WGL Holdings / WGL

About WGL Holdings

101 Constitution Ave. NW, Washington, D.C. 20080
www.wglholdings.com | 703-750-1000 | Founded: 1848

Industry: Energy | Category: Public Companies

WGL Holdings' profit fell 17 percent in the fiscal year ended Sept. 30. Income from continuing operations dipped 12 percent, to $93.1 million. Revenue increased 22 percent, to $2.64 billion.
James H. DeGraffenreidt Jr., chief executive of the District-based company, said last November that results were "heavily influenced by higher utility customer conservation and increasing operations and maintenance expenses."
For the first quarter of the fiscal 2007 year ended Dec. 31, 2006, WGL reported profit of $45.1 million, or 92 cents a share, up slightly from $44.4 million, or 91 cents a share, for the three months ended Dec. 31, 2005. The company managed to chalk up an increase in profit despite weather that was warmer than usual in that period. One reason: It added 16,100 customers.
In June, the Federal Energy Regulatory Commission rejected company objections to a plan by importer Dominion Cove Point LNG that would nearly double the amount of liqueified natural gas shipped into its Southern Maryland terminal each year.
Washington Gas claimed the chemical makeup of the imported fuel was responsible for thousands of leaks in Prince George's County homes during the winters of 2003-04 and 2004-05. The commission found that Washington Gas's use of hot tar on pipe fittings to guard against corrosion contributed to the leaks.
Last fall, Frederic M. Kline, WGL's vice president and chief financial officer, resigned and was succeeded by Vincent L. Ammann Jr., formerly vice president for finance.

Chairman and CEO: James H. DeGraffenreidt Jr.

President and COO: Terry D. McCallister

2006 Financial Data

Revenues: $2,637,883,000 | Net Income: $87,578,000
Asssets: $2,791,406,000 | Earnings Per Share: $1.79
Stockholder Equity: $921,807,000 | Annual Dividend: $1.35
Total employees: 1,818 | Local employees: 1,738