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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- -----------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY FIFTEENTH
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, 1997. Also
attached as Exhibit B is a balance sheet for the Partnership at June 30, 1997.
Exhibit C is the income statement of Leidy Hub, Inc. for the three and twelve
months ended June 30, 1997, and Exhibit D is the balance sheet for Leidy Hub,
Inc. at June 30, 1997.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 8th day of August, 1997.
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 June 30, 1997.
(2) Exhibit B - Balance Sheet of Ellisburg-Leidy Northeast Hub
Company as of June 30, 1997.
(3) Exhibit C - Income Statement of Leidy Hub, Inc. for the Three
and Twelve Months Ended June 30, 1997.
(4) Exhibit D - Balance Sheet of Leidy Hub, Inc. as of June 30, 1997.
EXHIBIT A
---------
ELLISBURG-LEIDY NORTHEAST HUB COMPANY
INCOME STATEMENT
(UNAUDITED)
Three Months Ended
June 30, 1997
------------------
Revenues
Wheeling Fees -
Other $16,704
-------
Total Revenues 16,704
Cost of Sales
Gas Purchases 23,194
-------
Gross Margin (6,490)
General & Administrative
Allocation 966
-------
Net Income (Loss) $(7,456)
=======
EXHIBIT B
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ELLISBURG-LEIDY NORTHEAST HUB COMPANY
BALANCE SHEET
(UNAUDITED)
At June 30, 1997
----------------
CURRENT ASSETS
Cash $1,003,290
Accounts Receivable 8,361,137
Inventory 201,693
----------
Total Current Assets 9,566,120
PROPERTY & EQUIPMENT 28,812
-----------
TOTAL ASSETS $9,594,932
==========
CURRENT LIABILITIES
Gas Purchase Payable $9,155,527
Transportation Payable (110,029)
----------
Total Current Liabilities 9,045,498
----------
TOTAL LIABILITIES 9,045,498
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EQUITY
Contributed Capital - Hub Services, Inc. 416,871
Contributed Capital - Leidy Hub, Inc. 132,563
----------
Total Equity 549,434
-----------
TOTAL LIABILITIES & EQUITY $9,594,932
==========
EXHIBIT C
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LEIDY HUB, INC.
INCOME STATEMENT
(UNAUDITED)
Three Months Ended Twelve Months Ended
June 30, 1997 June 30, 1997
------------------ -------------------
Operating Expenses:
Operation Expense $ 7,036 $ 28,819
Depreciation, Depletion and
Amortization - (65)
Other Taxes 198 997
-------- --------
Total Operating Expenses 7,234 29,751
-------- --------
Other Income:
Equity Interest in:
Ellisburg-Leidy Northeast
Hub Co. (3,464) 8,223
Enerchange (27,009) (68,629)
--------- --------
(30,473) (60,406)
-------- --------
Other Deductions:
Interest-Assoc. Companies 4,261 17,394
-------- --------
Pretax Income (Loss) 41,968 (107,551)
-------- --------
Income Taxes - Current (14,317) (113,229)
- Deferred (790) 75,999
-------- --------
(15,107) (37,230)
-------- --------
Net Loss $(26,861) $(70,321)
======== ========
EXHIBIT D
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LEIDY HUB, INC.
BALANCE SHEET
(UNAUDITED)
At June 30, 1997
----------------
ASSETS
Current Assets:
Cash $ 71,671
Accounts Receivable 671
Prepayments 6,063
----------
Total Current Assets 78,405
----------
Property, Plant & Equipment 3,208
Less: Reserve for DDA (3,171)
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Net Property, Plant & Equipment 37
----------
Other Assets:
Investment in Ellisburg-Leidy
Northeast Hub Co. 137,850
Investment in Enerchange 895,660
Other Deferred Debit 1,873
----------
Total Other Assets 1,035,383
----------
Total Assets $1,113,825
==========
LIABILITIES & STOCKHOLDERS EQUITY Capital Stock $1 Par:
Authorized 4,000 shares issued
and outstanding $ 4,000
Paid-in-Capital 1,364,500
Retained Earnings (730,453)
----------
Total Stockholders Equity 638,047
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Current & Accrued Liabilities:
Notes Payable Assoc. Companies 300,000
Accounts Payable - Assoc. Companies 11,265
Federal Income Taxes Payable (31,723)
Other Accruals 1,563
----------
Total Current & Accrued Liabilities 281,105
----------
Accumulated Deferred Income Taxes 194,673
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Total Liabilities & Equity $1,113,825
==========
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