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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| National Fuel Gas Co | NYSE:NFG | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.44 | -0.78% | 56.25 | 57.72 | 56.78 | 57.00 | 706,302 | 00:19:25 |
From Jul 2019 to Jul 2024
National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2016 fiscal year and for the nine months ended June 30, 2016.
FISCAL 2016 THIRD QUARTER EARNINGS SUMMARY
OPERATING RESULTS
Three Months Ended Nine Months Ended June 30, June 30, (in thousands except per share amounts) 2016 2015 2016 2015 Reported GAAP earnings (loss) $ 8,286 $ (293,134 ) $ (328,510 ) $ (191,724 ) Items impacting comparability: Impairment of oil and gas properties (E&P) 82,658 588,712 915,552 709,060 Tax impact of impairment of oil and gas properties (34,716 ) (248,863 ) (384,531 ) (299,738 ) Joint development agreement professional fees (E&P) 3,173 7,855 Tax impact of joint development agreement professional fees (1,333 ) (3,299 ) Operating Results $ 58,068 $ 46,715 $ 207,067 $ 217,598 Reported GAAP earnings (loss) per share $ 0.10 $ (3.44 ) $ (3.87 ) $ (2.25 ) Items impacting comparability: Impairment of oil and gas properties (E&P) 0.97 6.91 10.80 8.32 Tax impact of impairment of oil and gas properties (0.41 ) (2.92 ) (4.54 ) (3.52 ) Joint development agreement professional fees (E&P) 0.04 0.09 Tax impact of joint development agreement professional fees (0.02 ) (0.04 ) Earnings per share impact of dilutive shares (All segments) (0.01 ) Operating Results per diluted share $ 0.68 $ 0.55 $ 2.43 $ 2.55MANAGEMENT COMMENTS
Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: "Each of our business segments contributed to a very good quarter of operations for the Company. In our upstream segment, Seneca's Marcellus production grew by an impressive 25 percent due to increased takeaway capacity on National Fuel pipelines and improved pricing in Appalachia. This higher production also contributed to the increased throughput we achieved in our Gathering and Pipeline and Storage segments. While commodity pricing in the Appalachian basin has improved, the methodology imposed under the full-cost accounting rules required us to once again incur a non-cash impairment charge. We expect that the pricing curve will level out and soon bring an end to these impairment charges.
"The steps we have taken in fiscal 2016 have positioned National Fuel well financially and operationally. In fiscal 2017, we plan to execute our integrated strategy to grow our upstream and midstream businesses in Appalachia. We are pleased that IOG elected to continue participating with us in drilling additional Marcellus wells over the next year, allowing us to dedicate capital to our midstream pipeline businesses while maintaining activity levels upstream. We recently received a positive Environmental Assessment from the Federal Energy Regulatory Commission for our Northern Access Project and remain on schedule to obtain the additional regulatory approvals to build the project to meet the anticipated November 2017 in-service date. While we continue to be encouraged by firming natural gas prices, we will maintain the current pace of our drilling program over the next year in order to grow production into the Northern Access capacity as efficiently as possible. This strategy should result in steady, but significant, growth across our upstream and midstream businesses.”
DISCUSSION OF THIRD QUARTER 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.
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.
(in thousands except per share amounts) Quarter EndedJune 30, 2016
Quarter EndedJune 30, 2015
Variance Net Income / (Loss) $ (19,165 ) $ (323,113 ) $ 303,948 Net Income / (Loss) Per Share (Diluted) $ (0.22 ) $ (3.79 ) $ 3.57 Adjusted EBITDA $ 97,924 $ 93,662 $ 4,262The quarter over quarter variance in the Exploration and Production segment's net loss is mainly due to lower impairment charges that were recorded to write down the value of Seneca’s oil and natural gas reserves under the full cost method of accounting. The non-cash, pre-tax impairment charge recorded in the current year's third quarter was $82.7 million ($47.9 million after-tax) versus $588.7 million ($339.8 million after-tax) in the prior year. The full cost method of accounting requires that Seneca perform a quarterly “ceiling test” to compare the present value of future revenues from its oil and natural gas reserves based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period (“the ceiling”) with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. Unless oil and gas prices improve, Seneca expects to incur an additional impairment charge in the fourth quarter of the fiscal year ending September 30, 2016.
Seneca also incurred $3.2 million ($1.8 million after tax) of professional and legal expenses during the third quarter relating to the extension of the joint development agreement that Seneca entered into in June 2016. These transaction costs were recorded to general and administrative ("G&A") expense.
