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National Fuel Gas' CEO Discusses F2Q12 Results - Earnings Call Transcript

In the E&P segment, excluding the impact of last year's sale of our offshore Gulf of Mexico properties, Seneca's consolidated production grew by 18%. In the East, Seneca's natural gas production increased by 2.4 BCF or 22%. So that's an impressive rate of increase, it actually understates what could have been produced.

As we announced at the end of March, low spot natural gas prices from the Tennessee 300 line led us to curtail an average at 15 million a day of production into the Covington Gathering System for most of the month. That impacts the production for the quarter by more than 4/10ths of the BCF.

Looking forward to the third quarter, we expect the significant jump in production, when we bring on our first four wells at Tract 100. That production will be delivered by our Trout Run System into the Transco System to the south where pricing in stronger. In addition should gas prices rise, we have the ability to immediately resume full production in the Tennessee 300 line.

In California, crude oil production was up 11.5% from their prior year, largely due to our drilling programs at South Midway-Sunset, which as you know we acquired from Ivanhoe in 2009 and [SSP]. Our California folks continue to do a great job and at these oil prices we'll look to be as aggressive as we can with our development program in Pennsylvania and California.

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