National Fuel Gas Company (“National Fuel” or the “Company”)
(NYSE:NFG) today announced consolidated results for the second
quarter of its 2020 fiscal year and for the six months ended March
31, 2020.
FISCAL 2020 SECOND QUARTER
SUMMARY
- GAAP net loss of $106.1 million, or $1.23 per share, compared
to GAAP net income of $90.6 million, or $1.04 per share, in the
prior year, which includes a $129.3 million after-tax impairment of
oil and gas properties and a $56.8 million deferred tax valuation
allowance described in further detail in this release
- Adjusted operating results of $84.2 million, or $0.97 per
share, compared to $92.9 million, or $1.07 per share, in the prior
year (see non-GAAP reconciliation on page 2)
- Adjusted EBITDA of $231.1 million, an increase of $5.3 million
from $225.8 million in the prior year (non-GAAP reconciliation on
page 24)
- E&P segment net production of 59.8 Bcfe, an increase of 11
Bcfe, or 23% from the prior year, including the impact of
approximately 2.7 Bcf of curtailments due to sustained low natural
gas prices in Appalachia
- Average natural gas prices, after the impact of hedging, of
$2.12 per Mcf, down $0.46 per Mcf from the prior year
- Average oil prices, after the impact of hedging, of $58.23 per
Bbl, down $2.78 per Bbl from the prior year
- Gathering revenues of $35.3 million, an increase of $5.9
million, or 20%, on higher throughput from the E&P segment
- Pipeline & Storage revenues of $79.2 million, an increase
of $6.9 million, or 10%, from the prior year, largely driven by the
successful resolution of a National Fuel Gas Supply Corporation
rate proceeding
- Reducing fiscal 2020 consolidated capital expenditure guidance
to a range of $680 to $740 million, a decrease of $30 million
from the midpoint of the Company's previous guidance range
MANAGEMENT COMMENTS ON COMPANY’S COVID-19
RESPONSE
David P. Bauer, President and Chief Executive
Officer of National Fuel Gas Company, stated: “As we confront the
challenges of the COVID-19 pandemic, I am proud to say that
National Fuel has continued to safely and reliably provide natural
gas service to our over 743,000 utility customers in western New
York and northwestern Pennsylvania, operate our extensive network
of transportation, compression and gathering infrastructure, and
produce essential natural gas supplies.
The continuity of our operations is a direct
result of the dedication and hard work of our over 2,000
employees. During this unprecedented situation, National Fuel
has remained committed to our workforce - the bedrock of our
Company - and has not instituted any furloughs or workforce
reductions. With a large portion of our employees now working
remotely, we have implemented a number of initiatives to provide
the flexibility needed to address this new normal, including
additional paid time off to address child care needs, and
encouraging the use of alternative work schedules.
With respect to our in-field workforce and
customer service representatives, all of whom provide essential
services to our communities each and every day, we have adopted
appropriate social distancing measures and have provided necessary
personal protective equipment in line with directives from federal,
state, and local agencies. As this public health crisis
evolves, the health and well-being of our employees and our
communities will remain our number one priority, and National Fuel
will continue to monitor developments affecting our stakeholders in
order to take appropriate steps to mitigate the impacts of the
COVID-19 virus.”
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING
RESULTS
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
(in thousands except per share
amounts) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Reported GAAP
Earnings |
|
$ |
(106,068 |
) |
|
$ |
90,595 |
|
|
$ |
(19,477 |
) |
|
$ |
193,256 |
|
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties (E&P) |
|
177,761 |
|
|
— |
|
|
177,761 |
|
|
— |
|
Tax impact of impairment of oil and gas properties |
|
(48,503 |
) |
|
— |
|
|
(48,503 |
) |
|
— |
|
Deferred tax valuation allowance |
|
56,770 |
|
|
— |
|
|
56,770 |
|
|
— |
|
Remeasurement of deferred income taxes under 2017 Tax Reform |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Mark-to-market adjustments due to hedge ineffectiveness
(E&P) |
|
— |
|
|
6,742 |
|
|
— |
|
|
237 |
|
Tax impact of mark-to-market adjustments due to hedge
ineffectiveness |
|
— |
|
|
(1,416 |
) |
|
— |
|
|
(50 |
) |
Unrealized (gain) loss on other investments (Corporate / All
Other) |
|
5,414 |
|
|
(3,831 |
) |
|
6,433 |
|
|
2,516 |
|
Tax impact of unrealized (gain) loss on other investments |
|
(1,137 |
) |
|
805 |
|
|
(1,351 |
) |
|
(528 |
) |
Adjusted Operating
Results |
|
$ |
84,237 |
|
|
$ |
92,895 |
|
|
$ |
171,633 |
|
|
$ |
190,431 |
|
|
|
|
|
|
|
|
|
|
Reported GAAP Earnings
Per Share |
|
$ |
(1.23 |
) |
|
$ |
1.04 |
|
|
$ |
(0.23 |
) |
|
$ |
2.23 |
|
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties, net of tax (E&P) |
|
1.49 |
|
|
— |
|
|
1.49 |
|
|
— |
|
Deferred tax valuation allowance |
|
0.66 |
|
|
— |
|
|
0.66 |
|
|
— |
|
Remeasurement of deferred income taxes under 2017 Tax Reform |
|
— |
|
|
— |
|
|
— |
|
|
(0.06 |
) |
Mark-to-market adjustments due to hedge ineffectiveness, net of tax
(E&P) |
|
— |
|
|
0.06 |
|
|
— |
|
|
— |
|
Unrealized (gain) loss on other investments, net of tax (Corporate
/ All Other) |
|
0.05 |
|
|
(0.03 |
) |
|
0.06 |
|
|
0.02 |
|
Rounding |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Adjusted Operating
Results Per Share |
|
$ |
0.97 |
|
|
$ |
1.07 |
|
|
$ |
1.98 |
|
|
$ |
2.20 |
|
MANAGEMENT COMMENTS ON SECOND QUARTER
RESULTS
Mr. Bauer added: “Low commodity prices continued
to serve as a headwind during the quarter, weighing on our results
and requiring the Company to write down the value of its oil and
gas reserves in our Exploration and Production segment.
Operationally, however, our results were in line with our
expectations, driven by the strong performance of our Pipeline and
Storage and Gathering businesses, both of which saw significant
earnings growth. In these uncertain times, our diversified business
model continues to function as designed, providing National Fuel
with stability through a consistent, predictable base of cash flows
and a strong balance sheet.”
FISCAL 2020 GUIDANCE AND BUSINESS
UPDATE
National Fuel is revising its fiscal 2020
earnings guidance to reflect revised commodity price assumptions
for the balance of the fiscal year, and the results of the fiscal
second quarter. The Company is now projecting that earnings,
excluding items impacting comparability, will be within the range
of $2.75 to $2.95 per share, or $2.85 per share at the midpoint of
the range.
The Company is assuming that NYMEX natural gas
prices will average $2.05 per MMBtu for the remainder of fiscal
2020, unchanged from the previous guidance, while also lowering its
Appalachian spot price forecast to $1.65 per MMBtu.
Additionally, the Company is now assuming that WTI oil prices will
average $22.50 per barrel (Bbl) for the remainder of fiscal 2020, a
decrease of $32.50 per Bbl from the $55.00 assumed in the previous
guidance. These price assumptions are intended to reflect the
current NYMEX forward markets for natural gas and oil and consider
the impact of local sales point differentials.
The Exploration and Production segment is
lowering its fiscal 2020 net production guidance to a range of 230
to 240 Bcfe, which reflects the impacts of curtailments during the
second quarter and estimated curtailments for the month of
April. During the second quarter, Seneca executed
approximately 12.6 Bcf of new NYMEX swap contracts and fixed price
physical firm sales for fiscal 2020. The Company currently has
financial hedges and fixed price physical firm sales contracts in
place on approximately 72% of Seneca’s remaining expected fiscal
2020 natural gas production that, on average, lock-in a price
realization after the cost of transportation of $2.16 per Mcf.
In addition, the Company is lowering its
consolidated capital expenditure guidance to a range of $680 to
$740 million, a $30 million decrease from the midpoint of the
Company’s prior guidance range. The Company’s other guidance
assumptions remain largely unchanged from the previous
guidance.
Additional details on the Company's updated
forecast assumptions and business segment guidance for fiscal 2020
are outlined in the table on page 8.
DISCUSSION OF SECOND QUARTER RESULTS BY
SEGMENT
The following earnings discussion of each
operating segment for the quarter ended March 31, 2020 is
summarized in a tabular form on pages 9 and 10 of this report
(earnings drivers for the six months ended March 31, 2020 are
summarized on pages 11 and 12). It may be helpful to refer to
those tables while reviewing this discussion. As of the
quarter ended September 30, 2019, the Company is no longer
reporting the Energy Marketing operations as a reportable
segment. The Energy Marketing operations have been included
in the All Other category in the disclosures and tables that follow
below. Prior year segment information has been restated to
reflect this change in presentation.
Note that management defines Adjusted Operating
Results as reported GAAP earnings adjusted for items impacting
comparability, and Adjusted EBITDA as reported GAAP earnings before
the following items: interest expense, income taxes, depreciation,
depletion and amortization, other income and deductions,
impairments, and other items reflected in operating income that
impact comparability.
Upstream Business
Exploration and Production Segment
The Exploration and Production segment
operations are carried out by Seneca Resources Company, LLC
("Seneca"). Seneca explores for, develops and produces
natural gas and oil reserves, primarily in Pennsylvania and
California.
|
Three Months Ended |
|
March 31, |
(in thousands) |
2020 |
|
2019 |
|
Variance |
GAAP Earnings |
$ |
(175,275 |
) |
|
$ |
21,873 |
|
|
$ |
(197,148 |
) |
Impairment of oil and gas
properties, net of tax |
129,258 |
|
|
— |
|
|
129,258 |
|
Deferred tax valuation
allowance |
60,463 |
|
|
— |
|
|
60,463 |
|
Mark-to-market adjustments due
to hedge ineffectiveness, net of tax |
— |
|
|
5,326 |
|
|
(5,326 |
) |
Adjusted Operating
Results |
$ |
14,446 |
|
|
$ |
27,199 |
|
|
$ |
(12,753 |
) |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
79,846 |
|
|
$ |
83,580 |
|
|
$ |
(3,734 |
) |
Seneca’s second quarter GAAP earnings decreased
$197.1 million versus the prior year, which includes the impact of
a non-cash, pre-tax impairment of Seneca’s oil and natural gas
reserves, and the recognition of a valuation allowance that reduced
the deferred tax asset related to certain state-level net operating
loss and credit carryforwards that may not be realized.
During the second quarter, Seneca recorded a
non-cash, pre-tax impairment charge of $177.8 million ($129.3
million after-tax) to write-down the value of Seneca’s oil and
natural gas reserves under the full cost method of accounting. The
full cost method of accounting requires that Seneca perform a
quarterly “ceiling test” to compare the present value of future
revenues from its oil and natural gas reserves based on an
unweighted arithmetic average of the first day of the month oil and
gas prices for each month within the 12-month period prior to the
end of the reporting period (“the ceiling”) with the book value of
those reserves at the balance sheet date. If the book value
of the reserves exceeds the ceiling, a non-cash impairment charge
must be recorded in order to reduce the book value of the reserves
to the calculated ceiling. It is anticipated that the current
low commodity price environment will lead to impairments during the
remainder of fiscal 2020 and likely in the first quarter of fiscal
2021 as well.
During the quarter ended March 31, 2020, the
Company recorded a full valuation allowance in the amount of $60.5
million against certain state deferred tax assets based on its
conclusion, considering all available evidence (both positive and
negative), that it was more likely than not that these deferred tax
assets would not be realized. A significant item of objective
negative evidence considered was a projected three-year cumulative
pre-tax loss primarily due to the non-cash impairments of Seneca’s
oil and gas reserves noted above. Changes in judgment
regarding future realization of these deferred tax assets may
result in a reversal of all or a portion of the valuation
allowance.