Excluding these items, Operating Results in the Exploration and Production segment in the current year’s third quarter were $30.6 million, or $0.36 per share, compared to $16.7 million, or $0.20 per share, in the prior year’s third quarter, an increase of $13.9 million or $0.16 per share. The increase in Operating Results is mainly due to higher natural gas production and lower operating expenses, offset partially by lower realized natural gas and crude oil prices after hedging, lower oil production and higher interest expense.
Seneca's net third quarter fiscal 2016 production was 44.0 billion cubic feet equivalent ("Bcfe"), an increase of 7.8 Bcfe, or 22 percent, from the prior fiscal year's third quarter, and an increase of 4.8 Bcfe, or 12 percent, versus the second quarter of fiscal 2016. Net natural gas production for the quarter was 39.6 Bcf, an increase of 8.0 Bcf, or 25 percent, versus prior year due mainly to new incremental firm transportation capacity that became available to Seneca during the first quarter of fiscal 2016. In addition, improved local spot pricing in Pennsylvania allowed Seneca to sell approximately 6.4 Bcf of net production in local spot markets during the quarter, the first meaningful spot production volumes Seneca has sold since the first quarter of fiscal 2015. Seneca's voluntary production curtailments decreased 7.1 Bcf from the estimated 11.8 Bcf of net production curtailed in the third quarter of fiscal 2015 and 4.4 Bcf from the estimated 9.1 Bcf curtailed during the second quarter of fiscal 2016.
Seneca produced 728 thousand barrels ("Mbbl") of crude oil during the third quarter, a decrease of 31 Mbbl, or 4.1 percent, when compared to the prior year due primarily to a temporary disruption in steam flood operations in North Midway Sunset and lower overall well workover activity in response to the decline in oil market prices.
Seneca's average realized natural gas price, after the impact of hedging, for the third quarter was $2.86 per thousand cubic feet ("Mcf"), a decrease of $0.46 per Mcf versus the prior year third quarter. Seneca's average realized oil price, after the impact of hedging, for the third quarter was $58.79 per barrel ("Bbl"), a decrease of $10.86 per Bbl when compared to the prior year third quarter. Seneca's average realized natural gas and oil prices benefited from a $1.11 per Mcf and $19.75 per Bbl uplift, respectively, from financial hedges settled during the quarter.
Lease operating and transportation ("LOE") expense decreased by $0.5 million versus the prior year third quarter due to lower per unit LOE offset partially by the impact of higher production. On a per unit of production basis, LOE for the third quarter decreased by $0.21 per Mcf equivalent ("Mcfe") to $0.88 per Mcfe. The decrease is largely due to a reduction in well maintenance and steam costs in Seneca's California division and lower salt water disposal and maintenance costs in Seneca's Appalachian division.
G&A expense, excluding the $3.2 million of professional fees related to the joint development agreement discussed above, was $13.4 million for the third quarter, a decrease of $3.7 million versus the prior year due primarily to lower personnel costs at Seneca.
Depreciation, depletion and amortization ("DD&A") expense decreased $24.8 million versus the prior year third quarter due to lower per unit DD&A, offset partially by the impact of higher production. On a per unit of production basis, DD&A decreased $0.84 per Mcfe to $0.71 per Mcfe due primarily to a lower depletable fixed asset balance resulting from the ceiling test impairment charges recorded during the prior four quarters and higher natural gas reserve balances at September 30, 2015.
Property, franchise and other taxes decreased $2.3 million versus the prior year third quarter due primarily to reimbursements received from Seneca's joint development partner for its share of Pennsylvania impact fees and the general decline in oil and natural gas market prices, which have lowered the assessed values of Seneca's California oil properties and impact fee payments in Pennsylvania.
The $2.6 million increase in interest expense is due to the full quarter impact of the long-term debt issuance that occurred at the end of the quarter ended June 30, 2015.
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.
(in thousands except per share amounts) Quarter EndedJune 30, 2016
Quarter EndedJune 30, 2015
Variance Net Income / (Loss) $ 17,323 $ 17,714 $ (391 ) Net Income / (Loss) Per Share (Diluted) $ 0.20 $ 0.21 $ (0.01 ) Adjusted EBITDA $ 48,515 $ 44,437 $ 4,078The Pipeline and Storage segment's third quarter earnings were relatively flat versus the prior year as the increase in operating revenues were offset by increases in Operation and Maintenance ("O&M"), DD&A and interest expenses. Operating revenues increased $6.9 million, or 10 percent, as a result of the three expansion projects - Northern Access 2015, Westside Expansion & Modernization, and Tuscarora Lateral - that were placed in service during the first quarter of fiscal 2016.
