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Last $53.44 USD
Change Today -0.52 / -0.96%
Volume 61.3K
NFG On Other Exchanges
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As of 10:38 AM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

national fuel gas co (NFG) Key Developments

National Fuel Gas Company Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended June 30, 2015; Revises Earnings Guidance for the Full Year of 2015; Provides Earnings Guidance for the Full Year of 2016

National Fuel Gas Company announced unaudited consolidated earnings and production results for the third quarter and nine months ended June 30, 2015. For the quarter, the company reported operating revenues of $339,815,000 compared to $440,144,000 a year ago. Operating loss was $489,214,000 compared to operating income of $127,013,000 a year ago. Loss before income taxes was $510,041,000 compared to income before income taxes of $105,627,000 a year ago. Net loss available for common stock was $293,134,000 or $3.44 per diluted share compared to net income available for common stock of $64,520,000 or $0.76 per diluted share a year ago. Adjusted EBITDA was $179,363,000 compared to $219,661,000 a year ago. The decrease in net result was mainly due to lower earnings in the Exploration and Production segment, largely due to a $339.8 million non-cash charge to write down the value of Seneca Resources Corporation's oil and natural gas reserves. Excluding Seneca's writedown and other items impacting comparability, consolidated earnings before items impacting comparability (Operating Results) for the third quarter were $46.7 million, or $0.55 per share, compared to $61.8 million, or $0.73 per share, in the prior year's third quarter. For the nine months, the company reported operating revenues of $1,459,851,000 compared to $1,746,458,000 a year ago. Operating loss was $284,321,000 compared to operating income of $467,669,000 a year ago. Loss before income taxes was $348,334,000 compared to income before income taxes of $404,610,000 a year ago. Net loss available for common stock was $191,724,000 or $2.25 per diluted share compared to net income available for common stock of $241,983,000 or $2.85 per diluted share a year ago. Net cash provided by operating activities was $712,636,000 compared to $725,569,000 a year ago. Capital expenditures were $718,965,000 compared to $609,427,000 a year ago. Adjusted EBITDA was $690,037,000 compared to $748,407,000 a year ago. The decrease in net result mainly due to lower earnings in the Exploration and Production segment, largely due to $409.3 million of non-cash charges to write down the value of Seneca's oil and natural gas reserves. Operating Results for the nine months ended June 30, 2015, were $217.6 million, or $2.55 per share, compared to $241.9 million, or $2.86 per share, in the same period of the prior year. For the quarter, the company reported gas production of 31,637 MMcf compared to 35,874 MMcf a year ago. Oil production was 759,000 Barrels compared to 783,000 Barrels a year ago. Total production was 36,191 Mmcfe compared to 40,572 Mmcfe a year ago. For the quarter, the company reported gas production of 106,596 MMcf compared to 101,043 MMcf a year ago. Oil production was 2,256,000 Barrels compared to 2,253,000 Barrels a year ago. Total production was 120,132 Mmcfe compared to 114,561 Mmcfe a year ago. The company is updating and narrowing its earnings guidance range for fiscal 2015 to a range of $2.90 to $3.00 per share exclusive of any ceiling test impairment charges. The previous earnings guidance had been a range of $2.75 to $2.90 per share. This guidance reflects actual third quarter results, forecast oil and gas production for fiscal 2015 of 155 to 160 Bcfe (previous guidance range was 155 to 175 Bcfe), a full year DD&A rate for the Company's Exploration and Production segment of $1.55 per Mcfe (previous range of $1.55 to $1.65 per Mcfe), firm sales and hedges currently in place, and a flat NYMEX price of $2.75 per MMBtu for natural gas and $50 per Bbl for crude oil for unhedged production for the remainder of the fiscal year. At the midpoint, the decrease in production is attributable to price related curtailments experienced during the third quarter and an assumption that the Company does not sell any natural gas production in the spot market during the fourth quarter. The company's preliminary earnings guidance for fiscal 2016 is in the range of $3.00 to $3.30 per share, exclusive of any ceiling test impairment charges.

National Fuel Gas Company, Q3 2015 Earnings Call, Aug 07, 2015

National Fuel Gas Company, Q3 2015 Earnings Call, Aug 07, 2015

National Fuel Gas Company Elects Joseph N. Jaggers as New Director for Corporate Board

Members of the National Fuel Gas Company Board of Directors elected Joseph N. Jaggers as a new director. His term began on June 11. Joseph N. Jaggers is President, Chief Executive Officer and Chairman of Jagged Peak Energy LLC.

National Fuel Gas Company Increases Dividend Rate for 45th Consecutive Year, Payable on July 15, 2015

National Fuel Gas Company announced that the Board of Directors approved a 2.6% increase in the dividend on the company’s common stock, raising the quarterly rate from 38.5 cents per share as approved in June 2014 to 39.5 cents per share for an annual rate of $1.58 per share. This dividend is payable on July 15, 2015, to shareholders of record at the close of business on June 30, 2015.

National Fuel Gas Company Reports Unaudited Earnings and Operating Results for the Second Quarter and Six Months Ended March 31, 2015; Revises Earnings Guidance and Provides Capital Expenditure Guidance for the Year 2015; Provides Capital Expenditure Guidance for the Year 2016

National Fuel Gas Company reported unaudited earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company reported operating revenues of $596,127,000 against $756,242,000 a year ago. Operating income was $44,331,000 against $180,075,000 a year ago. Income before income taxes was $21,805,000 against $161,306,000 a year ago. Net income available for common stock was $16,669,000 against $95,211,000 a year ago. Diluted earnings per share were $0.20 against $1.12 per share a year ago. Adjusted EBITDA was $247,366,000 against $273,811,000 a year ago. For the six months, the company reported operating revenues of $1,120,036,000 against $1,306,314,000 a year ago. Operating income was $204,893,000 against $340,655,000 a year ago. Income before income taxes was $161,705,000 against $298,983,000 a year ago. Net income available for common stock was $101,409,000 against $177,463,000 a year ago. Diluted earnings per share were $1.19 against $2.09 per share a year ago. Net cash provided by operating activities was $507,502,000 against $503,236,000 a year ago. Capital expenditure was $493,341,000 against $367,393,000 a year ago. Adjusted EBITDA was $510,674,000 against $528,746,000 a year ago. For the quarter, total production was 35,743 Mmcfe against 36,861 Mmcfe a year ago. For the six months, total production was 83,940 Mmcfe against 73,989 Mmcfe a year ago. For the year 2015, the company expects its earnings guidance range for fiscal 2015 to a range of $2.75 to $2.90 per share exclusive of any ceiling test impairment charges. The previous earnings guidance had been a range of $2.65 to $2.90 per share. Capital spending for fiscal 2015 is expected to be in the range of $990 million to $1.155 billion, unchanged from previous guidance. For fiscal 2016, CapEx forecast is $400 million to $475 million, a 20% reduction as compared to fiscal 2015.

 

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