Seneca Resources Corporation Affirms Production Guidance
June 08 2010 - 1:58PM
Business Wire
Seneca Resources Corporation (“Seneca”) a wholly-owned
subsidiary of National Fuel Gas Company (NYSE: NFG) (“National
Fuel”) has affirmed its production guidance following the temporary
suspension of Pennsylvania drilling and completion operations by
its joint-venture partner, EOG Resources, Inc. (“EOG”). The
temporary suspension will have no impact on Seneca’s production
guidance of 46-51 billion cubic feet equivalent (“Bcfe”) for fiscal
2010.
Matthew D. Cabell, President of Seneca, stated, “The
contribution to our overall production for the year from the EOG
wells was expected to be small. The EOG joint-venture covers only a
portion of our acreage and this temporary suspension will not have
any material effect on our fiscal 2010 production. We continue to
have good success on our Seneca-operated wells, with our median IP
rate at over 7 million cubic feet per day (“Mmcfd”). We are
affirming our production guidance of 46-51 Bcfe and expect to
finish the year near the high end of that range.”
National Fuel is an integrated energy company with $5.0 billion
in assets comprised of the following four operating segments:
Exploration and Production, Pipeline and Storage, Utility, and
Energy Marketing. Seneca, the exploration and production segment of
National Fuel Gas Company, explores for, develops and purchases
natural gas and oil reserves in California, the Appalachian region
and in the Gulf Coast region of Texas and Louisiana. Additional
information about National Fuel and its operations is available at
www.nationalfuelgas.com or by
calling its Investor Service at 1-800-334-2188.
Certain statements contained herein, including those that are
identified by the use of the words “anticipates,” “estimates,”
“expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,”
“believes,” “seeks,” “will,” “may” and similar expressions, are
“forward-looking statements” as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties, which could cause actual results or
outcomes to differ materially from those expressed in the
forward-looking statements. The Company’s expectations, beliefs and
projections contained herein are expressed in good faith and are
believed to have a reasonable basis, but there can be no assurance
that such expectations, beliefs or projections will result or be
achieved or accomplished. In addition to other factors, the
following are important factors that could cause actual results to
differ materially from those discussed in the forward-looking
statements: financial and economic conditions, including the
availability of credit, and their effect on the Company’s ability
to obtain financing on acceptable terms for working capital,
capital expenditures and other investments; changes in economic
conditions, including global, national or regional recessions, and
their effect on the demand for, and customers’ ability to pay for,
the Company’s products and services; the creditworthiness or
performance of the Company’s key suppliers, customers and
counterparties; economic disruptions or uninsured losses resulting
from terrorist activities, acts of war, major accidents, fires,
hurricanes, other severe weather, or other natural disasters;
changes in the availability and/or price of natural gas or oil, and
the effect of such changes on natural gas or oil production levels;
significant differences between projected and actual natural gas or
oil production levels; uncertainty of natural gas and oil reserve
estimates; factors affecting the Company's ability to successfully
identify, drill for and produce economically viable natural gas and
oil reserves, including among others geology, lease availability,
weather conditions, shortages, delays or unavailability of
equipment and services required in drilling operations,
insufficient gathering, processing and transportation capacity, and
the need to obtain governmental approvals and permits and comply
with environmental laws and regulations; changes in laws and
regulations to which the Company is subject, including energy,
environmental, tax, safety and employment laws and regulations;
governmental/regulatory actions, initiatives and proceedings;
significant changes in the Company’s relationship with its
employees or contractors and the potential adverse effects if labor
disputes, grievances or shortages were to occur; or the cost and
effects of legal and administrative claims against the Company. The
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
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