O&M expense increased $2.2 million versus prior year's third quarter due primarily to higher post-retirement benefit costs and expenses associated with the operation of new and expanded compression assets. DD&A expense for the quarter increased $1.4 million due to higher gross plant in service, which was largely attributable to the expansion projects that were placed in service within the last year. The $1.9 million increase in interest expense is due to the full quarter impact of the long-term debt issuance that occurred at the end of the quarter ended June 30, 2015, coupled with lower capitalized interest resulting from the decline in pipeline expansion construction work in progress during the current quarter.
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.
(in thousands except per share amounts) Quarter EndedJune 30, 2016
Quarter EndedJune 30, 2015
Variance Net Income / (Loss) $ 9,473 $ 6,226 $ 3,247 Net Income / (Loss) Per Share (Diluted) $ 0.11 $ 0.07 $ 0.04 Adjusted EBITDA $ 22,433 $ 14,527 $ 7,906The increase in the Gathering segment's third quarter earnings is due primarily to higher gathering revenues, offset partially by higher O&M, DD&A and interest expenses. Operating revenues increased $8.6 million, or 51 percent, versus prior year's third quarter mainly due to a 15.0 Bcf increase in gathered volume on the Clermont Gathering System ("Clermont"), a result of Seneca's increased gross production volumes. O&M expense increased $0.7 million due to higher costs associated with operating various Clermont compression projects placed in service during the current fiscal year. DD&A expense increased $1.4 million due to higher gross plant in service during the quarter.
The $2.0 million increase in interest expense is due to the full quarter impact of the long-term debt issuance that occurred at the end of the quarter ended June 30, 2015, coupled with lower capitalized interest resulting from the Clermont projects being placed in service.
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.
(in thousands except per share amounts) Quarter EndedJune 30, 2016
Quarter EndedJune 30, 2015
Variance Net Income / (Loss) $ 2,179 $ 5,727 $ (3,548 ) Net Income / (Loss) Per Share (Diluted) $ 0.03 $ 0.07 $ (0.04 ) Adjusted EBITDA $ 22,900 $ 27,059 $ (4,159 )The decrease in the Utility segment's third quarter earnings was largely attributable to the impact of higher O&M expenses, which increased $2.5 million versus the prior year due to higher personnel costs and expenses relating to the implementation of the new customer information system that went in service during the quarter. The Utility segment's earnings were further reduced by higher DD&A expense and lower margins.
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.
(in thousands except per share amounts) Quarter EndedJune 30, 2016
Quarter EndedJune 30, 2015
Variance Net Income / (Loss) $ (590 ) $ 1,533 $ (2,123 ) Net Income / (Loss) Per Share (Diluted) $ (0.01 ) $ 0.02 $ (0.03 ) Adjusted EBITDA $ (930 ) $ 2,327 $ (3,257 )The decrease in the Energy Marketing segment's third quarter earnings is due primarily to lower margins, which were negatively impacted by changes in natural gas prices at local purchase points relative to NYMEX-based customer sales contracts.
Corporate and All Other
The Corporate and All Other category net loss of $0.9 million for the quarter ended June 30, 2016, compares to a net loss of $1.2 million in the prior year’s third quarter. The $0.3 million decrease in the net loss impacted consolidated earnings by less than $0.01 per share.
EARNINGS GUIDANCE
The Company is updating and narrowing earnings guidance for fiscal 2016 to a range of $2.90 to $3.00 per share exclusive of any ceiling test impairment charges. These charges were $531 million after-tax, or $6.26 per share, for the nine months ended June 30, 2016. While the Company expects to incur an additional ceiling test impairment charge in the fourth quarter of fiscal 2016, the amount of this charge is not reasonably determinable at this time. The amount of any ceiling test charge is determined at the end of the applicable quarter and will depend on many factors, including additions to or subtractions from proved reserves, fluctuations in oil and gas prices, and income tax effects related to the differences between the book and tax basis of the Company’s oil and gas properties. Some or all of these factors are likely to be significant. Because the amount of the expected ceiling test impairment charges is not reasonably determinable at this time, the Company is unable to provide earnings guidance other than on a non-GAAP basis that excludes those charges.
