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Share Name | Share Symbol | Market | Type |
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National Fuel Gas Co | NYSE:NFG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.44 | -0.78% | 56.25 | 57.72 | 56.78 | 57.00 | 706,302 | 22:34:09 |
National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the three months and fiscal year ended September 30, 2017.
FISCAL 2017 FOURTH QUARTER SUMMARY
FISCAL 2017 HIGHLIGHTS
OPERATING RESULTS
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 2017 2016 Reported GAAP earnings (loss) $ 45,577 $ 37,553 $ 283,482 $ (290,958 ) Items impacting comparability: Impairment of oil and gas properties (E&P) 32,756 948,307 Tax impact of impairment of oil and gas properties (13,757 ) (398,287 ) Joint development agreement professional fees (E&P) 7,855 Tax impact of joint development agreement professional fees (3,299 ) Operating results $ 45,577 $ 56,552 $ 283,482 $ 263,618 Reported GAAP earnings (loss) per share $ 0.53 $ 0.44 $ 3.30 $ (3.43 ) Items impacting comparability: Impairment of oil and gas properties (E&P) 0.38 11.18 Tax impact of impairment of oil and gas properties (0.16 ) (4.69 ) Joint development agreement professional fees (E&P) 0.09 Tax impact of joint development agreement professional fees (0.04 ) Earnings per share impact of diluted shares (0.02 ) Operating results per diluted share $ 0.53 $ 0.66 $ 3.30 $ 3.09MANAGEMENT COMMENTS
Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel ended its 2017 fiscal year on a strong note. Our Exploration and Production segment continues to make progress in the appraisal and optimization of our Utica shale potential. Utica well completions helped drive the 17 percent increase in our proved reserves while lowering our finding and development costs in Appalachia to $0.51 per Mcf. Our Gathering segment meanwhile capped-off an outstanding year that saw its earnings grow by 32 percent. In spite of commodity price volatility and regulatory challenges, the Company generated positive free cash flow for the second consecutive year, which allowed us to continue to grow our dividend, maintain the safety and reliability of our pipeline systems, and position our upstream and midstream businesses for the next leg of growth in Appalachia.
“As we enter 2018, we are optimistic that the ongoing build-out of pipeline infrastructure in the region will help local pricing and provide a tailwind while we continue to work through the regulatory process with our Northern Access project. In any event, just as we have always done, we will continue to manage our business in a way that minimizes the risk to our earnings and cash flows, maintains a strong balance sheet to preserve financial flexibility as opportunities in the market arise, and prioritizes economic returns that add long-term value for our shareholders.”
DISCUSSION OF RESULTS BY SEGMENT
The following discussion of the earnings of each segment is summarized in a tabular form on pages 9 through 12 of this report. It may be helpful to refer to those tables while reviewing this discussion. Note that management defines operating results as reported GAAP earnings before items impacting comparability and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, interest and other income, impairments, and items impacting comparability.
Upstream Business
Exploration and Production Segment
The Exploration and Production segment operations are carried out by Seneca Resources Corporation ("Seneca"). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 Variance 2017 2016 Variance Net Income / (Loss) $ 30,354 $ 16,744 $ 13,610 $ 129,326 $ (452,842 ) $ 582,168 Net Income / (Loss) Per Share (Diluted) $ 0.35 $ 0.20 $ 0.15 $ 1.50 $ (5.34 ) $ 6.84 Adjusted EBITDA $ 75,303 $ 95,157 $ (19,854 ) $ 360,979 $ 363,830 $ (2,851 )The $13.6 million increase in the Exploration and Production segment’s fourth quarter earnings was primarily attributable to the non-recurrence of a $32.8 million ($19.0 million after-tax) ceiling test impairment charge recorded to reduce the book value of Seneca’s oil and gas properties in the prior year. Excluding the impairment charge, results for the segment declined $5.4 million, or $0.07 per share, as the impact of higher net production and the benefit of a lower effective income tax rate was more than offset by a decline in realized natural gas and oil prices, an increase in lease operating and transportation (“LOE”) expense, and higher other operating expenses.
Seneca’s fourth quarter net production was 40.4 billion cubic feet equivalent (“Bcfe”), an increase of 0.5 Bcfe, or 1 percent, from the prior year. Net natural gas production increased 0.8 Bcf, or 2 percent, due to significantly reduced price-related curtailments across Seneca’s Appalachian producing areas and higher production in the Western Development Area (“WDA”) from new wells completed and brought online during the year, partially offset by natural declines from Marcellus locations in the Eastern Development Area (“EDA”). As a result of depressed local daily spot prices in Pennsylvania, Seneca voluntarily curtailed an estimated 2.5 Bcf of net natural gas production in the fourth quarter, which was down from an estimated 6.2 Bcf of curtailments in the prior year. Seneca’s oil production decreased 49 thousand barrels ("Mbbl") due mainly to a reduction in well workover activity in prior quarters and modifications to steaming operations at its North Midway Sunset field in California.
Seneca's average realized natural gas price, after the impact of hedging and all marketing and transportation costs, was $2.91 per thousand cubic feet ("Mcf"), a decrease of $0.18 per Mcf from the prior year. Seneca's average realized oil price, after the impact of hedging, was $54.77 per barrel ("Bbl"), a decrease of $5.24 per Bbl. The decline in Seneca’s realized natural gas and oil prices is primarily attributable to the expiration of physical firm sales and financial hedge contracts over the past 12 months that had favorable pricing relative to current market prices and hedge book. Seneca's average realized natural gas and oil prices benefited from an uplift of $0.47 per Mcf and $7.33 per Bbl, respectively, from financial hedges settled during the quarter.
LOE increased $4.6 million, or $0.10 per Mcf equivalent ("Mcfe") on a cost per unit of production basis, due primarily to an increase in well workover and repair activities as well as higher steam volumes at North Midway Sunset in California. The elevated activities are expected to arrest, and in some cases reverse, natural field production declines in fiscal 2018. LOE expense in California is projected to return to normal levels over the next few quarters. Other operating expenses increased $2.9 million versus the prior year due mainly to a one-time payment made to reimburse a third-party pipeline operator for development costs on a project that Seneca has future contracted firm transportation capacity. Seneca will recoup the full amount of the payment when facilities are ultimately constructed.
A decrease in Seneca’s effective tax rate increased the segment’s earnings by $7.2 million in the fourth quarter. This decrease was largely due to an anticipated increase in the sale of future natural gas production at delivery points in the southeastern U.S. utilizing firm transportation capacity on the Atlantic Sunrise project, which decreased the effective tax rate used in the calculation of Seneca’s deferred taxes. Seneca holds approximately 190 million cubic feet ("MMcf") per day of capacity on Atlantic Sunrise, which commenced construction during the fourth quarter and is expected to be in-service before the end of the Company’s 2018 fiscal year.
For fiscal 2017, the $582.2 million increase in the Exploration and Production segment’s earnings was primarily attributable to the non-recurrence of two items that reduced earnings in the prior year. In fiscal 2016, Seneca recorded a $948.3 million ($550.0 million after-tax) ceiling test impairment charge to reduce the book value of Seneca’s oil and gas properties. Seneca also incurred $7.9 million ($4.6 million after-tax) in the prior year for professional and legal expenses related to the joint development agreement ("JDA") to develop certain Marcellus wells. Excluding these items, annual results for the segment improved $27.6 million, or $0.31 per share, due primarily to the impact of higher net production, lower general and administrative ("G&A") and depreciation, depletion and amortization (“DD&A”) expenses, and the benefit of a lower effective income tax rate, partially offset by a decline in realized natural gas and oil prices.
Seneca generated net production of 173.5 Bcfe in fiscal 2017, an increase of 12.4 Bcfe, or 8 percent, versus the prior year and the highest annual output in the Company’s history. Seneca's average realized natural gas and oil prices, after the impact of hedging and all marketing and transportation costs, were $2.95 per Mcf and $53.87 Bbl, respectively, a decrease of $0.07 per Mcf and $4.04 per Bbl from fiscal 2016.
