NW Natural Holdings Reports Second Quarter 2024 Results

Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), reported financial results and highlights including:

Reported a net loss of $2.8 million ($0.07 per share) for the second quarter of 2024, compared to net income of $1.2 million ($0.03 per share) for the same period in 2023
Reported net income of $61.0 million ($1.60 per share) for the first six months of 2024, compared to net income of $72.9 million ($2.03 per share) for the same period in 2023 primarily due to regulatory lag
Added nearly 16,000 gas and water utility connections in the last 12 months for a combined growth rate of 1.8% as of June 30, 2024 mainly driven by strong water acquisitions
Signed Puttman and ICH water acquisition agreement adding 4,200 customers and a strong pipeline of growth opportunities
Reaffirmed 2024 earnings guidance in the range of $2.20 to $2.40 per share and long-term earnings per share growth rate target of 4% to 6% from 2022 through 2027. 2022 earnings per share were $2.54

"The Company continues to perform well, and we're on track for the year. Our focus for 2024 is operating safe, reliable systems and executing on our capital plan, regulatory dockets, and growth opportunities," said David H. Anderson, CEO of NW Natural Holdings. "I'm happy to report that we're making good progress on all fronts. Related to growth, I'm excited that we've signed an agreement to acquire Puttman and ICH. Tom Puttman and his team have a proven track record of leadership and a strong pipeline of water expansion opportunities for years to come."

For the second quarter of 2024, net income decreased $4.0 million compared to the same period in 2023. For the first six months of 2024, net income decreased $11.9 million compared to the same period in 2023. Results reflected regulatory lag from higher depreciation due to continued investment in our systems and increased pension expense, partially offset by higher margin from customer growth and lower operations and maintenance expense from cost savings initiatives.

KEY EVENT

NW Natural Water Signs Acquisition Agreement for Puttman & ICH Water

NW Natural Water has agreed to acquire all the interests of Infrastructure Capital Holdings (ICH), which includes the assets of Puttman Infrastructure (Puttman). The acquisition will add approximately 4,200 water, wastewater and recycled water customers across Oregon, Idaho and California. As part of the acquisition, Tom Puttman, president of Puttman Infrastructure and ICH, will join the company as president of NW Natural Water. The transaction expands NW Natural Water’s utility portfolio as well as its services business and marks its first investments in the recycled water segment and entry into the California market.

SECOND QUARTER RESULTS

We primarily operate through our natural gas distribution segment, which is a regulated utility principally engaged in the delivery of natural gas to customers in Oregon and southwest Washington. The segment also includes the portion of the Mist underground storage facility used to serve gas utility customers, the North Mist gas storage expansion, and renewable natural gas development and procurement for the utility.

Other business activities are reported through "Other" results and primarily include Interstate Storage Services and third-party asset management services for the Mist facility in Oregon; NW Natural Water, which holds our water and wastewater utility operations; and NW Natural Renewables, which is a competitive renewable fuels business.

NW Natural Holdings' second quarter results are summarized by business segment in the table below:

Three Months Ended June 30,

2024

2023

Change

In thousands, except per share data

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net income (loss):

Natural Gas Distribution segment

(2,987

)

(0.08

)

(271

)

(0.01

)

(2,716

)

(0.07

)

Other

200

0.01

1,515

0.04

(1,315

)

(0.03

)

Consolidated

(2,787

)

(0.07

)

1,244

0.03

(4,031

)

(0.10

)

Diluted Shares

38,260

36,062

2,198

Natural Gas Distribution Segment

Natural Gas Distribution segment net income decreased $2.7 million (or $0.07 per share) primarily reflecting regulatory lag from higher depreciation, general taxes, and pension expenses.

Margin increased $0.4 million primarily due to customer growth and the amortization of deferrals.

Operations and maintenance expense decreased $3.5 million as a result of lower payroll, benefits and contractor labor costs; partially offset by higher information technology costs and the amortization of deferrals approved in the last rate case, which is offset by revenues.

Depreciation and general taxes collectively increased by $2.5 million primarily due to continued investment in our system.

Other income, net reflected a $4.2 million decrease primarily from higher pension expense, lower interest income from invested cash, and lower equity Allowance for Funds Used During Construction (AFUDC).

Interest expense increased $0.4 million due to higher long-term debt balances.

Other

Net income from the Company's other business activities decreased $1.3 million (or $0.03 per share) reflecting a $2.7 million gain on a settlement recognized in the second quarter of 2023, partially offset by $0.8 million higher asset management revenues in the second quarter of 2024.