Excluding these items noted above, as well as
the net impact of non-cash mark-to-market adjustments recorded in
the prior year relating to hedge ineffectiveness (see table above),
Seneca’s second quarter earnings decreased $12.8 million as the
positive impact of higher production was more than offset by the
negative impacts of lower realized natural gas and crude oil
prices, higher operating expenses, higher interest expense, and a
higher effective tax rate.
Seneca produced 59.8 Bcfe during the second
quarter, an increase of 11.0 Bcfe, or 23%, from the prior year.
Natural gas production increased 10.7 Bcf, or 24%, due primarily to
production from new Marcellus and Utica wells completed and
connected to sales in Appalachia. Net production increased 5.4 Bcf
to 26.6 Bcf in Seneca’s Western Development Area and 5.4 Bcf to
29.0 Bcf in the Eastern Development Area. Seneca curtailed an
estimated 2.7 Bcf of net natural gas production during the second
quarter due to lower spot pricing at local sales points in
Pennsylvania. Oil production for the second quarter increased
42,000 Bbls from the prior year as new production continues to come
on-line from Seneca’s development of the Pioneer and 17N assets in
the Midway Sunset area of California, as well as the Coalinga
assets.
Seneca's average realized natural gas price,
after the impact of hedging and transportation costs, was $2.12 per
Mcf, a decrease of $0.46 per Mcf from the prior year. This decline
was largely due to lower NYMEX prices and lower spot pricing at
local sales points in Pennsylvania. Seneca's average realized oil
price, after the impact of hedging, was $58.23 per Bbl, a decrease
of $2.78 per Bbl compared to the prior year. The decline in
oil price realizations was due primarily to lower market prices for
crude oil during the quarter and reduced price differentials at
local sales points in California.
The increase in Seneca’s operating expenses was
largely due to higher production during the quarter. Lease
operating and transportation (“LOE”) expense, which increased $5.8
million, includes the fees paid to the Company’s Gathering segment
for gathering and compression services used to connect Seneca’s
Marcellus and Utica production to sales points along interstate
pipelines. In addition to higher production, the $9.2 million
increase in depreciation, depletion and amortization (“DD&A”)
expense was also due to a higher DD&A rate. Seneca’s general
and administrative (“G&A”) costs were relatively flat despite
the increased production. On a unit of production basis, G&A
expenses during the quarter decreased $0.06 per Mcfe to $0.29 per
Mcfe.
The increase in Seneca’s effective tax rate,
excluding the impact of the valuation allowance recorded at March
31, 2020 discussed above, was largely driven by the prior year
impact of the Enhanced Oil Recovery tax credit, which was not
available in the current year.
Midstream Businesses
Pipeline and Storage Segment
The Pipeline and Storage segment’s operations
are carried out by National Fuel Gas Supply Corporation (“Supply
Corporation”) and Empire Pipeline, Inc. (“Empire”). The
Pipeline and Storage segment provides natural gas transportation
and storage services to affiliated and non-affiliated companies
through an integrated system of pipelines and underground natural
gas storage fields in western New York and Pennsylvania.
|
Three Months Ended |
|
March 31, |
(in thousands) |
2020 |
|
2019 |
|
Variance |
GAAP Earnings |
$ |
22,087 |
|
|
$ |
17,749 |
|
|
$ |
4,338 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
49,102 |
|
|
$ |
41,281 |
|
|
$ |
7,821 |
|
The Pipeline and Storage segment’s second
quarter GAAP earnings increased $4.3 million versus the prior year
primarily driven by higher operating revenues and lower operation
and maintenance (“O&M”) expenses, partially offset by higher
DD&A expense. The increase in operating revenues of $6.9
million, or 10%, was largely due to an increase in Supply
Corporation's transportation and storage rates effective February
1, 2020, in accordance with Supply Corporation's rate case
settlement in principle coupled with new demand charges for
transportation service from Supply Corporation's Line N to Monaca
expansion project, which was placed in service on November 1,
2019. O&M expense decreased $0.9 million primarily due to
lower compressor and facility maintenance costs, partially offset
by an increase in pipeline integrity costs. The increase in
DD&A expense of $2.1 million was primarily attributable to an
increase in Supply Corporation's depreciation rates associated with
its rate case settlement in principle.
Gathering Segment
The Gathering segment’s operations are carried
out by National Fuel Gas Midstream Company, LLC’s limited liability
companies. The Gathering segment constructs, owns and operates
natural gas gathering pipelines and compression facilities in the
Appalachian region, which currently deliver Seneca’s gross
Appalachian production to the interstate pipeline system.
|
Three Months Ended |
|
March 31, |
(in thousands) |
2020 |
|
2019 |
|
Variance |
GAAP Earnings |
$ |
19,898 |
|
|
$ |
12,690 |
|
|
$ |
7,208 |
|
Deferred tax valuation
allowance |
(3,769 |
) |
|
— |
|
|
(3,769 |
) |
Adjusted Operating
Results |
$ |
16,129 |
|
|
$ |
12,690 |
|
|
$ |
3,439 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
29,541 |
|
|
$ |
24,598 |
|
|
$ |
4,943 |
|
The Gathering segment’s second quarter GAAP
earnings increased $7.2 million versus the prior year.
Earnings were positively impacted by $3.8 million as a result of
the Gathering segment's recognition of an income tax benefit that
was recorded as an offset to the valuation allowance described
above in the Exploration and Production segment. This offset
is a result of the Gathering and Exploration and Production
segments’ subsidiaries filing a combined state tax return.
Taxable income generated in the Gathering segment is used to offset
taxable losses in the Exploration and Production segment, which
provided the opportunity to reduce the valuation allowance recorded
in the Exploration and Production segment. Excluding this
item, the Gathering segment’s earnings increased $3.4 million. The
increase was primarily driven by higher operating revenues, which
were partially offset by higher O&M expense and a modest
increase in DD&A expense. Operating revenues increased
$5.9 million, or 20%, primarily due to an 11.0 Bcf increase in
gathered volumes from Seneca’s Appalachian natural gas production.
The $1.0 million increase in O&M expense was due to an increase
in compressor station operating and preventative maintenance
activity during the current quarter. The $0.6 million increase in
DD&A expense was due primarily to a higher average total value
of plant assets in service versus the prior year.
Downstream Businesses
Utility Segment
The Utility segment operations are carried out
by National Fuel Gas Distribution Corporation (“Distribution”),
which sells or transports natural gas to customers located in
western New York and northwestern Pennsylvania.
|
Three Months Ended |
|
March 31, |
(in thousands) |
2020 |
|
2019 |
|
Variance |
GAAP Earnings |
$ |
31,499 |
|
|
$ |
35,589 |
|
|
$ |
(4,090 |
) |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
73,192 |
|
|
$ |
78,688 |
|
|
$ |
(5,496 |
) |
The Utility segment’s second quarter GAAP
earnings decreased $4.1 million over the prior year primarily
driven by a decline in customer margin (operating revenues less
purchased gas sold) and higher O&M expense. The $1.5
million decrease in customer margin was due primarily to warmer
weather in Distribution's Pennsylvania service territory, partially
offset by higher revenues earned through the Company’s system
modernization tracking mechanism and the positive impact of
adjustments related to regulatory rate and cost recovery mechanisms
subject to annual reconciliation. Weather in Distribution's
Pennsylvania service territory was 17.5% warmer on average than
last year, resulting in a decrease in residential and
transportation customer throughput and revenues. The impact of
weather variations on earnings in Distribution's New York service
territory is largely mitigated by that jurisdiction's weather
normalization clause. The $3.3 million increase in O&M
expense was primarily attributable to higher personnel costs as
well as a higher accrual for bad debt expense given the economic
backdrop in the Company's service territory.
Corporate and All Other
The Company’s operations that are included in
Corporate and All Other, which now include the Company’s energy
marketing business, generated a combined loss of $4.3 million in
the current year second quarter, which was a $7.0 million decrease
from the combined earnings of $2.7 million generated in the
prior-year second quarter. The decrease in earnings was
driven primarily by higher unrealized losses on investment
securities in the current quarter compared to unrealized gains on
investment securities in the prior year second quarter.
EARNINGS TELECONFERENCE
The Company will host a conference call on
Friday, May 1, 2020, at 8:30 a.m. Eastern Time to discuss this
announcement. There are two ways to access this call.
For those with Internet access, visit the NFG Investor Relations
News & Events page at National Fuel’s website at
investor.nationalfuelgas.com. For those without Internet
access, audio access is also provided by dialing (toll-free)
833-287-0795, using conference ID number “9349819”. For those
unable to listen to the live conference call, an audio replay will
be available approximately two hours following the teleconference
at the same website link and by phone at (toll-free) 800-585-8367
using conference ID number “9349819”. Both the webcast and a
telephonic replay will be available until the close of business on
Friday, May 8, 2020.
National Fuel is an integrated energy company
reporting financial results for four operating segments:
Exploration and Production, Pipeline and Storage, Gathering, and
Utility. Additional information about National Fuel is
available at www.nationalfuelgas.com.
Certain statements contained herein, including
statements identified by the use of the words “anticipates,”
“estimates,” “expects,” “forecasts,” “intends,” “plans,”
“predicts,” “projects,” “believes,” “seeks,” “will,” “may” and
similar expressions, and statements which are other than statements
of historical facts, 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: impairments under the
SEC’s full cost ceiling test for natural gas and oil reserves;
changes in the price of natural gas or oil; financial and economic
conditions, including the availability of credit, and occurrences
affecting the Company’s ability to obtain financing on acceptable
terms for working capital, capital expenditures and other
investments, including any downgrades in the Company’s credit
ratings and changes in interest rates and other capital market
conditions; the length and severity of the recent COVID-19
pandemic, including its impacts across our businesses on demand,
operations, global supply chains and liquidity; 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; changes in laws, regulations or judicial
interpretations to which the Company is subject, including those
involving derivatives, taxes, safety, employment, climate change,
other environmental matters, real property, and exploration and
production activities such as hydraulic fracturing; delays or
changes in costs or plans with respect to Company projects or
related projects of other companies, including disruptions due to
COVID-19, as well as difficulties or delays in obtaining necessary
governmental approvals, permits or orders or in obtaining the
cooperation of interconnecting facility operators;
governmental/regulatory actions, initiatives and proceedings,
including those involving rate cases (which address, among other
things, target rates of return, rate design and retained natural
gas), environmental/safety requirements, affiliate relationships,
industry structure, and franchise renewal; changes in price
differentials between similar quantities of natural gas or oil sold
at different geographic locations, and the effect of such changes
on commodity production, revenues and demand for pipeline
transportation capacity to or from such locations; the impact
of information technology disruptions, cybersecurity or data
security breaches; 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, title disputes, weather conditions, shortages, delays
or unavailability of equipment and services required in drilling
operations, insufficient gathering, processing and transportation
capacity, the need to obtain governmental approvals and permits,
and compliance with environmental laws and regulations; increasing
health care costs and the resulting effect on health insurance
premiums and on the obligation to provide other post-retirement
benefits; other changes in price differentials between similar
quantities of natural gas or oil having different quality, heating
value, hydrocarbon mix or delivery date; the cost and effects of
legal and administrative claims against the Company or activist
shareholder campaigns to effect changes at the Company; uncertainty
of oil and gas reserve estimates; significant differences between
the Company’s projected and actual production levels for natural
gas or oil; changes in demographic patterns and weather conditions;
changes in the availability, price or accounting treatment of
derivative financial instruments; changes in laws, actuarial
assumptions, the interest rate environment and the return on
plan/trust assets related to the Company’s pension and other
post-retirement benefits, which can affect future funding
obligations and costs and plan liabilities; economic disruptions or
uninsured losses resulting from major accidents, fires, severe
weather, natural disasters, terrorist activities or acts of war;
significant differences between the Company’s projected and actual
capital expenditures and operating expenses; or increasing costs of
insurance, changes in coverage and the ability to obtain insurance.
The Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
thereof.
NATIONAL FUEL GAS
COMPANYAND SUBSIDIARIES
GUIDANCE SUMMARY
As discussed on page 2, the Company is revising
its earnings guidance for fiscal 2020. Additional details on
the Company's forecast assumptions and business segment guidance
are outlined in the table below.
