FARMINGTON — Navajo Nation Oil and Gas reported their revenues were up $156.3 million from the previous year, according to a press release.
The company's revenues increasing by 16.8 percent from last fiscal year to this fiscal year. The company fiscal year spans from April 1 to March 31.
The added revenue increased the company's total assets from $437 million to $458 million and decreased liabilities from $207 million to $179 million.
Reuben Mike, Navajo Oil and Gas CFO, said the growth was as a result of reducing company expenditures.
"Our goal is to really bring a strong cash profile to the company for the next two to three years. We want to optimize our cash position," he said in a phone interview.
He said with a stronger cash profile and a reduction in the company's debt, Navajo Nation Oil and Gas plans to look for opportunities to grow the company.
Aside from reducing costs, Navajo Oil and Gas also increased revenue in their oil exploring and production sector and their pipeline sector.
Navajo Oil and Gas owns the Running Horse pipeline that transports crude oil between Montezuma Creek, Utah and Bisti, New Mexico.
The company also owns gas stations throughout the Navajo Nation and plans to open a new store near Twin Arrows Resort and Casino, a Navajo owned casino near Flagstaff, Ariz., in October.
"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," said Robert Joe, the company's president and CEO.
In March, the company reported through their third quarter a $75 million increase in the value, which was touted as the largest increase in the company's 21-year history.
The company started in 1993 as an enterprise company of the Navajo Nation, which means it is an extension of the Navajo government.