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On April 30, 2009,
National Fuel Gas
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).
Total production declined 2.4% to 10,107 million cubic feet of natural gas equivalent (MMcfe). Total gas production decreased 11.6% to 5,151 million cubic feet (MMcf), whereas total oil production improved 9.4% to 826.00 thousands of barrels (MBbl). The weighted average oil price received by Seneca (after hedging) dropped $22.15 per barrel (Bbl) to $56.39 per Bbl. Weighted average natural gas price received by Seneca (after hedging) reduced $1.68 per thousand cubic feet (Mcf) to $7.53 per Mcf in Q2 FY08.
Recently, the company paid a regular quarterly dividend of $0.325 per share.
Looking forward to FY09, the company lowered its EPS guidance to a range of $0.95 to $1.10 per share, from its prior range of $1.10 to $1.30 per share. The company reaffirmed its total production to range between 38.00 billion cubic feet of natural gas equivalent (Bcfe) and 44.00 Bcfe.