While the Company expects to incur additional
ceiling test impairment charges in the remaining quarters of fiscal
2020 and likely in the first quarter of fiscal 2021 as well, the
amount of these charges is not reasonably determinable at this
time. The amount of any ceiling test charge is determined at the
end of the applicable quarter and will depend on many factors,
including additions to or subtractions from proved reserves,
fluctuations in oil and gas prices, and income tax effects related
to the differences between the book and tax basis of the Company’s
oil and gas properties. Some or all of these factors are likely to
be significant. Because the expected ceiling test impairment
charges and other potential items impacting comparability are not
reasonably determinable at this time, the Company is unable to
provide earnings guidance other than on a non-GAAP basis that
excludes these items.
|
Updated FY 2020 Guidance |
|
Previous FY 2020 Guidance |
Consolidated Earnings
per Share, excluding items impacting comparability |
$2.75 to $2.95 |
|
$2.95 to $3.15 |
Consolidated Effective
Tax Rate |
~ 26% |
|
~ 25% |
|
|
|
|
Capital
Expenditures (Millions) |
|
|
|
Exploration and
Production |
$375 - $395 |
|
$375 - $410 |
Pipeline and
Storage |
$175 - $195 |
|
$180 - $215 |
Gathering |
$50 - $60 |
|
$50 - $60 |
Utility |
$80 - $90 |
|
$90 - $100 |
Consolidated
Capital Expenditures |
$680 - $740 |
|
$695 - $785 |
|
|
|
|
Exploration &
Production Segment Guidance |
|
|
|
|
|
|
|
Commodity Price
Assumptions |
|
|
|
NYMEX natural gas
price |
$2.05 /MMBtu |
|
$2.05 /MMBtu |
Appalachian basin spot
price |
$1.65 /MMBtu |
|
$1.70 /MMBtu |
NYMEX (WTI) crude oil
price |
$22.50 /Bbl |
|
$55.00 /Bbl |
California oil price
premium (% of WTI) |
90 |
% |
|
104 |
% |
|
|
|
|
Production (Bcfe) |
|
|
|
East Division -
Appalachia |
214 to 224 |
|
219 to 229 |
West Division -
California |
~ 16 |
|
~ 16 |
Total
Production |
230 to 240 |
|
235 to 245 |
|
|
|
|
E&P
Operating Costs ($/Mcfe) |
|
|
|
LOE |
$0.85 - $0.89 |
|
$0.85 - $0.89 |
G&A |
$0.27 - $0.30 |
|
$0.27 - $0.30 |
DD&A |
$0.70 - $0.74 |
|
$0.73 - $0.77 |
|
|
|
|
Other Business Segment
Guidance (Millions) |
|
|
|
Gathering Segment
Revenues |
$135 - $140 |
|
$135 - $145 |
Pipeline and Storage
Segment Revenues |
~ $305 |
|
$290 - $295 |
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP
EARNINGS |
QUARTER ENDED MARCH 31, 2020 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
(Thousands of
Dollars) |
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2019
GAAP earnings |
$ |
21,873 |
|
|
$ |
17,749 |
|
|
$ |
12,690 |
|
|
$ |
35,589 |
|
|
$ |
2,694 |
|
|
$ |
90,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market adjustments due
to hedge ineffectiveness |
6,742 |
|
|
|
|
|
|
|
|
|
|
6,742 |
|
Tax impact of mark-to-market
adjustments due to hedge ineffectiveness |
(1,416 |
) |
|
|
|
|
|
|
|
|
|
(1,416 |
) |
Unrealized (gain) loss on
other investments |
|
|
|
|
|
|
|
|
(3,831 |
) |
|
(3,831 |
) |
Tax impact of unrealized
(gain) loss on other investments |
|
|
|
|
|
|
|
|
805 |
|
|
805 |
|
Second quarter 2019
adjusted operating results |
27,199 |
|
|
17,749 |
|
|
12,690 |
|
|
35,589 |
|
|
(332 |
) |
|
92,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
21,887 |
|
|
|
|
|
|
|
|
|
|
21,887 |
|
Higher (lower) crude oil
production |
2,030 |
|
|
|
|
|
|
|
|
|
|
2,030 |
|
Higher (lower) realized
natural gas prices, after hedging |
(20,168 |
) |
|
|
|
|
|
|
|
|
|
(20,168 |
) |
Higher (lower) realized crude
oil prices, after hedging |
(1,332 |
) |
|
|
|
|
|
|
|
|
|
(1,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
5,456 |
|
|
4,660 |
|
|
|
|
|
|
10,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(3,814 |
) |
|
|
|
(3,814 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
1,689 |
|
|
|
|
1,689 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
615 |
|
|
|
|
615 |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
604 |
|
|
604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(4,573 |
) |
|
|
|
|
|
|
|
|
|
(4,573 |
) |
Lower (higher) operating
expenses |
(395 |
) |
|
705 |
|
|
(751 |
) |
|
(2,880 |
) |
|
415 |
|
|
(2,906 |
) |
Lower (higher) depreciation /
depletion |
(7,306 |
) |
|
(1,630 |
) |
|
(479 |
) |
|
|
|
|
|
(9,415 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
(365 |
) |
|
(483 |
) |
|
|
|
|
|
|
|
(848 |
) |
(Higher) lower interest
expense |
(486 |
) |
|
|
|
|
|
|
|
(608 |
) |
|
(1,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(1,646 |
) |
|
(2 |
) |
|
2 |
|
|
343 |
|
|
24 |
|
|
(1,279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding |
(399 |
) |
|
292 |
|
|
7 |
|
|
(43 |
) |
|
(27 |
) |
|
(170 |
) |
Second quarter 2020
adjusted operating results |
14,446 |
|
|
22,087 |
|
|
16,129 |
|
|
31,499 |
|
|
76 |
|
|
84,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties |
(177,761 |
) |
|
|
|
|
|
|
|
|
|
(177,761 |
) |
Tax impact of impairment of
oil and gas properties |
48,503 |
|
|
|
|
|
|
|
|
|
|
48,503 |
|
Deferred tax valuation
allowance |
(60,463 |
) |
|
|
|
3,769 |
|
|
|
|
(76 |
) |
|
(56,770 |
) |
Unrealized gain (loss) on
other investments |
|
|
|
|
|
|
|
|
(5,414 |
) |
|
(5,414 |
) |
Tax impact of unrealized gain
(loss) on other investments |
|
|
|
|
|
|
|
|
1,137 |
|
|
1,137 |
|
Second quarter 2020
GAAP earnings |
$ |
(175,275 |
) |
|
$ |
22,087 |
|
|
$ |
19,898 |
|
|
$ |
31,499 |
|
|
$ |
(4,277 |
) |
|
$ |
(106,068 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect
intercompany eliminations |
|
|
|
|
|
|
|
|
|
|
|
** Operating
results have been calculated using the 21% federal statutory rate
effective for the 2019 fiscal year. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER
SHARE |
QUARTER ENDED MARCH 31, 2020 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
|
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2019
GAAP earnings per share |
$ |
0.25 |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.41 |
|
|
$ |
0.03 |
|
|
$ |
1.04 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market adjustments due
to hedge ineffectiveness, net of tax |
0.06 |
|
|
|
|
|
|
|
|
|
|
0.06 |
|
Unrealized (gain) loss on
other investments, net of tax |
|
|
|
|
|
|
|
|
(0.03 |
) |
|
(0.03 |
) |
Second quarter 2019
adjusted operating results per share |
0.31 |
|
|
0.20 |
|
|
0.15 |
|
|
0.41 |
|
|
— |
|
|
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
0.25 |
|
|
|
|
|
|
|
|
|
|
0.25 |
|
Higher (lower) crude oil
production |
0.02 |
|
|
|
|
|
|
|
|
|
|
0.02 |
|
Higher (lower) realized
natural gas prices, after hedging |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
(0.23 |
) |
Higher (lower) realized crude
oil prices, after hedging |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
0.06 |
|
|
0.05 |
|
|
|
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(0.04 |
) |
|
|
|
(0.04 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
0.02 |
|
|
|
|
0.02 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
0.01 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
(0.05 |
) |
Lower (higher) operating
expenses |
— |
|
|
0.01 |
|
|
(0.01 |
) |
|
(0.03 |
) |
|
— |
|
|
(0.03 |
) |
Lower (higher) depreciation /
depletion |
(0.08 |
) |
|
(0.02 |
) |
|
(0.01 |
) |
|
|
|
|
|
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
— |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
(0.01 |
) |
(Higher) lower interest
expense |
(0.01 |
) |
|
|
|
|
|
|
|
(0.01 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding |
— |
|
|
0.01 |
|
|
0.01 |
|
|
(0.01 |
) |
|
— |
|
|
0.01 |
|
Second quarter 2020
adjusted operating results per share |
0.17 |
|
|
0.25 |
|
|
0.19 |
|
|
0.36 |
|
|
— |
|
|
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties, net of tax |
(1.49 |
) |
|
|
|
|
|
|
|
|
|
(1.49 |
) |
Deferred tax valuation
allowance |
(0.70 |
) |
|
|
|
0.04 |
|
|
|
|
— |
|
|
(0.66 |
) |
Unrealized gain (loss) on
other investments, net of tax |
|
|
|
|
|
|
|
|
(0.05 |
) |
|
(0.05 |
) |
Earnings per share impact of
diluted shares |
(0.01 |
) |
|
0.01 |
|
|
|
|
|
|
|
|
— |
|
Second quarter 2020
GAAP earnings per share |
$ |
(2.03 |
) |
|
$ |
0.26 |
|
|
$ |
0.23 |
|
|
$ |
0.36 |
|
|
$ |
(0.05 |
) |
|
$ |
(1.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect
intercompany eliminations |
|
|
|
|
|
|
|
|
|
|
|
** Operating
results have been calculated using the 21% federal statutory rate
effective for the 2019 fiscal year. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP
EARNINGS |
SIX MONTHS ENDED MARCH 31, 2020 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
(Thousands of Dollars) |
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended March
31, 2019 GAAP earnings |
$ |
60,087 |
|
|
$ |
42,851 |
|
|
$ |
26,872 |
|
|
$ |
61,237 |
|
|
$ |
2,209 |
|
|
$ |
193,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of deferred
taxes under 2017 Tax Reform |
(990 |
) |
|
|
|
(500 |
) |
|
|
|
(3,510 |
) |
|
(5,000 |
) |
Mark-to-market adjustments due
to hedge ineffectiveness |
237 |
|
|
|
|
|
|
|
|
|
|
237 |
|
Tax impact of mark-to-market
adjustments due to hedge ineffectiveness |
(50 |
) |
|
|
|
|
|
|
|
|
|
(50 |
) |
Unrealized (gain) loss on
other investments |
|
|
|
|
|
|
|
|
2,516 |
|
|
2,516 |
|
Tax impact of unrealized
(gain) loss on other investments |
|
|
|
|
|
|
|
|
(528 |
) |
|
(528 |
) |
Six months ended March
31, 2019 adjusted operating results |
59,284 |
|
|
42,851 |
|
|
26,372 |
|
|
61,237 |
|
|
687 |
|
|
190,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
40,427 |
|
|
|
|
|
|
|
|
|
|
40,427 |
|
Higher (lower) crude oil
production |
3,487 |
|
|
|
|
|
|
|
|
|
|
3,487 |
|
Higher (lower) realized
natural gas prices, after hedging |