G&A expense, excluding the joint development agreement costs, declined $4.0 million, or $0.05 per Mcfe, due to lower personnel costs. DD&A expense decreased $27.4 million as the decline in Seneca’s full cost pool depletion rate more than offset the impact of higher production. Seneca’s per unit DD&A decreased by $0.22 per Mcfe to $0.65 per Mcfe due mainly to a lower depletable fixed asset balance resulting from the ceiling test impairment charges recorded in fiscal 2016. LOE expense increased by $12.1 million in fiscal 2017, in-line with production growth, resulting in per unit LOE expense holding flat versus the prior year at $0.96 per Mcfe.
A decrease in Seneca’s effective tax rate increased the segment’s earnings by $10.6 million in fiscal 2017. The decrease in the effective tax rate was due mostly to the impact on deferred taxes of Seneca's Atlantic Sunrise capacity discussed above, as well as an enhanced oil recovery tax credit related to Seneca’s California properties. This credit was applicable this year as a result of relatively low domestic crude oil prices.
Year End Proved Reserves
Seneca’s total proved natural gas and crude oil reserves at September 30, 2017 increased 17 percent to 2,154 Bcfe from 1,849 Bcfe at September 30, 2016. In fiscal 2017, Seneca recorded 391 Bcfe of proved reserve extensions and discoveries, primarily from Utica and Marcellus locations in Appalachia, and 111 Bcfe of net positive revisions, due mainly to higher natural gas and oil prices during the year. Seneca sold 22 Bcfe of proved reserves associated with 16 Marcellus and Utica wells located in non-core areas of the WDA during the fiscal year. The Company’s total proved reserve base is now 92 percent natural gas and 8 percent crude oil. Seneca’s total proved undeveloped reserves (“PUDs”) at the end of fiscal 2017 were 612 Bcfe, or 28 percent of total proved reserves.
Adjusting for sales and revisions, Seneca replaced 225 percent of its production in fiscal 2017, up from the 117 percent reserve replacement achieved in fiscal 2016. The year over year improvement was due mainly to the success of Seneca’s Utica Shale appraisal program in the WDA, increased development activity in the EDA where Seneca added a rig this past May, and the general shift to developing more 100 percent working interest wells in the WDA as activity on JDA locations is set to conclude in fiscal 2018.
Seneca’s consolidated finding and development (“F&D”) cost, excluding the impact of positive revisions that were largely related to an increase in natural gas and oil prices, was $0.60 per Mcfe in fiscal 2017, driven primarily by Utica and Marcellus shale extensions and discoveries that achieved a drill-bit F&D cost of $0.51 per Mcfe in Appalachia. The Company’s three-year average consolidated F&D cost was $0.98 per Mcfe, down $0.34 per Mcfe from the three-year average of $1.32 per Mcfe at the end of fiscal 2016.
Midstream Businesses
Pipeline and Storage Segment
The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 Variance 2017 2016 Variance Net Income / (Loss) $ 13,791 $ 16,816 $ (3,025 ) $ 68,446 $ 76,610 $ (8,164 ) Net Income / (Loss) Per Share (Diluted) $ 0.16 $ 0.20 $ (0.04 ) $ 0.80 $ 0.90 $ (0.10 ) Adjusted EBITDA $ 39,049 $ 46,517 $ (7,468 ) $ 180,328 $ 199,446 $ (19,118 )The $3.0 million decrease in the Pipeline and Storage segment's fourth quarter earnings was primarily due to a decline in operating revenues and higher Operation and Maintenance (“O&M”) expense, offset partially by the impact of a lower effective income tax rate. Operating revenues decreased $3.7 million due to the scheduled reduction in Supply Corporation and Empire’s transportation rates that went into effect during the first quarter of fiscal 2017 resulting from their respective rate case settlements, lower reservation revenues resulting from recent contract terminations and restructurings, and a decline in short-term interruptible transportation service in the current quarter. O&M expense increased $3.4 million due mostly to costs associated with the overhaul of two compressor facilities and an increase in the reserve for preliminary engineering costs on projects in development.
The Pipeline and Storage segment’s fiscal 2017 earnings decreased $8.2 million from the prior year as lower operating revenues and higher O&M expenses were only partially offset by a decrease in DD&A expense and the impact of a lower effective income tax rate. Similar to the fourth quarter, operating revenues were negatively impacted by scheduled rate reductions related to Supply and Empire’s rate case settlements, as well as contract terminations and restructurings and lower demand for short-term interruptible transportation service. The increase in O&M expense was primarily due to higher personnel costs and an increase in compressor station maintenance expenses. DD&A expense decreased primarily due to Empire’s rate case settlement, which lowered the subsidiary’s depreciation rate.
Gathering Segment
The Gathering segment’s operations are carried out by National Fuel Gas Midstream Corporation’s subsidiary limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region which currently delivers Seneca’s gross Appalachian production to the interstate pipeline system.
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 Variance 2017 2016 Variance Net Income / (Loss) $ 9,003 $ 8,537 $ 466 $ 40,377 $ 30,499 $ 9,878 Net Income / (Loss) Per Share (Diluted) $ 0.10 $ 0.10 $ — $ 0.47 $ 0.36 $ 0.11 Adjusted EBITDA $ 21,206 $ 20,963 $ 243 $ 94,380 $ 78,685 $ 15,695The Gathering segment’s fourth quarter earnings increased 5 percent versus the prior year due to higher operating revenues and a lower effective tax rate, partially offset by higher operating expenses. Operating revenues increased $1.4 million, or 6 percent, from the prior year due mostly to higher throughput. The Company transported 44.9 Bcf on its gathering systems in the fourth quarter, an increase of 2.3 Bcf, or 5 percent, from the prior year. O&M expense increased $1.3 million due to higher personnel costs and expenses associated with operating new gathering and compression assets placed in service during the past year.
The Gathering segment’s fiscal 2017 earnings increased $9.9 million, or 32 percent, versus the prior year due mainly to higher operating revenues, offset slightly by higher O&M and DD&A expenses. The growth in Seneca’s gross natural gas production in Appalachia, which includes production from Marcellus joint development locations, helped drive a 20 percent increase in throughput across the Company’s gathering systems during the year. O&M expense increased $2.8 million due to higher personnel and contract labor costs associated with the continued growth of the segment. DD&A expense increased due to higher gross plant in service during the year.
Downstream Businesses
Utility Segment
The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 Variance 2017 2016 Variance Net Income / (Loss) $ (4,168 ) $ (1,784 ) $ (2,384 ) $ 46,935 $ 50,960 $ (4,025 ) Net Income / (Loss) Per Share (Diluted) $ (0.05 ) $ (0.02 ) $ (0.03 ) $ 0.55 $ 0.60 $ (0.05 ) Adjusted EBITDA $ 11,846 $ 10,400 $ 1,446 $ 151,078 $ 148,683 $ 2,395The Utility segment’s fourth quarter net loss increased $2.4 million from the prior year as an improvement in the segment’s operating loss was more than offset by higher interest expense, lower interest and other income, and the impact of a lower income tax benefit. The $1.5 million improvement in Distribution’s operating loss was largely attributable to the impact of new customer rates in Distribution’s New York service territory that went into effect following the rate case order issued in April as well as lower O&M expense. The decrease in interest and other income was primarily due to lower accrued interest income on regulatory reserve accounts, while interest expense was negatively impacted by a non-recurring regulatory adjustment that was recorded in the prior year.
For fiscal 2017, the Utility segment’s earnings decreased $4.0 million as higher utility margin (operating revenues less purchased gas costs) was more than offset by an increase in O&M, DD&A, and interest expenses and a decrease in interest and other income. Utility margin increased $9.2 million due mainly to an increase in normalized customer usage, the benefit of new customer rates in New York, and the impact of regulatory adjustments. O&M expense increased $6.1 million due mainly to higher personnel costs. DD&A expense increased $4.0 million due to higher average plant balances during the year, which was primarily driven by the replacement of Distribution’s customer information system that was placed in service in May of fiscal 2016.
Energy Marketing Segment
The Energy Marketing segment's operations are carried out by National Fuel Resources, Inc. (“NFR”). NFR markets natural gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas to its customers.
