National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the third quarter of fiscal 2013 and for the nine months ended June 30, 2013.
- Earnings for the third quarter of fiscal 2013 of $58.5 million, or $0.69 per share, increased $15.3 million, or $0.17 per share, compared to $43.2 million, or $0.52 per share, for the prior year’s third quarter. The increase is due to higher earnings across all segments.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) for the third quarter of fiscal 2013 were $215.1 million compared to $164.5 million for the prior year’s third quarter, an increase of 31%.
- Seneca Resources Corporation’s (“Seneca”) third quarter production of natural gas and crude oil was 34.1 billion cubic feet equivalent (“Bcfe”), an increase of 11.9 Bcfe or approximately 54%.
- The Company is updating and narrowing its GAAP earnings guidance range for fiscal 2013 to a range of $3.00 to $3.10 per share. The previous earnings guidance had been a range of $2.95 to $3.10 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 $100 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 118 and 124 Bcfe. The previous guidance for projected production was between 110 and 118 Bcfe.
- The Company’s preliminary GAAP earnings guidance for fiscal 2014 is in the range of $3.05 to $3.30 per share. The 2014 preliminary guidance includes oil and gas production for the Exploration and Production segment in the range of 134 to 146 Bcfe and is based on an assumed flat NYMEX price of $4.00 per MMBtu for natural gas and $90 per Bbl for oil.
- A conference call is scheduled for Friday, August 9, 2013, at 11 a.m. Eastern Standard Time.
Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: “The third quarter was another strong quarter for National Fuel. All of our business segments delivered impressive operating results, which translated into a 35 percent increase in consolidated quarterly earnings.
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