(32,792 |
) |
|
|
|
|
|
|
|
|
|
(32,792 |
) |
Higher (lower) realized crude
oil prices, after hedging |
(754 |
) |
|
|
|
|
|
|
|
|
|
(754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
1,625 |
|
|
8,688 |
|
|
|
|
|
|
10,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(3,678 |
) |
|
|
|
(3,678 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
2,033 |
|
|
|
|
2,033 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
1,550 |
|
|
|
|
1,550 |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
891 |
|
|
891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(11,082 |
) |
|
|
|
|
|
|
|
|
|
(11,082 |
) |
Lower (higher) operating
expenses |
(1,016 |
) |
|
1,260 |
|
|
(2,038 |
) |
|
(2,707 |
) |
|
674 |
|
|
(3,827 |
) |
Lower (higher) property,
franchise and other taxes |
1,187 |
|
|
(1,215 |
) |
|
|
|
|
|
|
|
(28 |
) |
Lower (higher) depreciation /
depletion |
(14,770 |
) |
|
(2,017 |
) |
|
(843 |
) |
|
|
|
|
|
(17,630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
(713 |
) |
|
(916 |
) |
|
|
|
|
|
1,004 |
|
|
(625 |
) |
(Higher) lower interest
expense |
(1,192 |
) |
|
412 |
|
|
272 |
|
|
|
|
(717 |
) |
|
(1,225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(2,980 |
) |
|
(2,458 |
) |
|
(213 |
) |
|
(443 |
) |
|
(266 |
) |
|
(6,360 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding |
(664 |
) |
|
650 |
|
|
(165 |
) |
|
90 |
|
|
591 |
|
|
502 |
|
Six months ended March
31, 2020 adjusted operating results |
38,422 |
|
|
40,192 |
|
|
32,073 |
|
|
58,082 |
|
|
2,864 |
|
|
171,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties |
(177,761 |
) |
|
|
|
|
|
|
|
|
|
(177,761 |
) |
Tax impact of impairment of
oil and gas properties |
48,503 |
|
|
|
|
|
|
|
|
|
|
48,503 |
|
Deferred tax valuation
allowance |
(60,463 |
) |
|
|
|
3,769 |
|
|
|
|
(76 |
) |
|
(56,770 |
) |
Unrealized gain (loss) on
other investments |
|
|
|
|
|
|
|
|
(6,433 |
) |
|
(6,433 |
) |
Tax impact of unrealized gain
(loss) on other investments |
|
|
|
|
|
|
|
|
1,351 |
|
|
1,351 |
|
Six months ended March
31, 2020 GAAP earnings |
$ |
(151,299 |
) |
|
$ |
40,192 |
|
|
$ |
35,842 |
|
|
$ |
58,082 |
|
|
$ |
(2,294 |
) |
|
$ |
(19,477 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect
intercompany eliminations |
|
|
|
|
|
|
|
|
|
|
|
** Operating
results have been calculated using the 21% federal statutory rate
effective for the 2019 fiscal year. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER
SHARE |
SIX MONTHS ENDED MARCH 31, 2020 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
|
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
Six months ended March
31, 2019 GAAP earnings per share |
$ |
0.69 |
|
|
$ |
0.49 |
|
|
$ |
0.31 |
|
|
$ |
0.71 |
|
|
$ |
0.03 |
|
|
$ |
2.23 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of deferred
taxes under 2017 Tax Reform |
(0.01 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.04 |
) |
|
(0.06 |
) |
Mark-to-market adjustments due
to hedge ineffectiveness, net of tax |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
Unrealized (gain) loss on
other investments, net of tax |
|
|
|
|
|
|
|
|
0.02 |
|
|
0.02 |
|
Rounding |
|
|
|
|
|
|
|
|
0.01 |
|
|
0.01 |
|
Six months ended March
31, 2019 adjusted operating results per share |
0.68 |
|
|
0.49 |
|
|
0.30 |
|
|
0.71 |
|
|
0.02 |
|
|
2.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
0.47 |
|
|
|
|
|
|
|
|
|
|
0.47 |
|
Higher (lower) crude oil
production |
0.04 |
|
|
|
|
|
|
|
|
|
|
0.04 |
|
Higher (lower) realized
natural gas prices, after hedging |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
(0.38 |
) |
Higher (lower) realized crude
oil prices, after hedging |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
0.02 |
|
|
0.10 |
|
|
|
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(0.04 |
) |
|
|
|
(0.04 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
0.02 |
|
|
|
|
0.02 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
0.02 |
|
|
|
|
0.02 |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
0.01 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
(0.13 |
) |
Lower (higher) operating
expenses |
(0.01 |
) |
|
0.01 |
|
|
(0.02 |
) |
|
(0.03 |
) |
|
0.01 |
|
|
(0.04 |
) |
Lower (higher) property,
franchise and other taxes |
0.01 |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
— |
|
Lower (higher) depreciation /
depletion |
(0.17 |
) |
|
(0.02 |
) |
|
(0.01 |
) |
|
|
|
|
|
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
(0.01 |
) |
|
(0.01 |
) |
|
|
|
|
|
0.01 |
|
|
(0.01 |
) |
(Higher) lower interest
expense |
(0.01 |
) |
|
— |
|
|
— |
|
|
|
|
(0.01 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(0.03 |
) |
|
(0.03 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding |
(0.01 |
) |
|
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Six months ended March
31, 2020 adjusted operating results per share |
0.44 |
|
|
0.46 |
|
|
0.37 |
|
|
0.67 |
|
|
0.04 |
|
|
1.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties, net of tax |
(1.49 |
) |
|
|
|
|
|
|
|
|
|
(1.49 |
) |
Deferred tax valuation
allowance |
(0.70 |
) |
|
|
|
0.04 |
|
|
|
|
— |
|
|
(0.66 |
) |
Unrealized gain (loss) on
other investments, net of tax |
|
|
|
|
|
|
|
|
(0.06 |
) |
|
(0.06 |
) |
Earnings per share impact of
diluted shares |
|
|
|
|
0.01 |
|
|
|
|
(0.01 |
) |
|
— |
|
Six months ended March
31, 2020 GAAP earnings per share |
$ |
(1.75 |
) |
|
$ |
0.46 |
|
|
$ |
0.42 |
|
|
$ |
0.67 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect
intercompany eliminations |
|
|
|
|
|
|
|
|
|
|
|
** Operating
results have been calculated using the 21% federal statutory rate
effective for the 2019 fiscal year. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
(Thousands of Dollars, except
per share amounts) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
March 31, |
|
March 31, |
|
(Unaudited) |
|
(Unaudited) |
SUMMARY OF
OPERATIONS |
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating Revenues: |
|
|
|
|
|
|
|
Utility and Energy Marketing Revenues |
$ |
282,634 |
|
|
$ |
357,654 |
|
|
$ |
510,660 |
|
|
$ |
629,747 |
|
Exploration and Production and Other Revenues |
156,542 |
|
|
146,467 |
|
|
323,735 |
|
|
310,403 |
|
Pipeline and Storage and Gathering Revenues |
51,919 |
|
|
48,423 |
|
|
100,888 |
|
|
102,641 |
|
|
491,095 |
|
|
552,544 |
|
|
935,283 |
|
|
1,042,791 |
|
Operating Expenses: |
|
|
|
|
|
|
|
Purchased Gas |
118,270 |
|
|
195,037 |
|
|
210,542 |
|
|
333,697 |
|
Operation and Maintenance: |
|
|
|
|
|
|
|
Utility and Energy Marketing |
51,725 |
|
|
48,559 |
|
|
94,981 |
|
|
92,475 |
|
Exploration and Production and Other |
39,959 |
|
|
40,141 |
|
|
76,652 |
|
|
72,936 |
|
Pipeline and Storage and Gathering |
27,305 |
|
|
27,249 |
|
|
53,190 |
|
|
52,182 |
|
Property, Franchise and Other Taxes |
22,743 |
|
|
22,535 |
|
|
45,887 |
|
|
46,540 |
|
Depreciation, Depletion and Amortization |
77,912 |
|
|
65,664 |
|
|
152,830 |
|
|
129,918 |
|
Impairment of Oil and Gas Producing Properties |
177,761 |
|
|
— |
|
|
177,761 |
|
|
— |
|
|
515,675 |
|
|
399,185 |
|
|
811,843 |
|
|
727,748 |
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
(24,580 |
) |
|
153,359 |
|
|
123,440 |
|
|
315,043 |
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
Other Income (Deductions) |
(17,480 |
) |
|
(5,919 |
) |
|
(20,520 |
) |
|
(15,521 |
) |
Interest Expense on Long-Term Debt |
(25,270 |
) |
|
(25,273 |
) |
|
(50,713 |
) |
|
(50,713 |
) |
Other Interest Expense |
(1,892 |
) |
|
(1,787 |
) |
|
(3,443 |
) |
|
(2,860 |
) |
|
|
|
|
|
|
|
|
Income (Loss) Before Income
Taxes |
(69,222 |
) |
|
120,380 |
|
|
48,764 |
|
|
245,949 |
|
|
|
|
|
|
|
|
|
Income Tax Expense |
36,846 |
|
|
29,785 |
|
|
68,241 |
|
|
52,693 |
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available
for Common Stock |
$ |
(106,068 |
) |
|
$ |
90,595 |
|
|
$ |
(19,477 |
) |
|
$ |
193,256 |
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common
Share |
|
|
|
|
|
|
|
Basic |
$ |
(1.23 |
) |
|
$ |
1.05 |
|
|
$ |
(0.23 |
) |
|
$ |
2.24 |
|
Diluted |
$ |
(1.23 |
) |
|
$ |
1.04 |
|
|
$ |
(0.23 |
) |
|
$ |
2.23 |
|
|
|
|
|
|
|
|
|
Weighted Average
Common Shares: |
|
|
|
|
|
|
|
Used in Basic Calculation |
86,561,066 |
|
86,290,047 |
|
86,469,258 |
|
86,159,932 |
Used in Diluted
Calculation |
86,561,066 |
|
86,767,673 |
|
86,469,258 |
|
86,738,809 |
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
|
|
March 31, |
|
September 30, |
(Thousands of Dollars) |
|
2020 |
|
|
2019 |
|
|
|
|
ASSETS |
|
|
|
Property, Plant and
Equipment |
$ |
11,559,528 |
|
|
$ |
11,204,838 |
|
Less -
Accumulated Depreciation, Depletion and Amortization |
|
6,003,658 |
|
|
|
5,695,328 |
|
Net Property, Plant and Equipment |
|
5,555,870 |
|
|
|
5,509,510 |
|
|
|
|
|
Current Assets: |
|
|
|
Cash and Temporary Cash
Investments |
|
111,655 |
|
|
|
20,428 |
|
Hedging Collateral
Deposits |
|
10,728 |
|
|
|
6,832 |
|
Receivables - Net |
|
172,011 |
|
|
|
139,956 |
|
Unbilled Revenue |
|
44,715 |
|
|
|
18,758 |
|
Gas Stored Underground |
|
8,860 |
|
|
|
36,632 |
|
Materials and Supplies - at
average cost |
|
48,113 |
|
|
|
40,717 |
|
Unrecovered Purchased Gas
Costs |
|
— |
|
|
|
2,246 |
|
Other Current Assets |
|
100,188 |
|
|
|
97,054 |
|
Total Current Assets |
|
496,270 |
|
|
|
362,623 |
|
|
|
|
|
Other Assets: |
|
|
|
Recoverable Future Taxes |
|
115,934 |
|
|
|
115,197 |
|
Unamortized Debt Expense |
|
13,151 |
|
|
|
14,005 |
|
Other Regulatory Assets |
|
161,800 |
|
|
|
167,320 |
|
Deferred Charges |
|
56,855 |
|
|
|
33,843 |
|
Other Investments |
|
137,044 |
|
|
|
144,917 |
|
Goodwill |
|
5,476 |
|
|
|
5,476 |
|
Prepaid Post-Retirement
Benefit Costs |
|
71,381 |
|
|
|
60,517 |
|