Three Months Ended Fiscal Year Ended September 30, September 30, (in thousands except per share amounts) 2017 2016 Variance 2017 2016 Variance Net Income / (Loss) $ (614 ) $ 231 $ (845 ) $ 1,509 $ 4,348 $ (2,839 ) Net Income / (Loss) Per Share (Diluted) $ (0.01 ) $ — $ (0.01 ) $ 0.02 $ 0.05 $ (0.03 ) Adjusted EBITDA $ (1,134 ) $ 87 $ (1,221 ) $ 2,080 $ 6,655 $ (4,575 )The Energy Marketing segment's fourth quarter earnings decreased slightly versus the prior year, resulting in a net loss of $0.6 million, or $0.01 per share. For fiscal 2017, the $2.8 million decline in the Energy Marketing segment’s earnings was due largely to lower customer margins. NFR’s customer margins were negatively impacted by stronger natural gas prices at local purchase points relative to NYMEX-based customer sales contracts during the winter heating season.
Corporate and All Other
The Corporate and All Other category’s net loss of $2.8 million for the fourth quarter was relatively unchanged from the $3.0 million net loss in the prior year. For fiscal 2017, the Corporate and All Other category had a net loss of $3.1 million compared to a net loss of $0.5 million in the prior year. The $2.6 million increase in the net loss was primarily attributable to the non-recurrence of life insurance proceeds and the related tax benefits that were recognized in the prior year.
GUIDANCE
National Fuel is revising its fiscal 2018 earnings guidance to be within a range of $2.75 to $3.05 per share, or $2.90 per share at the midpoint of the range. The $0.40 per share decrease from the fiscal 2017 earnings of $3.30 per share is being driven primarily by lower expected price realizations after hedging on Seneca’s natural gas and oil production and higher expected operating costs at the Company’s regulated businesses, offset partially by the impact of normal weather on the Utility segment's earnings and an increase in projected natural gas production in Appalachia, which will benefit earnings for the Company’s Exploration and Production and Gathering segments.
Additional details on the Company's forecast assumptions and business segment guidance for fiscal 2018 are outlined in the table below.
Updated FY 2018 Guidance Consolidated Earnings per Share $2.75 to $3.05 Capital Expenditures (Millions) Exploration and Production (1) $275 - $325 Pipeline and Storage $110 - $140 Gathering $60 - $80 Utility$90 - $100
Consolidated Capital Expenditures $535 - $645 Exploration & Production Segment Guidance Commodity Price Assumptions NYMEX natural gas price $3.00 /MMBtu Appalachian basin spot price $2.40 /MMBtu NYMEX (WTI) crude oil price $50.00 /Bbl California oil price (% of WTI) 95% Production (Bcfe) East Division - Appalachia (2) 165 to 180 West Division - California~ 20
Total Production 185 to 200 E&P Operating Costs ($/Mcfe) LOE $0.90 - $1.00 G&A $0.30 - $0.35 DD&A $0.65 - $0.70 Other Business Segment Guidance Gathering Segment Revenues (Millions) $115 - $125 Pipeline and Storage Segment Revenues (Millions) ~$295 (1) Net of conveyance proceeds received from joint development partner for working interest in joint development wells. (2) Seneca East Division - Appalachia production guidance assumes approximately 32 Bcf of spot sales at the midpoint of guidance.EARNINGS TELECONFERENCE
The Company will host a conference call on Friday, November 3, 2017, at 11 a.m. Eastern Time to discuss this announcement. There are two ways to access this call. For those with Internet access, visit the NFG Investor Relations News & Events page at National Fuel’s website at investor.nationalfuelgas.com. For those without Internet access, audio access is also provided by dialing (toll-free) 833-287-0795, using conference ID number “96083185.” For those unable to listen to the live conference call, an audio replay will be available approximately two hours following the teleconference at the same website link and by phone at (toll-free) 800-585-8367 using conference ID number “96083185.” Both the webcast and a telephonic replay will be available until the close of business on Friday, November 10, 2017.
National Fuel is an integrated energy company reporting financial results for five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. Additional information about National Fuel is available at www.nationalfuelgas.com.
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
NATIONAL FUEL GAS COMPANY RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS QUARTER ENDED SEPTEMBER 30, 2017 (Unaudited) UpstreamMidstreamBusinesses
DownstreamBusinesses
Exploration & Pipeline & Energy Corporate / (Thousands of Dollars) Production Storage Gathering Utility Marketing All Other Consolidated* Fourth quarter 2016 GAAP earnings $ 16,744 $ 16,816 $ 8,537 $ (1,784 ) $ 231 $ (2,991 ) $ 37,553 Items impacting comparability: Impairment of oil and gas producing properties 32,756 32,756Tax impact of impairment of oil and gas producing properties
(13,757 ) (13,757 ) Fourth Quarter 2016 operating results 35,743 16,816 8,537 (1,784 ) 231 (2,991 ) 56,552 Drivers of operating results Higher (lower) crude oil prices (2,303 ) (2,303 ) Higher (lower) natural gas prices (4,202 ) (4,202 ) Higher (lower) natural gas production 1,677 1,677 Higher (lower) crude oil production (1,891 ) (1,891 ) Derivative mark to market adjustments (765 ) (765 )Lower (higher) lease operating and transportation expenses
(3,021 ) (3,021 ) Higher (lower) transportation revenues (2,364 ) (2,364 ) Higher (lower) gathering and processing revenues 926 926 Lower (higher) other operating expenses (1,952 ) (2,185 ) (869 ) 541 (4,465 ) Impact of new rates 554 554 Higher (lower) margins (703 ) (703 ) Higher (lower) interest income (560 ) (560 ) Lower (higher) interest expense (738 ) (738 ) Lower (higher) income tax expense / effective tax rate 7,215 1,453 536 (1,837 ) 7,367 All other / rounding (147 ) 71 (127 ) (344 ) (142 ) 202 (487 )Fourth quarter 2017 GAAP earnings and operatingresults
$ 30,354 $ 13,791 $ 9,003 $ (4,168 ) $ (614 ) $ (2,789 ) $ 45,577 * Amounts do not reflect intercompany eliminations NATIONAL FUEL GAS COMPANY RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE QUARTER ENDED SEPTEMBER 30, 2017 (Unaudited) UpstreamMidstreamBusinesses
DownstreamBusinesses
Exploration & Pipeline & Energy Corporate / Production Storage Gathering Utility Marketing All Other Consolidated* Fourth quarter 2016 GAAP earnings $ 0.20 $ 0.20 $ 0.10 $ (0.02 ) $ — $ (0.04 ) $ 0.44 Items impacting comparability: Impairment of oil and gas producing properties 0.38 0.38Tax impact of impairment of oil and gas producing properties
(0.16 ) (0.16 ) Fourth quarter 2016 operating results 0.42 0.20 0.10 (0.02 ) — (0.04 ) 0.66 Drivers of operating results Higher (lower) crude oil prices (0.03 ) (0.03 ) Higher (lower) natural gas prices (0.05 ) (0.05 ) Higher (lower) natural gas production 0.02 0.02 Higher (lower) crude oil production (0.02 ) (0.02 ) Derivative mark to market adjustments (0.01 ) (0.01 )Lower (higher) lease operating and transportation expenses
