PITTSBURGH, Oct. 30 /PRNewswire/ -- Equitable Gas Company, LLC and Equitable HomeWorks, LLC today announced third quarter 2009 operating income of $3.2 million compared to a $1.8 million operating loss for the third quarter of 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090908/NE71771LOGO )
During the third quarter 2009, Equitable Gas Company earned top industry performance rankings in Pennsylvania in customer service and introduced a new corporate logo.
Net operating revenues were $25.3 million for the third quarter of 2009, compared to $22.4 million for the third quarter of 2008. The $2.9 million increase in net operating revenues was primarily a result of higher rates approved by the Pennsylvania Public Utility Commission (PUC) in February 2009. Operating expenses totaled $22.1 million for the third quarter of 2009, compared to $24.2 million for the third quarter of 2008.
In September, Equitable Gas Company announced its results from the PUC's annual Customer Service Performance Report released in August. The results indicated continued improvement and top gas industry performance in Pennsylvania for Equitable Gas in numerous customer service categories.
Also in September, Equitable Gas unveiled a new company logo and a new tagline - reliable by nature - conveying the company's commitment to providing its customers safe and dependable natural gas energy and high-quality service.
Most recently, on October 1, 2009, Equitable Gas Company announced a reduction in gas cost recovery rates for residential and some commercial customers in Pennsylvania. This fall, Pennsylvania Equitable Gas customers will pay a gas cost recovery rate that is 41% less in the fourth quarter of 2009 than it was in the fourth quarter of 2008. An average customer using 7.5 Mcf (thousand cubic feet) per month will see a $36 per month reduction in their Equitable Gas bills this fall compared to last fall.
Equitable Gas Company is a provider of safe and dependable natural gas service to more than 270,000 residential, commercial and industrial customers located mainly in the city of Pittsburgh and Allegheny County. Its customer base also includes more than 200 municipalities in nine other counties in western Pennsylvania, 14 counties in central and northern West Virginia, and nine counties in eastern Kentucky. Additional information about Equitable Gas can be obtained through its Web site, www.equitablegas.com.
Equitable HomeWorks is a retail business which offers residential customers a variety of protection programs including gas and water service line protection.
(more)
DISTRIBUTION
OPERATIONAL AND FINANCIAL REPORT
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
OPERATIONAL DATA
Heating degree days
(30 year average: Qtr - 124; YTD - 3,759) 81 41 3,521 3,502
Residential sales and
transportation volume (MMcf) 1,282 1,278 15,915 15,988
Commercial and industrial volume (MMcf) 5,178 3,992 21,813 20,827
----- ----- ------ ------
Total throughput (MMcf) -
Distribution 6,460 5,270 37,728 36,815
Net operating revenues (thousands):
Residential $14,044 $12,090 $77,039 $71,716
Commercial & industrial 6,353 5,884 34,170 33,218
Off-system and energy services 4,921 4,414 16,854 13,662
----- ----- ------ ------
Total net operating revenues $25,318 $22,388 $128,063 $118,596
Capital expenditures (thousands) $9,844 $12,179 $25,337 $32,162
FINANCIAL DATA (Thousands)
Total operating revenues $54,599 $88,789 $425,865 $459,482
Purchased gas costs 29,281 66,401 297,802 340,886
------ ------ ------- -------
Net operating revenues 25,318 22,388 128,063 118,596
Operating expenses:
Operating and maintenance 10,158 11,075 30,588 32,393
Selling, general and administrative 6,405 7,878 24,591 32,581
Depreciation and amortization 5,525 5,207 16,449 15,415
----- ----- ------ ------
Total operating expenses 22,088 24,160 71,628 80,389
------ ------ ------ ------
Operating income (loss) $3,230 $(1,772) $56,435 $38,207
Photo: http://www.newscom.com/cgi-bin/prnh/20090908/NE71771LOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk, photodesk@prnewswire.comEquitable Gas Company, LLC
