Criterion News

• 2/17/2023 - Piedmont Natural Gas... (subscriber access)
• 6/12/2019 - Dominion Energy Believes... (subscriber access)
• 5/24/2019 - Piedmont Natural Gas... (subscriber access)
• 5/6/2019 - Piedmont Natural Gas... (subscriber access)
• 7/13/2018 - Piedmont Natural Gas... (subscriber access)
• 10/3/2016 - Duke Energy Completes... (subscriber access)
• 9/21/2016 - Atlantic Coast Pipeline... (subscriber access)
• 3/10/2016 - Piedmont Natural Gas 1Q15 Earnings Release: Net Inome Grows 5%. Sytem Throughout Drops 2%
• 3/8/2016 - Duke Energy Closes Public Offering, $776 Million in Proceeds
• 3/2/2016 - Duke Prices Stock at $72... (subscriber access)
• 3/1/2016 - Duke Energy Offering... (subscriber access)
• 2/1/2016 - Dominion Resources Acquiring Nat Gas Distributor Questar
• 2/1/2016 - Constitution Pipeline Receives Land Clearing Permit in Pennsylvania
• 1/22/2016 - Shareholders of Piedmont... (subscriber access)

Press Releases

1/11/2021 - Piedmont Natural Gas Reports Results for Fiscal Year 2015
X
Piedmont Natural Gas Reports Results for Fiscal Year 2015
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Dec. 23, 2015 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced results for its fiscal year ended October 31, 2015. For the year, the Company reported net income of $137 million, or $1.73 per diluted share, compared with net income of $143.8 million, or $1.84 per diluted share for 2014.  Adjusted for merger-related expenses incurred during the Company's fourth quarter, net income and earnings per diluted share were $148 million and $1.87, respectively, increases of 2.9% and 1.6% over the prior year.
Commenting on the Company's fiscal year 2015 results, Piedmont Chairman, President and Chief Executive Officer, Thomas E. Skains said, "We are pleased with our solid financial and operating performance in 2015.  During the year, we experienced strong customer growth through the addition of slightly more than 17,000 new customers.  This is an increase of approximately 5% compared to our prior year growth rate and reflects an overall customer addition growth rate of 1.7%.  We also made investments of approximately $485 million in support of utility customer growth and system infrastructure, integrity management programs, and non-utility joint venture opportunities."   Skains continued, "In addition to these results, our customer service performance in 2015 was outstanding and we achieved national recognition in residential customer satisfaction and utility brand trust surveys.  As we look ahead to 2016 and the closing of our merger agreement with Duke Energy, we are excited about the future opportunities for our customers and our employees in the new Piedmont Natural Gas."
System throughput in 2015 totaled 471.5 million dekatherms, compared with 410.7 million dekatherms in 2014. The increase was largely due to a 30 percent increase in volumes delivered to power generation customers. Overall, weather during 2015 was 6 percent colder than normal and 3 percent warmer than 2014.
Margin was $727.3 million, an increase of $37.1 million from the prior year. The increase in margin is primarily attributable to integrity management rider rate adjustments in North Carolina and Tennessee as well as customer growth in all three states, partially offset by lower margin sales from secondary market transactions.
Operations and maintenance expenses increased $23.6 million from the previous year to a total of $294.5 million.  This includes $15.8 million related to the proposed Duke Energy acquisition, $8.6 million of which is in contract labor and $7.2 million in equity plan accruals from a higher stock price at October 31, 2015.  The remaining increase in O&M was primarily due to other additional contract labor, employee benefits, payroll and increased regulatory amortization, partially offset by lower bad debt expense.
Utility interest charges were $68.6 million in 2015 compared to $54.7 million in 2014. The increase was primarily due to an increase in long-term debt outstanding in the current year and a decrease in capitalized interest recorded as income.
Pre-tax income from equity method investments was $34.5 million in 2015 compared with $32.8 million in 2014. The increase was primarily due to higher capitalized interest associated with increased capital expenditures for the Constitution pipeline project, partially offset by a decrease in SouthStar's income from lower value of hedged derivatives and less usage in Georgia and Illinois due to warmer weather, partially offset by favorable margins in Georgia, Illinois and Ohio.
FISCAL 2016 EARNINGS GUIDANCE REAFFIRMED
Piedmont Natural Gas reaffirms its fiscal year 2016 earnings guidance of $1.92 to $2.02 per diluted share before any merger-related expenses.
DIVIDEND
At the Company's regular quarterly meeting of its Board of Directors on December 11, 2015, a quarterly dividend on Common Stock of $.33 cents per share, payable on January 15, 2016 to holders of record at the close of business on December 24, 2015.
 
Summary of Operations
(in thousands except per share amounts and degree days)
Twelve Months Ended		October 31								% Increase
		2015				2014				(Decrease)
Operating Revenues		$	1,371,718			$	1,469,988			(7)	%
Cost of Gas		644,424				779,780				(17)	%
Margin		727,294				690,208				5	%
Operations and Maintenance		294,517				270,877				9	%
Depreciation		128,704				118,996				8	%
General Taxes		42,110				37,294				13	%
Utility Income Taxes		76,934				83,176				(8)	%
Operating Income		185,029				179,865				3	%
Other Income (Expense), net		20,613				18,622				11	%
Utility Interest Charges		68,631				54,686				26	%
Net Income		137,011				143,801				(5)	%
Average Shares of Common Stock:
Basic		78,942				77,883				1	%
Diluted		79,231				78,193				1	%
Earnings Per Share of Common Stock:
Basic		$	1.74			$	1.85			(6)	%
Diluted		$	1.73			$	1.84			(6)	%
System Throughput - Dekatherms		471,523				410,702				15	%
Gas Customers Billed in October		1,012				993				2	%
System Average Degree Days Actual		3,449				3,543				(3)	%
System Average Degree Days Normal		3,257				3,265				—	%
Percent Normal Degree Days		106		%		109		%		n/a
 
 
Non-GAAP Reconciliation of Merger-Related Expenses $ in thousands
	2015
GAAP net income	$                137,011
After-tax merger related expenses	$                  10,910
Adjusted net income	$                 147,921
Average basic shares outstanding (in thousands)	78,942
Average diluted shares outstanding (in thousands)	79,231
Adjusted basic EPS	$                       1.87
Adjusted diluted EPS	$                       1.87
 
