Exhibit 99.1
SELECTED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL DATA
On July 27, 2025, Piedmont Natural Gas Company, Inc (the “Company”, "PNG", and “our”) entered into a purchase agreement (“Purchase Agreement”) with Spire, Inc., for the sale (the “Transaction”) of our Piedmont Tennessee business ("PNG TN") with expected proceeds of $2.48 billion, subject to closing adjustments, with proceeds due at closing. The Company completed the sale on March 31, 2026. The Transaction is considered significant to the Company and is therefore reflected in these unaudited Pro Forma Consolidated Financial Statements.
The unaudited Pro Forma Consolidated Financial Statements have been derived from the Company’s historical consolidated financial statements ("PNG Historical") and give effect to the Transaction. The following unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2025 reflects the Company’s results as if the Transaction had occurred as of January 1, 2025. The following unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2025 reflects the Company’s financial position as if the Transaction had occurred on December 31, 2025. The Transaction does not qualify as a discontinued operation as it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results.
The unaudited Pro Forma Consolidated Financial Statements have been prepared based upon management’s estimates utilizing the best available information and are subject to the assumptions and adjustments described below and in the accompanying notes to the unaudited Pro Forma Consolidated Financial Statements. They are not intended to be a complete representation of the Company’s financial position or results of operations had the Transaction occurred as of the period indicated. In addition, the unaudited Pro Forma Consolidated Financial Statements are provided for illustrative and informational purposes only and are not necessarily indicative of the Company’s future results of operations or financial condition had the Transaction and related transactions been completed on the date assumed. The unaudited Pro Forma Consolidated Financial Statements should be read in conjunction with the Company’s historical consolidated financial statements and accompanying notes.
The unaudited Pro Forma Consolidated Financial Statements have been prepared in accordance with Regulation S-X Article 11, Pro Forma Financial Information.
PIEDMONT NATURAL GAS COMPANY, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31, 2025
| Transaction Accounting Adjustments | ||||||||||||||||||||||
| (in millions) | PNG Historical | PNG TN | Notes | Other Adjustments | Notes | Pro Forma Balance | ||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||
| Regulated natural gas | $ | 2,209 | $ | (322 | ) | (a) | $ | - | $ | 1,887 | ||||||||||||
| Nonregulated natural gas and other | 28 | (4 | ) | (a) | - | 24 | ||||||||||||||||
| Total operating revenues | 2,237 | (326 | ) | (a) | - | 1,911 | ||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||
| Cost of natural gas | 784 | (99 | ) | (a) | - | 685 | ||||||||||||||||
| Operation, maintenance and other | 408 | (31 | ) | (a) | (13 | ) | (k) | 364 | ||||||||||||||
| Depreciation and amortization | 282 | (36 | ) | (a) | - | 246 | ||||||||||||||||
| Property and other taxes | 67 | (11 | ) | (a) | - | 56 | ||||||||||||||||
| Total operating expenses | 1,541 | (177 | ) | (a) | (13 | ) | 1,351 | |||||||||||||||
| Gains on Sales of Other Assets and Other, net | - | - | (a) | 693 | (f) | 693 | ||||||||||||||||
| Operating Income (Loss) | 696 | (149 | ) | (a) | 706 | 1,253 | ||||||||||||||||
| Other Income and Expenses | ||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 8 | - | (a) | - | 8 | |||||||||||||||||
| Other income and expenses, net | 41 | (4 | ) | (a) | - | 37 | ||||||||||||||||
| Total other income and expenses | 49 | (4 | ) | (a) | - | 45 | ||||||||||||||||
| Interest Expense | 193 | 6 | (a) | (22 | ) | (g) | 177 | |||||||||||||||
| Income (Loss) Before Income Taxes | 552 | (159 | ) | (a) | 728 | 1,121 | ||||||||||||||||
| Income Tax Expense | 112 | - | (a) | 122 | (h) | 234 | ||||||||||||||||
| Net Income (Loss) and Comprehensive (Loss) Income | $ | 440 | $ | (159 | ) | (a) | $ | 606 | $ | 887 | ||||||||||||
See accompanying Notes to the Unaudited Pro Forma Consolidated Financial Statements, which are an integral part of these statements.
