NiSource, the Indiana energy company that owns Charleston-based Columbia Gas Transmission Co., had a pretty darned good year in 2008, according to its Feb. 4 press release.
The company earned $369.8 million from continuing operations — up $67 million or 22 percent from its 2007 profits, the report says.
Stockholders — the folks these announcements presumably are aimed at — should have been encouraged to see that yearly income per share of stock from continuing operations rose at a similar rate, almost 23 percent.
Things look a little less rosy in the very first paragraph, where NiSource says net operating income for 2008 ($348.5 million) fell slightly compared to 2007 — about 4 percent.
NiSource, youâ€™ll recall, announced a few weeks later it was cutting 95 jobs in Charleston and 75 more elsewhere in the state, as our Eric Eyre reported. In its press release,<co link> it said the job cuts were among “several structural changes designed to enhance operation efficiency, support growth initiatives, and maintain safe, reliable service to customers.”
And yes, NiSource once owned, then sold, Columbia Gas’ former well drilling and production unit here, now owned by Chesapeake Energy. That probably didn’t work out so well, as you’ll see below.