National Fuel Gas Posts Plunging Earnings

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On April 30, 2009, National Fuel Gas(NFG Quote) reported that its net income plunged 22.7% in Q2 FY09 to $73.48 million from $95.00 million, hurt by lower average commodity prices realized in the Exploration and Production segment. On a per share basis, earnings dropped 17.1% to $0.92 per share from $1.11 per share. Excluding one-time items, operating earnings were $73.48 million or $0.92 per share, which beat the consensus estimate of $0.90 per share.

Total operating revenue declined 9.2% to $804.65 million from $885.85 million. Exploration and Production operating revenues plunged 24.1% to $87.08 million, due to lower production. The Utility and Energy Marketing segment's operating revenue slipped 4.0% and 14.5% to $507.86 million and $163.55 million, respectively. All other segments revenues declined 40.7% to $13.12 million from $22.14 million a year ago. Moreover, Pipeline and Storage segment's total operating revenue rose 3.8% to $61.00 million, helped by 9.4% increase in throughput to 134,728 millions of cubic feet (MMcf). ...