134,552
---------
Total Equity 553,413
---------
TOTAL LIABILITIES & EQUITY $6,384,730
EXHIBIT C
LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
September 30, 1996 September 30, 1996
Operating Expenses:
Operation Expense $ 7,473 $ 23,439
Depreciation, Depletion and
Amortization (65) (37)
Other Taxes - (371)
------- --------
Total Operating Expenses 7,408 23,031
------- --------
Other Income:
Equity Interest in:
Ellisburg-Leidy Northeast
Hub Co. 541* 18,709*
Enerchange (34,337)** 224,577**
------- --------
(33,796) 243,286
------- --------
Other Deductions:
Interest-Assoc. Companies 4,198 18,215
------- --------
Pretax Income (45,402) (202,040)
------- ---------
Income Taxes - Current (93,293) (1,526)
- Deferred 77,278 76,023
------- ---------
(16,015) 74,497
------- ---------
Net Income (Loss) $(29,387) $127,543
========= ========
* Amount does not include September 1996 partnership activity as the
September 1996 information was not available in time for Leidy Hub, Inc.'s
September accounting close. The September 1996 activity will be recorded in
October 1996.
** Amount includes an estimate of the September 1996 loss expected to be
incurred by the partnership.
EXHIBIT D
LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At September 30, 1996
ASSETS
Current Assets:
Cash $ 6,373
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 13,107
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,171)
----------
Property, Plant & Equipment 37
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 130,168*
Investment in Enerchange 929,952**
Other Deferred Debit 1,873
----------
Total Other Assets 1,061,993
----------
Total Assets $1,075,137
==========
LIABILITIES & STOCKHOLDERS EQUITY Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,364,500
Retained Earnings (689,519)
----------
Total Stockholders Equity 678,981
----------
Current & Accrued Liabilities:
Notes Payable Assoc. Companies 300,000
Accounts Payable - Assoc. Companies 10,796
Federal Income Taxes Payable (111,250)
Other Accruals 658
----------
Total Current & Accrued Liabilities 200,204
----------
Accumulated Deferred Income Taxes 195,952
----------
Total Liabilities & Equity $1,075,137
==========
* The investment balance at September 30, 1996 only reflects partnership
activity through August 1996 as the September 1996 information was not
available in time for Leidy Hub, Inc.'s September accounting close. The
September 1996 activity will be recorded in October 1996.
** The investment balance at September 30, 1996 includes all partnership
activity through August 1996 as well as an estimate of the September 1996
loss expected to be incurred by the partnership.
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