 
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ materially from anticipated results include, but are not limited to, weather conditions, rate of customer growth, the cost and availability of natural gas, competition from other energy providers, new legislation and regulations and application of existing laws and regulations, economic and capital market conditions, operational interruptions to our gas distribution and transmission activities, change in number of outstanding shares, cybersecurity breaches or failure of technology systems, inability to complete necessary or desirable pipeline expansion or infrastructure projects, costs of providing pension benefits, the cost and availability of labor and materials and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "may," "should," "could,"  "assume," "estimate," "forecast," "future," "indicate," "outlook," "plan," "predict," "seek," "target," "would," "guidance," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's latest Forms 10-K and 10-Q, which are available on the SEC's website at http://www.sec.gov.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
 
SOURCE Piedmont Natural Gas

Article Date
1/11/2021
Close
9/29/2016 - N.C. Utilities Commission approves Duke Energy's acquisition of Piedmont Natural Gas
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N.C. Utilities Commission approves Duke Energy's acquisition of Piedmont Natural Gas
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Sept. 29, 2016 /PRNewswire/ -- The North Carolina Utilities Commission (NCUC) today approved Duke Energy's acquisition of Piedmont Natural Gas (NYSE: PNY). That action is the final regulatory approval needed to close the transaction. The transaction is expected to close on October 3, 2016.

Piedmont Natural Gas Chairman, President, and CEO, Thomas E. Skains, commented, "We look forward to completing this strategic transaction and becoming a part of Duke Energy.  Piedmont's combination with Duke Energy will provide clear benefits to our customers and the communities we serve. Today's final regulatory approval reflects the culmination of much hard work and collaboration on the part of both companies and we look forward to doing great things together."

Duke Energy will acquire Piedmont for approximately $4.9 billion in cash and the assumption of approximately $1.8 billion in long  term debt, representing a total enterprise value of approximately $6.7 billion.

As a wholly owned subsidiary of Duke Energy, Piedmont will retain its name and brand and will maintain its significant presence in Charlotte and the other communities it serves.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
9/29/2016
Close
9/21/2016 - Atlantic Coast Pipeline Signs Construction Contract With Spring Ridge Constructors
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Atlantic Coast Pipeline Signs Construction Contract With Spring Ridge Constructors
Source: PR Newswire
RICHMOND, Va., Sept. 21, 2016 /PRNewswire/ -- Atlantic Coast Pipeline, LLC, which has proposed a 600-mile natural gas transmission pipeline to bring much-needed energy to Virginia and North Carolina, today announced it has signed a construction contract with Spring Ridge Constructors, LLC (SRC), a joint venture of leading natural gas pipeline construction companies. Comprised of Price Gregory International, Inc., a Quanta Services, Inc. (NYSE: PWR) company; U.S. Pipeline, Inc.; SMPC, LLC; and Rockford Corporation, a Primoris Services Corporation (NASDAQ: PRIM) company, the joint venture will serve as the Atlantic Coast Pipeline's lead construction contractor.
Pending approval by the Federal Energy Regulatory Commission (FERC), the Atlantic Coast Pipeline (ACP) would run from Harrison County, W.Va., southeast through Virginia with a lateral extension to Chesapeake, Va., and then south through eastern North Carolina to Robeson County. If approved, construction is scheduled to begin in the fall of 2017. According to economic impact studies conducted in 2015, the project's construction is expected to generate more than 17,000 jobs, $2.7 billion in total economic activity and $4.2 million in average annual tax revenue for cities and counties in the project area.
SRC was selected as the most-qualified contractor for the project after an extensive, competitive bidding process conducted by Atlantic Coast Pipeline, LLC. The four SRC companies account for a significant portion of the large-diameter natural gas pipeline construction spread capacity in the U.S.
"We are excited to work with SRC, which has assembled four of the nation's leading and most-qualified pipeline builders for this project," said Diane Leopold, president of Dominion Energy. "These companies have extensive experience in building large-scale, complex projects like the Atlantic Coast Pipeline, and their commitment to safe construction practices and best-in-class standards align with our expectations for the project."
"The selection of our lead construction contractor is another significant milestone for the Atlantic Coast Pipeline and represents one more step toward making this project a reality and securing the energy future of our region," Leopold added.
"SRC is pleased to have been selected by ACP as the constructor of this vital project which serves to strengthen the nation's energy infrastructure," said Dan Plume, SRC project director. "The members of SRC are aligned in purpose with the common goals of safe construction practices, a commitment to environmental stewardship and quality construction. The SRC team leads the industry with a combined 200 years of expertise and leadership in the construction of large diameter pipelines that encompass all regions and terrains across North America. We are also excited about the positive economic impact this project will have in communities across these three states, where SRC and its subcontractors expect to hire thousands of local workers and enlist the services of many local businesses."
In another significant milestone for the project, in early August FERC issued a Notice of Schedule, which established the timeline for the remainder of the project's federal environmental review process. Based on FERC's schedule, ACP expects to receive a FERC certificate in the late summer or fall of 2017, with construction beginning shortly thereafter. ACP anticipates completing construction and bringing the pipeline into service in late 2019. ACP is working with its contractors to evaluate the possibility of bringing on more crews and working on more simultaneous spreads in order to complete construction sooner. This analysis is expected to be finalized over the next few months.
Atlantic Coast Pipeline, LLC is composed of four major U.S. energy companies – Dominion, Duke Energy, Piedmont Natural Gas and Southern Company Gas. The joint venture partners plan to build and own the $4.5 billion-to-$5 billion pipeline, which would help meet the growing clean energy needs of Virginia and North Carolina by providing direct access to low-cost, abundant supplies of natural gas being produced in the nearby Marcellus and Utica shale basins of West Virginia, Pennsylvania and Ohio.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com. 

About Spring Ridge Constructors, LLC
SRC, LLC is a joint venture involved in the mainline pipeline construction industry.
About Duke Energy
Duke Energy (NYSE: DUK) is one of the largest electric power holding companies in the United States. Its regulated utility operations serve approximately 7.4 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 24 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at www.duke-energy.com.

About Piedmont Natural Gas
Piedmont Natural Gas (NYSE: PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.

About Southern Company Gas
Southern Company Gas is a wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO), America's premier energy company.  Southern Company Gas serves approximately 4.5 million natural gas utility customers through its regulated distribution companies in seven states and more than 1 million retail customers through its companies that market natural gas and related home services. Other nonutility businesses include asset management for natural gas wholesale customers and ownership and operation of natural gas storage facilities. For more information, visit Southern Company Gas at www.southerncompanygas.com.