YEAR-TO-DATE RESULTS

NW Natural Holdings' year-to-date results by business segment are summarized in the table below:

Six Months Ended June 30,

2024

2023

Change

In thousands, except per share data

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net income (loss):

Natural Gas Distribution segment

62,728

1.65

71,680

2.00

(8,952

)

(0.35

)

Other

(1,692

)

(0.05

)

1,235

0.03

(2,927

)

(0.08

)

Consolidated

61,036

1.60

72,915

2.03

(11,879

)

(0.43

)

Diluted Shares

38,059

35,845

2,214

Natural Gas Distribution Segment

Natural Gas Distribution segment net income decreased $9.0 million (or $0.35 per share) primarily reflecting regulatory lag from higher depreciation and general taxes, as well as lower other income.

Margin increased $0.9 million primarily due to the amortization of deferrals and customer growth which among other miscellaneous items contributed $7.0 million. Partially offsetting these items was a $4.5 million reduction in margin due to warmer comparative weather and the effect of customers not covered by the weather normalization mechanism. Weather was 13% warmer than average in the first six months of 2024, compared to 2% colder than average weather for the same period of 2023. In addition, there was a $1.6 million decline in gains on the Oregon gas cost incentive sharing mechanism due to lower commodity price volatility and higher than estimated gas costs during the cold weather event in January 2024.

Operations and maintenance expense decreased $3.8 million as a result of lower employee benefit expenses and contractor costs; partially offset by higher payroll, information technology costs, and the amortization of deferrals approved in the last rate case, which is offset by revenues.

Depreciation and general taxes increased by $4.5 million primarily due to additional capital investments in the distribution system.

Other income, net declined $8.0 million primarily from higher pension expense, lower interest income due to a lower level of invested cash, and lower equity AFUDC.

Interest expense increased $1.9 million due to higher long-term debt balances.

Other

Net income from the Company's other business activities decreased $2.9 million (or $0.08 per share) primarily reflecting a $2.7 million gain on a settlement recognized in the second quarter of 2023 and higher interest expense of $0.8 million.

BALANCE SHEET AND CASH FLOWS

During the first six months of 2024, the Company generated $246.1 million in operating cash flows, compared to $297.9 million for the same period in 2023. The Company used $200.4 million in investing activities during the first six months of 2024 primarily for natural gas utility capital expenditures, compared to $151.5 million used in investing activities during the same period in 2023. Net cash used in financing activities was $14.2 million for the first six months of 2024, compared to net cash used by financing activities of $32.2 million during the same period in 2023. As of June 30, 2024, NW Natural Holdings held cash of $65.2 million.

2024 GUIDANCE AND LONG-TERM TARGETS

NW Natural Holdings reaffirmed its long-term earnings per share growth rate target of 4% to 6% compounded annually from 2022 through 2027. 2022 earnings were $2.54 per share. Holdings' 2024 earnings per share guidance is not in line with that goal primarily due to regulatory lag from our natural gas distribution segment mainly as a result of two factors. First, the natural gas distribution segment is making substantial investments to provide continued safe and reliable service for our customers. This increased level of investment and the elevated investment in technology, which is shorter lived and results in higher depreciation expense, is exacerbating the regulatory lag in 2024. Second, due to inflationary pressures, the natural gas distribution segment's operating expenses are increasing in 2024 because of several multi-year operations and maintenance contracts renewing, higher personnel costs, the amortization of cloud computing technology investments, and increased pension expense. These factors are part of our request in the Oregon general rate case NW Natural filed at the end of 2023. Based on Oregon statute, new rates are expected to be effective on Nov. 1, 2024.

Primarily because of regulatory lag, NW Natural Holdings today reaffirmed its 2024 annual earnings guidance in the range of $2.20 to $2.40 per share. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations.

While subject to change, the Company currently expects the timing of the 2024 quarterly distribution of consolidated earnings per share to be the following:

Third quarter to be a loss in the range of -$0.74 to -$0.86, and
Fourth quarter to be earnings in the range of $1.43 to $1.63.

DIVIDEND DECLARED

The board of directors of NW Natural Holdings declared a quarterly dividend of 48.75 cents per share on the Company’s common stock. The dividend is payable on August 15, 2024 to shareholders of record on July 31, 2024. The Company's current indicated annual dividend rate is $1.95 per share. Future dividends are subject to board of director discretion and approval.

