UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
____________________________________________
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-FIFTH
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 Six and Twelve Months ended March 31, 1998. Also attached as Exhibit "B" is
the Balance sheet of NFR as of March 31, 1998.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 15th day of May, 1998.
NATIONAL FUEL RESOURCES, INC.
By:/s/ R. J. Kreppel
---------------------------------
R. J. Kreppel, President
NATIONAL FUEL GAS COMPANY
By:/s/ Gerald T. Wehrlin
---------------------------------
Gerald T. Wehrlin, Controller
NATIONAL FUEL RESOURCES, INC. Exhibit A
INCOME STATEMENT
Six Twelve
Months Ended Months Ended
March 31, 1998 March 31, 1998
-------------- --------------
Actual Actual
-------------- --------------
Operating Revenues:
Gas - Retail $29,183,900 $43,728,600
Gas - Wholesale 21,277,443 28,242,737
Electric 46,162 46,162
Transportation 412,510 3,345,359
Other 1,376,716 1,345,653
----------- -----------
52,296,731 76,708,511
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Operating Expenses:
Purchase Gas 50,240,900 72,444,759
General & Administrative 1,461,411 2,715,524
Amortization 39,025 45,516
Franchise & Other Taxes 164,421 288,583
----------- -----------
51,905,757 75,494,382
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Operating Income 390,974 1,214,129
----------- -----------
Interest Income 236,561 522,450
Miscellaneous Income 57,251 99,250
Interest Expense 30,562 48,270
----------- -----------
263,250 573,430
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Net Income (Loss) Before Taxes 654,224 1,787,559
----------- -----------
Income Taxes:
Federal 177,601 547,445
State 19,279 122,797
Deferred 48,318 (12,838)
----------- -----------
245,198 657,404
----------- -----------
Net Income $ 409,026 $ 1,130,155
=========== ===========
NATIONAL FUEL RESOURCES, INC. Exhibit B
BALANCE SHEET
AT MARCH 31,
---------------------------
1998 1997
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ASSETS
Current Assets:
Cash $ 602,927 $ 1,626,883
Short Term Investments 5,756,427 4,845,020
Accounts Receivable 9,134,364 9,284,244
Accounts Receivable-Interco 9,639 7,193
Reserve for Bad Debts (533,862) (540,952)
Other Current Assets 544,935 1,007,278
----------- -----------
15,514,430 16,229,666
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Property, Plant, and Equipment
Furniture and Fixtures 382,217 68,582
Less - Accumulated DD&A (80,397) (34,881)
----------- -----------
301,820 33,701
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Other Assets:
Long Term Investments 791,391 1,255,978
Other Deferred Debits 354,503 132,251
----------- -----------
1,145,894 1,388,229
----------- -----------
$16,962,144 $17,651,596
=========== ===========
LIABILITIES
Current Liabilities:
Accounts Payable $ 3,698,192 $ 6,208,499
Accrued Liabilities (30,480) (62,169)
Current Income Taxes-Federal (869,875) (508,781)
Other Taxes 655,110 685,210
Accounts Payable-Intercompany 1,094,595 1,318,869
Dividends Payable 35,000 35,000
Intercompany Borrowing - -
------------ -----------
4,582,542 7,676,628
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Long Term Liabilities:
Deferred Income Taxes (684,689) (661,850)
Miscellaneous Deferred Credits 2,063,125 589,122
------------ -----------
1,378,436 (72,728)
------------ -----------
Stockholder's Equity:
Common Stock 10,000 10,000
Capital Paid in Excess of Par 3,490,000 3,490,000
Retained Earnings 7,886,166 6,792,696
Retained Earnings - Dividends (385,000) (245,000)
------------ -----------
Total Equity 11,001,166 10,047,696
------------ -----------
$16,962,144 $17,651,596
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