(0.04 ) (0.04 ) Higher (lower) transportation revenues (0.03 ) (0.03 ) Higher (lower) gathering and processing revenues 0.01 0.01 Lower (higher) other operating expenses (0.02 ) (0.03 ) (0.01 ) 0.01 (0.05 ) Impact of new rates 0.01 0.01 Higher (lower) margins (0.01 ) (0.01 ) High (lower) interest income (0.01 ) (0.01 ) Lower (higher) interest expense (0.01 ) (0.01 ) Lower (higher) income tax expense / effective tax rate 0.08 0.02 0.01 (0.02 ) 0.09 All other / rounding — — (0.01 ) (0.01 ) — 0.02 —Fourth quarter 2017 GAAP earnings and operatingresults
$ 0.35 $ 0.16 $ 0.10 $ (0.05 ) $ (0.01 ) $ (0.02 ) $ 0.53 * Amounts do not reflect intercompany eliminations NATIONAL FUEL GAS COMPANY RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS TWELVE MONTHS ENDED SEPTEMBER 30, 2017 (Unaudited) UpstreamMidstreamBusinesses
DownstreamBusinesses
Exploration & Pipeline & Energy Corporate / (Thousands of Dollars) Production Storage Gathering Utility Marketing All Other Consolidated* Fiscal 2016 GAAP earnings $ (452,842 ) $ 76,610 $ 30,499 $ 50,960 $ 4,348 $ (533 ) $ (290,958 ) Items impacting comparability: Impairment of oil and gas producing properties 948,307 948,307Tax impact of impairment of oil and gas producing properties
(398,287 ) (398,287 ) Joint development agreement professional fees 7,855 7,855Tax impact of joint development agreement professional fees
(3,299 ) (3,299 ) Fiscal 2016 operating results 101,734 76,610 30,499 50,960 4,348 (533 ) 263,618 Drivers of operating results Higher (lower) crude oil prices (7,198 ) (7,198 ) Higher (lower) natural gas prices (7,318 ) (7,318 ) Higher (lower) natural gas production 26,571 26,571 Higher (lower) crude oil production (6,884 ) (6,884 )Lower (higher) lease operating and transportation expenses
(7,851 ) (7,851 ) Lower (higher) depreciation / depletion 17,808 1,350 (571 ) (2,577 ) 16,010 Higher (lower) transportation revenues (6,885 ) (6,885 ) Higher (lower) gathering and processing revenues 11,852 11,852 Lower (higher) other operating expenses 2,193 (4,377 ) (1,799 ) (3,335 ) (1,181 ) (8,499 ) Lower (higher) property, franchise and other taxes (1,060 ) (753 ) (1,813 ) Regulatory true-up adjustments 464 464 Higher (lower) usage 2,543 2,543 Impact of new rates 1,481 1,481 Higher (lower) margins (2,634 ) (1,027 ) (3,661 ) Higher (lower) AFUDC** (484 ) (913 ) (1,397 ) Higher (lower) interest income (581 ) (581 ) Lower (higher) interest expense 1,126 (592 ) 534 Lower (higher) income tax expense / effective tax rate 10,609 3,185 (948 ) (460 ) 12,386 All other / rounding (404 ) (200 ) 396 433 (205 ) 90 110 Fiscal 2017 GAAP earnings and operating results $ 129,326 $ 68,446 $ 40,377 $ 46,935 $ 1,509 $ (3,111 ) $ 283,482 * Amounts do not reflect intercompany eliminations ** AFUDC = Allowance for Funds Used During Construction NATIONAL FUEL GAS COMPANY RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE TWELVE MONTHS ENDED SEPTEMBER 30, 2017 (Unaudited) UpstreamMidstreamBusinesses
DownstreamBusinesses
Exploration & Pipeline & Energy Corporate / Production Storage Gathering Utility Marketing All Other Consolidated* Fiscal 2016 GAAP earnings $ (5.34 ) $ 0.90 $ 0.36 $ 0.60 $ 0.05 $ — $ (3.43 ) Items impacting comparability: Impairment of oil and gas producing properties 11.18 11.18Tax impact of impairment of oil and gas producing properties
(4.69 ) (4.69 ) Joint development agreement professional fees 0.09 0.09Tax impact of joint development agreement professional fees
(0.04 ) (0.04 )Earnings per share impact of diluted shares
(0.01 ) (0.01 ) (0.02 ) Fiscal 2016 operating results 1.19 0.90 0.36 0.60 0.05 (0.01 ) 3.09 Drivers of operating results Higher (lower) crude oil prices (0.08 ) (0.08 ) Higher (lower) natural gas prices (0.09 ) (0.09 ) Higher (lower) natural gas production 0.31 0.31 Higher (lower) crude oil production (0.08 ) (0.08 )Lower (higher) lease operating and transportation expenses
(0.09 ) (0.09 ) Lower (higher) depreciation / depletion 0.21 0.02 (0.01 ) (0.03 ) 0.19 Higher (lower) transportation revenues (0.08 ) (0.08 ) Higher (lower) gathering and processing revenues 0.14 0.14 Lower (higher) other operating expenses 0.03 (0.05 ) (0.02 ) (0.04 ) (0.01 ) (0.09 ) Lower (higher) property, franchise and other taxes (0.01 ) (0.01 ) (0.02 ) Regulatory true-up adjustments 0.01 0.01 Higher (lower) usage 0.03 0.03 Impact of new rates 0.02 0.02 Higher (lower) margins (0.03 ) (0.01 ) (0.04 ) Higher (lower) AFUDC** (0.01 ) (0.01 ) (0.02 ) Higher (lower) interest income (0.01 ) (0.01 ) Lower (higher) interest expense 0.01 (0.01 ) — Lower (higher) income tax expense / effective tax rate 0.12 0.04 (0.01 ) (0.01 ) 0.14 All other / rounding (0.02 ) (0.01 ) — — — — (0.03 ) Fiscal 2017 GAAP earnings and operating results $ 1.50 $ 0.80 $ 0.47 $ 0.55 $ 0.02 $ (0.04 ) $ 3.30 * Amounts do not reflect intercompany eliminations ** AFUDC = Allowance for Funds Used During Construction NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES (Thousands of Dollars, except per share amounts) Three Months Ended Twelve Months Ended September 30, September 30, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS
2017 2016 2017 2016 Operating Revenues: Utility and Energy Marketing Revenues $ 92,456 $ 83,620 $ 755,485 $ 624,602 Exploration and Production and Other Revenues 144,049 155,734 617,666 611,766 Pipeline and Storage and Gathering Revenues 50,432 53,118 206,730 216,048 286,937 292,472 1,579,881 1,452,416 Operating Expenses: Purchased Gas 10,905 814 275,254 147,982 Operation and Maintenance: Utility and Energy Marketing 40,497 41,038 199,293 192,512 Exploration and Production and Other 42,946 36,235 145,099 160,201 Pipeline and Storage and Gathering 29,184 24,477 98,200 88,801 Property, Franchise and Other Taxes 20,627 19,791 84,995 81,714 Depreciation, Depletion and Amortization 55,383 56,117 224,195 249,417 Impairment of Oil and Gas Producing Properties — 32,756 — 948,307 199,542 211,228 1,027,036 1,868,934 Operating Income (Loss) 87,395 81,244 552,845 (416,518 ) Other Income (Expense): Interest Income 1,269 1,595 4,113 4,235 Other Income 2,316 2,647 7,043 9,820 Interest Expense on Long-Term Debt (29,230 ) (29,083 ) (116,471 ) (117,347 ) Other Interest Expense (686 ) 241 (3,366 ) (3,697 ) Income (Loss) Before Income Taxes 61,064 56,644 444,164 (523,507 ) Income Tax Expense (Benefit) 15,487 19,091 160,682 (232,549 ) Net Income (Loss) Available for Common Stock $ 45,577 $ 37,553 $ 283,482 $ (290,958 ) Earnings (Loss) Per Common Share Basic $ 0.53 $ 0.44 $ 3.32 $ (3.43 ) Diluted $ 0.53 $ 0.44 $ 3.30 $ (3.43 ) Weighted Average Common Shares: Used in Basic Calculation 85,512,637 85,016,408 85,364,929 84,847,993 Used in Diluted Calculation 86,238,287 85,629,858 86,021,386 84,847,993 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, September 30, (Thousands of Dollars) 2017 2016 ASSETS Property, Plant and Equipment $9,945,560 $9,539,581 Less - Accumulated Depreciation, Depletion and Amortization 5,271,486 5,085,099 Net Property, Plant and Equipment 4,674,074 4,454,482 Current Assets: Cash and Temporary Cash Investments 555,530 129,972 Hedging Collateral Deposits 1,741 1,484 Receivables - Net 112,383 133,201 Unbilled Revenue 22,883 18,382 Gas Stored Underground 35,689 34,332 Materials and Supplies - at average cost 33,926 33,866 Unrecovered Purchased Gas Costs 4,623 2,440 Other Current Assets 51,505 59,354 Total Current Assets 818,280 413,031 Other Assets: Recoverable