UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TENTH
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 and twelve months ended March 31, 1996.
Also attached as Exhibit B is a balance sheet for the Partnership at March 31,
1996. Exhibit C is the income statement of Leidy Hub, Inc. for the three and
twelve months ended March 31, 1996, and Exhibit D is the balance sheet for Leidy
Hub, Inc. at March 31, 1996.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 15th day of May 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 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 March 31, 1996.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub Company as
of March 31, 1996.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three and Twelve
Months Ended March 31,
1996.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of March 31, 1996.
EXHIBIT A
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
March 31, 1996 March 31, 1996
------------------ -------------------
REVENUES
Gas Sales $11,160,103 $26,850,690
Wheeling Fees 17,870 51,770
Parking Fees 5,753 47,321
Other 56,616 154,676
----------- -----------
Total Revenues 11,240,342 27,104,457
----------- -----------
COST OF SALES
Gas Purchases 10,827,474 26,128,344
Parking 4,066 26,614
Transportation Cost 100,976 116,055
Wheeling 1,879 16,723
Other 33,885 123,560
----------- -----------
Total Cost of Sales 10,968,280 26,411,296
----------- -----------
Gross Margin 272,062 693,161
Other Income - 710
General & Administrative
Allocation (37,000) (206,825)
----------- -----------
Net Income $ 235,062 $ 487,046
=========== ===========
EXHIBIT B
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At March 31, 1996
-----------------
CURRENT ASSETS
Cash $ 2,202,374
Accounts Receivable 9,391,184
-----------
Total Current Assets $11,593,558
PROPERTY & EQUIPMENT 28,812
-----------
TOTAL ASSETS $11,622,370
===========
CURRENT LIABILITIES
Gas Purchase Payable $10,927,369
Transportation Payable 2,071
-----------
Total Current Liabilities 10,929,440
-----------
TOTAL LIABILITIES 10,929,440
-----------
EQUITY
Contributed Capital - Hub Services, Inc. 578,772
Contributed Capital - Leidy Hub, Inc. 114,158
-----------
Total Equity 692,930
-----------
TOTAL LIABILITIES & EQUITY $11,622,370
===========
EXHIBIT C
---------
LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
March 31, 1996 March 31, 1996
------------------ -------------------
Operating Expenses:
Operation Expense $ 3,369 $ 21,719
Depreciation, Depletion and
Amortization 28 28
Other Taxes - (81)
------- ---------
Total Operating Expenses 3,397 21,666
------- ---------
Other Income:
Equity Interest in:
Ellisburg-Leidy Northeast
Hub Co. (7,051) (2,249)
Enerchange 111,704 220,470
Miscellaneous - 400
------- ---------
104,653 218,621
------- ---------
Other Deductions:
Interest-Assoc. Companies 4,263 16,059
Miscellaneous - 602,593 *
------- ---------
4,263 618,652
------- ---------
Pretax Income 96,993 (421,697)
------- ---------
Income Taxes - Current 34,346 (313,870)
- Deferred (389) 167,019
------- ---------
33,957 (146,851)
------- ---------
Net Income (Loss) $63,036 $(274,846)
======= =========
* 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.
EXHIBIT D
---------
LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At March 31, 1996
-----------------
ASSETS
Current Assets:
Cash $ 27,883
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 34,617
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,236)
----------
Property, Plant & Equipment (28)
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 114,158
Investment in Enerchange 925,845 *
Other Deferred Debit 1,875
----------
Total Other Assets 1,041,878
----------
Total Assets $1,076,467
==========
LIABILITIES & STOCKHOLDERS EQUITY Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,364,500
Retained Earnings (686,326)
----------
Total Stockholders Equity 682,174
----------
Current & Accrued Liabilities:
Notes Payable Assoc. Companies 300,000
Accounts Payable - Assoc. Companies 6,215
Federal Income Taxes Payable (32,452)
Other Accruals 1,466
----------
Total Current & Accrued Liabilities 275,229
----------
Accumulated Deferred Income Taxes 119,064
----------
Total Liabilities & Equity $1,076,467
==========
* Amount includes an additional capital contribution of $54,375 in March 1996.