This news release includes certain "forward-looking information." Examples include information as to our expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as estimates of future market conditions, access to and costs of capital, the receipt of regulatory approvals for, and timing of, planned projects and compliance with conditions associated with such regulatory approvals, and the ability to complete planned construction or expansion projects within the terms and timeframes initially anticipated. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion

Article Date
9/21/2016
Close
9/7/2016 - Piedmont Natural Gas Reports Third Quarter 2016 Results
X
Piedmont Natural Gas Reports Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced results for its third fiscal quarter ended July 31, 2016. For the quarter, the Company reported a seasonal loss of $6.7 million, or $(0.08) per diluted share, compared to a seasonal loss of $8.3 million, or $(0.10) per diluted share, for the same period in 2015. Adjusted for merger-related expenses incurred during the Company's third quarter, the net loss was $5.7 million, or $(0.07) per diluted share.
For the nine months ended July 31, 2016, net income was $154.5 million and diluted earnings per share were $1.90, compared with net income of $151.1 million and diluted earnings per share of $1.91 for the same period in 2015. Adjusted for merger-related expenses incurred during the Company's nine months ended July 31, 2016, net income was $163.4 million, or $2.01 per diluted share.
Piedmont Natural Gas Chairman, President, and CEO, Thomas E. Skains, commented on the results, "We continue to be pleased with our operating performance and financial results through the first nine months of our fiscal year.  Our focus on the strategic directives and operating fundamentals that guide our business, even as we prepare for the close and integration of our acquisition by Duke Energy, is impressive.  And, we continue to drive solid customer growth in our residential and commercial markets where total gross customer additions thus far in 2016 are 3% higher than the same period in 2015.  The affordability and stability of wholesale natural gas costs continue to favorably position natural gas relative to other energy sources."
Margin for the quarter was $114.8 million, an increase of $3.2 million from the same period in 2015. The increase is primarily attributable to integrity management rider (IMR) rate adjustments in North Carolina and Tennessee and customer growth, partially offset by lower margin from industrial customers. Margin for the nine months ended July 31, 2016 increased by $18.1 million from the same period in 2015 to $625.4 million.  The increase is primarily attributable to IMR rate adjustments in North Carolina and Tennessee and customer growth, partially offset by lower margin sales from secondary market activity.
Operation and maintenance (O&M) expenses totaled $68.9 million during the third quarter of 2016, a decrease of $0.7 million from the same quarter in 2015. O&M expenses totaled $215.7 million during the nine months ended July 31, 2016, an increase of $8.5 million from the same period in 2015. The decrease in O&M expenses for the quarter is primarily due to decreases in vehicle transportation expenses and employee expenses, partially offset by increases in payroll and acquisition and integration expenses. The increase for the nine month period is primarily due to increases in payroll and $5.6 million incremental expense from the acceleration and payment of certain equity incentive awards in connection with the proposed Duke Energy acquisition (Acquisition) and $2.6 million integration expenses related to the Acquisition, partially offset by lower vehicle transportation expenses and employee expenses.
Pre-tax income from Piedmont's joint ventures decreased 26.9% for the quarter compared to the same period in 2015 due to Constitution suspending the recording of capitalized interest costs as income and expensing project development costs after the New York State Department of Environmental Conservation's denial of Constitution's application for a necessary water application certification for the New York portion of the Constitution pipeline. This was partially offset by an increase in SouthStar's pre-tax income due to a higher value of hedged derivatives and lower operating expenses.  Pre-tax income from Piedmont's joint ventures decreased 6.3% for the nine months ended July 31, 2016 compared to the same period in 2015 due to Constitution having no capitalized interest costs as discussed above, partially offset primarily by ACP's higher capitalized interest costs.
Utility interest charges for the quarter were $15.7 million compared to $16.7 million for the same period in 2015. Utility interest charges for the nine months ended July 31, 2016 were $49.4 million compared to $52.5 million for the same period in 2015. The decreases in utility interest charges for both periods is primarily due to recording interest income on net amounts due from customers compared with interest expense on amounts due to customers in the prior periods and increased capitalized interest from higher capitalized expenditures, partially offset by additional interest from an increase in short-term and long-term debt outstanding in 2016.
DIVIDEND DECLARED
At the Company's regular quarterly meeting of its Board of Directors held September 7, 2016, a quarterly dividend on Common Stock of $0.34 per share was declared, payable on the earlier of the effective date of the Acquisition and October 14, 2016 to holders of record at the close of business on the earlier of the business day immediately preceding the effective date of the Acquisition and September 23, 2016.
Additionally, on September 7, 2016, the Board of Directors declared a special contingent dividend on common stock of $0.34 per share. This special dividend is contingent on the effective date of the Acquisition occurring after September 23, 2016 and is intended to cover the period, if any, between September 23, 2016 (the regular record date of the regular third quarter dividend) and completion of the Acquisition and will be prorated accordingly.  The special contingent dividend will be payable to shareholders of record at the close of business on the earlier of the business day immediately preceding the effective date of the Acquisition and December 23, 2016 and will be payable on the earlier of the effective date of the Acquisition and January 13, 2017. This special contingent dividend is in addition to Piedmont's regular third quarter dividend of $0.34 per share of common stock. In the event that the effective date of the Acquisition occurs after December 23, 2016, this special contingent dividend will constitute the regular fourth quarter dividend.
FISCAL 2016 EARNINGS GUIDANCE REAFFIRMED
Piedmont Natural Gas reaffirms its fiscal year 2016 earnings guidance of $1.90 to $1.95 per diluted share before any merger-related expenses.
 
