National Fuel Rises After Marcellus Gas Well Results
National Fuel Gas Co. (NFG), owner of utilities in Buffalo and Niagara Falls, New York, rose the most in more than 14 months after reporting company-record results from wells in the Marcellus Shale of Pennsylvania.
National Fuel, based in Williamsville, New York, climbed 4.9 percent to $53.74 at the close in New York, the biggest increase since Oct. 27, 2011.
Six gas wells completed on a pad in Pennsylvania flowed at an average of 17.8 million cubic feet per day, with five of the six having the highest peak production rates in the Marcellus for the company, according to a statement today.
The wells are among 15 it expects to have producing into its Trout Run pipeline system in Pennsylvania by the end of the month, the company said.
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