CONFERENCE CALL AND WEBCAST

As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its second quarter 2024 financial and operating results.

Date and Time:

Friday, August 2, 2024

8 a.m. PT (11 a.m. ET)

Phone Numbers:

United States 1-833-470-1428

International 1-404-975-4839

Passcode 247925

The call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website and by dialing 1-866-813-9403 (U.S.) and +44-204-525-0658 (international). The replay access code is 540828.

ABOUT NW NATURAL HOLDINGS

Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 165 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), NW Natural Renewables Holdings (NW Natural Renewables), and other business interests.

We have a longstanding commitment to safety, environmental stewardship and the energy transition, and taking care of our employees and communities. NW Natural Holdings was recognized by Ethisphere® for the third consecutive year in 2024 as one of the World’s Most Ethical Companies®. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. Learn more in our latest Community and Sustainability Report at nwnatural.com/about-us/the-company/sustainability.

NW Natural is a local distribution company that currently provides natural gas service to approximately 2 million people in more than 140 communities through more than 800,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural owns and operates 21.6 Bcf of underground gas storage capacity in Oregon.

NW Natural Water provides water distribution and water and wastewater services to communities throughout the Pacific Northwest, Texas and Arizona. NW Natural Water serves nearly 185,000 people through approximately 74,000 meters and provides operation and maintenance services to an additional 19,000 connections. Learn more about our water business at nwnaturalwater.com.

NW Natural Renewables is a competitive business committed to leading in the energy transition by providing renewable fuels to support decarbonization in the utility, commercial, industrial and transportation sectors. Learn more at nwnaturalrenewables.com.

Additional information is available at nwnaturalholdings.com.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC

Forward-Looking Statements

This press release, and other presentations made by NW Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "assumes," “continues,” “could,” "intends," "plans," "seeks," "believes," "estimates," "expects," "will" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, timing, goals, strategies, commitments, future events, financial positions, financial performance, investments, timing and amount of capital expenditures, targeted capital structure, risks, risk profile, stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, utility system, technology and infrastructure investments, system modernization, reliability and resiliency, global, national and local economies, customer and business growth, continued expansion of service territories, customer satisfaction ratings, weather, performance and service during weather events, customer rates or rate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, including our Oregon general rate case, environmental remediation cost recoveries, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, renewable natural gas purchases, projects, investments and other renewable initiatives, including the construction of RNG facilities, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, renewable hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for customers, technology and policy innovations, strategic goals and visions, water, wastewater and water services acquisitions, personnel additions, partnerships, and investment strategy and financial effects of water, wastewater and water services acquisitions, expected growth and safety benefits of facility upgrade investments, diversity, equity and inclusion initiatives, operating plans of third parties, financial results, including estimated income, availability and sources of liquidity, expenses, positions, revenues, returns, cost of capital, timing, and earnings, earnings guidance and estimated future growth rates, future dividends, commodity costs and sourcing, asset management activities, performance, timing, outcome, or effects of regulatory proceedings or mechanisms or approvals, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, effects of legislation or changes in laws or regulations, effects, extent, severity and duration of epidemics and pandemics, and any resulting economic disruption therefrom, inflation, geopolitical uncertainty and other statements that are other than statements of historical facts.

Forward-looking statements are based on current expectations and assumptions regarding its business, the economy, geopolitical factors, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. You are therefore cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in the most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk," and Part II, Item 1A, "Risk Factors," in the quarterly reports filed thereafter, which, among others, outline legal, regulatory and legislative risks, public health risks, financial, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, business continuity and technology risks, environmental risks and risks related to our water and renewables businesses.

All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Holdings or NW Natural, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and NW Holdings and NW Natural undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

In addition to presenting the results of operations and earnings amounts in total, certain financial measures are expressed in cents per share, which are non-GAAP financial measures. All references to EPS are on the basis of diluted shares. Such non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations. Our non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purposes. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the tables above.

