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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-SIXTH
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, 1998. Also attached as Exhibit "B" is
the Balance sheet of NFR as of June 30, 1998.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 13th day of August, 1998.
NATIONAL FUEL RESOURCES, INC.
By: /s/ R. J. Kreppel
---------------------------------
R. J. Kreppel
President
NATIONAL FUEL GAS COMPANY
By: /s/ James R. Peterson
---------------------------------
James R. Peterson
Assistant Secretary
Exhibit A
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT
Nine Twelve
Months Ended Months Ended
June 30, 1998 June 30, 1998
------------- -------------
Actual Actual
------ ------
Operating Revenues:
Gas - Retail $41,115,750 $46,100,806
Gas - Wholesale 29,273,431 30,441,675
Electric 120,739 120,739
Transportation 340,189 3,267,021
Other 1,372,674 1,590,060
----------- -----------
72,222,783 81,520,301
----------- -----------
Operating Expenses:
Purchase Gas 69,114,009 77,659,255
General & Administrative 2,192,073 2,893,246
Amortization 63,276 66,521
Franchise & Other Taxes 246,766 295,162
----------- -----------
71,616,124 80,914,184
----------- -----------
Operating Income 606,659 606,117
----------- -----------
Interest Income 316,013 460,896
Miscellaneous Income 107,754 139,496
Interest Expense 37,438 52,229
----------- -----------
386,328 548,163
----------- -----------
Net Income (Loss) Before Taxes 992,987 1,154,280
----------- -----------
Income Taxes:
Federal 309,882 314,508
State 30,634 102,595
Deferred 30,357 18,866
----------- -----------
370,873 435,969
----------- -----------
Net Income/(Loss) $ 622,114 $ 718,311
=========== ===========
Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT JUNE 30, 1998
(Unaudited)
ASSETS
Current Assets:
Cash $ 198,203
Short Term Investments 4,480,710
Accounts Receivable 7,464,635
Accounts Receivable-Interco 12,376
Reserve for Bad Debts (533,845)
Other Current Assets 3,594,975
------------
15,217,054
------------
Property, Plant, and Equipment
Furniture and Fixtures 410,096
Less - Accumulated DD&A (104,648)
------------
305,448
------------
Other Assets:
Long Term Investments 689,909
Other Deferred Debits 288,919
978,828
------------
$ 16,501,330
============
LIABILITIES
Current Liabilities:
Accounts Payable $ 1,196,840
Accrued Liabilities 2,305,051
Current Income Taxes-Federal (738,487)
Current Income Taxes-State 49,269
Accounts Payable-Intercompany 1,308,598
Dividends Payable 35,000
Intercompany Borrowing 0
------------
4,156,271
------------
Long Term Liabilities:
Deferred Income Taxes (699,649)
Miscellaneous Deferred Credits 1,865,451
------------
1,165,802
------------
Stockholder's Equity:
Common Stock 10,000
Capital Paid in Excess of Par 3,490,000
Retained Earnings 8,099,257
Retained Earnings - Dividends (420,000)
------------
Total Equity 11,179,257
------------
$ 16,501,330
============
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