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National Fuel Gas Analyst Day - Transcript

And, you know, I’ve talked about the pipeline and storage, and how that works together from Seneca’s perspective because of the rates in the pipeline and storage and Midstream perspective, because they know they have a good customer. If Seneca hand up for capacity, they can put the pipe in, and they know they can put the pipe in. And perhaps most importantly this mix, this diversity has really allowed us to have a low cost to capital for all of our company and that’s very helpful for our growing companies in particular.

So, let’s see just some of the advantages, needless to say, we like the model and more committed to it moving forward. As I said, we’ll spend most of our time and these speakers will moving forward. I just want to take a few moments to talk about the joint venture process that we just went through and really why we’re just starting up and move forward with this. There were a variety of considerations involved obviously, potentially a very large deal and it was certainly a very large deal and it was certainly a very large National Fuel Gas Company and we have a number of moving parts, all of those were important and these are some of the most important up here and, you know, that it concludes the price, the carrier, the operational control, who was going to control the operations, that was very important to National Fuel Gas. It didn’t include Utica if it did it, with the Utica excluded. The footprint, what was beside across what acreage position, it wasn’t across all the acreage, it wasn’t across the portion of the acreage. And what we call risk allocation, and that could include a lot of things. But in particular, there were just a lot of discussions about exit graphs. And we wanted to make sure that any joint venture partner was equally sharing the risk with National Fuel Gas.

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