“The third quarter profits are the highest amount in the history of the company,” said government and public relations manager Lynette Willie.
From June 2013 through March 2014, the company increased its value by about 13 percent or $75 million over the same time period from the year before, which included operating revenue, net income, and reduced debt obligations.
The company is owned by the Navajo Nation and employs more than 100 people between their Farmington and St. Michaels, Ariz., offices.
“The financial results of NNOGC are very impressive. It indicates that the current leadership of the company has found ways to increase the revenues and valuation on the company through the implementation of financial and operating strategies,” said Carlos V. Duno, NNOGC board member, in a press release.
The company also increased its operating revenue for the third quarter by 22.1 percent totaling about $181 million, while the net income also increased by 60.1 percent to $37.5 million.
“The current management understands what measures need to be taken to grow NNOGC, which is very promising for the Navajo people,” Duno said in the release.
Willie said the company has made some changes since last summer. For instance, they relocated a Denver office to Farmington, expanded their exploration and production sectors, and have offered Utah community members a liaison.
“Those are some good things,” she said.
In addition, the company has plans to build an office in Fruitland.
“That's going to help us regionally,” she said, adding that this would help the local economy.
“People will be getting paid and they will be spending their money there too,” Willie said.
Plans for the building have to go through the Navajo Council, and once approved the company hopes to have a larger role in the Farmington area.
“It's been a long process,” she said.