Fair Value of Derivative
Financial Instruments |
|
94,797 |
|
|
|
48,669 |
|
Other |
|
81 |
|
|
|
80 |
|
Total Other Assets |
|
656,519 |
|
|
|
590,024 |
|
Total
Assets |
$ |
6,708,659 |
|
|
$ |
6,462,157 |
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES |
|
|
|
Capitalization: |
|
|
|
Comprehensive Shareholders'
Equity |
|
|
|
Common Stock, $1 Par Value
Authorized - 200,000,000 Shares; Issued and |
|
|
|
Outstanding - 86,561,532
Shares and 86,315,287 Shares, Respectively |
$ |
86,562 |
|
|
$ |
86,315 |
|
Paid in Capital |
|
835,444 |
|
|
|
832,264 |
|
Earnings Reinvested in the
Business |
|
1,176,870 |
|
|
|
1,272,601 |
|
Accumulated Other Comprehensive Loss |
|
(18,917 |
) |
|
|
(52,155 |
) |
Total Comprehensive
Shareholders' Equity |
|
2,079,959 |
|
|
|
2,139,025 |
|
Long-Term Debt, Net of Current Portion and Unamortized Discount and
Debt Issuance Costs |
|
2,134,964 |
|
|
|
2,133,718 |
|
Total Capitalization |
|
4,214,923 |
|
|
|
4,272,743 |
|
|
|
|
|
Current and Accrued
Liabilities: |
|
|
|
Notes Payable to Banks and
Commercial Paper |
|
230,000 |
|
|
|
55,200 |
|
Current Portion of Long-Term
Debt |
|
— |
|
|
|
— |
|
Accounts Payable |
|
106,938 |
|
|
|
132,208 |
|
Amounts Payable to
Customers |
|
17,213 |
|
|
|
4,017 |
|
Dividends Payable |
|
37,654 |
|
|
|
37,547 |
|
Interest Payable on Long-Term
Debt |
|
18,508 |
|
|
|
18,508 |
|
Customer Advances |
|
615 |
|
|
|
13,044 |
|
Customer Security
Deposits |
|
14,999 |
|
|
|
16,210 |
|
Other Accruals and Current
Liabilities |
|
150,239 |
|
|
|
139,600 |
|
Fair
Value of Derivative Financial Instruments |
|
7,652 |
|
|
|
5,574 |
|
Total Current and Accrued Liabilities |
|
583,818 |
|
|
|
421,908 |
|
|
|
|
|
Deferred Credits: |
|
|
|
Deferred Income Taxes |
|
777,299 |
|
|
|
653,382 |
|
Taxes Refundable to
Customers |
|
360,331 |
|
|
|
366,503 |
|
Cost of Removal Regulatory
Liability |
|
224,546 |
|
|
|
221,699 |
|
Other Regulatory
Liabilities |
|
157,371 |
|
|
|
142,367 |
|
Pension and Other
Post-Retirement Liabilities |
|
126,959 |
|
|
|
133,729 |
|
Asset Retirement
Obligations |
|
128,779 |
|
|
|
127,458 |
|
Other
Deferred Credits |
|
134,633 |
|
|
|
122,368 |
|
Total Deferred Credits |
|
1,909,918 |
|
|
|
1,767,506 |
|
Commitments and Contingencies |
|
— |
|
|
|
— |
|
Total
Capitalization and Liabilities |
$ |
6,708,659 |
|
|
$ |
6,462,157 |
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
|
|
Six Months Ended |
|
|
March 31, |
(Thousands of Dollars) |
|
2020 |
|
2019 |
|
|
|
|
|
Operating Activities: |
|
|
|
|
Net Income (Loss) Available
for Common Stock |
|
$ |
(19,477 |
) |
|
$ |
193,256 |
|
Adjustments to Reconcile Net
Income (Loss) to Net CashProvided by Operating Activities: |
|
|
|
|
Impairment of Oil and Gas Producing Properties |
|
177,761 |
|
|
— |
|
Depreciation, Depletion and Amortization |
|
152,830 |
|
|
129,918 |
|
Deferred Income Taxes |
|
104,883 |
|
|
90,468 |
|
Stock-Based Compensation |
|
7,580 |
|
|
10,731 |
|
Other |
|
9,800 |
|
|
7,997 |
|
Change in: |
|
|
|
|
Receivables and Unbilled Revenue |
|
(58,248 |
) |
|
(130,377 |
) |
Gas Stored Underground and Materials and Supplies |
|
20,086 |
|
|
29,093 |
|
Unrecovered Purchased Gas Costs |
|
2,246 |
|
|
(1,556 |
) |
Other Current Assets |
|
(3,134 |
) |
|
10,438 |
|
Accounts Payable |
|
(5,465 |
) |
|
10,226 |
|
Amounts Payable to Customers |
|
13,196 |
|
|
12,069 |
|
Customer Advances |
|
(12,429 |
) |
|
(13,176 |
) |
Customer Security Deposits |
|
(1,211 |
) |
|
(7,184 |
) |
Other Accruals and Current Liabilities |
|
9,076 |
|
|
48,028 |
|
Other Assets |
|
(10,359 |
) |
|
(38,686 |
) |
Other Liabilities |
|
3,857 |
|
|
(10,410 |
) |
Net Cash Provided by Operating Activities |
|
$ |
390,992 |
|
|
$ |
340,835 |
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
Capital Expenditures |
|
$ |
(395,486 |
) |
|
$ |
(386,579 |
) |
Other |
|
4,167 |
|
|
(2,616 |
) |
Net Cash Used in Investing Activities |
|
$ |
(391,319 |
) |
|
$ |
(389,195 |
) |
|
|
|
|
|
Financing Activities: |
|
|
|
|
Changes in Notes Payable to
Banks and Commercial Paper |
|
$ |
174,800 |
|
|
$ |
— |
|
Dividends Paid on Common
Stock |
|
(75,197 |
) |
|
(73,197 |
) |
Net
Repurchases of Common Stock |
|
(4,153 |
) |
|
(8,864 |
) |
Net Cash Provided by (Used in) Financing Activities |
|
$ |
95,450 |
|
|
$ |
(82,061 |
) |
|
|
|
|
|
Net Increase (Decrease) in
Cash, Cash Equivalents, and Restricted Cash |
|
95,123 |
|
|
(130,421 |
) |
Cash,
Cash Equivalents, and Restricted Cash at Beginning of Period |
|
27,260 |
|
|
233,047 |
|
Cash,
Cash Equivalents, and Restricted Cash at March 31 |
|
$ |
122,383 |
|
|
$ |
102,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING RESULTS AND STATISTICS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
UPSTREAM BUSINESS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Thousands of Dollars, except
per share amounts) |
March 31, |
|
March 31, |
EXPLORATION AND
PRODUCTION SEGMENT |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Total Operating Revenues |
$ |
155,560 |
|
|
$ |
146,102 |
|
|
$ |
9,458 |
|
|
$ |
321,499 |
|
$ |
308,978 |
|
$ |
12,521 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance: |
|
|
|
|
|
|
|
|
|
General and Administrative Expense |
17,429 |
|
|
17,113 |
|
|
316 |
|
|
32,809 |
|
32,312 |
|
497 |
|
Lease Operating and Transportation Expense |
51,730 |
|
|
45,941 |
|
|
5,789 |
|
|
102,531 |
|
88,503 |
|
14,028 |
|
All Other Operation and Maintenance Expense |
3,084 |
|
|
2,900 |
|
|
184 |
|
|
6,041 |
|
5,252 |
|
789 |
|
Property, Franchise and Other Taxes |
3,471 |
|
|
3,310 |
|
|
161 |
|
|
8,171 |
|
9,673 |
|
(1,502 |
) |
Depreciation, Depletion and Amortization |
45,136 |
|
|
35,888 |
|
|
9,248 |
|
|
89,284 |
|
70,588 |
|
18,696 |
|
Impairment of Oil and Gas Producing Properties |
177,761 |
|
|
— |
|
|
177,761 |
|
|
177,761 |
|
— |
|
177,761 |
|
|
298,611 |
|
|
105,152 |
|
|
193,459 |
|
|
416,597 |
|
206,328 |
|
210,269 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
(143,051 |
) |
|
40,950 |
|
(184,001 |
) |
|
(95,098 |
) |
102,650 |
(197,748 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(395 |
) |
|
(4 |
) |
|
(391 |
) |
|
(790 |
) |
(8 |
) |
(782 |
) |
Interest and Other Income |
208 |
|
|
279 |
|
|
(71 |
) |
|
441 |
|
562 |
|
(121 |
) |
Interest Expense |
(14,163 |
) |
|
(13,548 |
) |
|
(615 |
) |
|
(28,220 |
) |
(26,711 |
) |
(1,509 |
) |
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income
Taxes |
(157,401 |
) |
|
27,677 |
|
|
(185,078 |
) |
|
(123,667 |
) |
76,493 |
|
(200,160 |
) |
Income Tax Expense |
17,874 |
|
|
5,804 |
|
|
12,070 |
|
|
27,632 |
|
16,406 |
|
11,226 |
|
Net Income (Loss) |
$ |
(175,275 |
) |
|
$ |
21,873 |
|
|
$ |
(197,148 |
) |
|
$ |
(151,299 |
) |
$ |
60,087 |
|
$ |
(211,386 |
) |
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Share
(Diluted) |
$ |
(2.03 |
) |
|
$ |
0.25 |
|
|
$ |
(2.28 |
) |
|
$ |
(1.75 |
) |
$ |
0.69 |
|
$ |
(2.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING RESULTS AND STATISTICS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
MIDSTREAM BUSINESSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Thousands of Dollars, except
per share amounts) |
March 31, |
|
March 31, |
PIPELINE AND STORAGE
SEGMENT |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Revenues from External
Customers |
$ |
51,919 |
|
|
$ |
48,421 |
|
|
$ |
3,498 |
|
|
$ |
100,888 |
|
$ |
102,639 |
|
$ |
(1,751 |
) |
Intersegment Revenues |
27,326 |
|
|
23,918 |
|
|
3,408 |
|
|
50,577 |
|
46,769 |
|
3,808 |
|
Total Operating Revenues |
79,245 |
|
|
72,339 |
|
|
6,906 |
|
|
151,465 |
|
149,408 |
|
2,057 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
(3 |
) |
|
510 |
|
|
(513 |
) |
|
(10 |
) |
813 |
|
(823 |
) |
Operation and Maintenance |
22,014 |
|
|
22,907 |
|
|
(893 |
) |
|
42,945 |
|
44,540 |
|
(1,595 |
) |
Property, Franchise and Other
Taxes |
8,132 |
|
|
7,641 |
|
|
491 |
|
|
16,487 |
|
14,949 |
|
1,538 |
|
Depreciation, Depletion and
Amortization |
13,356 |
|
|
11,293 |
|
|
2,063 |
|
|
24,960 |
|
22,407 |
|
2,553 |
|
|
43,499 |
|
|
42,351 |
|
|
1,148 |
|
|
84,382 |
|
82,709 |
|
1,673 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
35,746 |
|
|
29,988 |
|
|
5,758 |
|
|
67,083 |
|
66,699 |
|
384 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit (Costs) Credit |
(174 |
) |
|
930 |
|
|
(1,104 |
) |
|
(349 |
) |
1,397 |
|
(1,746 |
) |
Interest and Other Income |
1,535 |
|
|
1,043 |
|
|
492 |
|
|
3,088 |
|
2,502 |
|
586 |
|
Interest Expense |
(7,152 |
) |
|
(7,500 |
) |
|
348 |
|
|
(14,264 |
) |
(14,786 |
) |
522 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
29,955 |
|
|
24,461 |
|
|
5,494 |
|
|
55,558 |
|
55,812 |
|
(254 |
) |
Income Tax Expense |
7,868 |
|
|
6,712 |
|
|
1,156 |
|
|
15,366 |
|
12,961 |
|
2,405 |
|
Net Income |
$ |
22,087 |
|
|
$ |
17,749 |
|
|
$ |
4,338 |
|
|
$ |
40,192 |
|
$ |
42,851 |
|
$ |
(2,659 |
) |
|
|
|
|
|
|
|
|
|
|
Net Income Per Share
(Diluted) |
$ |
0.26 |
|
|
$ |
0.20 |
|
|
$ |
0.06 |
|
|
$ |
0.46 |
|
$ |
0.49 |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
March 31, |
|
March 31, |
GATHERING
SEGMENT |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Revenues from External
Customers |
$ |
— |
|
|
$ |
2 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
$ |
2 |
|
$ |
(2 |
) |
Intersegment Revenues |
35,267 |
|
|
29,366 |
|
|
5,901 |
|
|
70,055 |
|
59,056 |
|
10,999 |
|
Total Operating Revenues |
35,267 |
|
|
29,368 |
|
|
5,899 |
|
|
70,055 |
|
59,058 |
|
10,997 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance |
5,702 |
|
|
4,752 |
|
|
950 |
|
|
11,044 |
|
8,464 |
|
2,580 |
|
Property, Franchise and Other Taxes |
24 |
|
|
18 |
|
|
6 |
|
|
38 |
|
48 |
|
(10 |
) |
