Overall production of natural gas and crude oil for the current quarter of 24.5 Bcfe increased approximately 6.3 Bcfe, or 34.4 percent, compared to the prior year’s first quarter. Production from Seneca’s Appalachia properties increased approximately 48.3 percent, mainly due to a 6.5 Bcfe, or 57.5 percent increase in production from Marcellus wells. California production of 5.0 Bcfe was consistent with the prior year’s first quarter.Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended December 31, 2012, was $4.09 per thousand cubic feet (“Mcf”), a decrease of $0.69 per Mcf compared to the prior year’s first quarter. Higher crude oil prices realized after hedging increased earnings. The weighted average oil price received by Seneca (after hedging) for the quarter ended December 31, 2012, was $96.69 per Bbl, an increase of $5.31 per Bbl.
National Fuel Reports First Quarter Earnings
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