NORTHWEST PIPELINE LLC
For the period ended Mar 31, 2026. Filed May 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 4, 2026
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NWP
NWP - Results of Operations
| Three Months Ended March 31, | |||||
|---|---|---|---|---|---|
| 2026 · $ Changefrom2025* · % Changefrom2025* · 2025 | |||||
| (Millions) | |||||
| Revenues: | |||||
| Natural gas transportation service revenues | $114 | $+9 | +9% | $105 | |
| Natural gas storage service revenues | 4 | — | —% | 4 | |
| Other service revenues | 2 | — | —% | 2 | |
| Total revenues | 120 | 111 | |||
| Costs and expenses: | |||||
| Operating and maintenance expenses | 23 | -2 | -10% | 21 | |
| Depreciation and amortization expenses | 30 | -1 | -3% | 29 | |
| General and administrative expenses | 13 | — | —% | 13 | |
| Taxes, other than income taxes | 4 | — | —% | 4 | |
| Other operating (income) expense – net | (5) | -1 | -17% | (6) | |
| Total costs and expenses | 65 | 61 | |||
| Operating income (loss) | 55 | +5 | +10% | 50 | |
| Interest expense | (8) | -1 | -14% | (7) | |
| Allowance for equity and borrowed funds used during construction (AFUDC) | 2 | — | —% | 2 | |
| Other income (expense) – net | 3 | +2 | +200% | 1 | |
| Net income (loss) | $52 | $+6 | +13% | $46 | |
Variances due to changes in natural gas prices and transportation volumes have little impact on revenues because, under our rate design methodology, the majority of overall cost of service is recovered through firm capacity reservation charges in NWP’s transportation rates.
Revenues increased primarily due to higher Natural gas transportation service revenues driven by rate increases effective April 1, 2025, and increased firm transportation revenues from new contracts executed at higher rates to replace expiring contracts.
Operating and maintenance expenses increased primarily due to higher labor costs and contracted services related to integrity assessments.
Other income (expense) – net increased primarily due to higher intercompany interest income earned on NWP’s advances to affiliates, driven by higher outstanding balances in 2026.
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