Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2012, was $4.27 per Mcf, a decrease of $1.12 per Mcf. Higher crude oil prices realized after hedging increased earnings. The weighted average crude oil price received by Seneca (after hedging) for the fiscal year ended September 30, 2012, was $90.88 per Bbl, an increase of $9.75 per Bbl.Depletion, LOE and general and administrative expenses (“G&A”) for the fiscal year ended September 30, 2012, increased compared to the prior fiscal year due primarily to the higher production activity discussed above. On a per unit basis, depletion increased $0.08 per Mcfe, LOE decreased $0.08 per Mcfe and G&A decreased $0.08 per Mcfe. Operating results were also reduced by higher interest expense, due to a higher outstanding debt balance and higher state income taxes.
National Fuel Reports 2012 Earnings
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