National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the second quarter of fiscal 2012 and for the six months ended March 31, 2012.
- Earnings for the second quarter were $67.4 million or $0.81 per share. During the quarter, Seneca Resources Corporation (“Seneca”) recorded the effect of the new Pennsylvania impact fee. The fee, which applies to all Marcellus Shale wells drilled in Pennsylvania both prior to and subsequent to passage of the bill, reduced current quarter earnings by $6.4 million or $0.08 per share. Excluding the impact fee, operating results before items impacting comparability (“Operating Results”) for the second quarter of fiscal 2012 were $73.8 million or $0.89 per share.
- In the Pipeline and Storage segment, second quarter earnings increased $1.9 million, or $0.02 per share, largely driven by the impact of the Line N Expansion and Tioga County Extension projects that were placed in service during the first quarter. Also, as part of the ongoing expansion of the Company’s pipeline and gathering infrastructure, construction of National Fuel Gas Midstream Corporation’s Trout Run Gathering System is nearing completion and is expected to be in service during the third quarter of fiscal 2012.
- Seneca’s production of crude oil and natural gas in the current quarter was 18.4 billion cubic feet equivalent (“Bcfe”) compared to 18.2 Bcfe in the second quarter of 2011. Excluding 2011 production from the Gulf of Mexico assets that Seneca sold in April 2011, Seneca’s production increased approximately 18%. Appalachian production increased approximately 22% to 13.3 Bcfe, including production from the Marcellus Shale of 11.5 Bcfe. California crude oil production increased approximately 11.5%. Production for the entire 2012 fiscal year is projected to be between 81 and 90 Bcfe.
- A conference call is scheduled for Friday, May 4, 2012, at 11 a.m. Eastern Time.
David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company, stated: “The combined effects of declining natural gas prices realized by our Exploration and Production segment, and the warmest winter on record in our Utility segment’s Pennsylvania service territory, were evident in our second quarter results. Since these factors are beyond our control, our focus instead remains on the ongoing financial and operational strength of National Fuel.
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