|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-EIGHTH
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, 1998. Also attached as Exhibit
"B" is the Balance sheet of NFR as of December 31, 1998.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 15th day of February, 1999.
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
Three Twelve
Months Ended Months Ended
December 31, 1998 December 31, 1998
----------------- -----------------
Actual Actual
------ ------
Operating Revenues:
Gas - Retail $13,456,111 $51,331,616
Gas - Wholesale 7,177,574 35,570,410
Electric 283,694 536,423
Transportation 455,610 628,120
Other (958,312) (1,041,154)
----------- -----------
20,414,677 87,025,415
----------- -----------
Operating Expenses:
Purchased Gas 18,861,901 81,545,057
Purchased Electric 263,079 508,447
General & Administrative 918,495 3,351,813
Depreciation, Depletion 0
& Amortization 32,282 105,024
Franchise & Other Taxes 41,976 285,170
----------- -----------
20,117,733 85,795,511
----------- -----------
Operating Income 296,944 1,229,904
----------- -----------
Interest Income 57,270 276,043
Miscellaneous Income 68,996 202,718
Interest Expense 72,745 98,211
----------- -----------
53,521 380,550
----------- -----------
Net Income (Loss) Before Taxes 350,465 1,610,454
----------- -----------
Income Taxes:
Federal 145,427 723,429
State 12,650 57,002
Deferred (28,476) (182,152)
----------- -----------
129,601 598,279
----------- -----------
Net Income $ 220,864 $ 1,012,175
=========== ===========
Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT DECEMBER 31,
---------------
1998 1997
---- ----
ASSETS
Current Assets:
Cash $ 319,804 $ 23,587
Short Term Investments 10,551,046 4,595,314
Accounts Receivable 10,181,735 9,332,532
Accounts Receivable-Interco 4,839 25,341
Reserve for Bad Debts (653,134) (533,862)
Gas Stored Underground 2,767,455 407,225
Other Current Assets 115,031 133,635
----------- -----------
23,286,776 13,983,772
----------- -----------
Property, Plant, and Equipment
Furniture and Fixtures 548,603 335,664
Less - Accumulated DD&A (164,419) (59,395)
----------- -----------
384,184 276,269
----------- -----------
Other Assets:
Long Term Investments 486,944 887,040
Other Deferred Debits 224,720 193,347
----------- -----------
711,664 1,080,387
----------- -----------
$24,382,624 $15,340,428
=========== ===========
LIABILITIES
Current Liabilities:
Accounts Payable 171,677 1,234,625
Accrued Liabilities 8,161,704 2,469,672
Current Income Taxes-Federal 110,244 (403,238)
Current Income Taxes-State 37,443 63,167
Accounts Payable-Intercompany 1,122,133 1,359,531
Dividends Payable 35,000 35,000
Intercompany Borrowing 9,700,000 0
----------- -----------
19,338,201 4,758,757
----------- -----------
Long Term Liabilities:
Deferred Income Taxes (896,876) (707,724)
Miscellaneous Deferred Credits (5,553,277) 666,981
----------- -----------
(6,450,153) (40,743)
----------- -----------
Stockholder's Equity:
Common Stock 10,000 10,000
Capital Paid in Excess of Par 3,490,000 3,490,000
Retained Earnings 8,484,576 7,472,414
Retained Earnings - Dividends (490,000) (350,000)
----------- -----------
Total Equity 11,494,576 10,622,414
----------- -----------
$24,382,624 $15,340,428
=========== ===========
|
|