 
Summary of Operations
(in thousands except per share amounts and degree days)
Three Months Ended		July 31								% Increase (Decrease)
		2016				2015
	(Unaudited)
Operating Revenues		$	157,806			$	158,266			—%
Cost of Gas		43,035				46,694				(8)%
Margin		114,771				111,572				3%
Operations and Maintenance Expenses		68,867				69,587				(1)%
Depreciation		34,485				32,317				7%
General Taxes		11,103				11,532				(4)%
Utility Income Taxes		(6,339)				(7,097)				11%
Operating Income		6,655				5,233				27%
Other Income (Expense), net		2,336				3,181				(27)%
Utility Interest Charges		15,721				16,674				(6)%
Net Income (Loss)		(6,730)				(8,260)				19%
Average Shares of Common Stock:
Basic		81,214				79,039				3%
Diluted		81,214				79,039				3%
Earnings (Loss) Per Share of Common Stock:
Basic		$	(0.08)			$	(0.10)			20%
Diluted		$	(0.08)			$	(0.10)			20%
System Throughput - Dekatherms		105,978				104,914				1%
Gas Customers Billed in July		1,030				1,014				2%
System Average Degree Days – Actual		49				12				308%
System Average Degree Days – Normal		46				47				(2)%
Percent Normal Degree Days		7%				(74)%				n/a
Nine Months Ended		July 31								% Increase (Decrease)
		2016				2015
Operating Revenues		$	969,329			$	1,190,462			(19)%
Cost of Gas		343,944				583,199				(41)%
Margin		625,385				607,263				3%
Operations and Maintenance Expenses		215,675				207,162				4%
Depreciation		102,215				95,900				7%
General Taxes		31,908				32,504				(2)%
Utility Income Taxes		87,660				85,583				2%
Operating Income		187,927				186,114				1%
Other Income (Expense), net		15,937				17,472				(9)%
Utility Interest Charges		49,372				52,466				(6)%
Net Income		154,492				151,120				2%
Average Shares of Common Stock:
Basic		81,095				78,826				3%
Diluted		81,392				79,175				3%
Earnings Per Share of Common Stock:
Basic		$	1.91			$	1.92			(1)%
Diluted		1.90				$	1.91			(1)%
System Throughput - Dekatherms		380,729				370,834				3%
Gas Customers Billed in July		1,030				1,014				2%
System Average Degree Days - Actual		2,512				3,279				(23)%
System Average Degree Days - Normal		3,069				3,062				—%
Percent Normal Degree Days		(18)%				7%				n/a
 
 
Non-GAAP Reconciliation of Merger-Related Expenses
$ in thousands except per share amounts
	Three Months Ended July 31, 2016				Nine Months Ended July 31, 2016
GAAP net income (loss)	$	(6,730)			$	154,492
Merger & integration related expenses:
Related expenses	$	1,687			$	9,226
Associated income tax benefit (expense)	$	657			$	343
After-tax merger and integration-related expenses	$	1,030			$	8,883
Adjusted net income (loss)	$	(5,700)			$	163,375
Average basic shares outstanding (in thousands)	81,214				81,095
Average diluted shares outstanding (in thousands)	81,214				81,392
Adjusted basic EPS	$	(0.07)			$	2.01
Adjusted diluted EPS	$	(0.07)			$	2.01
 
 
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ materially from anticipated results include, but are not limited to, weather conditions, rate of customer growth, the cost and availability of natural gas, competition from other energy providers, new legislation and regulations and application of existing laws and regulations, economic and capital market conditions, operational interruptions to our gas distribution and transmission activities, change in number of outstanding shares, cybersecurity breaches or failure of technology systems, inability to complete necessary or desirable pipeline expansion or infrastructure projects, costs of providing pension benefits, the cost and availability of labor and materials and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "may," "should," "could,"  "assume," "estimate," "forecast," "future," "indicate," "outlook," "plan," "predict," "seek," "target," "would," "guidance," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's latest Forms 10-K and 10-Q, which are available on the SEC's website at http://www.sec.gov.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
CONTACT:  Investor Relations, Nick Giaimo, +1-704-731-4952, nick.giaimo@piedmontng.com
SOURCE Piedmont Natural Gas

Article Date
9/7/2016
Close
9/7/2016 - Piedmont Natural Gas Announces Special Contingent Dividend
X
Piedmont Natural Gas Announces Special Contingent Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ -- At its regular quarterly meeting of the Company's Board of Directors, Piedmont Natural Gas (NYSE: PNY) today announced the declaration of a special contingent dividend on the outstanding shares of its Common Stock of $0.34 per share, subject to proration as described below.  This dividend is payable on the earlier of the effective date of the acquisition of Piedmont Natural Gas by Duke Energy Corporation (Effective Time) and January 13, 2017 and will be payable to holders of record at the close of business on the earlier of the business day immediately preceding the Effective Time and December 23, 2016.
In the event that the Effective Time occurs before December 23, 2016, the amount per common share of this dividend will be prorated to reflect the actual number of days beginning (and including) September 24, 2016 through and including the Effective Time multiplied by $0.00373626 (calculated by dividing $0.34 by 91, which is the number of days beginning September 24, 2016 and ending December 23, 2016) and then rounded to the nearest whole cent. This special contingent dividend is in addition to Piedmont's regular third quarter dividend of $0.34 per share of common stock announced earlier today and is intended to cover the period, if any, between September 23, 2016 (the regular record date for the regular third quarter dividend) and completion of the acquisition. In the event that the Effective Time occurs after December 23, 2016, this special contingent dividend shall constitute the Company's regular fourth quarter dividend.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
9/7/2016
Close
9/7/2016 - Piedmont Natural Gas Announces Regular Quarterly Dividend
X
Piedmont Natural Gas Announces Regular Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ -- At its regular quarterly meeting of the Company's Board of Directors, Piedmont Natural Gas (NYSE: PNY) today announced the declaration of a dividend on the outstanding shares of its Common Stock of $0.34 per share, payable on the earlier of the effective date of the acquisition of Piedmont Natural Gas by Duke Energy Corporation (Effective Time) and October 14, 2016.  This dividend will be payable to holders of record at the close of business on the earlier of the business day immediately preceding the Effective Time and September 23, 2016.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.

