Northwest Natural Holding Company - NWN STOCK NEWS

NW Natural Holding Company (NYSE: NWN) has elected Mary E. Ludford to its board of directors, effective August 19, 2024. Ludford brings extensive energy industry experience, having served in various executive roles at Exelon and its subsidiaries. Her most recent position was deputy chief security officer at Exelon from 2018 until her retirement in 2020. Ludford also currently serves on the board of Otter Tail (NASDAQ: OTTR).

Malia H. Wasson, NW Natural Holdings' board chair, expressed confidence in Ludford's ability to contribute valuable insights to the company's work. Ludford will also join the board of Northwest Natural Gas Company, NW Natural Holdings' wholly owned subsidiary, on the same date.

Northwest Natural Holding Company (NYSE:NWN) has appointed Raymond Kaszuba as its new senior vice president and chief financial officer, effective August 31, 2024. Kaszuba joins NW Natural Holdings from AmeriGas, where he served as interim president and CFO. His extensive background includes leadership roles at UGI , Enviva, ExxonMobil, Allegheny Energy, and US Bank.

CEO David H. Anderson praised Kaszuba's financial expertise and strategic mindset, highlighting his experience in utility, energy, and renewable industries. Kaszuba expressed enthusiasm for joining NW Natural Holdings, noting the company's strong position in the gas utility sector, expanding water and wastewater utility platform, and innovative renewables business.

NW Natural Holdings (NYSE: NWN) reported a net loss of $2.8 million ($0.07 per share) for Q2 2024, compared to a net income of $1.2 million ($0.03 per share) in Q2 2023. For the first half of 2024, net income was $61.0 million ($1.60 per share), down from $72.9 million ($2.03 per share) in the same period of 2023. The decrease was primarily due to regulatory lag.

Key highlights include adding nearly 16,000 gas and water utility connections, signing an acquisition agreement for Puttman and ICH Water, and reaffirming 2024 earnings guidance between $2.20 and $2.40 per share. Margin increased by $0.4 million due to customer growth, while operations and maintenance expenses decreased by $3.5 million.

However, net income decreased by $4.0 million for Q2 and by $11.9 million for the first half of 2024 due to higher depreciation, pension expenses, and lower interest income. Cash flow from operations was $246.1 million for the first six months, down from $297.9 million in 2023. A quarterly dividend of $0.4875 per share was declared, payable on August 15, 2024.

NW Natural Holdings (NYSE: NWN) has announced it will release its Q2 and year-to-date 2024 earnings on Friday, Aug. 2, 2024. An analyst conference call and webcast will follow at 8 a.m. Pacific Time (11 a.m. Eastern Time). The call can be accessed via NW Natural Holdings' corporate website or by phone. Replay options are available post-conference. NW Natural Holdings, headquartered in Portland, Oregon, comprises NW Natural Gas, NW Natural Water, and NW Natural Renewables. It serves approximately 2 million people with natural gas and 180,000 in water distribution across the Pacific Northwest, Texas, and Arizona. The company is recognized for its commitment to safety, environmental stewardship, and high customer satisfaction scores.

Northwest Natural Holding Company (NYSE: NWN) has declared a quarterly dividend of 48.75 cents per share on its common stock. The dividend will be paid on August 15, 2024, to shareholders of record on July 31, 2024. The indicated annual dividend rate stands at $1.95 per share.

NW Natural Holdings, headquartered in Portland, Oregon, has been in business for over 165 years. It owns NW Natural Gas Company, NW Natural Water Company, NW Natural Renewables Holdings, and other business interests. NW Natural provides natural gas service to around 2 million people in Oregon and Southwest Washington, owning 21.6 Bcf of underground gas storage capacity in Oregon. NW Natural Water serves over 180,000 people across the Pacific Northwest, Texas, and Arizona.

The company has been recognized as one of the World’s Most Ethical Companies® by Ethisphere® for three consecutive years and consistently achieves high customer satisfaction scores.

NW Natural Water, a subsidiary of Northwest Natural Holding Company (NYSE:NWN), has agreed to acquire Infrastructure Capital Holdings (ICH), including Puttman Infrastructure's assets. This acquisition will add around 4,200 water, wastewater, and recycled water customers across Oregon, Idaho, and California, potentially expanding to 19,000 connections.

Tom Puttman, current president of Puttman Infrastructure and ICH, will become president of NW Natural Water post-closure, expected in Q3 2024. The acquisition marks NW Natural Water’s first investment in the recycled water segment and entrance into the California market.

The deal aims to enhance NW Natural Water’s utility portfolio and services, with a focus on sustainable infrastructure and long-term growth opportunities.

NW Natural Holdings and NW Natural CEO David H. Anderson announced his retirement, effective April 1, 2025. The Board of Directors named Justin B. Palfreyman, current president of NW Natural Holdings, as Anderson's successor. David has led the company since August 2016, focusing on decarbonization, and building a water, wastewater, and renewables business. The Board expressed confidence in Palfreyman's leadership abilities and strategic vision, citing his strong performance and industry experience. Palfreyman joined NW Natural in 2016 and has held various executive roles, contributing significantly to the company's growth and customer service achievements.

NW Natural and Modern Hydrogen have unveiled a new project at NW Natural’s Central Resource Center in Portland, utilizing methane pyrolysis technology to produce clean hydrogen and capture solid carbon.

This project marks several firsts, including the first utility-distributed pyrolysis system, pipeline injection of pyrolytic hydrogen, and solid carbon capture for both companies.

The hydrogen generated is blended with natural gas and delivered via existing infrastructure, while the captured carbon is used in Modern Hydrogen’s asphalt products.

This three-year pilot is part of NW Natural’s broader efforts to explore hydrogen applications and reduce greenhouse gas emissions.

The latest polling conducted for NW Natural by DHM Research shows that 72% of voters oppose banning natural gas for new homes and buildings, with an increase of 9 percentage points since 2019. The poll also indicates that 81% of respondents believe both electricity and natural gas are essential for reliable energy supply. NW Natural's report highlights the importance of dual energy systems during the winter storm in January 2024.