Northwest Natural Gas Company: Gill Ranch impairment is negative to earnings, but neutral to cash
NW Natural's impairment of a gas storage facility is negative, but has no material impact to our view of the utility's future cash flow.Northwest Natural Gas is engaged in the distribution of natural gas. The company operates in two segments: local gas distribution, which is a regulated utility principally engaged in the purchase, sale, and delivery of natural gas and related services to customers in Oregon and southwest Washington; and gas storage, which includes natural gas storage services provided to customers primarily from two underground natural gas storage facilities, the company's Gill Ranch gas storage facility, and the non-utility portion of the company's Mist gas storage facility. At Dec 31 2017, the company had 737,874 utility customers with approximately 89.0% of its customers located in Oregon and 11.0% located in Washington.
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