SOURCE Piedmont Natural Gas

Article Date
9/7/2016
Close
6/8/2016 - Piedmont Natural Gas Reports Second Quarter 2016 Results
X
Piedmont Natural Gas Reports Second Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., June 8, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced results for its second fiscal quarter ended April 30, 2016. For the quarter, the Company reported net income of $63.4 million, or $0.78 per diluted share, compared to net income of $66.4 million, or $0.84 per diluted share, for the same period in 2015. Adjusted for merger-related expenses incurred during the Company's second quarter, net income was $64.1 million, or $0.79 per diluted share.
For the six months ended April 30, 2016, net income was $161.2 million and diluted earnings per share were $1.98, compared with net income of $159.4 million and diluted earnings per share of $2.02 for the same period in 2015. Adjusted for merger-related expenses incurred during the Company's six months ended April 30, 2016, net income was $169.1 million, or $2.08 per diluted share.
Margin for the quarter was $224.4 million, a decrease of $1.3 million from the same period in 2015. The decrease in the three month period is primarily attributable to lower margin sales from secondary market activity and warmer weather, partially offset by integrity management rider (IMR) rate adjustments in North Carolina and Tennessee and customer growth. Margin for the six months ended April 30, 2016 was $510.6 million, an increase of $14.9 million from the same period in 2015. The increase is primarily attributable to IMR rate adjustments in North Carolina and Tennessee and customer growth, partially offset by lower margin sales from secondary market activity and warmer weather.
Operation and maintenance (O&M) expenses totaled $75.5 million during the second quarter of 2016, an increase of $4.1 million from the same quarter in 2015. O&M expenses totaled $146.8 million during the six months ended April 30, 2016, an increase of $9.2 million from the same period in 2015. The increase in O&M expenses for the quarter is primarily due to increases in payroll and contract labor, partially offset by a decrease in employee benefits. The increase for the six month period is primarily due to increases in payroll and $5.5 million incremental expense from the acceleration and payment of certain equity incentive awards in connection with the proposed Duke Energy acquisition and $2.1 million integration expenses related to the Duke Energy acquisition.
Pre-tax income from Piedmont's joint ventures decreased 7.9% for the quarter compared to the same period in 2015 due to a decrease in SouthStar's income from lower customer usage due to warmer weather and lower value of hedged derivatives, partially offset by lower operating expenses. Pre-tax income from Piedmont's joint ventures decreased 1.3% for the six months ended April 30, 2016 compared to the same period in 2015 due to the same factors discussed for SouthStar for the quarter that were partially offset by an increase in ACP's income due to higher capitalized interest expense and lower outreach cost.
Utility interest charges for the quarter were $16.6 million compared to $18.1 million for the same period in 2015. Utility interest charges for the six months ended April 30, 2016 were $33.7 million compared to $35.8 million for the same period in 2015. The decreases in utility interest charges for both periods is primarily due to recording interest income on net amounts due from customers compared with interest expense due to customers in the prior periods, partially offset by additional interest from an increase in long-term debt outstanding in 2016.
DIVIDEND DECLARED
At the Company's regular quarterly meeting of its Board of Directors held June 7, 2016, a quarterly dividend on Common Stock of 34 cents per share was declared, payable on July 15, 2016 to holders of record at the close of business on June 24, 2016.
FISCAL 2016 EARNINGS GUIDANCE REVISED
Piedmont Natural Gas revises its fiscal year 2016 earnings guidance to $1.90 to $1.95 per diluted share before any merger-related expenses.  The Company's previous guidance was a range of $1.92 to $2.02 per diluted share before any merger-related expenses. Despite weather during the first six months of the year that was 19% warmer than normal and 25% warmer than last year, the Company performed as expected reflecting the strength of Piedmont's margin stabilizing rate mechanisms as well as customer growth.  The revised guidance is solely based on the Company's assessment of lower earnings from its investment in Constitution Pipeline during fiscal year 2016 pending resolution of Constitution Pipeline's ongoing legal actions challenging the legality and appropriateness of the New York Department of Environmental Conservation denial of a necessary water quality certificate for the New York portion of the pipeline.
Summary of Operations
(in thousands except per share amounts and degree days)
Three Months Ended		April 30										% Increase (Decrease)
		2016				2015
	(Unaudited)
Operating Revenues		$	350,186			$	424,924					(18)%
Cost of Gas		125,822				199,303						(37)%
Margin		224,364				225,621						(1)%
Operations and Maintenance Expenses		75,508				71,424						6%
Depreciation		34,045				31,689						7%
General Taxes		10,882				10,976						(1)%
Utility Income Taxes		32,089				36,409						(12)%
Operating Income		71,840				75,123						(4)%
Other Income (Expense), net		8,176				9,360						(13)%
Utility Interest Charges		16,584				18,081						(8)%
Net Income		63,432				66,402						(4)%
Average Shares of Common Stock:
Basic		81,109				78,818						3%
Diluted		81,388				79,115						3%
Earnings Per Share of Common Stock:
Basic		$	0.78			$	0.84					(7)%
Diluted		$	0.78			$	0.84					(7)%
System Throughput - Dekatherms		136,759				125,132						9%
Gas Customers Billed in April		1,043				1,028						2%
System Average Degree Days – Actual		1,008				1,322						(24)%
System Average Degree Days – Normal		1,182				1,176						1%
Percent Normal Degree Days		(15)%				12%						n/a
Six Months Ended		April 30										% Increase (Decrease)
		2016				2015
Operating Revenues		$	811,523			$	1,032,196					(21)%
Cost of Gas		300,910				536,505						(44)%
Margin		510,613				495,691						3%
Operations and Maintenance Expenses		146,808				137,574						7%
Depreciation		67,730				63,583						7%
General Taxes		20,804				20,972						(1)%
Utility Income Taxes		93,999				92,680						1%
Operating Income		181,272				180,882						—%
Other Income (Expense), net		13,602				14,291						(5)%
Utility Interest Charges		33,652				35,793						(6)%
Net Income		161,222				159,380						1%
Average Shares of Common Stock:
Basic		81,035				78,717						3%
Diluted		81,324				79,048						3%
Earnings Per Share of Common Stock:
Basic		$	1.99			$	2.02					(1)%
Diluted		1.98				$	2.02					(2)%
System Throughput - Dekatherms		274,751				265,920						3%
Gas Customers Billed in April		1,043				1,028						2%
System Average Degree Days - Actual		2,463				3,267						(25)%
System Average Degree Days - Normal		3,023				3,015						—%
Percent Normal Degree Days		(19)%				8%						n/a
 
Non-GAAP Reconciliation of Merger and Integration-Related  Expenses
$ in thousands except per share amounts
								2016
								Three Months Ended  April 30						Six Months Ended  April 30
GAAP net income								$	63,432					$	161,222
Merger and integration-related expenses:
Related expenses								$	1,040					$	7,539
Associated income tax benefit (expense)								$	409					$	(314)
After-tax merger and integration-related expenses								$	631					$	7,853
Adjusted net income								$	64,063					$	169,075
Average basic shares outstanding (in thousands)								81,109						81,035
Average diluted shares outstanding (in thousands)								81,388						81,324
Adjusted basic EPS								$	0.79					$	2.09
Adjusted diluted EPS								$	0.79					$	2.08
 
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ materially from anticipated results include, but are not limited to, weather conditions, rate of customer growth, the cost and availability of natural gas, competition from other energy providers, new legislation and regulations and application of existing laws and regulations, economic and capital market conditions, operational interruptions to our gas distribution and transmission activities, cybersecurity breaches or failure of technology systems, inability to complete necessary or desirable pipeline expansion or infrastructure projects, costs of providing pension benefits, the cost and availability of labor and materials, the disposition of Constitution Pipeline Company LLC's ongoing legal actions challenging the denial of a necessary water quality certificate for the New York portion of the pipeline, earnings and losses from the joint venture businesses in which we invest, risks and uncertainties related to the proposed acquisition of the Company by Duke Energy Corporation, and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "may," "should," "could,"  "assume," "estimate," "forecast," "future," "indicate," "outlook," "plan," "predict," "seek," "target," "would," "guidance," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's latest Forms 10-K and 10-Q, which are available on the SEC's website at http://www.sec.gov.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
CONTACT: Investor Relations, Nick Giaimo, +1-704-731-4952, nick.giaimo@piedmontng.com
SOURCE Piedmont Natural Gas

Article Date
6/8/2016
Close
6/7/2016 - Piedmont Natural Gas Announces Quarterly Dividend
X
Piedmont Natural Gas Announces Quarterly Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., June 7, 2016 /PRNewswire/ -- At its regular quarterly meeting of the Company's Board of Directors, Piedmont Natural Gas (NYSE: PNY) today announced the declaration of a quarterly dividend on Common Stock of 34 cents per share, payable July 15, 2016, to holders of record at the close of business on June 24, 2016.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.