Future Taxes 181,363 177,261 Unamortized Debt Expense 1,159 1,688 Other Regulatory Assets 174,433 320,750 Deferred Charges 30,047 20,978 Other Investments 125,265 110,664 Goodwill 5,476 5,476 Prepaid Post-Retirement Benefit Costs 56,370 17,649 Fair Value of Derivative Financial Instruments 36,111 113,804 Other 742 604 Total Other Assets 610,966 768,874 Total Assets $6,103,320 $5,636,387 CAPITALIZATION AND LIABILITIES Capitalization: Comprehensive Shareholders' Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 85,543,125 Shares and 85,118,886 Shares, Respectively $85,543 $85,119 Paid in Capital 796,646 771,164 Earnings Reinvested in the Business 851,669 676,361 Accumulated Other Comprehensive Loss (30,123 ) (5,640 ) Total Comprehensive Shareholders' Equity 1,703,735 1,527,004 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,083,681 2,086,252 Total Capitalization 3,787,416 3,613,256 Current and Accrued Liabilities: Notes Payable to Banks and Commercial Paper — — Current Portion of Long-Term Debt 300,000 — Accounts Payable 126,443 108,056 Amounts Payable to Customers — 19,537 Dividends Payable 35,500 34,473 Interest Payable on Long-Term Debt 35,031 34,900 Customer Advances 15,701 14,762 Customer Security Deposits 20,372 16,019 Other Accruals and Current Liabilities 111,889 74,430 Fair Value of Derivative Financial Instruments 1,103 1,560 Total Current and Accrued Liabilities 646,039 303,737 Deferred Credits: Deferred Income Taxes 891,287 823,795 Taxes Refundable to Customers 95,739 93,318 Cost of Removal Regulatory Liability 204,630 193,424 Other Regulatory Liabilities 113,716 99,789 Pension and Other Post-Retirement Liabilities 149,079 277,113 Asset Retirement Obligations 106,395 112,330 Other Deferred Credits 109,019 119,625 Total Deferred Credits 1,669,865 1,719,394 Commitments and Contingencies — — Total Capitalization and Liabilities $6,103,320 $5,636,387 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Twelve Months Ended September 30, (Thousands of Dollars) 2017 2016 Operating Activities: Net Income (Loss) Available for Common Stock $ 283,482 $ (290,958 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Impairment of Oil and Gas Producing Properties — 948,307 Depreciation, Depletion and Amortization 224,195 249,417 Deferred Income Taxes 117,975 (246,794 ) Excess Tax Benefits Associated with Stock-Based Compensation Awards — (1,868 ) Stock-Based Compensation 12,262 5,755 Other 16,476 12,620 Change in: Hedging Collateral Deposits (257 ) 9,640 Receivables and Unbilled Revenue (3,380 ) (6,408 ) Gas Stored Underground and Materials and Supplies (1,417 ) (3,532 ) Unrecovered Purchased Gas Costs (2,183 ) (2,440 ) Other Current Assets 7,849 3,179 Accounts Payable 17,192 (40,664 ) Amounts Payable to Customers (19,537 ) (37,241 ) Customer Advances 939 (1,474 ) Customer Security Deposits 4,353 (471 ) Other Accruals and Current Liabilities 27,004 3,453 Other Assets (2,885 ) 1,941 Other Liabilities 2,183 (13,483 ) Net Cash Provided by Operating Activities $ 684,251 $ 588,979 Investing Activities: Capital Expenditures $ (450,335 ) $ (581,576 ) Net Proceeds from Sale of Oil and Gas Producing Properties 26,554 137,316 Other 1,216 (9,236 ) Net Cash Used in Investing Activities $ (422,565 ) $ (453,496 ) Financing Activities: Excess Tax Benefits Associated with Stock-Based Compensation Awards $ — $ 1,868 Dividends Paid on Common Stock (139,063 ) (134,824 ) Net Proceeds From Issuance of Long-Term Debt 295,151 — Net Proceeds From Issuance of Common Stock 7,784 13,849 Net Cash Provided by (Used in) Financing Activities $ 163,872 $ (119,107 ) Net Increase in Cash and Temporary Cash Investments 425,558 16,376 Cash and Temporary Cash Investments at Beginning of Period 129,972 113,596 Cash and Temporary Cash Investments at September 30 $ 555,530 $ 129,972 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) UPSTREAM BUSINESS Three Months Ended Twelve Months Ended (Thousands of Dollars, except per share amounts) September 30, September 30,EXPLORATION AND PRODUCTION SEGMENT
2017 2016 Variance 2017 2016 Variance Total Operating Revenues $ 142,952 $ 154,530 $ (11,578 ) $ 614,599 $ 607,113 $ 7,486 Operating Expenses: Operation and Maintenance: General and Administrative Expense 15,060 14,928 132 58,734 70,598 (11,864 ) Lease Operating and Transportation Expense 43,110 38,463 4,647 165,991 153,914 12,077 All Other Operation and Maintenance Expense 5,301 2,429 2,872 13,469 12,832 637 Property, Franchise and Other Taxes 4,178 3,553 625 15,426 13,794 1,632 Depreciation, Depletion and Amortization 27,212 27,377 (165 ) 112,565 139,963 (27,398 ) Impairment of Oil and Gas Producing Properties — 32,756 (32,756 ) — 948,307 (948,307 ) 94,861 119,506 (24,645 ) 366,185 1,339,408 (973,223 ) Operating Income (Loss) 48,091 35,024 13,067 248,414 (732,295) 980,709 Other Income (Expense): Interest Income 257 78 179 707 858 (151 ) Interest Expense (13,432 ) (13,552 ) 120 (53,702 ) (55,434 ) 1,732 Income (Loss) Before Income Taxes 34,916 21,550 13,366 195,419 (786,871 ) 982,290 Income Tax Expense (Benefit) 4,562 4,806 (244 ) 66,093 (334,029 ) 400,122 Net Income (Loss) $ 30,354 $ 16,744 $ 13,610 $ 129,326 $ (452,842 ) $ 582,168 Net Income (Loss) Per Share (Diluted) $ 0.35 $ 0.20 $ 0.15 $ 1.50 $ (5.34 ) $ 6.84 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) MIDSTREAM BUSINESSES Three Months Ended Twelve Months Ended (Thousands of Dollars, except per share amounts) September 30, September 30,PIPELINE AND STORAGE SEGMENT
2017 2016 Variance 2017 2016 Variance Revenues from External Customers $ 50,403 $ 53,047 $ (2,644 ) $ 206,615 $ 215,674 $ (9,059 ) Intersegment Revenues 21,421 22,483 (1,062 ) 87,810 90,755 (2,945 ) Total Operating Revenues 71,824 75,530 (3,706 ) 294,425 306,429 (12,004 ) Operating Expenses: Purchased Gas 90 (10 ) 100 271 1,048 (777 ) Operation and Maintenance 25,618 22,256 3,362 86,135 79,402 6,733 Property, Franchise and Other Taxes 7,067 6,767 300 27,691 26,533 1,158 Depreciation, Depletion and Amortization 10,545 11,128 (583 ) 41,196 43,273 (2,077 ) 43,320 40,141 3,179 155,293 150,256 5,037 Operating Income 28,504 35,389 (6,885 ) 139,132 156,173 (17,041 ) Other Income (Expense): Interest Income 483 242 241 1,467 770 697 Other Income 568 583 (15 ) 2,511 3,235 (724 ) Interest Expense (8,540 ) (8,309 ) (231 ) (33,717 ) (33,327 ) (390 ) Income Before Income Taxes 21,015 27,905 (6,890 ) 109,393 126,851 (17,458 ) Income Tax Expense 7,224 11,089 (3,865 ) 40,947 50,241 (9,294 ) Net Income $ 13,791 $ 16,816 $ (3,025 ) $ 68,446 $ 76,610 $ (8,164 ) Net Income Per Share (Diluted) $ 0.16 $ 0.20 $ (0.04 ) $ 0.80 $ 0.90 $ (0.10 ) Three Months Ended Twelve Months Ended September 30, September 30,GATHERING SEGMENT