NORTHWEST NATURAL HOLDINGS

Consolidated Income Statement and Financial Highlights (Unaudited)

Second Quarter 2024

Three Months Ended

Six Months Ended

Twelve Months Ended

In thousands, except per share amounts, customer, and degree day data

June 30,

2024

2023

Change

2024

2023

Change

2024

2023

Change

Operating revenues

211,714

237,859

(11

645,184

700,282

1,142,377

1,192,374

Operating expenses:

Cost of gas

72,970

102,433

(29

)

248,687

308,182

(19

)

440,342

512,509

(14

)

Operations and maintenance

64,950

66,819

)

138,564

138,636

—

273,694

252,643

Environmental remediation

2,329

2,140

8,075

7,515

13,459

12,934

General taxes

11,853

10,889

27,321

25,108

48,461

45,046

Revenue taxes

9,211

9,185

—

27,455

28,227

)

47,899

48,453

)

Depreciation

33,762

31,293

66,860

62,758

129,683

122,926

Other operating expenses

933

1,257

(26

)

2,689

2,505

5,716

4,212

Total operating expenses

196,008

224,016

(13

)

519,651

572,931

)

959,254

998,723

)

Income from operations

15,706

13,843

125,533

127,351

)

183,123

193,651

)

Other income (expense), net

6,618

(100

)

(1,128

)

8,224

(114

)

8,503

10,155

(16

)

Interest expense, net

19,311

18,974

39,842

37,270

79,138

67,415

(Loss) income before income taxes

(3,599

)

1,487

(342

)

84,563

98,305

(14

)

112,488

136,391

(18

)

Income tax (benefit) expense

(812

)

243

(434

)

23,527

25,390

)

30,499

35,127

(13

)

Net (loss) income

(2,787

)

1,244

(324

)

61,036

72,915

(16

)

81,989

101,264

(19

)

Common shares outstanding:

Average diluted for period

38,260

36,062

38,059

35,845

37,355

35,557

End of period

38,669

36,065

38,669

36,065

38,669

36,065

Per share of common stock information:

Diluted (loss) earnings

(0.07

)

0.03

1.60

2.03

2.19

2.85

Dividends paid per share

0.4875

0.4850

0.9750

0.9700

1.9475

1.9375

Book value, end of period

34.83

34.39

34.83

34.39

34.83

34.39

Market closing price, end of period

36.11

43.05

36.11

43.05

36.11

43.05

Capital structure, end of period:

Common stock equity

44.8

44.0

44.8

44.0

44.8

44.0

Long-term debt

52.5

46.0

52.5

46.0

52.5

46.0

Short-term debt (including current maturities of long-term debt)

2.7

10.0

2.7

10.0

2.7

10.0

Total

100.0

Natural Gas Distribution segment operating statistics:

Meters - end of period

801,943

796,792

0.6

801,943

796,792

0.6

801,943

796,792

0.6

Volumes in therms:

Residential and commercial sales

117,290

122,977

419,289

453,642

701,402

778,860

Industrial sales and transportation

111,771

113,389

238,774

245,773

463,920

475,953

Total volumes sold and delivered

229,061

236,366

658,063

699,415

1,165,322

1,254,813

Operating Revenues

Residential and commercial sales

169,308

194,382

556,476

606,689

964,859

1,013,660

Industrial sales and transportation

19,437

23,238

43,725

52,382

89,229

98,393

Other distribution revenues

1,234

1,368

2,765

2,978

4,327

3,906

Other regulated services

4,883

4,726

9,760

9,435

19,227

19,245

Total operating revenues

194,862

223,714

612,726

671,484

1,077,642

1,135,204

Less: Cost of gas

73,026

102,490

248,799

308,295

440,565

512,736

Less: Environmental remediation expense

2,329

2,140

8,075

7,515

13,459

12,934

Less: Revenue taxes

9,198

9,159

27,393

28,134

47,691

48,229

Margin, net

110,309

109,925

328,459

327,540

575,927

561,305

Degree days:

Average (25-year average)

297

296

1,633

1,619

2,700

2,674

Actual

208

273

(24

1,424

1,658

(14

2,246

2,779

(19

Percent colder (warmer) than average weather

(30

(13

(17

NORTHWEST NATURAL HOLDINGS

Consolidated Balance Sheets (Unaudited)

June 30,

In thousands

2024

2023

Assets:

Current assets:

Cash and cash equivalents

65,192

137,759

Accounts receivable

61,821

73,930

Accrued unbilled revenue

22,863

21,924

Allowance for uncollectible accounts

(3,758

)

(3,297

)

Regulatory assets

124,102

111,819

Derivative instruments

8,033

12,423

Inventories

107,332

67,502

Other current assets

37,535

35,797

Total current assets

423,120

457,857

Non-current assets:

