On June 11, Navajo Nation Oil and Gas Co. detailed its financial results for fourth-quarter 2014. The fiscal year (FY) ended March 31, the company said.
For the FY, there was $156.3 million in total revenue, the company said, noting that this was a 16.8% gain over FY 2013’s $133.7 million in total revenue.
Total assets grew to $458 million, up from $437 million, Navajo Nation Oil and Gas said. Its total liabilities shrunk, however, to $179 million from $207 million, the company added, noting that this demonstrated “a steady gain in total net assets.”Reuben Mike, the CFO and vice president of finance, said “these latest numbers demonstrate current management’s commitment” to the company and the benefit of the Navajo Nation, according to a press release.
Navajo Nation Oil and Gas’ annual operating income has increased each year since 2010, the company said. During FYs 2011 to 2013, the operating income’s average annual growth rate was 12.1%, the company added. During FY 2013, the average annual growth rate was 37%, the company noted.
This most recent increase grew FY 2014’s operating income to $53.8 million, up from $39.3 million, Navajo Nation Oil and Gas said. FY 2014's net income grew by 44%, to more than $48.7 million compared with FY 2013’s $33.7 million, the company added.
“Since joining the company a year ago, our executive management team has worked hard to stabilize the company financially,” said Robert Joe, the 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,” he added.
“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 continued.
”We are doing this while maintaining our goal of ensuring that the company remains aligned with the Navajo's true culture of K'é,” he said.
Navajo Nation Oil and Gas Co. is based in St. Michaels, Ariz. It develops and produces domestic oil and natural gas properties.Recommended Reading
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