2017 2016 Variance 2017 2016 Variance Revenues from External Customers $ 29 $ 71 $ (42 ) $ 115 $ 374 $ (259 ) Intersegment Revenues 24,937 23,471 1,466 107,566 89,073 18,493 Total Operating Revenues 24,966 23,542 1,424 107,681 89,447 18,234 Operating Expenses: Operation and Maintenance 3,884 2,547 1,337 13,380 10,613 2,767 Property, Franchise and Other Taxes (124 ) 32 (156 ) (79 ) 149 (228 ) Depreciation, Depletion and Amortization 4,154 3,876 278 16,162 15,282 880 7,914 6,455 1,459 29,463 26,044 3,419 Operating Income 17,052 17,087 (35 ) 78,218 63,403 14,815 Other Income (Expense): Interest Income 353 109 244 994 297 697 Other Income — 1 (1 ) 1 5 (4 ) Interest Expense (2,403 ) (2,091 ) (312 ) (9,142 ) (8,872 ) (270 ) Income Before Income Taxes 15,002 15,106 (104 ) 70,071 54,833 15,238 Income Tax Expense 5,999 6,569 (570 ) 29,694 24,334 5,360 Net Income $ 9,003 $ 8,537 $ 466 $ 40,377 $ 30,499 $ 9,878 Net Income Per Share (Diluted) $ 0.10 $ 0.10 $ — $ 0.47 $ 0.36 $ 0.11 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) DOWNSTREAM BUSINESSES Three Months Ended Twelve Months Ended (Thousands of Dollars, except per share amounts) September 30, September 30,UTILITY SEGMENT
2017 2016 Variance 2017 2016 Variance Revenues from External Customers $ 76,080 $ 67,870 $ 8,210 $ 626,899 $ 531,024 $ 95,875 Intersegment Revenues 1,758 2,367 (609 ) 13,072 13,123 (51 ) Total Operating Revenues 77,838 70,237 7,601 639,971 544,147 95,824 Operating Expenses: Purchased Gas 17,321 10,392 6,929 252,802 166,155 86,647 Operation and Maintenance 39,448 40,294 (846 ) 195,231 189,178 6,053 Property, Franchise and Other Taxes 9,223 9,151 72 40,860 40,131 729 Depreciation, Depletion and Amortization 13,080 13,107 (27 ) 52,582 48,618 3,964 79,072 72,944 6,128 541,475 444,082 97,393 Operating Income (Loss) (1,234 ) (2,707 ) 1,473 98,496 100,065 (1,569 ) Other Income (Expense): Interest Income 633 1,415 (782 ) 1,051 1,737 (686 ) Other Income 197 593 (396 ) 774 2,342 (1,568 ) Interest Expense (7,037 ) (5,898 ) (1,139 ) (28,492 ) (27,582 ) (910 ) Income (Loss) Before Income Taxes (7,441 ) (6,597 ) (844 ) 71,829 76,562 (4,733 ) Income Tax Expense (Benefit) (3,273 ) (4,813 ) 1,540 24,894 25,602 (708 ) Net Income (Loss) $ (4,168 ) $ (1,784 ) $ (2,384 ) $ 46,935 $ 50,960 $ (4,025 ) Net Income (Loss) Per Share (Diluted) $ (0.05 ) $ (0.02 ) $ (0.03 ) $ 0.55 $ 0.60 $ (0.05 ) Three Months Ended Twelve Months Ended September 30, September 30,ENERGY MARKETING SEGMENT
2017 2016 Variance 2017 2016 Variance Revenues from External Customers $ 16,376 $ 15,750 $ 626 $ 128,586 $ 93,578 $ 35,008 Intersegment Revenues 194 30 164 794 884 (90 ) Total Operating Revenues 16,570 15,780 790 129,380 94,462 34,918 Operating Expenses: Purchased Gas 15,982 14,111 1,871 120,317 81,347 38,970 Operation and Maintenance 1,717 1,575 142 6,978 6,447 531 Property, Franchise and Other Taxes 5 7 (2 ) 5 13 (8 ) Depreciation, Depletion and Amortization 69 70 (1 ) 279 278 1 17,773 15,763 2,010 127,579 88,085 39,494 Operating Income (Loss) (1,203 ) 17 (1,220 ) 1,801 6,377 (4,576 ) Other Income (Expense): Interest Income 153 136 17 571 422 149 Other Income 19 15 4 75 58 17 Interest Expense (10 ) (13 ) 3 (47 ) (49 ) 2 Income (Loss) Before Income Taxes (1,041 ) 155 (1,196 ) 2,400 6,808 (4,408 ) Income Tax Expense (Benefit) (427 ) (76 ) (351 ) 891 2,460 (1,569 ) Net Income (Loss) $ (614 ) $ 231 $ (845 ) $ 1,509 $ 4,348 $ (2,839 ) Net Income (Loss) Per Share (Diluted) $ (0.01 ) $ — $ (0.01 ) $ 0.02 $ 0.05 $ (0.03 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) Three Months Ended Twelve Months Ended (Thousands of Dollars, except per share amounts) September 30, September 30,ALL OTHER
2017 2016 Variance 2017 2016 Variance Total Operating Revenues $ 862 $ 978 $ (116 ) $ 2,173 $ 3,753 $ (1,580 ) Operating Expenses: Operation and Maintenance 374 281 93 1,718 776 942 Property, Franchise and Other Taxes 151 145 6 596 593 3 Depreciation, Depletion and Amortization 136 373 (237 ) 661 1,260 (599 ) 661 799 (138 ) 2,975 2,629 346 Operating Income (Loss) 201 179 22 (802 ) 1,124 (1,926 ) Other Income (Expense): Interest Income 66 35 31 213 117 96 Other Income — 98 (98 ) — 98 (98 ) Income (Loss) Before Income Taxes 267 312 (45 ) (589 ) 1,339 (1,928 ) Income Tax Expense (Benefit) 111 130 (19 ) (247 ) 561 (808 ) Net Income (Loss) $ 156 $ 182 $ (26 ) $ (342 ) $ 778 $ (1,120 ) Net Income (Loss) Per Share (Diluted) $ 0.01 $ — $ 0.01 $ (0.01 ) $ 0.01 $ (0.02 ) Three Months Ended Twelve Months Ended September 30, September 30,CORPORATE
2017 2016 Variance 2017 2016 Variance Revenues from External Customers $ 235 $ 226 $ 9 $ 894 $ 900 $ (6 ) Intersegment Revenues 895 1,091 (196 ) 3,825 3,991 (166 ) Total Operating Revenues 1,130 1,317 (187 ) 4,719 4,891 (172 ) Operating Expenses: Operation and Maintenance 4,832 4,740 92 15,887 15,012 875 Property, Franchise and Other Taxes 127 136 (9 ) 496 501 (5 ) Depreciation, Depletion and Amortization 187 186 1 750 743 7 5,146 5,062 84 17,133 16,256 877 Operating Loss (4,016 ) (3,745 ) (271 ) (12,414 ) (11,365 ) (1,049 ) Other Income (Expense): Interest Income 31,318 30,389 929 125,003 123,156 1,847 Other Income 1,532 1,357 175 3,682 4,082 (400 ) Interest Expense on Long-Term Debt (29,230 ) (29,083 ) (147 ) (116,471 ) (117,347 ) 876 Other Interest Expense (1,258 ) (705 ) (553 ) (4,159 ) (1,555 ) (2,604 ) Loss Before Income Taxes (1,654 ) (1,787 ) 133 (4,359 ) (3,029 ) (1,330 ) Income Tax Expense (Benefit) 1,291 1,386 (95 ) (1,590 ) (1,718 ) 128 Net Loss $ (2,945 ) $ (3,173 ) $ 228 $ (2,769 ) $ (1,311 ) $ (1,458 ) Net Loss Per Share (Diluted) $ (0.03 ) $ (0.04 ) $ 0.01 $ (0.03 ) $ (0.01 ) $ (0.02 ) Three Months Ended Twelve Months Ended September 30, September 30,INTERSEGMENT ELIMINATIONS
2017 2016 Variance 2017 2016 Variance Intersegment Revenues $ (49,205 ) $ (49,442 ) $ 237 $ (213,067 ) $ (197,826 ) $ (15,241 ) Operating Expenses: Purchased Gas (22,488 ) (23,679 ) 1,191 (98,136 ) (100,568 ) 2,432 Operation and Maintenance (26,717 ) (25,763 ) (954 ) (114,931 ) (97,258 ) (17,673 ) (49,205 ) (49,442 ) 237 (213,067 ) (197,826 ) (15,241 ) Operating Income — — — — — — Other Income (Expense): Interest Income (31,994 ) (30,809 ) (1,185 ) (125,893 ) (123,122 ) (2,771 ) Interest Expense 31,994 30,809 1,185 125,893 123,122 2,771 Net Income $ — $ — $ — $ — $ — $ — Net Income Per Share (Diluted) $ — $ — $ — $ — $ — $ — NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT INFORMATION (Continued) (Thousands of Dollars) Three Months Ended Twelve Months Ended September 30, September 30, (Unaudited) (Unaudited) Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease)Capital Expenditures:
Exploration and Production $ 84,512 (1) $ 41,181 (2) $ 43,331 $ 253,057 (1)(2) $ 256,104 (2)(3) $ (3,047 ) Pipeline and Storage 41,808 (1) 38,230 (2) 3,578 95,336 (1)(2) 114,250 (2)(3) (18,914 ) Gathering 8,940 (1) 10,578 (2) (1,638 ) 32,645 (1)(2) 54,293 (2)(3) (21,648 ) Utility 24,456 (1) 25,719 (2) (1,263 ) 80,867 (1)(2) 98,007 (2)(3) (17,140 ) Energy Marketing 22 6 16 36 34 2 Total Reportable Segments 159,738 115,714 44,024 461,941 522,688 (60,747 ) All Other — — — 39 37 2 Corporate 49 136 (87 ) 137 326 (189 ) Eliminations 482 — 482 — — — Total Capital Expenditures $ 160,269 $ 115,850 $ 44,419 $ 462,117 $ 523,051 $ (60,934 )(1)
Capital expenditures for the quarter and year ended September 30, 2017, include accounts payable and accrued liabilities related to capital expenditures of $36.5 million, $25.1 million, $3.9 million, and $6.7 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at September 30, 2017, since they represent non-cash investing activities at that date.(2)
