National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the fourth quarter and fiscal year ended September 30, 2013, of $47.8 million, or $0.57 per share, and $260.0 million, or $3.08 per share, respectively. Consolidated earnings before items impacting comparability (“Operating Results”) for the fourth quarter and fiscal year ended September 30, 2013, were $52.5 million, or $0.63 per share, and $264.9 million, or $3.14 per share, respectively.
- Operating Results for the fourth quarter of fiscal 2013 of $52.5 million, or $0.63 per share, increased $16.5 million, or $0.20 per share, from the prior year’s fourth quarter due to higher Operating Results in the Upstream and Midstream businesses.
- Operating Results for the fiscal year of $264.9 million, or $3.14 per share, increased $53.6 million, or $0.61 per share, compared to the prior fiscal year due to higher Operating Results across all businesses.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) for fiscal 2013 were $852.1 million compared to $704.1 million for the prior year, an increase of 21%.
- In the Pipeline and Storage segment, Operating Results for the fiscal year of $63.2 million, or $0.75 per share, increased 32% compared to the prior year. The increase is largely driven by higher revenues from contracts with non-affiliated shippers to transport gas through the Northern Access and Line N 2012 Expansion pipeline projects that were placed in service in the first quarter.
- Seneca Resources Corporation’s (“Seneca”) fourth quarter production of natural gas and crude oil was 33.2 billion cubic feet equivalent (“Bcfe”), an increase of 8.7 Bcfe or approximately 35%. Total production for fiscal 2013 increased 45% to 120.7 Bcfe, an increase of 37.3 Bcfe.
- Seneca’s total reserves at September 30, 2013, were 1,549 Bcfe, an increase of 303 Bcfe or 24%. Seneca replaced 351% of fiscal 2013 production.
- A conference call is scheduled for Friday, November 8, 2013, at 11 a.m. Eastern Time.
Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: “The fourth quarter topped off another great fiscal year for National Fuel. While operations in all of our business units improved, Seneca’s exploration and production results were particularly impressive. Seneca had a 57 percent increase in natural gas production over the prior year, and increased its total proved reserves by 24 percent. At the same time, we saw terrific success from our delineation efforts in our legacy Marcellus acreage within the Western Development Area in Pennsylvania. Our team has done a remarkable job evaluating and understanding this acreage, and as a result, we believe we have the opportunity to drill as many as 2,000 future well locations across this acreage.