Depreciation, Depletion and Amortization |
5,279 |
|
|
4,673 |
|
|
606 |
|
|
10,418 |
|
9,351 |
|
1,067 |
|
|
11,005 |
|
|
9,443 |
|
|
1,562 |
|
|
21,500 |
|
17,863 |
|
3,637 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
24,262 |
|
|
19,925 |
|
|
4,337 |
|
|
48,555 |
|
41,195 |
|
7,360 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(71 |
) |
|
(1 |
) |
|
(70 |
) |
|
(143 |
) |
(83 |
) |
(60 |
) |
Interest and Other Income |
89 |
|
|
190 |
|
|
(101 |
) |
|
157 |
|
315 |
|
(158 |
) |
Interest Expense |
(2,160 |
) |
|
(2,345 |
) |
|
185 |
|
|
(4,379 |
) |
(4,723 |
) |
344 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
22,120 |
|
|
17,769 |
|
|
4,351 |
|
|
44,190 |
|
36,704 |
|
7,486 |
|
Income Tax Expense |
2,222 |
|
|
5,079 |
|
|
(2,857 |
) |
|
8,348 |
|
9,832 |
|
(1,484 |
) |
Net Income |
$ |
19,898 |
|
|
$ |
12,690 |
|
|
$ |
7,208 |
|
|
$ |
35,842 |
|
$ |
26,872 |
|
$ |
8,970 |
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share
(Diluted) |
$ |
0.23 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.42 |
|
$ |
0.31 |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING RESULTS AND STATISTICS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
DOWNSTREAM BUSINESS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Thousands of Dollars, except
per share amounts) |
March 31, |
|
March 31, |
UTILITY
SEGMENT |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Revenues from External
Customers |
$ |
250,556 |
|
|
$ |
298,636 |
|
|
$ |
(48,080 |
) |
|
$ |
445,465 |
|
$ |
518,647 |
|
$ |
(73,182 |
) |
Intersegment Revenues |
3,937 |
|
|
4,394 |
|
|
(457 |
) |
|
5,853 |
|
7,040 |
|
(1,187 |
) |
Total Operating Revenues |
254,493 |
|
|
303,030 |
|
|
(48,537 |
) |
|
451,318 |
|
525,687 |
|
(74,369 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
119,411 |
|
|
165,235 |
|
|
(45,824 |
) |
|
204,116 |
|
277,115 |
|
(72,999 |
) |
Operation and Maintenance |
51,070 |
|
|
47,795 |
|
|
3,275 |
|
|
93,913 |
|
90,950 |
|
2,963 |
|
Property, Franchise and Other Taxes |
10,820 |
|
|
11,312 |
|
|
(492 |
) |
|
20,634 |
|
21,365 |
|
(731 |
) |
Depreciation, Depletion and Amortization |
13,751 |
|
|
13,365 |
|
|
386 |
|
|
27,382 |
|
26,656 |
|
726 |
|
|
195,052 |
|
|
237,707 |
|
|
(42,655 |
) |
|
346,045 |
|
416,086 |
|
(70,041 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Income |
59,441 |
|
|
65,323 |
|
|
(5,882 |
) |
|
105,273 |
|
109,601 |
|
(4,328 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(12,388 |
) |
|
(12,686 |
) |
|
298 |
|
|
(19,151 |
) |
(19,614 |
) |
463 |
|
Interest and Other Income |
294 |
|
|
1,068 |
|
|
(774 |
) |
|
1,245 |
|
1,780 |
|
(535 |
) |
Interest Expense |
(5,516 |
) |
|
(6,263 |
) |
|
747 |
|
|
(11,190 |
) |
(12,157 |
) |
967 |
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
41,831 |
|
|
47,442 |
|
|
(5,611 |
) |
|
76,177 |
|
79,610 |
|
(3,433 |
) |
Income Tax Expense |
10,332 |
|
|
11,853 |
|
|
(1,521 |
) |
|
18,095 |
|
18,373 |
|
(278 |
) |
Net Income |
$ |
31,499 |
|
|
$ |
35,589 |
|
|
$ |
(4,090 |
) |
|
$ |
58,082 |
|
$ |
61,237 |
|
$ |
(3,155 |
) |
|
|
|
|
|
|
|
|
|
|
Net Income Per Share
(Diluted) |
$ |
0.36 |
|
|
$ |
0.41 |
|
|
$ |
(0.05 |
) |
|
$ |
0.67 |
|
$ |
0.71 |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING RESULTS AND STATISTICS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Thousands of Dollars, except
per share amounts) |
March 31, |
|
March 31 |
ALL
OTHER |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Revenues from External
Customers |
$ |
32,925 |
|
|
$ |
59,328 |
|
|
$ |
(26,403 |
) |
|
$ |
67,161 |
|
$ |
112,416 |
|
$ |
(45,255 |
) |
Intersegment Revenues |
79 |
|
|
43 |
|
|
36 |
|
|
256 |
|
375 |
|
(119 |
) |
Total Operating Revenues |
33,004 |
|
|
59,371 |
|
|
(26,367 |
) |
|
67,417 |
|
112,791 |
|
(45,374 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
29,151 |
|
|
56,820 |
|
|
(27,669 |
) |
|
61,184 |
|
108,337 |
|
(47,153 |
) |
Operation and Maintenance |
1,875 |
|
|
1,944 |
|
|
(69 |
) |
|
3,578 |
|
3,822 |
|
(244 |
) |
Property, Franchise and Other Taxes |
176 |
|
|
134 |
|
|
42 |
|
|
320 |
|
270 |
|
50 |
|
Depreciation, Depletion and Amortization |
206 |
|
|
254 |
|
|
(48 |
) |
|
408 |
|
536 |
|
(128 |
) |
|
31,408 |
|
|
59,152 |
|
|
(27,744 |
) |
|
65,490 |
|
112,965 |
|
(47,475 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
1,596 |
|
|
219 |
|
|
1,377 |
|
|
1,927 |
|
(174 |
) |
2,101 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(69 |
) |
|
(11 |
) |
|
(58 |
) |
|
(138 |
) |
(133 |
) |
(5 |
) |
Interest and Other Income |
193 |
|
|
360 |
|
|
(167 |
) |
|
471 |
|
666 |
|
(195 |
) |
Interest Expense |
(24 |
) |
|
(8 |
) |
|
(16 |
) |
|
(42 |
) |
(13 |
) |
(29 |
) |
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
1,696 |
|
|
560 |
|
|
1,136 |
|
|
2,218 |
|
346 |
|
1,872 |
|
Income Tax Expense
(Benefit) |
527 |
|
|
144 |
|
|
383 |
|
|
678 |
|
(153 |
) |
831 |
|
Net Income |
$ |
1,169 |
|
|
$ |
416 |
|
|
$ |
753 |
|
|
$ |
1,540 |
|
$ |
499 |
|
$ |
1,041 |
|
Net Income Per Share
(Diluted) |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
0.02 |
|
$ |
0.01 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
March 31, |
|
March 31, |
CORPORATE |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Revenues from External
Customers |
$ |
135 |
|
|
$ |
55 |
|
|
$ |
80 |
|
|
$ |
270 |
|
$ |
109 |
|
$ |
161 |
|
Intersegment Revenues |
1,094 |
|
|
1,165 |
|
|
(71 |
) |
|
2,187 |
|
2,329 |
|
(142 |
) |
Total Operating Revenues |
1,229 |
|
|
1,220 |
|
|
9 |
|
|
2,457 |
|
2,438 |
|
19 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance |
3,499 |
|
|
3,955 |
|
|
(456 |
) |
|
6,142 |
|
6,751 |
|
(609 |
) |
Property, Franchise and Other Taxes |
120 |
|
|
120 |
|
|
— |
|
|
237 |
|
235 |
|
2 |
|
Depreciation, Depletion and Amortization |
184 |
|
|
191 |
|
|
(7 |
) |
|
378 |
|
380 |
|
(2 |
) |
|
3,803 |
|
|
4,266 |
|
|
(463 |
) |
|
6,757 |
|
7,366 |
|
(609 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Loss |
(2,574 |
) |
|
(3,046 |
) |
|
472 |
|
|
(4,300 |
) |
(4,928 |
) |
628 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(775 |
) |
|
(647 |
) |
|
(128 |
) |
|
(1,550 |
) |
(1,385 |
) |
(165 |
) |
Interest and Other Income |
22,801 |
|
|
32,761 |
|
|
(9,960 |
) |
|
53,874 |
|
56,377 |
|
(2,503 |
) |
Interest Expense on Long-Term Debt |
(25,270 |
) |
|
(25,273 |
) |
|
3 |
|
|
(50,713 |
) |
(50,713 |
) |
— |
|
Other Interest Expense |
(1,605 |
) |
|
(1,324 |
) |
|
(281 |
) |
|
(3,023 |
) |
(2,367 |
) |
(656 |
) |
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Income
Taxes |
(7,423 |
) |
|
2,471 |
|
|
(9,894 |
) |
|
(5,712 |
) |
(3,016 |
) |
(2,696 |
) |
Income Tax Expense
(Benefit) |
(1,977 |
) |
|
193 |
|
|
(2,170 |
) |
|
(1,878 |
) |
(4,726 |
) |
2,848 |
|
Net Income (Loss) |
$ |
(5,446 |
) |
|
$ |
2,278 |
|
|
$ |
(7,724 |
) |
|
$ |
(3,834 |
) |
$ |
1,710 |
|
$ |
(5,544 |
) |
Net Income (Loss) Per Share
(Diluted) |
$ |
(0.06 |
) |
|
$ |
0.02 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
$ |
0.02 |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
March 31, |
|
March 31, |
INTERSEGMENT
ELIMINATIONS |
2020 |
|
2019 |
|
Variance |
|
2020 |
2019 |
Variance |
Intersegment Revenues |
$ |
(67,703 |
) |
|
$ |
(58,886 |
) |
|
$ |
(8,817 |
) |
|
$ |
(128,928 |
) |
$ |
(115,569 |
) |
$ |
(13,359 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
(30,289 |
) |
|
(27,528 |
) |
|
(2,761 |
) |
|
(54,748 |
) |
(52,568 |
) |
(2,180 |
) |
Operation and Maintenance |
(37,414 |
) |
|
(31,358 |
) |
|
(6,056 |
) |
|
(74,180 |
) |
(63,001 |
) |
(11,179 |
) |
|
(67,703 |
) |
|
(58,886 |
) |
|
(8,817 |
) |
|
(128,928 |
) |
(115,569 |
) |
(13,359 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Income |
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Interest and Other Deductions |
(28,728 |
) |
|
(29,201 |
) |
|
473 |
|
|
(57,675 |
) |
(57,897 |
) |
222 |
|
Interest Expense |
28,728 |
|
|
29,201 |
|
|
(473 |
) |
|
57,675 |
|
57,897 |
|
(222 |
) |
Net Income (Loss) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Net Income (Loss) Per Share
(Diluted) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION (Continued) |
(Thousands of Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
March 31, |
|
March 31, |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
Exploration and
Production |
$ |
102,424 |
|
(1) |
$ |
142,571 |
|
(3) |
$ |
(40,147 |
) |
|
$ |
229,343 |
|
(1)(2) |
$ |
262,786 |
|
(3)(4) |
$ |
(33,443 |
) |
Pipeline and Storage |
25,554 |
|
(1) |
22,674 |
|
(3) |
2,880 |
|
|
82,638 |
|
(1)(2) |
52,638 |
|
(3)(4) |
30,000 |
|
Gathering |
15,072 |
|
(1) |
12,680 |
|
(3) |
2,392 |
|
|
24,910 |
|
(1)(2) |
21,470 |
|
(3)(4) |
3,440 |
|
Utility |
19,457 |
|
(1) |
19,735 |
|
(3) |
(278 |
) |
|
36,622 |
|
(1)(2) |
35,657 |
|
(3)(4) |
965 |
|
Total Reportable Segments |
162,507 |
|
|
197,660 |
|
|
(35,153 |
) |
|
373,513 |
|
|
372,551 |
|
|
962 |
|
All Other |
1 |
|
|
22 |
|
|
(21 |
) |
|
22 |
|
|
41 |
|
|
(19 |
) |
Corporate |
134 |
|
|
85 |
|
|
49 |
|
|
320 |
|
|
103 |
|
|
217 |
|
Total Capital Expenditures |
$ |
162,642 |
|
|
$ |
197,767 |
|
|
$ |
(35,125 |
) |
|
$ |
373,855 |
|
|
$ |
372,695 |
|
|
$ |
1,160 |
|
(1) Capital
expenditures for the quarter and six months ended March 31, 2020,
include accounts payable and accrued liabilities related to capital
expenditures of $41.2 million, $9.7 million, $4.4 million, and $4.2
million in the Exploration and Production segment, Pipeline and
Storage segment, Gathering segment and Utility segment,
respectively. These amounts have been excluded from the
Consolidated Statement of Cash Flows at March 31, 2020, since they
represent non-cash investing activities at that date.
