- Earnings for the first quarter of fiscal 2013 of $67.9 million, or $0.81 per share, increased $7.2 million, or $0.08 per share, compared to $60.7 million, or $0.73 per share, for the prior year’s first quarter. The increase is mainly due to higher earnings in the Utility segment, the Pipeline and Storage segment, and the All Other category.
- Seneca Resources Corporation’s (“Seneca”) first quarter production of crude oil and natural gas increased 6.3 billion cubic feet equivalent (“Bcfe”), or approximately 34%, to 24.5 Bcfe. Appalachian production increased approximately 48% to 19.5 Bcfe, including production from the Marcellus Shale of 17.8 Bcfe.
- In the current year’s first quarter, Seneca recorded a $3.7 million (pre-tax) charge related to the termination of a drilling rig contract. Seneca continues to operate three horizontal drilling rigs in Appalachia. Excluding this charge, Seneca’s first quarter earnings were down only $1.2 million, or $0.01 per share, despite realized natural gas prices that were 14% lower than the prior year’s first quarter.
- In the Pipeline and Storage segment, first quarter earnings of $16.9 million, or $0.20 per share, increased 70% compared to the prior year’s first quarter. The increase is largely driven by increased gas flows through the Northern Access and Line N 2012 Expansion pipeline projects that were placed in service in the first quarter.
- The Company is revising its GAAP earnings guidance range for fiscal 2013 to a range of $2.75 to $3.00 per share. The previous earnings guidance had been a range of $2.65 to $2.95 per share. This revised guidance assumes flat NYMEX equivalent pricing of $3.50 per Million British Thermal Units (“MMBtu”) for natural gas (Henry Hub) and $85 per barrel (“Bbl”) for crude oil (West Texas Intermediate) for unhedged production for the remainder of the fiscal year. Production for the entire 2013 fiscal year is projected to be between 102 to 112 Bcfe. The previous guidance for projected production was between 95 and 107 Bcfe.
- A conference call is scheduled for Friday, February 8, 2013, at 11 a.m. Eastern Standard Time.
National Fuel Reports First Quarter Earnings
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