UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-SECOND
NATIONAL FUEL RESOURCES, INC. CERTIFICATE
PURSUANT TO
File No. 70-7833 RULE 24
(Public Utility Holding Company Act of 1935)
- --------------------------------------------
In accordance with the terms of the Order dated December 20, 1991
issued to National Fuel Gas Company ("National") authorizing National to acquire
the common stock of National Fuel Resources, Inc. ("NFR") (File No. 70-7833,
HCAR No. 35-25437), attached as Exhibit "A" is an Income Statement of NFR for
the Nine and Twelve Months ended June 30, 1997. Also attached as Exhibit "B" is
the Balance sheet of NFR as of June 30, 1997.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 8th day of August, 1997.
NATIONAL FUEL RESOURCES, INC.
By: /s/ R. J. Kreppel
----------------------------------
R. J. Kreppel, President
NATIONAL FUEL GAS COMPANY
By: /s/ G. T. Wehrlin
----------------------------------
G. T. Wehrlin, Controller
Exhibit A - File No. 70-7833
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT
(Unaudited)
Nine Twelve
Months Ended Months Ended
June 1997 June 1997
------------ ------------
Operating Revenues:
Gas - Retail $39,407,909 $45,179,171
Gas - Wholesale 19,877,300 21,091,857
Transportation 0 0
Other 1,497,416 2,056,025
----------- -----------
60,782,625 68,327,053
----------- -----------
Operating Expenses:
Purchase Gas 56,986,844 64,220,357
General & Administrative 1,472,126 1,960,955
Amortization 10,818 14,063
Franchise & Other Taxes 292,664 165,695
----------- -----------
58,762,452 66,361,070
----------- -----------
Operating Income 2,020,173 1,965,983
----------- -----------
Interest Income 333,508 482,330
Interest Expense 16,434 22,199
Amortization & Misc Deducts 0 0
----------- -----------
317,074 460,131
----------- -----------
Net Income (Loss) Before Taxes 2,337,247 2,426,114
----------- -----------
Income Taxes:
Federal 942,281 1,266,648
State 81,405 109,206
Deferred (157,481) (466,843)
----------- -----------
866,205 909,011
----------- -----------
Net Income/(Loss) $ 1,471,042 $ 1,517,103
=========== ===========
Exhibit B - File No. 70-7833
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT JUNE 30,
---------------------------
1997 1996
----------- -----------
ASSETS
Current Assets:
Cash $ 470,420 $ 223,988
Short Term Investments 7,138,654 10,778,176
Accounts Receivable 5,943,375 5,105,474
Accounts Receivable-Interco 28,784 51,973
Reserve for Bad Debts (540,952) (596,901)
Other Current Assets 679,895 (576,839)
----------- -----------
13,720,176 14,985,871
----------- -----------
Property, Plant, and Equipment
Furniture and Fixtures 140,037 71,472
Less - Accumulated DD&A (38,126) (24,063)
----------- -----------
101,911 47,409
----------- -----------
Other Assets:
Long Term Investments 1,099,997 700,880
Other Deferred Debits 146,191 89,992
----------- -----------
1,246,188 790,872
----------- -----------
$15,068,275 $15,824,152
=========== ===========
LIABILITIES
Current Liabilities:
Accounts Payable $ 2,554,781 $ 2,072,507
Accrued Liabilities 610,635 609,709
Current Income Taxes-Federal (390,563) (205,031)
Current Income Taxes-State 10,149 145,869
Accounts Payable-Intercompany 1,053,146 3,714,308
Dividends Payable 35,000 35,000
----------- -----------
3,873,148 6,372,362
----------- -----------
Long Term Liabilities:
Deferred Income Taxes (711,515) (244,672)
Miscellaneous Deferred Credits 1,305,697 472,620
----------- -----------
594,182 227,948
----------- -----------
Stockholder's Equity:
Common Stock 10,000 10,000
Capital Paid in Excess of Par 3,490,000 3,490,000
Retained Earnings 7,380,945 5,863,842
Retained Earnings - Dividends (280,000) (140,000)
----------- -----------
Total Equity 10,600,945 9,223,842
----------- -----------
$15,068,275 $15,824,152
=========== ===========