Capital expenditures for the year ended September 30, 2017, exclude capital expenditures of $25.2 million, $18.7 million, $5.3 million and $11.2 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2016 and paid during the year ended September 30, 2017. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2016, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2017.(3)
Capital expenditures for the year ended September 30, 2016, exclude capital expenditures of $46.2 million, $33.9 million, $22.4 million and $16.5 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2015 and paid during the year ended September 30, 2016. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2015, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2016.DEGREE DAYS
Percent Colder (Warmer) Than:Three Months Ended September 30
Normal 2017 2016 Normal (1) Last Year (1) Buffalo, NY 162 109 44 (32.7) 147.7 Erie, PA 124 97 23 (21.8) 321.7Twelve Months Ended September 30
Buffalo, NY 6,617 5,708 5,611 (13.7) 1.7 Erie, PA 6,147 5,179 5,182 (15.7) (0.1 ) (1) Percents compare actual 2017 degree days to normal degree days and actual 2017 degree days to actual 2016 degree days. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Three Months Ended Twelve Months Ended September 30, September 30, Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease)Gas Production/Prices:
Production (MMcf) Appalachia 35,576 34,711 865 154,093 140,457 13,636 West Coast 749 779 (30 ) 2,995 3,090 (95 ) Total Production 36,325 35,490 835 157,088 143,547 13,541 Average Prices (Per Mcf) Appalachia $ 2.42 $ 2.24 $ 0.18 $ 2.52 $ 1.94 $ 0.58 West Coast 3.77 3.62 0.15 4.00 3.25 0.75 Weighted Average 2.44 2.27 0.17 2.55 1.97 0.58 Weighted Average after Hedging 2.91 3.09 (0.18 ) 2.95 3.02 (0.07 )Oil Production/Prices:
Production (Thousands of Barrels) Appalachia 1 12 (11 ) 4 28 (24 ) West Coast 674 712 (38 ) 2,736 2,895 (159 ) Total Production 675 724 (49 ) 2,740 2,923 (183 ) Average Prices (Per Barrel) Appalachia $ 45.71 $ 63.46 $ (17.75 ) $ 48.27 $ 52.15 $ (3.88 ) West Coast 47.44 39.06 8.38 46.14 35.26 10.88 Weighted Average 47.44 39.46 7.98 46.18 35.42 10.76 Weighted Average after Hedging 54.77 60.01 (5.24 ) 53.87 57.91 (4.04 ) Total Production (Mmcfe) 40,375 39,834 541 173,528 161,085 12,443Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1) $ 0.37 $ 0.37 $ — $ 0.34 $ 0.44 $ (0.10 ) Lease Operating and Transportation Expense per Mcfe (1)(2) $ 1.07 $ 0.97 $ 0.10 $ 0.96 $ 0.96 $ — Depreciation, Depletion & Amortization per Mcfe (1) $ 0.67 $ 0.69 $ (0.02 ) $ 0.65 $ 0.87 $ (0.22 ) (1) Refer to page 16 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment. (2) Amounts include transportation expense of $0.54 and $0.52 per Mcfe for the three months ended September 30, 2017 and September 30, 2016, respectively. Amounts include transportation expense of $0.54 and $0.52 per Mcfe for the twelve months ended September 30, 2017 and September 30, 2016, respectively. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for Fiscal 2018
Volume Average Hedge Price Oil Swaps Brent 24,000 BBL $ 91.00 / BBL NYMEX 1,731,000 BBL $ 53.79 / BBL Total 1,755,000 BBL $ 54.30 / BBL Gas Swaps NYMEX 42,570,000 MMBTU $ 3.34 / MMBTU DOM 180,000 MMBTU $ 3.82 / MMBTU DAWN 8,400,000 MMBTU $ 3.08 / MMBTU Fixed Price Physical Sales 47,992,454 MMBTU $ 2.43 / MMBTU Total 99,142,454 MMBTU $ 2.88 / MMBTUHedging Summary for Fiscal 2019
Volume Average Hedge Price Oil Swaps NYMEX 1,068,000 BBL $ 53.42 / BBL Gas Swaps NYMEX 27,060,000 MMBTU $ 3.17 / MMBTU DAWN 7,200,000 MMBTU $ 3.00 / MMBTU Fixed Price Physical Sales 34,438,090 MMBTU $ 2.49 / MMBTU Total 68,698,090 MMBTU $ 2.81 / MMBTUHedging Summary for Fiscal 2020
Volume Average Hedge Price Oil Swaps NYMEX 324,000 BBL $ 50.52 / BBL Gas Swaps NYMEX 16,880,000 MMBTU $ 3.07 / MMBTU DAWN 7,200,000 MMBTU $ 3.00 / MMBTU Fixed Price Physical Sales 38,428,255 MMBTU $ 2.28 / MMBTU Total 62,508,255 MMBTU $ 2.58 / MMBTUHedging Summary for Fiscal 2021
Volume Average Hedge Price Oil Swaps NYMEX 156,000 BBL $ 51.00 / BBL Gas Swaps NYMEX 4,840,000 MMBTU $ 3.01 / MMBTU DAWN 600,000 MMBTU $ 3.00 / MMBTU Fixed Price Physical Sales 41,260,451 MMBTU $ 2.21 / MMBTU Total 46,700,451 MMBTU $ 2.31 / MMBTUHedging Summary for Fiscal 2022
Volume Average Hedge Price Oil Swaps NYMEX 156,000 BBL $ 51.00 / BBL Fixed Price Physical Sales 39,844,042 MMBTU $ 2.23 / MMBTUHedging Summary for Fiscal 2023
Volume Average Hedge Price Fixed Price Physical Sales 35,769,734 MMBTU $ 2.25 / MMBTUHedging Summary for Fiscal 2024
Volume Average Hedge Price Fixed Price Physical Sales 20,111,036 MMBTU $ 2.24 / MMBTUHedging Summary for Fiscal 2025
Volume Average Hedge Price Fixed Price Physical Sales 2,293,200 MMBTU $ 2.18 / MMBTU NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Reserve Quantity Information (Unaudited) Gas MMcf U.S. Appalachian West Coast Total Region Region Company Proved Developed and Undeveloped Reserves: September 30, 2016 1,631,451 43,124 1,674,575 Extensions and Discoveries 386,649 8 386,657 Revisions of Previous Estimates 84,480 6,369 90,849 Production (154,093 ) (2,995 ) (157,088 ) Sales of Minerals in Place (21,873 ) — (21,873 ) September 30, 2017 1,926,614 46,506 1,973,120 Proved Developed Reserves: September 30, 2016 1,089,492 43,124 1,132,616 September 30, 2017 1,316,596 46,506 1,363,102 Oil Mbbl U.S. Appalachian West Coast Total Region Region Company Proved Developed and Undeveloped Reserves: September 30, 2016 73 28,936 29,009 Extensions and Discoveries — 674 674 Revisions of Previous Estimates (12 ) 3,305 3,293 Production (4 ) (2,736 ) (2,740 ) Sales of Minerals in Place (29 ) — (29 ) September 30, 2017 28 30,179 30,207 Proved Developed Reserves: September 30, 2016 73 28,698 28,771 September 30, 2017 28 29,771 29,799 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES Pipeline & Storage Throughput - (millions of cubic feet - MMcf) Three Months Ended Twelve Months Ended September 30, September 30, Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease) Firm Transportation - Affiliated 15,404 13,468 1,936 107,987 100,637 7,350 Firm Transportation - Non-Affiliated 176,380 169,247 7,133 671,395 640,238 31,157 Interruptible Transportation 727 5,079 (4,352 ) 5,805 23,548 (17,743 ) 192,511 187,794 4,717 785,187 764,423 20,764 Gathering Volume - (MMcf) Three Months Ended Twelve Months Ended September 30, September 30, Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease) Gathered Volume - Affiliated 44,915 42,600 2,315 194,921 161,955 32,966 Utility Throughput - (MMcf) Three Months Ended Twelve Months Ended September 30, September 30, Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease) Retail Sales: Residential Sales 3,576 3,143 433 52,394 49,971 2,423 Commercial Sales 555 477 78 7,927 7,247 680 Industrial Sales 50 11 39 333 244 89 4,181 3,631 550 60,654 57,462 3,192 Off-System Sales 7 — 7 1,301 1,243 58 Transportation 10,587 11,078 (491 ) 71,040 70,847 193 14,775 14,709 66 132,995 129,552 3,443 Energy Marketing Volume Three Months Ended Twelve Months Ended September 30, September 30, Increase Increase 2017 2016 (Decrease) 2017 2016 (Decrease) Natural Gas (MMcf) 5,932 6,048 (116 ) 38,901 39,849 (948 )NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding operating results and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.