SOURCE Piedmont Natural Gas

Article Date
6/7/2016
Close
4/11/2016 - Piedmont Natural Gas Ranks First in South Large Region for Customer Satisfaction
X
Piedmont Natural Gas Ranks First in South Large Region for Customer Satisfaction
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., April 11, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced it has ranked first in the South Large Region in the J.D. Power 2016 Midpoint Gas Utility Residential Customer Satisfaction Study.
"Our customers deserve an excellent experience every time they interact with Piedmont Natural Gas," said Brian Woody, vice president of customer experience for Piedmont. "I'm proud of the entire team for embracing our customer satisfaction goals and for achieving excellent results through the first half of 2016. Even so, we are always working to improve the customer experience, and our customers should know we'll be working diligently to maintain these rankings through the remainder of 2016 and beyond."
J.D. Power measures overall customer satisfaction in six categories, including customer service, corporate citizenship, safety and reliability, price, billing and payment, and communications. The results are based on responses from residential customers of 82 large and midsize utilities in the United States. For more details on Piedmont's rankings, or to see the full J.D. Power 2016 Gas Utility Residential Customer Satisfaction Study, click here.
About Piedmont Natural Gas  
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than 1 million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.
Logo - http://photos.prnewswire.com/prnh/20160411/353739LOGO
SOURCE Piedmont Natural Gas

Article Date
4/11/2016
Close
4/7/2016 - Piedmont Natural Gas Announces Participation in Environmental Protection Agency's Natural Gas STAR Methane Challenge Program
X
Piedmont Natural Gas Announces Participation in Environmental Protection Agency's Natural Gas STAR Methane Challenge Program
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., April 7, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced its participation in the U.S. Environmental Protection Agency's (EPA) Natural Gas STAR Methane Challenge program as a Founding Partner. The voluntary program is a collaborative effort between the EPA and the natural gas industry and is designed to provide a transparent platform for partners such as Piedmont to make, track, and promote commitments to voluntarily reduce methane emissions.  Thirty-seven natural gas utilities nationwide are participating as Founding Partners in the program.
Jane Lewis-Raymond, Piedmont's Senior Vice President and Chief Legal, Compliance, and External Relations Officer commented on Piedmont's participation, "Piedmont's commitment to the environment and to incorporating sustainability into all of our business practices extends far beyond a strategic directive for our company; importantly, it is one of our core values and drives everything we do. Our participation in this program is another indication of that commitment and also enables us to build on our ongoing commitment to public safety."
Piedmont's own focus through the STAR Methane Challenge will be in the area of reducing methane emissions that result from third party excavation damages to the Company's natural gas pipeline delivery system.  Piedmont has committed to develop a plan to reduce such emissions within five years by evaluating its ongoing damage prevention programs and identifying areas of process improvement.  Piedmont will submit its five-year plan to the EPA in the coming months.
More information about Piedmont's commitment to the environment and its sustainability efforts can be found by visiting the Company's website at www.piedmontng.com.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
 
SOURCE Piedmont Natural Gas

Article Date
4/7/2016
Close
3/14/2016 - Piedmont Natural Gas Invites You To Join Its Annual Meeting Of Shareholders On The Web
X
Piedmont Natural Gas Invites You To Join Its Annual Meeting Of Shareholders On The Web
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., March 14, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) invites you to join its Annual Meeting of Shareholders that will be broadcast live over the Internet on March 17, 2016 at 8:30 a.m. Eastern Time.

What:	Piedmont Natural Gas Annual Meeting of Shareholders
When:	March 17, 2016, at 8:30 a.m. ET
Where:	https://www.webcaster4.com/Webcast/Page/1062/13333
	Or, for more information about Piedmont Natural Gas, visit the Investor Relations section of the Piedmont Natural Gas at: http://www.piedmontng.com/investors/home.aspx
How:	Live over the Internet -- Simply log on to the web at the above address or go to Investor Relations, presentations.
 
