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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-FOURTH
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 Three and Twelve Months ended December 31, 1997. Also attached as Exhibit
"B" is the Balance sheet of NFR as of December 31, 1997.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 13th day of February, 1998.
NATIONAL FUEL RESOURCES, INC.
By: /s/ Robert J. Kreppel
---------------------------------
R. J. Kreppel, President
NATIONAL FUEL GAS COMPANY
By: /s/ Gerald T. Wehrlin
---------------------------------
Gerald T. Wehrlin, Controller
Exhibit A - File No. 70-7833
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT
(Unaudited)
Three Months Twelve Months
Ended Ended
December 1997 December 1997
------------- -------------
Operating Revenues:
Gas - Retail $10,519,318 $45,813,206
Gas - Wholesale 8,268,289 24,867,342
Transportation 328,217 3,273,801
Other 1,402,369 3,102,302
----------- -----------
20,518,193 77,056,651
----------- -----------
Operating Expenses:
Purchase Gas 19,937,415 72,823,295
General & Administrative 681,749 2,394,822
Amortization 18,024 27,760
Franchise & Other Taxes 76,856 349,307
----------- -----------
20,714,044 75,595,184
----------- -----------
Operating Income (195,851) 1,461,467
----------- -----------
Interest Income 169,228 518,225
Miscellaneous Income 29,777 126,118
Interest Expense 5,588 32,654
----------- -----------
193,417 611,689
----------- -----------
Net Income (Loss) Before Taxes (2,434) 2,073,156
----------- -----------
Income Taxes:
Federal (15,762) 731,603
State 2,568 138,707
Deferred 15,282 (107,525)
----------- -----------
2,088 762,785
----------- -----------
Net Income/(Loss) $ (4,522) $ 1,310,371
=========== ===========
Exhibit B - File No. 70-7833
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT DECEMBER 31, 1997
(Unaudited)
ASSETS
Current Assets:
Cash $ 23,586
Short Term Investments 4,595,314
Accounts Receivable 9,332,539
Accounts Receivable-Interco 25,341
Reserve for Bad Debts (533,862)
Other Current Assets 540,861
--------------
13,983,779
--------------
Property, Plant, and Equipment
Furniture and Fixtures 335,664
Less - Accumulated DD&A (59,395)
--------------
276,269
--------------
Other Assets:
Long Term Investments 887,040
Other Deferred Debits 176,185
PTA Budget Accounts 17,162
--------------
1,080,387
--------------
$ 15,340,435
==============
LIABILITIES
Current Liabilities:
Accounts Payable $ 1,234,626
Accrued Liabilities 2,469,672
Current Income Taxes-Federal (403,238)
Current Income Taxes-State 63,167
Accounts Payable-Intercompany 1,359,531
Dividends Payable 35,000
--------------
4,758,758
--------------
Long Term Liabilities:
Deferred Income Taxes (707,724)
Miscellaneous Deferred Credits 666,981
--------------
(40,743)
--------------
Stockholder's Equity:
Common Stock 10,000
Capital Paid in Excess of Par 3,490,000
Retained Earnings 7,472,420
Retained Earnings - Dividends (350,000)
--------------
Total Equity 10,622,420
--------------
$ 15,340,435
==============
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