PIEDMONT NATURAL GAS COMPANY, INC.
Unaudited Pro Forma Consolidated Balance Sheet
As of December 31, 2025
| Transaction Accounting Adjustments | ||||||||||||||||||||||
| (in millions) | PNG Historical | PNG TN | Notes | Other Adjustments | Notes | Pro Forma Balance | ||||||||||||||||
| ASSETS | ||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 1 | $ | - | (a) | $ | 1,333 | (b) (c) (e) | $ | 1,334 | ||||||||||||
| Receivables (net of allowance for doubtful accounts of $6) | 390 | - | (a) | - | 390 | |||||||||||||||||
| Receivables from affiliated companies | 8 | - | (a) | - | 8 | |||||||||||||||||
| Inventory | 77 | - | (a) | - | 77 | |||||||||||||||||
| Assets held for sale | 109 | (109 | ) | (a) | - | - | ||||||||||||||||
| Regulatory assets | 106 | - | (a) | - | 106 | |||||||||||||||||
| Other | 8 | - | (a) | - | 8 | |||||||||||||||||
| Total current assets | 699 | (109 | ) | (a) | 1,333 | 1,923 | ||||||||||||||||
| Property, Plant and Equipment | ||||||||||||||||||||||
| Cost | 11,325 | - | (a) | - | 11,325 | |||||||||||||||||
| Accumulated depreciation and amortization | (2,168 | ) | - | (a) | - | (2,168 | ) | |||||||||||||||
| Net property, plant and equipment | 9,157 | - | (a) | - | 9,157 | |||||||||||||||||
| Other Noncurrent Assets | ||||||||||||||||||||||
| Goodwill | 39 | - | (a) | - | 39 | |||||||||||||||||
| Regulatory assets | 350 | - | (a) | - | 350 | |||||||||||||||||
| Operating lease right-of-use assets, net | 2 | - | (a) | - | 2 | |||||||||||||||||
| Investments in unconsolidated affiliates | 76 | - | (a) | - | 76 | |||||||||||||||||
| Assets held for sale | 1,864 | (1,864 | ) | (a) | - | - | ||||||||||||||||
| Other | 283 | - | (a) | - | 283 | |||||||||||||||||
| Total other noncurrent assets | 2,614 | (1,864 | ) | (a) | - | 750 | ||||||||||||||||
| Total Assets | $ | 12,470 | $ | (1,973 | ) | (a) | $ | 1,333 | $ | 11,830 | ||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||
| Accounts payable | $ | 286 | $ | - | (a) | $ | - | $ | 286 | |||||||||||||
| Accounts payable to affiliated companies | 90 | - | (a) | 37 | (j) | 127 | ||||||||||||||||
| Notes payable to affiliated companies | 609 | - | (a) | (350 | ) | (c) | 259 | |||||||||||||||
| Taxes accrued | 106 | - | (a) | - | 106 | |||||||||||||||||
| Interest accrued | 41 | - | (a) | (22 | ) | (g) | 19 | |||||||||||||||
| Current maturities of long-term debt | 490 | - | (a) | (450 | ) | (c) | 40 | |||||||||||||||
| Liabilities associated with assets held for sale | 66 | (66 | ) | (a) | - | - | ||||||||||||||||
| Regulatory liabilities | 20 | - | (a) | - | 20 | |||||||||||||||||
| Other | 81 | - | (a) | 37 | (d) | 118 | ||||||||||||||||
| Total current liabilities | 1,789 | (66 | ) | (a) | (748 | ) | 975 | |||||||||||||||
| Long-Term Debt | 3,761 | - | (a) | - | 3,761 | |||||||||||||||||
| Other Noncurrent Liabilities | ||||||||||||||||||||||
| Deferred income taxes | 1,071 | - | (a) | (169 | ) | (e) | 902 | |||||||||||||||
| Asset retirement obligations | 25 | - | (a) | - | 25 | |||||||||||||||||
| Regulatory liabilities | 802 | - | (a) | (9 | ) | (e) | 793 | |||||||||||||||
| Operating lease liabilities | 2 | - | (a) | - | 2 | |||||||||||||||||
| Accrued pension and other post-retirement benefit costs | 7 | - | (a) | - | 7 | |||||||||||||||||
| Liabilities associated with assets held for sale | 170 | (170 | ) | (a) | - | - | ||||||||||||||||
| Other | 89 | - | (a) | - | 89 | |||||||||||||||||
| Total other noncurrent liabilities | 2,166 | (170 | ) | (a) | (178 | ) | 1,818 | |||||||||||||||
