Expands NWN’s presence in Texas with a rapidly growing gas
utility
Northwest Natural Holding Company (NYSE: NWN) (NW Natural
Holdings) today announced the closing of its acquisition of
SiEnergy Operating, LLC (SiEnergy or the Company) from SiEnergy
Capital Partners, LLC (an affiliate of Ridgewood Infrastructure).
This marks the successful completion of a strategic acquisition
announced in November 2024.
SiEnergy is one of the fastest growing natural gas distribution
utilities in the nation, serving approximately 70,000 residential
and commercial customers in the greater metropolitan areas of
Houston, Dallas, and Austin (known as the Texas Triangle). SiEnergy
has grown organically by providing infrastructure to residential
and commercial developments in high-growth areas. As previously
announced, SiEnergy is expected to have approximately $247 million
in rate base as of Dec. 31, 2024 and to have achieved rate base and
customer growth of 26% and 22% compounded annually, respectively,
over the last five years ending in 2024.
“We are pleased to officially welcome SiEnergy to NW Natural
Holdings,” said David H. Anderson, CEO of NW Natural Holdings. “I’m
excited about the opportunities SiEnergy is pursuing, our shared
values, and our combined capabilities. SiEnergy is well positioned
for continued growth as communities and new developments in the
Texas Triangle continue to expand.”
"Joining NW Natural Holdings reflects an important milestone for
our company,” said June Dively, president of SiEnergy. “I’m looking
forward to being part of a strong and growing company and leading
the SiEnergy team in the next phase of expansion."
“We are excited about the long-term value creation anticipated
from this acquisition,” said Justin B. Palfreyman, president of NW
Natural Holdings. "Through this transaction, we are increasing our
presence in Texas, creating more opportunities for organic growth,
and setting the stage for future growth.”
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. It owns Northwest Natural Gas Company
(NW Natural), SiEnergy Operating, LLC (SiEnergy), NW Natural Water
Company (NW Natural Water), NW Natural Renewables Holdings (NW
Natural Renewables), and other business interests.
NW Natural Holdings provides critical energy and delivers
essential water and wastewater services to nearly one million
customers across six states. 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 three years running 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.
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.
SiEnergy is one of the fastest growing natural gas distribution
utilities in the nation, serving approximately 70,000 customers in
the greater metropolitan areas of Houston, Dallas, and Austin,
Texas.
NW Natural Water provides water distribution and wastewater
services to communities throughout the Pacific Northwest, Texas,
Arizona, and California. Today NW Natural Water serves over 189,000
people through approximately 76,100 meters. Learn more about our
water business.
NW Natural Renewables is committed to leading in the energy
transition by providing renewable fuels to support decarbonization
in the utility, commercial, industrial and transportation sectors.
Learn more about our renewable business.
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 Natural
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, forecasts, outlook, timing, goals, visions,
strategies, commitments, future events, financial positions,
acquisition strategy, acquisitions and integration thereof,
investments, valuations, timing and amount of capital expenditures,
rate base growth, strategic fit, performance, risks, risk profile,
stability, the likelihood and success associated with any
transaction, customer and business growth, capabilities,
reputation, growth opportunities, weather, customer rates or rate
recovery, investment strategy and financial effects of
acquisitions, shareholder return and value, financial results,
including estimated income, availability and sources of liquidity,
capital markets, financing transactions, debt or equity issuances,
expenses, positions, revenues, returns, cost of capital, timing,
and earnings, earnings guidance and estimated future growth rates,
regulatory strategy, performance, timing, outcome, or effects of
regulatory proceedings or mechanisms or approvals, accounting
treatment of future events, economic and political conditions,
effects of legislation or changes in laws or regulations,
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 Natural 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 Natural 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250108052203/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
Northwest Natural (NYSE:NWN)
Historical Stock Chart
From Dec 2024 to Jan 2025
Northwest Natural (NYSE:NWN)
Historical Stock Chart
From Jan 2024 to Jan 2025