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
3/14/2016
Close
3/14/2016 - Piedmont Natural Gas Receives Tennessee Regulatory Authority Approval for a Change in Control upon Acquisition by Duke Energy
X
Piedmont Natural Gas Receives Tennessee Regulatory Authority Approval for a Change in Control upon Acquisition by Duke Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., March 14, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today received approval from the Tennessee Regulatory Authority (TRA) for a change in control to Duke Energy once the North Carolina Utilities Commission (NCUC) approves the transaction and the acquisition is completed.  The two energy companies first announced the proposed acquisition in October, 2015 and expect to close on the transaction by the end of 2016.  The TRA's action is a necessary step for the operational handoff from Piedmont to Duke Energy to occur in Tennessee once the acquisition is completed. It is the latest in a series of approvals and regulatory orders that Piedmont and Duke Energy have obtained with respect to the proposed acquisition.
In December, 2015, the Federal Trade Commission granted Duke Energy and Piedmont early termination of the mandatory 30-day waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act. On January 22, Piedmont's shareholders approved the proposed acquisition and on March 7, the Kentucky Public Service Commission issued a declaratory order that had been requested by Duke Energy in conjunction with the proposed acquisition. 
The North Carolina Utilities Commission is the final regulatory commission approval required for the transaction to close.  The NCUC has set July 18, 2016 as the date to hear Duke Energy's and Piedmont's request for acquisition approval.
Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook," and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Such forward-looking statements include, but are not limited to, statements about the expected timing of completion of the proposed merger involving Duke Energy and Piedmont, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the risk that  Duke Energy or Piedmont may be unable to obtain governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; and the effect of changes in governmental regulations. Additional risks and uncertainties are identified and discussed in Piedmont's reports filed with the SEC and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Piedmont does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
3/14/2016
Close
3/9/2016 - Piedmont Natural Gas Reports First Quarter 2016 Results
X
Piedmont Natural Gas Reports First Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., March 9, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced results for its first fiscal quarter ended January 31, 2016. For the quarter, the Company reported net income of $97.8 million, or $1.20 per diluted share, compared to net income of $93 million, or $1.18 per diluted share for the same period in 2015. Adjusted for merger-related expenses incurred during the Company's first quarter, net income was $104.8 million, or $1.29 per diluted share, increases of 13% and 9%, respectively, over the prior year.
Piedmont Natural Gas Chairman, President, and CEO, Thomas E. Skains, commented on the results, "We are pleased with our operating fundamentals and financial results for the first quarter of the new year, even as we experienced winter weather that was 21 percent warmer than normal and 25 percent warmer than last year.  Adjusted for after-tax merger-related expenses, net income increased 13 percent compared to the same period last year. The margin stabilizing features of our retail natural gas tariffs have proven once again to be beneficial to both our customers and our shareholders. In addition, our customer growth remains healthy with 4,700 gross customer additions during the first quarter and our employees are focused on profitable investments and disciplined expense control. All in all, we are off to a good start in fiscal year 2016."
Margin for the three months ended January 31, 2016 was $286.2 million, an increase of $16.2 million from the prior year's quarter. The increase in margin is primarily attributable to integrity management rider rate adjustments in North Carolina and Tennessee, as well as customer growth in all three states.
Operations and maintenance (O&M) expenses totaled $71.3 million during the three months ended January 31, 2016, an increase of $5.2 million from the same period in 2015. The increase in O&M expenses for the three month period is primarily due to higher equity incentive plan accruals, including $4.3 million incremental expense from the acceleration and payment of certain equity incentive awards in connection with the Duke Energy acquisition, additional employees and merit increases, and $1.5 million in integration expenses related to the proposed Duke Energy acquisition.
DIVIDEND INCREASED FOR THIRTY-EIGHTH CONSECUTIVE YEAR
The Board of Directors on March 9 approved an increase in the Company's quarterly dividend on Common Stock.  The new quarterly dividend of 34 cents per share will be payable on April 15, 2016 to holders of record at the close of business on March 25, 2016.
FISCAL 2016 EARNINGS GUIDANCE REAFFIRMED
Piedmont Natural Gas reaffirms its fiscal year 2016 earnings guidance of $1.92 to $2.02 per diluted share before any merger-related expenses.
 
Summary of Operations
(in thousands except per share amounts and degree days)
Three Months Ended		January 31								% Increase (Decrease)
		2016				2015
	(Unaudited)
Operating Revenues		$	461,337			$	607,271			(24)	%
Cost of Gas		175,088				337,201				(48)	%
Margin		286,249				270,070				6	%
Operations and Maintenance Expenses		71,300				66,150				8	%
Depreciation		33,686				31,893				6	%
General Taxes		9,922				9,997				(1)	%
Utility Income Taxes		61,909				56,272				10	%
Operating Income		109,432				105,758				3	%
Other Income (Expense), net		5,426				4,931				10	%
Utility Interest Charges		17,068				17,711				(4)	%
Net Income		97,790				92,978				5	%
Average Shares of Common Stock:
Basic		80,963				78,620				3	%
Diluted		81,266				78,945				3	%
Earnings Per Share of Common Stock:
Basic		$	1.21			$	1.18			3	%
Diluted		$	1.20			$	1.18			2	%
System Throughput - Dekatherms		137,992				140,787				(2)	%
Gas Customers Billed in January		1,038				1,023				1	%
System Average Degree Days – Actual		1,455				1,945				(25)	%
System Average Degree Days – Normal		1,840				1,838				—	%
Percent Normal Degree Days		(21)		%		6		%		n/a
 
Non-GAAP Reconciliation of Merger-Related Expenses
$ in thousands except per share amounts
	2016
GAAP net income	$	97,790
After-tax merger-related expenses	$	7,050
Adjusted net income	$	104,840
Average basic shares outstanding (in thousands)	80,963
Average diluted shares outstanding (in thousands)	81,266
Adjusted basic EPS	$	1.29
Adjusted diluted EPS	$	1.29
 
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ materially from anticipated results include, but are not limited to, weather conditions, rate of customer growth, the cost and availability of natural gas, competition from other energy providers, new legislation and regulations and application of existing laws and regulations, economic and capital market conditions, operational interruptions to our gas distribution and transmission activities, change in number of outstanding shares, cybersecurity breaches or failure of technology systems, inability to complete necessary or desirable pipeline expansion or infrastructure projects, costs of providing pension benefits, the cost and availability of labor and materials and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "may," "should," "could,"  "assume," "estimate," "forecast," "future," "indicate," "outlook," "plan," "predict," "seek," "target," "would," "guidance," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's latest Forms 10-K and 10-Q, which are available on the SEC's website at http://www.sec.gov.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
3/9/2016
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3/9/2016 - Piedmont Natural Gas Increases Dividend for 38th Consecutive Year
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Piedmont Natural Gas Increases Dividend for 38th Consecutive Year
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., March 9, 2016 /PRNewswire/ -- The Board of Directors of Piedmont Natural Gas (NYSE: PNY) today approved an increase in the Company's dividend for the 38th consecutive year. At its regularly scheduled meeting, the Board declared a quarterly dividend on Common Stock of 34 cents per share, up 3% from the previous quarterly dividend of 33 cents per share. The increased dividend is payable April 15, 2016, to shareholders of record at the close of business on March 25, 2016.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas

Article Date
3/9/2016
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1/28/2016 - United Way Honors Piedmont Natural Gas With Excellence in Community Spirit Award
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United Way Honors Piedmont Natural Gas With Excellence in Community Spirit Award
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Jan. 28, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced that United Way of North Carolina has named the Company a winner of the 2015 Excellence in Community Spirit Award for its strong commitment to strengthening the communities it serves.
Piedmont was one of two winners of the award selected from 58 companies nominated statewide. Piedmont also was among 33 companies chosen to receive the 2015 Spirit of North Carolina Award for demonstrating outstanding community support through their annual United Way campaigns.
"This award belongs to all of the Piedmont Natural Gas employees who devote tremendous time, energy and financial support to serving their neighbors," said Jane Lewis-Raymond, senior vice president and chief legal, compliance and external relations officer of Piedmont Natural Gas. "Providing resources to strengthen the communities where we work and live is a core value for Piedmont, and we are proud to be a partner with United Way in meeting critical needs."
Piedmont was nominated for the awards by United Way of Central Carolinas (UWCC), which serves Mecklenburg, Anson, Cabarrus and Union counties as well as the Mooresville/Lake Norman area. More than 1,000 companies in UWCC's service area conduct annual United Way campaigns.
"United Way of Central Carolinas is very excited to see Piedmont Natural Gas receive this much-deserved recognition," said UWCC Executive Director Sean Garrett. "Piedmont has been an incredible partner to United Way, and we are grateful for its unwavering commitment to our mission of creating change for a stronger community."
Piedmont and other honorees will be recognized at an awards luncheon in Pinehurst on Feb. 10.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than 1 million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.
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SOURCE Piedmont Natural Gas