Property, plant, and equipment

4,764,593

4,391,993

Less: Accumulated depreciation

1,234,148

1,181,230

Total property, plant, and equipment, net

3,530,445

3,210,763

Regulatory assets

308,521

307,999

Derivative instruments

2,985

2,118

Other investments

83,795

104,330

Operating lease right of use asset, net

69,813

72,096

Assets under sales-type leases

127,794

132,045

Goodwill

163,166

152,670

Other non-current assets

112,727

96,827

Total non-current assets

4,399,246

4,078,848

Total assets

4,822,366

4,536,705

Liabilities and equity:

Current liabilities:

Short-term debt

79,000

41,000

Current maturities of long-term debt

866

240,714

Accounts payable

93,564

101,369

Taxes accrued

11,302

12,217

Interest accrued

18,130

11,443

Regulatory liabilities

99,663

61,546

Derivative instruments

52,048

42,135

Operating lease liabilities

1,851

1,732

Other current liabilities

79,116

58,777

Total current liabilities

435,540

570,933

Long-term debt

1,574,751

1,294,578

Deferred credits and other non-current liabilities:

Deferred tax liabilities

394,489

380,058

Regulatory liabilities

705,929

672,215

Pension and other postretirement benefit liabilities

153,849

147,063

Derivative instruments

11,988

25,212

Operating lease liabilities

76,692

77,951

Other non-current liabilities

122,412

128,417

Total deferred credits and other non-current liabilities

1,465,359

1,430,916

Equity:

Common stock

929,498

831,135

Retained earnings

423,718

414,398

Accumulated other comprehensive loss

(6,500

)

(5,255

)

Total equity

1,346,716

1,240,278

Total liabilities and equity

4,822,366

4,536,705

NORTHWEST NATURAL HOLDINGS

Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,

In thousands

2024

2023

Operating activities:

Net income

61,036

72,915

Adjustments to reconcile net income to cash provided by operations:

Depreciation

66,860

62,758

Regulatory amortization of gas reserves

1,085

1,678

Deferred income taxes

8,844

8,610

Qualified defined benefit pension plan expense (benefit)

2,164

(1,129

)

Contributions to qualified defined benefit pension plans

(3,390

)

—

Deferred environmental expenditures, net

(14,128

)

(9,732

)

Environmental remediation expense

8,075

7,515

Asset optimization revenue sharing bill credits

(29,198

)

(10,471

)

Other

15,698

14,068

Changes in assets and liabilities:

Receivables, net

118,562

163,965

Inventories

5,411

20,084

Income and other taxes

14,837

14,834

Accounts payable

(10,966

)

(48,935

)

Deferred gas costs

(14,418

)

(16,370

)

Asset optimization revenue sharing

4,284

12,056

Decoupling mechanism

4,085

(9,554

)

Cloud-based software

(16,424

)

(7,229

)

Regulatory accounts

14,866

8,992

Other, net

8,793

13,799

Cash provided by operating activities

246,076

297,854

Investing activities:

Capital expenditures

(198,929

)

(144,863

)

Acquisitions, net of cash acquired

—

(3,249

)

Purchase of equity method investment

(1,000

)

(1,000

)

Other

(512

)

(2,428

)

Cash used in investing activities

(200,441

)

(151,540

)

Financing activities:

Proceeds from common stock issued, net

34,986

22,072

Long-term debt issued

150,000

200,000

Long-term debt retired

(150,000

)

—

Changes in other short-term debt, net

(10,780

)

(217,200

)

Cash dividend payments on common stock

(35,600

)

(33,293

)

Payment of financing fees

(748

)

(1,883

)

Shares withheld for tax purposes

(1,314

)

(1,313

)

Other

(764

)

(578

)

Cash used in financing activities

(14,220

)

(32,195

)

Increase in cash, cash equivalents and restricted cash

31,415

114,119

Cash, cash equivalents and restricted cash, beginning of period

49,624

40,964

Cash, cash equivalents and restricted cash, end of period

81,039

155,083

Supplemental disclosure of cash flow information:

Interest paid, net of capitalization

34,802

36,376

Income taxes paid, net of refunds

10,251

12,163

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

65,192

137,759

Restricted cash included in other current and non-current assets

15,847

17,324

Cash, cash equivalents and restricted cash

81,039

155,083

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802944523/en/

Investor Contact: Nikki Sparley Phone: 503-721-2530 Email: nikki.sparley@nwnatural.com Media Contact: David Roy Phone: 503-610-7157 Email: david.roy@nwnatural.com

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