Management defines operating results as reported GAAP earnings before items impacting comparability. The table at page 2 of this report reconciles National Fuel's reported GAAP earnings to operating results for the three and twelve months ended September 30, 2017 and 2016.
Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, interest and other income, impairments, and items impacting comparability.
The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three and twelve months ended September 30, 2017 and 2016:
Three Months Ended Twelve Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Reported GAAP Earnings $ 45,577 $ 37,553 $ 283,482 $ (290,958 ) Depreciation, Depletion and Amortization 55,383 56,117 224,195 249,417 Interest and Other Income (3,585 ) (4,242 ) (11,156 ) (14,055 ) Interest Expense 29,916 28,842 119,837 121,044 Income Taxes 15,487 19,091 160,682 (232,549 ) Impairment of Oil and Gas ProducingProperties
— 32,756 — 948,307 Joint Development Agreement ProfessionalFees
— — — 7,855 Adjusted EBITDA $ 142,778 $ 170,117 $ 777,040 $ 789,061 Adjusted EBITDA by Segment Pipeline and Storage Adjusted EBITDA $ 39,049 $ 46,517 $ 180,328 $ 199,446 Gathering Adjusted EBITDA 21,206 20,963 94,380 78,685 Total Midstream Businesses Adjusted EBITDA 60,255 67,480 274,708 278,131 Exploration and Production Adjusted EBITDA 75,303 95,157 360,979 363,830 Utility Adjusted EBITDA 11,846 10,400 151,078 148,683 Energy Marketing Adjusted EBITDA (1,134 ) 87 2,080 6,655 Corporate and All Other Adjusted EBITDA (3,492 ) (3,007 ) (11,805 ) (8,238 ) Total Adjusted EBITDA $ 142,778 $ 170,117 $ 777,040 $ 789,061NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA
Three Months Ended Twelve Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016Exploration and Production Segment
Reported GAAP Earnings $ 30,354 $ 16,744 $ 129,326 $ (452,842 ) Depreciation, Depletion and Amortization 27,212 27,377 112,565 139,963 Interest and Other Income (257 ) (78 ) (707 ) (858 ) Interest Expense 13,432 13,552 53,702 55,434 Income Taxes 4,562 4,806 66,093 (334,029 ) Impairment of Oil and Gas Producing Properties — 32,756 — 948,307 Joint Development Agreement Professional Fees — — — 7,855 Adjusted EBITDA $ 75,303 $ 95,157 $ 360,979 $ 363,830Pipeline and Storage Segment
Reported GAAP Earnings $ 13,791 $ 16,816 $ 68,446 $ 76,610 Depreciation, Depletion and Amortization 10,545 11,128 41,196 43,273 Interest and Other Income (1,051 ) (825 ) (3,978 ) (4,005 ) Interest Expense 8,540 8,309 33,717 33,327 Income Taxes 7,224 11,089 40,947 50,241 Adjusted EBITDA $ 39,049 $ 46,517 $ 180,328 $ 199,446Gathering Segment
Reported GAAP Earnings $ 9,003 $ 8,537 $ 40,377 $ 30,499 Depreciation, Depletion and Amortization 4,154 3,876 16,162 15,282 Interest and Other Income (353 ) (110 ) (995 ) (302 ) Interest Expense 2,403 2,091 9,142 8,872 Income Taxes 5,999 6,569 29,694 24,334 Adjusted EBITDA $ 21,206 $ 20,963 $ 94,380 $ 78,685Utility Segment
Reported GAAP Earnings $ (4,168 ) $ (1,784 ) $ 46,935 $ 50,960 Depreciation, Depletion and Amortization 13,080 13,107 52,582 48,618 Interest and Other Income (830 ) (2,008 ) (1,825 ) (4,079 ) Interest Expense 7,037 5,898 28,492 27,582 Income Taxes (3,273 ) (4,813 ) 24,894 25,602 Adjusted EBITDA $ 11,846 $ 10,400 $ 151,078 $ 148,683Energy Marketing Segment
Reported GAAP Earnings $ (614 ) $ 231 $ 1,509 $ 4,348 Depreciation, Depletion and Amortization 69 70 279 278 Interest and Other Income (172 ) (151 ) (646 ) (480 ) Interest Expense 10 13 47 49 Income Taxes (427 ) (76 ) 891 2,460 Adjusted EBITDA $ (1,134 ) $ 87 $ 2,080 $ 6,655Corporate and All Other
Reported GAAP Earnings $ (2,789 ) $ (2,991 ) $ (3,111 ) $ (533 ) Depreciation, Depletion and Amortization 323 559 1,411 2,003 Interest and Other Income (922 ) (1,070 ) (3,005 ) (4,331 ) Interest Expense (1,506 ) (1,021 ) (5,263 ) (4,220 ) Income Taxes 1,402 1,516 (1,837 ) (1,157 ) Adjusted EBITDA $ (3,492 ) $ (3,007 ) $ (11,805 ) $ (8,238 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESQuarter Ended September 30 (unaudited)
2017 2016 Operating Revenues $ 286,937,000 $ 292,472,000 Net Income Available for Common Stock $ 45,577,000 $ 37,553,000 Earnings Per Common Share Basic $ 0.53 $ 0.44 Diluted $ 0.53 $ 0.44 Weighted Average Common Shares: Used in Basic Calculation 85,512,637 85,016,408 Used in Diluted Calculation 86,238,287 85,629,858Twelve Months Ended September 30 (unaudited)
Operating Revenues $ 1,579,881,000 $ 1,452,416,000 Net Income (Loss) Available for Common Stock $ 283,482,000 $ (290,958,000 ) Earnings (Loss) Per Common Share Basic $ 3.32 $ (3.43 ) Diluted $ 3.30 $ (3.43 ) Weighted Average Common Shares: Used in Basic Calculation 85,364,929 84,847,993 Used in Diluted Calculation 86,021,386 84,847,993
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006837/en/
National Fuel Gas CompanyAnalyst:Brian M. Welsch, 716-857-7875orMedia:Karen L. Merkel, 716-857-7654
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