(2) Capital
expenditures for the six months ended March 31, 2020, exclude
capital expenditures of $38.0 million, $23.8 million, $6.6 million
and $12.7 million in the Exploration and Production segment,
Pipeline and Storage segment, Gathering segment and Utility
segment, respectively. These amounts were in accounts payable
and accrued liabilities at September 30, 2019 and paid during the
six months ended March 31, 2020. These amounts were excluded
from the Consolidated Statement of Cash Flows at September 30,
2019, since they represented non-cash investing activities at that
date. These amounts have been included in the Consolidated
Statement of Cash Flows at March 31, 2020.
(3) Capital
expenditures for the quarter and six months ended March 31, 2019,
include accounts payable and accrued liabilities related to capital
expenditures of $53.4 million, $10.7 million, $7.4 million, and
$3.4 million in the Exploration and Production segment, Pipeline
and Storage segment, Gathering segment and Utility segment,
respectively. These amounts have been excluded from the
Consolidated Statement of Cash Flows at March 31, 2019, since they
represent non-cash investing activities at that date.
(4) Capital
expenditures for the six months ended March 31, 2019, exclude
capital expenditures of $51.3 million, $21.9 million, $6.1 million
and $9.5 million in the Exploration and Production segment,
Pipeline and Storage segment, Gathering segment and Utility
segment, respectively. These amounts were in accounts payable
and accrued liabilities at September 30, 2018 and paid during the
six months ended March 31, 2019. These amounts were excluded
from the Consolidated Statement of Cash Flows at September 30,
2018, since they represented non-cash investing activities at that
date. These amounts have been included in the Consolidated
Statement of Cash Flows at March 31, 2019.
|
|
|
|
|
|
|
|
|
|
DEGREE
DAYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Colder |
|
|
|
|
|
|
|
(Warmer) Than: |
Three Months Ended March
31 |
Normal |
|
2020 |
|
2019 |
|
Normal (1) |
|
Last Year (1) |
|
|
|
|
|
|
|
|
|
|
Buffalo, NY |
3,326 |
|
2,738 |
|
3,372 |
|
(17.7 |
) |
|
(18.8 |
) |
Erie, PA |
3,142 |
|
2,555 |
|
3,096 |
|
(18.7 |
) |
|
(17.5 |
) |
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo, NY |
5,579 |
|
4,970 |
|
5,697 |
|
(10.9 |
) |
|
(12.8 |
) |
Erie, PA |
5,186 |
|
4,461 |
|
5,126 |
|
(14.0 |
) |
|
(13.0 |
) |
|
|
|
|
|
|
|
|
|
|
(1) Percents compare actual
2020 degree days to normal degree days and actual 2020 degree days
to actual 2019 degree days.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPLORATION AND PRODUCTION INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Production/Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
Production (MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
55,638 |
|
|
44,883 |
|
|
10,755 |
|
|
109,922 |
|
|
90,188 |
|
|
19,734 |
|
West Coast |
|
479 |
|
|
487 |
|
|
(8 |
) |
|
966 |
|
|
989 |
|
|
(23 |
) |
Total Production |
|
56,117 |
|
|
45,370 |
|
|
10,747 |
|
|
110,888 |
|
|
91,177 |
|
|
19,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per Mcf) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
$ |
1.77 |
|
|
$ |
2.65 |
|
|
$ |
(0.88 |
) |
|
$ |
1.97 |
|
|
$ |
2.79 |
|
|
$ |
(0.82 |
) |
West Coast |
|
4.34 |
|
|
6.06 |
|
|
(1.72 |
) |
|
4.67 |
|
|
6.40 |
|
|
(1.73 |
) |
Weighted Average |
|
1.80 |
|
|
2.69 |
|
|
(0.89 |
) |
|
1.99 |
|
|
2.83 |
|
|
(0.84 |
) |
Weighted Average after Hedging |
|
2.12 |
|
|
2.58 |
|
|
(0.46 |
) |
|
2.22 |
|
|
2.60 |
|
|
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
Production/Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
Production (Thousands of
Barrels) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
1 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
2 |
|
|
— |
|
West Coast |
|
605 |
|
|
563 |
|
|
42 |
|
|
1,206 |
|
|
1,134 |
|
|
72 |
|
Total Production |
|
606 |
|
|
564 |
|
|
42 |
|
|
1,208 |
|
|
1,136 |
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per
Barrel) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
$ |
55.90 |
|
|
$ |
47.54 |
|
|
$ |
8.36 |
|
|
$ |
55.48 |
|
|
$ |
55.93 |
|
|
$ |
(0.45 |
) |
West Coast |
|
49.91 |
|
|
61.85 |
|
|
(11.94 |
) |
|
56.25 |
|
|
63.79 |
|
|
(7.54 |
) |
Weighted Average |
|
49.92 |
|
|
61.82 |
|
|
(11.90 |
) |
|
56.25 |
|
|
63.78 |
|
|
(7.53 |
) |
Weighted Average after Hedging |
|
58.23 |
|
|
61.01 |
|
|
(2.78 |
) |
|
60.57 |
|
|
61.36 |
|
|
(0.79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Production (MMcfe) |
|
59,753 |
|
|
48,754 |
|
|
10,999 |
|
|
118,136 |
|
|
97,993 |
|
|
20,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Performance Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
General & Administrative
Expense per Mcfe (1) |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
|
$ |
(0.06 |
) |
|
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
(0.05 |
) |
Lease Operating and
Transportation Expense per Mcfe (1)(2) |
|
$ |
0.87 |
|
|
$ |
0.94 |
|
|
$ |
(0.07 |
) |
|
$ |
0.87 |
|
|
$ |
0.90 |
|
|
$ |
(0.03 |
) |
Depreciation, Depletion &
Amortization per Mcfe (1) |
|
$ |
0.76 |
|
|
$ |
0.74 |
|
|
$ |
0.02 |
|
|
$ |
0.76 |
|
|
$ |
0.72 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
page 16 for the General and Administrative Expense, Lease Operating
and Transportation Expense and Depreciation, Depletion, and
Amortization Expense for the Exploration and Production
segment.
(2) Amounts
include transportation expense of $0.56 and $0.56 per Mcfe for the
three months ended March 31, 2020 and March 31, 2019, respectively.
Amounts include transportation expense of $0.57 and $0.55 per Mcfe
for the six months ended March 31, 2020 and March 31, 2019,
respectively.
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
EXPLORATION AND PRODUCTION INFORMATION |
|
Hedging Summary for
Remaining Six Months of Fiscal 2020 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
690,000 |
|
BBL |
|
$ |
64.55 / BBL |
NYMEX |
|
162,000 |
|
BBL |
|
$ |
50.52 / BBL |
Total |
|
852,000 |
|
BBL |
|
$ |
61.88 /
BBL |
|
|
|
|
|
|
|
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
45,700,000 |
|
MMBTU |
|
$ |
2.67 / MMBTU |
DAWN |
|
3,600,000 |
|
MMBTU |
|
$ |
3.00 / MMBTU |
Fixed Price Physical
Sales |
|
29,608,125 |
|
MMBTU |
|
$ |
2.18 / MMBTU |
Total |
|
78,908,125 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2021 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
696,000 |
|
BBL |
|
$ |
64.29 / BBL |
NYMEX |
|
156,000 |
|
BBL |
|
$ |
51.00 / BBL |
Total |
|
852,000 |
|
BBL |
|
$ |
61.86 /
BBL |
|
|
|
|
|
|
|
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
117,920,000 |
|
MMBTU |
|
$ |
2.61/ MMBTU |
DAWN |
|
600,000 |
|
MMBTU |
|
$ |
3.00 / MMBTU |
No Cost Collars |
|
25,850,000 |
|
MMBTU |
|
$ |
2.28 / MMBTU (Floor) / $2.77 /
MMBTU (Ceiling) |
Fixed Price Physical
Sales |
|
46,810,846 |
|
MMBTU |
|
$ |
2.22 / MMBTU |
Total |
|
191,180,846 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2022 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
300,000 |
|
BBL |
|
$ |
60.07 / BBL |
NYMEX |
|
156,000 |
|
BBL |
|
$ |
51.00 / BBL |
Total |
|
456,000 |
|
BBL |
|
$ |
56.97 /
BBL |
|
|
|
|
|
|
|
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
62,550,000 |
|
MMBTU |
|
$ |
2.52 / MMBTU |
No Cost Collars |
|
2,350,000 |
|
MMBTU |
|
$ |
2.28 / MMBTU (Floor) / $2.77 /
MMBTU (Ceiling) |
Fixed Price Physical
Sales |
|
40,588,964 |
|
MMBTU |
|
$ |
2.23 / MMBTU |
Total |
|
105,488,964 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2023 |
|
Volume |
|
|
Average Hedge
Price |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
17,500,000 |
|
MMBTU |
|
$ |
2.47 / MMBTU |
Fixed Price Physical
Sales |
|
36,961,007 |
|
MMBTU |
|
$ |
2.26 / MMBTU |
Total |
|
54,461,007 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2024 |
|
Volume |
|
|
Average Hedge
Price |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
1,150,000 |
|
MMBTU |
|
$ |
2.45 / MMBTU |
Fixed Price Physical
Sales |
|
20,801,194 |
|
MMBTU |
|
$ |
2.25 / MMBTU |
Total |
|
21,951,194 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2025 |
|
Volume |
|
|
Average Hedge
Price |
Fixed Price Physical
Sales |
|
2,293,200 |
|
MMBTU |
|
$ |
2.18 / MMBTU |
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline
& Storage Throughput - (millions of cubic feet -
MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
Firm Transportation -
Affiliated |
|
42,602 |
|
|
50,967 |
|
|
(8,365 |
) |
|
77,269 |
|
|
86,668 |
|
|
(9,399 |
) |
Firm Transportation -
Non-Affiliated |
|
153,197 |
|
|
148,653 |
|
|
4,544 |
|
|
327,178 |
|
|
304,855 |
|
|
22,323 |
|
Interruptible
Transportation |
|
531 |
|
|
750 |
|
|
(219 |
) |
|
1,244 |
|
|
1,665 |
|
|
(421 |
) |
|
|
196,330 |
|
|
200,370 |
|
|
(4,040 |
) |
|
405,691 |
|
|
393,188 |
|
|
12,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering Volume -
(MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
Gathered Volume -
Affiliated |
|
65,134 |
|
|
54,157 |
|
|
10,977 |
|
|
129,526 |
|
|
108,845 |
|
|
20,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility Throughput -
(MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
Retail Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential Sales |
|
26,155 |
|
|
30,906 |
|
|
(4,751 |
) |
|
45,631 |
|
|
50,686 |
|
|
(5,055 |
) |
Commercial Sales |
|
4,033 |
|
|
4,712 |
|
|
(679 |
) |
|
6,846 |
|
|
7,558 |
|
|
(712 |
) |
Industrial Sales |
|
183 |
|
|
284 |
|
|
(101 |
) |
|
400 |
|
|
488 |
|
|
(88 |
) |
|
|
30,371 |
|
|
35,902 |
|
|
(5,531 |
) |
|
52,877 |
|
|
58,732 |
|
|
(5,855 |
) |
Transportation |
|
25,157 |
|
|
28,928 |
|
|
(3,771 |
) |
|
45,712 |
|
|
51,198 |
|
|
(5,486 |
) |
|
|
55,528 |
|
|
64,830 |
|
|
(9,302 |
) |
|
98,589 |
|
|
109,930 |
|
|
(11,341 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS
COMPANYAND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
In addition to financial measures calculated in
accordance with generally accepted accounting principles (GAAP),
this press release contains information regarding Adjusted
Operating Results and Adjusted EBITDA, which are non-GAAP financial
measures. The Company believes that these non-GAAP financial
measures are useful to investors because they provide an
alternative method for assessing the Company's ongoing operating
results and for comparing the Company’s financial performance to
other companies. The Company's management uses these non-GAAP
financial measures for the same purpose, and for planning and
forecasting purposes. The presentation of non-GAAP financial
measures is not meant to be a substitute for financial measures in
accordance with GAAP.