| Commitments and Contingencies | ||||||||||||||||||||||
| Equity | ||||||||||||||||||||||
| Common Stock, no par value, 100 shares authorized and outstanding at 2025 | 1,635 | - | (a) | - | 1,635 | |||||||||||||||||
| Retained earnings | 3,118 | - | (a) | 522 | (i) | 3,640 | ||||||||||||||||
| Total Piedmont Natural Gas Company, Inc. stockholder's equity | 4,753 | - | (a) | 522 | 5,275 | |||||||||||||||||
| Noncontrolling interests | 1 | - | (a) | - | 1 | |||||||||||||||||
| Total equity | 4,754 | - | (a) | 522 | 5,276 | |||||||||||||||||
| Total Liabilities and Equity | $ | 12,470 | $ | (236 | ) | (a) | $ | (404 | ) | $ | 11,830 | |||||||||||
See accompanying Notes to the Unaudited Pro Forma Consolidated Financial Statements, which are an integral part of these statements.
NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
Transaction Accounting Adjustments to Pro Forma Consolidated Financial Statements:
(a) Adjustments represent the elimination of assets, liabilities, and results of operations of the Piedmont Tennessee business.
(b) Reflects $2.48 billion of estimated cash consideration from the disposal of the Piedmont Tennessee business less repayment of debt noted in (c) and estimated payment for taxes as noted in (e).
(c) Reflects cash used for repayment of the Company’s debt of $800 million. Unamortized debt expenses were immaterial.
(d) Reflects accrual for non-recurring costs of approximately $37 million incurred after December 31, 2025, to complete the Transaction. These costs primarily relate to transaction advisory and professional fees associated with the Transaction.
(e) Reflects estimated current Income tax accrued and Deferred tax expense due to the recognition of the taxable gain resulting from the Transaction. Adjustments include $347 million offset to cash representative of decrease in accumulated deferred income tax and taxes accrued.
(f) Reflects the estimated gain recognized from the Transaction. The estimated gain was computed by taking the total consideration of $2.48 billion, less the amount of net assets sold of $1.74 billion and $50 million estimated transaction costs associated with the Transaction. The actual gain will be calculated based on the net book value as of the closing of the Transaction and therefore could differ from the current estimate. The total consideration received is subject to customary post-closing adjustments.
(g) Reflects the elimination of the related Interest expense of $22 million for the twelve months ended December 31, 2025 to give effect to the repayment of debt.
(h) Reflects the income tax effect of the pro forma adjustments calculated using the applicable statutory tax rates in effect within the respective tax jurisdictions during the periods presented. The estimated federal and state statutory income tax rate is 24%.
(i) Amounts relate to adjustments to retained earnings due to gain on sale, tax impact of the gain on sale, interest expense, transaction costs, and corporate allocation costs.
(j) Adjustment to Accounts payable to affiliated companies of $37 million reflects corporate allocations for the proportionate share of corporate governance and other shared services costs, primarily related to shared support functions, office supplies, rent, as well as other third-party costs, indemnification coverages, and usage of shared office space.
(k) Reflects the reclassification of transaction costs of $13 million incurred prior to December 31, 2025, to offset the gain on sale.