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Link to Full Text l.. •l~ig-h-li-g-~-s------------- ~~8-e_c_a_u_s_e_w__e _ h_a_v_e------------------­ been successful in laying a firm foundation during the past five years, we expect 1979 to be the best year in the Company's history:' John G. McMillian Chairman of the Board and Chief Executive Officer Year Ended December 31 , Eleven Months Ended Dec. 31, 1978 1977 1976 1975 1974 Dollars in Thousands, Where Applicable) Operating Revenues $819,982 $773,131 $625,982 $482,581 $275,479 Earnings: Income before extraordinary items $ 23,388 $ 23,431 $ 22,827 $ 22,502 $ 14,379 Extraordinary items, less applicable income taxes 15,427 Net income $ 38,815 $ 23,431 $ 22,827 $ 22,502 $ 14,379 Per share of common stock- Income before extraordinary items $ 5.44 $ 5.47 $ 5.33 $ 6.41 $ 4.12 Extraordinary items 3.58 Net income $ 9.02 $ 5.47 $ 5.33 $ 6.41 $ 4.12 Weighted average number of common shares outstanding, in thousands 4,302 4,286 4,286 3,510 3,491 Effective income tax rate 41% 45% 44% 42% 36% · Stock Data: Common shares outstanding (end of year, in thousands) 4,304 4,286 4,286 4,286 3,491 Number of stockholders (end of year)* 20,232 6,929 6,020 1,827 1,187 Common stockholders' equity (end of year) $190,748 $163,013 $148,796 $135,733 $102,426 Book value per common share (end of year) $ 44.32 $ 38.04 $ 34.72 $ 31.67 $ 29.34 Dividends declared per share of common stock $ 2.35 $ 2.15 $ 2.00 $ 1.80 $ .80 Percentage of common stock dividends to net income (before extraordinary items in 1978) 43% 39% 38% 28% 19% Capital Expenditures $105,083 $ 75,979 $ 36,133 $ 30,510 $ 29,208 Current Ratio (end of year) 1.2 .9 1.3 1.0 1.0 Total Assets (end of year) $732,263 $648,775 $575,037 $488,542 $405,989 Capitalization Ratios (end of year) Long-term debt 51.6% 55.1% 59.6% 62.1% 67.0% Preferred stock issues of Northwest Pipeline 10.8 4.9 4.8 Common stockholders' equity 37.6 40.0 35.6 37.9 33.0 Total 100.0% 100.0% 100.0% 100.0% 100.0% Return on Total Capitalization 10% 11% 11% 13% 10% Gas Sales Volumes (billions of cubic feet) 370.0 399.7 392.5 396.9 382.9 Number of Employees (end of year) 1,536 1,313 1,122 1,191 1,024 *Excludes participation certificate holc;ter$ ~ntler the Voting Tr~st beca~se their certificates were converted to common stock by February 28, 1979, or the common stock underlying their certificates was sold in March 1979. Operational earnings were augmented by an extraordinary o Our Shareholders: gain of $18.6 million (net of income taxes) as part of the liquidation of. Apco Oil Corporation. This extraordinary gain For Northwest Energy Company, 1978 was a year of significant was partially offset by an extraordinary charge of $3.2 miHion progress in several areas. Northwest Pipeline, the Company's (net of income tax benefits) as a result of the government of principal subsidiary, continued to pursue every opportunity Ecuador rejecting the only currently feasible plan for economic to purchase or transport new gas supplies discovered in utilization of gas reserves off the coast of Ecuador, thereby the Rocky Mountain area near its transmission system. effectively forcing the Company's abandonment of a project to Northwest Pipeline has recently signed agreements that will develop those gas reserves. The 1978 net extraordinary increase the pipeline system's average daily throughput of income of $15.4 million amounted to $3.58 per share of natural gas by nearly 20 percent before 1982. Our new common stock, resulting in consolidated net income of $38.8 gathering system to transport these supplies will drive straight million, or $9.02 per common share. into th~heart of the Overthrust Belt, one of the most promising areas for new oil and gas discoveries in the United States. Dividend New Rocky Mountain supplies, plus increased gas volumes For the fourth quarter of 1978, the Board of Directors declared from Canada, expanded underground gas storage facilities a quarterly cash dividend on the Company's common stock of and major technical improvements in the transmission system $.60 per share, payable March 23, 1979 to stockholders of enabled Northwest Pipeline to deliver record volumes of record at the close of business on March 2, 1979. The quarterly natural gas in December 1978 and January 1979. A rate dividend was increased from $.55 per share to $.60 per share in increase, which became effective October 1, 1978, coupled May, 1978. This was the fourth dividend increase since the with increased sales volumes, was responsible for a strong initial dividend of $.40 per share in 1974. fourth quarter performance that enabled the Company to recover from lower earnings through the first nine months of A Challenging Year 1978 and record consolidated net income of $23.4 million, or The Alaska Highway Pipeline Project for transporting Alaskan $5.44 per share of common stock, based on revenues of $820 gas to the lower 48 states undoubtedly