Article Date
1/28/2016
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1/22/2016 - Piedmont Natural Gas Shareholders Approve Acquisition by Duke Energy
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Piedmont Natural Gas Shareholders Approve Acquisition by Duke Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Jan. 22, 2016 /PRNewswire/ -- Shareholders of Piedmont Natural Gas (NYSE: PNY) today voted to approve the company's acquisition by Duke Energy (NYSE: DUK) during a specially called meeting of shareholders at Piedmont's corporate offices in Charlotte. 
The proposal to approve the acquisition was supported by 66.8% percent of the company's outstanding shares entitled to vote.
The companies filed for approval of the proposed acquisition with the North Carolina Utilities Commission and filed with the Tennessee Regulatory Authority to transfer Piedmont's Tennessee operating license on Jan. 15, 2016.  
The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.
Duke Energy and Piedmont Natural Gas are targeting to close the transaction by the end of 2016.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.
Cautionary statements regarding forward-looking information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Forward-looking statements are based on management's beliefs and assumptions.

These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook," and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving Duke Energy or Piedmont, including future financial and operating results, Duke Energy's or Piedmont's plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the risk that Duke Energy or Piedmont may be unable to obtain governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; and the effect of changes in governmental regulations. Additional risks and uncertainties are identified and discussed in Piedmont's and Duke Energy's and its subsidiaries' reports filed with the SEC and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Neither Piedmont nor Duke Energy undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
SOURCE Piedmont Natural Gas

Article Date
1/22/2016
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1/19/2016 - As Temperatures Dip, Piedmont Natural Gas Asks Community to 'Share the Warmth'
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As Temperatures Dip, Piedmont Natural Gas Asks Community to 'Share the Warmth'
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Jan. 19, 2016 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today called on its customers and the general public to help the community's neediest residents stay warm this winter by contributing to Piedmont's Share the Warmth program.
Donations to Share the Warmth are distributed by Piedmont's partner agencies and are used to pay energy bills regardless of the energy source used in the home, including natural gas, propane, oil and electricity. Funds stay in the communities where they are collected.
Customers can participate by signing up for Piedmont's Share the Warmth Round Up program, which authorizes Piedmont to round up a customer's monthly bill to the nearest dollar with the difference going to Share the Warmth. During the course of a year, the customer would pay no more than $12 into the fund.
"It's easy to participate in Piedmont's Share the Warmth Round Up program, so we hope these cold temperatures inspire more customers to join us in helping our neighbors in need," said Timothy Greenhouse,  managing director of community relations for Piedmont Natural Gas. "Contributions are tax deductible and there are no administrative costs, so 100 percent of every dollar you donate goes directly to helping people stay warm this winter."  
Customers who want to enroll in the Round Up program can go online to www.piedmontng.com, fill out the form on the back of their monthly bill or call Piedmont at 1-800-752-7504.
Through contributions from customers, community members, the Piedmont Natural Gas Foundation and the company directly, Share the Warmth has provided more than $2.6 million to help low-income families and individuals pay their energy bills.
While the Round Up program is available only to Piedmont customers, the general public can make a tax-deductible contribution to this worthy cause by mailing a check to the following address:
Piedmont Natural Gas/Share the Warmth
Attention: Treasury Department
4720 Piedmont Row Drive
8th Floor
Charlotte NC 28210
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than 1 million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.
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SOURCE Piedmont Natural Gas

Article Date
1/19/2016
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1/15/2016 - Duke Energy, Piedmont Natural Gas file with North Carolina Utilities Commission for acquisition approval
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Duke Energy, Piedmont Natural Gas file with North Carolina Utilities Commission for acquisition approval
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Jan. 15, 2016 /PRNewswire/ -- Duke Energy (NYSE: DUK) and Piedmont Natural Gas (NYSE: PNY) today filed their application with the North Carolina Utilities Commission seeking regulatory approval of Duke Energy's proposed acquisition of Piedmont announced Oct. 26, 2015. 
"This transaction will bring an array of benefits to North Carolina's energy consumers and the state's economy, and will not adversely impact Duke Energy's or Piedmont's customer rates or service," said Lynn Good, chairman, president and CEO of Duke Energy. "We look forward to the opportunity to present the transaction and its benefits to the North Carolina Utilities Commission at an upcoming hearing."
Also today, the companies filed with the Tennessee Regulatory Authority for approval of a change in control of Piedmont that will result from Duke Energy's acquisition of Piedmont. 
On Jan. 13, 2016, the companies presented information regarding the acquisition to the Public Service Commission of South Carolina and answered commissioners' questions. 
The transaction requires approval by Piedmont shareholders, who will vote on the transaction Jan. 22, 2016.
The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.
The companies are targeting a closing of the transaction by the end of 2016.
About Duke Energy
Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 23 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com
Follow Duke Energy on Twitter, LinkedIn and Facebook.
About Piedmont Natural Gas
Piedmont Natural Gas (NYSE: PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities that are wholesale customers. Its subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available at www.piedmontng.com.
Cautionary statements regarding forward-looking information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs and assumptions.
These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook," and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving Duke Energy or Piedmont, including future financial and operating results, Duke Energy's or Piedmont's plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the ability to obtain the requisite approvals of Piedmont's shareholders; the risk that Duke Energy or Piedmont may be unable to obtain governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; and the effect of changes in governmental regulations. Additional risks and uncertainties are identified and discussed in Duke Energy's and its subsidiaries' reports filed with the SEC and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Duke Energy undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contacts: 
Tom Williams, Duke Energy
24-Hour: 800.559.3853
David Trusty, Piedmont Natural Gas
704.731.4391
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SOURCE Duke Energy

Article Date
1/15/2016
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Robeson County LNG Facility (subscriber access)
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Parent Entities: Piedmont Natural Gas Co