ST. MICHAELS, Ariz.--(BUSINESS WIRE)--Navajo Nation Oil and Gas Company (NNOGC), a fully integrated oil and gas company, has released its fourth quarter financials (unaudited) showing positive results across the board.
For the fiscal year (FY) that ended March 31, 2014, NNOGC reported $156.3 million in total revenue, a 16.8 percent gain, as compared to $133.7 million from the prior year. On the balance sheet, total assets for the company grew from $437 million to $458 million, while NNOGC’s total liabilities shrunk from $207 million to $179 million, demonstrating a steady gain in total net assets.
Reuben Mike, NNOGC’s CFO and vice president of finance, said that despite the challenges of the past year, these latest numbers demonstrate current management’s commitment to running a profitable business and focusing on core values for leveraging economic growth, which is good for the Navajo Nation.
Since 2010, NNOGC has seen a steady increase in operating income on an annual basis, with an average annual growth rate of 12.1 percent between fiscal years 2011 through 2013. In FY 2014, however, the company achieved a phenomenal gain of 37 percent, growing operating income from $39.3 million to $53.8 million in the current fiscal year. Although the company’s net income decreased by 8.1 percent from FY 2012 to FY 2013, due to significant operational spending, NNOGC saw an increase of over 44 percent to net income in FY 2014, up from the prior year’s $33.7 million to over $48.7 million.
“Since joining the company a year ago, our executive management team has worked hard to stabilize the company financially,” said Robert Joe, NNOGC’s president and CEO. “I’m particularly proud of our latest financial performance and the significant growth to the company’s net income, which demonstrates NNOGC’s commitment to managing cost and promoting fiscal responsibility. Our team of committed employees dedicated to creating the premier Native American energy company achieved these financial performance results.”
“NNOGC’s leadership is focused on our chartered authority to operate as a for-profit entity, maximizing the company’s profitability for the benefit of the Navajo people,” Joe said. “We are doing this while maintaining our goal of ensuring that the company remains aligned with the Navajo’s true culture of K’é.”
NNOGC has diversified operations in all aspects of the oil and gas industry, with presence in upstream, midstream and downstream sectors of the industry. The core activities of NNOGC include: exploration, development and production of oil and gas properties in the United States, primarily in the Aneth Field in Utah; transportation of crude oil and gas; wholesale distribution of refined fuel products and management of convenience-store operations.
Navajo Nation Oil and Gas Company is a federally chartered Section 17 Corporation issued Dec. 23, 1997 by the U.S. Department of the Interior, Bureau of Indian Affairs. The Navajo Nation Council accepted the federal charter for Navajo Nation Oil and Gas Company on Feb. 5, 1998 with a vote of 62 in favor, 0 opposed and 0 abstained.
NNOGC is a fully integrated oil and gas company. Navajo Petroleum is the official brand of NNOGC. The corporate headquarters are in St. Michaels, Ariz. The company's Downstream Retail/Wholesale operations are managed from the corporate offices. NNOGC's Midstream Running Horse Pipeline operations are operated from its Montezuma Creek, Utah and Farmington, N.M. offices. Since 2008, Upstream operations have primarily operated from offices in downtown Denver. NNOGC recently set up Upstream operations in Farmington to be located near its operating properties in the Paradox Basin and San Juan Basin.
The Navajo Nation Oil and Gas Company is organized, incorporated and federally chartered under the laws of the United States and wholly owned by the Navajo Nation. Visit www.nnogc.com for more information.