represents one of million. Comparable 1977 earnings were also $23.4 million, and the greatest challenges that this Company, or any other earnings per common share were $5.47, based on a lesser company, has ever faced. The Alaskan project, however, is average number of shares outstanding and operating revenues worth the challenge both to the Company and the nation. The of $773 million. North Slope of Alaska has more than 10 percent of the total proved gas reserves in the United States. Deliveries of substantial volumes of this gas through the Alaska Highway Pipeline Project could help the nation lessen its dependence on imported oil. Consolidated Cash Flow from Operations 1978 1976 1975 1974 (11 mos.) Dollars in Millions [ 10 - [50 [ 0 [30 [40 [70 • Net Income • Depreciation, Depletion and Amortization • Other Funds From Operations Dollars .of Common Stock Dividends 1977 1975 1974 (2 quarters) Dollars In Millions [0 2,20 [ 4.40 [ 6.60 [ 8.80 [ 11 2 Although delays in passage of the Natural Gas Policy Act The Future of 1978 and delays in regulatory hearings have forced us In 1979, we look forward to a marked improvement in opera­ to move the targeted completion date from 1983 to 1984, we tional earnings as the increased rates, adequate gas supplies, pressed forward during 1978 and made progress in many the expanded gas storage and a major capital improvement areas, including scientific and technical aspects of the project. program by Northwest Pipeline contribute to overall earnings. The Natural Gas Policy Act of 1978 set the price of North Slope We look for both our coal and exploration subsidiaries to im­ natural gas at an initial ceiling of $1.45 per thousand cubic feet prove their operating results. In short, we expect that in 1979 and provided for a "rolled-in" pricing mechanism, which the Company will have the highest operational earnings in its permits averaging the cost of Alaskan gas with other domestic history. gas. This legislation alone has been a great step toward Before closing, a special word is in order concerning the ex­ ultimate success of the project. Northwest Alaskan and the pired Voting Trust Participation Certificates. After the U.S. five other U.S. companies involved in the project, who District Court ruled In October that the stock in the Voting Trust established a partnership to advance the project, are hopeful had to be sold within 90 days after February 7, 1979, we made that regulatory delays can be overcome in 1979. The Board of plans to sell all of the stock as expeditiously as possible. All Partners has approved a $22 million budget for the first half of stock in the Voting Trust is being sold through an underwrit­ 1979 and is prepared to increase that amount as soon as ten public offering or purchased by a new Bonus Employee appropriate regulatory decisions permit. Stock Ownership Plan, and the Voting Trust will terminate The year 1978 had other challenges as well. In particular, when these transactions are completed. I would like to point out the distressing conditions in Northwest The remainder of this report summarizes key statistical Pipeline's marketing area. Residual fuel oil, refined from information reflecting the Company's progress since its Alaskan crude oil delivered to the West Coast, has flooded the inception and describes the Company's subsidiaries and their Pacific Northwest marketing area. Many industries, which operations. We've established a solid foundation and believe formerly used natural gas, have switched to this residual fuel all of these operations will contribute to a prosperous future. oil, which is priced lower than natural gas as a result of Your Company's management looks forward eagerly to the market oversaturation that keeps the price of the fuel oil at an prospects for the years ahead. We're most grateful for your artificially low level. The effect on Northwest Pipeline has been continued support. to reduce industrial demand of natural gas, particularly in the summer months, and to make earnings more cyclical. This Sincerely, situation adversely affected earnings in 1978. We're hopeful that Alaskan crude oil can soon be transported to other market areas where it can be better utilized. q:-:!,~ Chairman of the Board and Chief Executive Officer Consolidated Capitalization, at end of year 1978 T.---· - .~;.;:-. _,. 1976 1975 1974 Dollars in Millions 10 1102 1204 [ 306 [408 1 510 • Preferred • Common Equity • Debt · Consolidated Property, Plant and Equipment, at end of year 1977 Dollars In Millions [0 I 1S0 [ 300 1450 [ 800 1 750 • Net of Accumulated DD&A Cost 3 Even more important, ipeline Northwest Pipeline demon­ strated its ability to sustain Northwest Pipeline Cor­ deliveries when it again poration continues to have broke all of its peak day and one of the best reserve po­ month records during Jan­ sitions of any natural gas uary 1979.
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