Northwest Natural Gas Company Stock Earnings Reports

Northwest Natural Holding Company reported a solid Q1 2026 with results in line with expectations and management reaffirmed full-year and long-term guidance. Key drivers included strong operational performance across the regulated utility businesses, healthy customer growth (notably 16% organic growth at C Energy in Texas), and progress on multiple regulatory initiatives aimed at reducing regulatory lag (multi-year rate frameworks in Washington and Oregon, a proposed alternative rate mechanism in Oregon, a C Energy rate case in Texas including GRIP factors, and several water utility rate cases). The company continues to invest heavily: 2026 capex is expected at $500–$550 million, funded by operating cash flow, targeted long-term debt (~$150 million net) and $40–$50 million of ATM equity, supported by about $590 million of available liquidity. Strategic priorities include executing MX3 — a $300 million FERC-regulated gas storage expansion (4–5 Bcf, fully contracted) that, upon notice to proceed, would be incorporated into guidance and lift long-term EPS growth guidance from 4–6% to 5–7% — and leveraging strong organic growth in Texas for both gas and water opportunities. Management remains focused on disciplined execution, regulatory progress to support timely cost recovery, and returning capital to shareholders (dividend increases expected as payout ratio aligns to 55–65%). They reaffirmed 2026 EPS guidance of $2.95–$3.15 and their long-term EPS growth target.