For the quarter ended September 30, 2012, the Corporate and All Other category had a loss of $3.7 million, or $0.04 per share, compared to a loss of $1.4 million, or $0.02 per share, in the prior year’s fourth quarter. The increased loss is mainly due to higher income taxes, lower income from unconsolidated subsidiaries and higher Corporate operating expenses. Higher earnings from Midstream’s pipeline gathering and natural gas processing operations partially offset the higher loss.
Earnings in the Corporate and All Other category for the fiscal year ended September 30, 2012, were $0.3 million, or $0.01 per share, a decrease of $30.4 million, or $0.35 per share, when compared to the earnings for the fiscal year ended September 30, 2011. The comparability of the results for the fiscal years ended September 30, 2012, and September 30, 2011, was impacted by a $31.4 million gain realized on the February 2011 Horizon Power, Inc. sale of its interest in certain entities that owned electric generation assets powered by landfill gas.
Excluding this item, Operating Results of $0.3 million, or $0.01 per share, for the fiscal year ended September 30, 2012, increased from a loss of $0.7 million or $0.02 per share in the prior fiscal year. The increase in Operating Results is mainly due to higher earnings from Midstream’s pipeline gathering and natural gas processing operations.
EARNINGS GUIDANCEThe Company is increasing its GAAP earnings guidance for fiscal 2013 to a range of $2.65 to $2.95 per share (the previous range had been $2.45 to $2.75). This updated guidance reflects Seneca’s updated production forecast for fiscal 2013, which is now a range of 95 to 107 Bcfe (the previous range had been 92 to 105 Bcfe), and an assumed flat NYMEX price of $3.50 per MMBTU for natural gas and $85 per Bbl for crude oil. It also assumes Seneca’s per unit DD&A expense is in a range of $2.10 to $2.25 per Mcfe (the previous range had been $2.30 to $2.40).
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