Management defines Adjusted Operating Results as
reported GAAP earnings before items impacting comparability.
The following table reconciles National Fuel's reported GAAP
earnings to Adjusted Operating Results for the three and six months
ended March 31, 2020 and 2019:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
(in thousands except per share
amounts) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Reported GAAP
Earnings |
|
$ |
(106,068 |
) |
|
$ |
90,595 |
|
|
$ |
(19,477 |
) |
|
$ |
193,256 |
|
Items impacting comparability |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties (E&P) |
|
177,761 |
|
|
— |
|
|
177,761 |
|
|
— |
|
Tax impact of impairment of oil and gas properties |
|
(48,503 |
) |
|
— |
|
|
(48,503 |
) |
|
— |
|
Deferred tax valuation allowance |
|
56,770 |
|
|
— |
|
|
56,770 |
|
|
— |
|
Remeasurement of deferred income taxes under 2017 Tax Reform |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Mark-to-market adjustments due to hedge ineffectiveness
(E&P) |
|
— |
|
|
6,742 |
|
|
— |
|
|
237 |
|
Tax impact of mark-to-market adjustments due to hedge
ineffectiveness |
|
— |
|
|
(1,416 |
) |
|
— |
|
|
(50 |
) |
Unrealized (gain) loss on other investments (Corporate/All
Other) |
|
5,414 |
|
|
(3,831 |
) |
|
6,433 |
|
|
2,516 |
|
Tax impact of unrealized (gain) loss on other investments |
|
(1,137 |
) |
|
805 |
|
|
(1,351 |
) |
|
(528 |
) |
Adjusted Operating
Results |
|
$ |
84,237 |
|
|
$ |
92,895 |
|
|
$ |
171,633 |
|
|
$ |
190,431 |
|
|
|
|
|
|
|
|
|
|
Reported GAAP Earnings
per share |
|
$ |
(1.23 |
) |
|
$ |
1.04 |
|
|
$ |
(0.23 |
) |
|
$ |
2.23 |
|
Items impacting comparability |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties, net of tax (E&P) |
|
1.49 |
|
|
— |
|
|
1.49 |
|
|
— |
|
Deferred tax valuation allowance |
|
0.66 |
|
|
— |
|
|
0.66 |
|
|
— |
|
Remeasurement of deferred income taxes under 2017 Tax Reform |
|
— |
|
|
— |
|
|
— |
|
|
(0.06 |
) |
Mark-to-market adjustments due to hedge ineffectiveness, net of tax
(E&P) |
|
— |
|
|
0.06 |
|
|
— |
|
|
— |
|
Unrealized (gain) loss on other investments, net of tax
(Corporate/All Other) |
|
0.05 |
|
|
(0.03 |
) |
|
0.06 |
|
|
0.02 |
|
Rounding |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Adjusted Operating
Results per share |
|
$ |
0.97 |
|
|
$ |
1.07 |
|
|
$ |
1.98 |
|
|
$ |
2.20 |
|
Management defines Adjusted EBITDA as reported
GAAP earnings before the following items: interest expense,
income taxes, depreciation, depletion and amortization, other
income and deductions, impairments, and other items reflected in
operating income that impact comparability. The following
tables reconcile National Fuel's reported GAAP earnings to Adjusted
EBITDA for the three and six months ended March 31, 2020 and
2019:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
(in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Reported GAAP
Earnings |
|
$ |
(106,068 |
) |
|
$ |
90,595 |
|
|
$ |
(19,477 |
) |
|
$ |
193,256 |
|
Depreciation, Depletion and Amortization |
|
77,912 |
|
|
65,664 |
|
|
152,830 |
|
|
129,918 |
|
Other (Income) Deductions |
|
17,480 |
|
|
5,919 |
|
|
20,520 |
|
|
15,521 |
|
Interest Expense |
|
27,162 |
|
|
27,060 |
|
|
54,156 |
|
|
53,573 |
|
Income Taxes |
|
36,846 |
|
|
29,785 |
|
|
68,241 |
|
|
52,693 |
|
Mark-to-Market Adjustments due to Hedge Ineffectiveness |
|
— |
|
|
6,742 |
|
|
— |
|
|
237 |
|
Impairment of Oil and Gas Producing Properties |
|
177,761 |
|
|
— |
|
|
177,761 |
|
|
— |
|
Adjusted
EBITDA |
|
$ |
231,093 |
|
|
$ |
225,765 |
|
|
$ |
454,031 |
|
|
$ |
445,198 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment |
|
|
|
|
|
|
|
|
Pipeline and Storage Adjusted
EBITDA |
|
$ |
49,102 |
|
|
$ |
41,281 |
|
|
$ |
92,043 |
|
|
$ |
89,106 |
|
Gathering Adjusted EBITDA |
|
29,541 |
|
|
24,598 |
|
|
58,973 |
|
|
50,546 |
|
Total Midstream Businesses
Adjusted EBITDA |
|
78,643 |
|
|
65,879 |
|
|
151,016 |
|
|
139,652 |
|
Exploration and Production
Adjusted EBITDA |
|
79,846 |
|
|
83,580 |
|
|
171,947 |
|
|
173,475 |
|
Utility Adjusted EBITDA |
|
73,192 |
|
|
78,688 |
|
|
132,655 |
|
|
136,257 |
|
Corporate and All Other
Adjusted EBITDA |
|
(588 |
) |
|
(2,382 |
) |
|
(1,587 |
) |
|
(4,186 |
) |
Total Adjusted
EBITDA |
|
$ |
231,093 |
|
|
$ |
225,765 |
|
|
$ |
454,031 |
|
|
$ |
445,198 |
|
NATIONAL FUEL GAS
COMPANYAND SUBSIDIARIESNON-GAAP
FINANCIAL MEASURES SEGMENT ADJUSTED
EBITDA
|
|
Three Months Ended |
|
Six Months Ended |
|
|
March 31, |
|
March 31, |
(in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Exploration and
Production Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
(175,275 |
) |
|
$ |
21,873 |
|
|
$ |
(151,299 |
) |
|
$ |
60,087 |
|
Depreciation, Depletion and Amortization |
|
45,136 |
|
|
35,888 |
|
|
89,284 |
|
|
70,588 |
|
Other (Income) Deductions |
|
187 |
|
|
(275 |
) |
|
349 |
|
|
(554 |
) |
Interest Expense |
|
14,163 |
|
|
13,548 |
|
|
28,220 |
|
|
26,711 |
|
Income Taxes |
|
17,874 |
|
|
5,804 |
|
|
27,632 |
|
|
16,406 |
|
Mark-to-Market Adjustments due to Hedge Ineffectiveness |
|
— |
|
|
6,742 |
|
|
— |
|
|
237 |
|
Impairment of Oil and Gas Producing Properties |
|
177,761 |
|
|
— |
|
|
177,761 |
|
|
— |
|
Adjusted EBITDA |
|
$ |
79,846 |
|
|
$ |
83,580 |
|
|
$ |
171,947 |
|
|
$ |
173,475 |
|
|
|
|
|
|
|
|
|
|
Pipeline and Storage
Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
22,087 |
|
|
$ |
17,749 |
|
|
$ |
40,192 |
|
|
$ |
42,851 |
|
Depreciation, Depletion and Amortization |
|
13,356 |
|
|
11,293 |
|
|
24,960 |
|
|
22,407 |
|
Other (Income) Deductions |
|
(1,361 |
) |
|
(1,973 |
) |
|
(2,739 |
) |
|
(3,899 |
) |
Interest Expense |
|
7,152 |
|
|
7,500 |
|
|
14,264 |
|
|
14,786 |
|
Income Taxes |
|
7,868 |
|
|
6,712 |
|
|
15,366 |
|
|
12,961 |
|
Adjusted EBITDA |
|
$ |
49,102 |
|
|
$ |
41,281 |
|
|
$ |
92,043 |
|
|
$ |
89,106 |
|
|
|
|
|
|
|
|
|
|
Gathering
Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
19,898 |
|
|
$ |
12,690 |
|
|
$ |
35,842 |
|
|
$ |
26,872 |
|
Depreciation, Depletion and Amortization |
|
5,279 |
|
|
4,673 |
|
|
10,418 |
|
|
9,351 |
|
Other (Income) Deductions |
|
(18 |
) |
|
(189 |
) |
|
(14 |
) |
|
(232 |
) |
Interest Expense |
|
2,160 |
|
|
2,345 |
|
|
4,379 |
|
|
4,723 |
|
Income Taxes |
|
2,222 |
|
|
5,079 |
|
|
8,348 |
|
|
9,832 |
|
Adjusted EBITDA |
|
$ |
29,541 |
|
|
$ |
24,598 |
|
|
$ |
58,973 |
|
|
$ |
50,546 |
|
|
|
|
|
|
|
|
|
|
Utility
Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
31,499 |
|
|
$ |
35,589 |
|
|
$ |
58,082 |
|
|
$ |
61,237 |
|
Depreciation, Depletion and Amortization |
|
13,751 |
|
|
13,365 |
|
|
27,382 |
|
|
26,656 |
|
Other (Income) Deductions |
|
12,094 |
|
|
11,618 |
|
|
17,906 |
|
|
17,834 |
|
Interest Expense |
|
5,516 |
|
|
6,263 |
|
|
11,190 |
|
|
12,157 |
|
Income Taxes |
|
10,332 |
|
|
11,853 |
|
|
18,095 |
|
|
18,373 |
|
Adjusted EBITDA |
|
$ |
73,192 |
|
|
$ |
78,688 |
|
|
$ |
132,655 |
|
|
$ |
136,257 |
|
|
|
|
|
|
|
|
|
|
Corporate and All
Other |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
(4,277 |
) |
|
$ |
2,694 |
|
|
$ |
(2,294 |
) |
|
$ |
2,209 |
|
Depreciation, Depletion and Amortization |
|
390 |
|
|
445 |
|
|
786 |
|
|
916 |
|
Other (Income) Deductions |
|
6,578 |
|
|
(3,262 |
) |
|
5,018 |
|
|
2,372 |
|
Interest Expense |
|
(1,829 |
) |
|
(2,596 |
) |
|
(3,897 |
) |
|
(4,804 |
) |
Income Taxes |
|
(1,450 |
) |
|
337 |
|
|
(1,200 |
) |
|
(4,879 |
) |
Adjusted EBITDA |
|
$ |
(588 |
) |
|
$ |
(2,382 |
) |
|
$ |
(1,587 |
) |
|
$ |
(4,186 |
) |
Analyst Contact:
Kenneth E. Webster
716-857-7067
Media Contact:
Karen L. Merkel
716-857-7654
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