Piedmont Natural Gas

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Piedmont Natural Gas Co. Inc.
Public
Traded as NYSE: PNY
Industry gas utilities
Founded 1949
Headquarters Charlotte, North Carolina, United States
Revenue Increase$1.2 billion (2013)[1]
Website http://www.piedmontng.com

Piedmont Natural Gas Company, Inc. (NYSE: PNY) is a national natural gas distributor serving over one million residential and industrial customers as well as 51,600 wholesale customers. The served areas of the company include North Carolina, South Carolina and Tennessee.[2][3] In 2013, the company was awarded as a Platinum-level Start! Fit-Friendly Company by the American Heart Association for the fifth consecutive year. The award is the highest level of recognition in AHA’s Start! Program and it is bestowed to Piedmont for its high quality working environment and well-being for its staff.[4] The company has a market capitalization of $2.5 billion with an enterprise value of 4.17 billion.[1] As of October, 2012, the company owns 36.1 million dekatherms of natural gas storage capacity. The natural gas of the company mainly comes form Gulf Coast production area.[3]

History

The company was incorporated in New York in 1950 and began operations in 1951. In 1994, it merged into a newly formed North Carolina corporation with the same name to move its business to North Carolina.[5][6]

The company has two segments including regulated utility, which is the largest segment of the business, and non-utility activities segment.[7] The non-utility activities segment is engaged in joint-venture and energy relevant business, such as natural gas marketing and transportation.[8] The regulated utility accounts for 97% of the company’s total asset and generated 88% earnings in the fiscal year of 2013.[6]

References

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External links

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