西北天然气 2024年度报告

MOMENTUM FORGROWTHGROWTHLEGACY OF STRENGTH To Our Shareholders I was excited in 2004 to join NW Natural, a companyknown in our industry for operating a premier gasutility in the Pacific Northwest with a legacy of ingenuity,safety, and superior service ethic. I immediately foundthat reputation to be well earned. Eleven years later,I was honored to be given the responsibility as CEO touphold that reputation, while also growing the companyand continuing to create long-term shareholder value.I am happy to report, as I write to you for the final time,we have been successful on that path, now having fourstrong and growing businesses, all while never losingsight of what has made this company great for 166 years. natural gas utility in Texas. This transaction, which closedin January 2025, represents one of the most significantdrivers of long-term growth for our Company. We increased shareholder dividends for the 69th year ina row and were recognized by Ethisphere as one of theWorld’s Most Ethical Companies®1for the fourth consecu-tive year. Once again, we received high rankings byJ.D. Power’s Gas Utility Residential and BusinessCustomer Satisfaction Studies. Our 2024 financial results were lower with earningsof $2.03 per share and on an adjusted basis earnings of$2.33 per share2primarily as a result of regulatory lag.In 2025, we are back on track after our successfulinitiatives and were able to provide adjusted earningsper share guidance3in the range of $2.75 to $2.95. I’mhappy to report, our plan supports our 4-6% long-termearnings per share guidance.4 This past year was one of achievements and positioningourselves for a new era. In near-term matters, weensured that NW Natural customers were paying less fornatural gas service than they did 20 years ago, even aftersuccessfully completing the largest Oregon general ratecase in our history. At NW Natural Water, we grew ourcustomer base and successfully completed a numberof rate cases that support investments in critical safetyand reliability-related improvements. Our Renewablesbusiness began operation of two renewable natural gas(RNG) facilities that are expected to provide steady cashflows and earnings for years to come. But we didn’t stopthere. We announced the acquisition of a high-growth The year was especially significant for me personally,as I announced my intent to retire in April 2025. In mytime as CEO, we have evolved from one strong utilityto four businesses that are growing meaningfully andsustainably and dedicated to our hallmarks of superiorcustomer experience, safety and reliability. We continue executive roles, including in strategy andbusiness development. For the past two yearshe has served as president of NW NaturalHoldings and NW Natural. His exceptional skills,industry experience, and strategic mindset willallow him to meet whatever challenges ariseand capture opportunities far into the future.I am confident that the company will continueto thrive under Justin’s leadership. to be a leader in environmental practices and lower-carbon energy,and initiated several innovative energy pilots. It has been an enormous privilege to lead NW Natural Holdings andthe talented and deeply committed people who work here. Throughall our achievements, the common thread is the same as it has beensince our earliest days: our people. My thanks to every one of mycolleagues for their respective roles in our success. We are at a pivotal time of growth and transformation, and I believeNW Natural Holdings is well prepared. Our company is financiallystrong and well positioned for continued growth. Our managementand board continue our practice of thoughtful and planned leadershipsuccession. We are committed to ensuring the company has a talentedteam to lead it into the future, including at its most senior levels. Thank you for your continued support ofNW Natural Holdings. It has been an honorto serve as your CEO. I am excited that Justin Palfreyman will be succeeding me as CEO.Justin joined the company in 2016 and has played a variety of senior David H. AndersonChief Executive Officer Corporate Profile NW NATURAL HOLDINGS (NYSE: NWN)is headquartered in Portland, Oregon and has been doing business for over 166 years. It owns natural gas distribution utilities (NW Natural andSiEnergy), water and wastewater utilities (NW Natural Water), a renewable fuels business (NW Natural Renewables), and other business interests. 2024 Highlights •Reported GAAP net income of $78.9 million or $2.03 per share. On an adjustedbasis2net income was $90.6 million or $2.33 per share, compared to $93.9 millionor $2.59 per share for 2023.•Added over 9,600 gas, water, and wastewater utility connections in the last12 months for a combined growth rate of 1.1% as of Dec. 31, 2024.•Increased dividends paid for the 69th consecutive year, one of the three longestrecords on the NYSE.•Recognized by Ethisphere for the fourth year in a row as one of the2025 World’s Most Ethical Companies.®1 •Ac