It works and we know everybody doesn’t agree with this model but we see the advantage of it on a day to day basis. You know, how these subsidiaries work together to strengthen each other, to help each other. I mean, neither just some examples from an operations perspective where the pipeline to storage network, they did bring assets, and more importantly the capabilities in those arenas, greatly if Seneca can bring its production to market. You know, we have a very few wells shut in because of lack of infrastructure and as many of you know, that’s not typical when the Marcellus. And that’s because we’re able to work together with our subsidiaries.NFR, our gas marketing company, which by the way, it doesn’t really speculate at all, the kind of market around that sense, it packs everything up. It sells gas to retail customers and pass that up. Our gas marketer, our utility, our two are two of the largest customers on our pipeline to storage system, in capacity and in storage. But perhaps, more importantly it’s the shared resources. I mean, we share facilities, we share rights away, we share systems, we share employees and allocate them across the subsidiaries. And this provides us with a terrific efficiency and an advantage, not only for our shareholders to company, our National Fuel Gas Company but for our customers as well. And there are numerous financial benefits to the model, we think that this diversity of earnings, this mix has allowed us to outperform, markets outperform our peers over the long term. In large part, it’s due to the mix of the regulated earnings which are very predictable, not commodity sensitive we pretty much know what we’re going to get on the regulated side. That provides some downside protection, but that mix with the opportunistic, upside opportunity, particularly in E&P, we think has helped us in the long run.
National Fuel Gas Analyst Day - Transcript
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