The Company's updated fiscal 2016 guidance reflects actual third quarter results and the following revised forecast assumptions:
Updated FY 2016 Guidance Previous FY 2016 Guidance Consolidated Earnings per Share (1) $2.90 to $3.00 $2.80 to $2.95 Capital Expenditures (Millions) Exploration & Production (2) $120 - $135 $120 - $160 Pipeline & Storage $125 - $140 $130 - $160 Gathering $55 - $65 $75 - $85 Utility $90 - $100 $90 - $100 Consolidated Capital Expenditures $390 - $440 $415 - $505 Exploration & Production Segment Guidance NYMEX Natural Gas Price Assumption $2.75 $2.15 NYMEX Crude Oil Price Assumption $45.00 $40.00 Total Production (Bcfe) 160 to 165 158 to 175 E&P Operating Costs ($/Mcfe) LOE $0.95 - $1.00 $0.95 - $1.05 G&A (3) $0.35 - $0.40 $0.35 - $0.40 DD&A $0.85 - $0.90 $0.85 - $0.95 (1) Exclusive of ceiling test impairment charges (2) Net of up-front and recurring proceeds received from joint development partner (3) G&A per unit guidance excludes $7.9 million of joint development professional feesThe Company is also initiating preliminary earnings, capital expenditures, and Exploration and Production segment operations guidance for fiscal 2017.
Preliminary FY 2017 Guidance Consolidated Earnings per Share (1) $2.85 to $3.15 Capital Expenditures (Millions) Exploration & Production (2) $160 - $200 Pipeline & Storage $400 - $450 Gathering $75 - $85 Utility $90 - $100 Consolidated Capital Expenditures $725 - $835 Exploration & Production Segment Guidance NYMEX Natural Gas Price Assumption $3.00 NYMEX Crude Oil Price Assumption $50.00 Production (Bcfe) East Division - Appalachia 130 to 153 West Division - California 20 to 22 Total Production 150 to 175 Capital Expenditures (Millions) East Division - Appalachia $125 - $155 West Division - California $35 - $45 Total E&P Capital Expenditures $160 - $200 E&P Operating Costs ($/Mcfe) LOE $0.95 - $1.05 G&A $0.35 - $0.40 DD&A $0.65 - $0.75 Midstream Businesses Guidance Pipeline & Storage Segment Revenues (Millions) $295 - $305 Gathering Segment Revenues (Millions) $95 - $105 (1) Assumes no ceiling test impairment charges (2) Net of up-front and recurring proceeds received from joint development partnerEARNINGS TELECONFERENCE
The Company will host a conference call on Friday, August 5, 2016, 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) 877-706-7579, using conference ID number “46345887.” For those unable to listen to the live conference call, an audio replay will be available at approximately 3 p.m. Eastern Time at the same website link and by phone at (toll-free) 855-859-2056 or 404-537-3406, using conference ID number “46345887.” Both the webcast and telephonic replay will be available until the close of business on Friday, August 12, 2016.
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: 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; 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; 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; 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; 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 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; 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; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; 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 hereof.
NATIONAL FUEL GAS COMPANY RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS QUARTER ENDED JUNE 30, 2016 (Unaudited) UpstreamMidstream Businesses
Downstream Businesses
Exploration & Pipeline & Energy Corporate / (Thousands of Dollars) Production Storage Gathering Utility Marketing All Other Consolidated* Third quarter 2015 GAAP earnings $ (323,113 ) $ 17,714 $ 6,226 $ 5,727 $ 1,533 $ (1,221 ) $ (293,134 ) Items impacting comparability: Impairment of oil and gas producing properties 588,712 588,712 Tax impact of impairment of oil and gas producing properties (248,863 ) (248,863 ) Third quarter 2015 operating results 16,736 17,714 6,226 5,727 1,533 (1,221 ) 46,715 Drivers of operating results Higher (lower) crude oil prices (5,138 ) (5,138 ) Higher (lower) natural gas prices (12,005 ) (12,005 ) Higher (lower) natural gas production 17,216 17,216 Higher (lower) crude oil production (1,420 ) (1,420 ) Lower (higher) depreciation / depletion 16,093 (900 ) (937 ) (479 ) 13,777 Higher (lower) transportation revenues 4,263 4,263 Higher (lower) gathering and processing revenues 5,595 5,595 Lower (higher) operating expenses 2,614 (1,461 ) (461 ) (1,731 ) 447 (592 ) Lower (higher) property, franchise and other taxes 1,482 1,482 Higher (lower) margins (1,013 ) (2,209 ) 568 (2,654 ) Higher (lower) AFUDC** (598 ) (598 ) Higher (lower) interest income (410 ) (410 ) Lower (higher) interest expense (1,667 ) (1,265 ) (1,307 ) (4,239 ) Lower (higher) income tax expense / effective tax rate (2,906 ) (715 ) 318 (894 ) (4,197 ) All other / rounding 22 285 39 (325 ) 86 166 273 Third quarter 2016 operating results 30,617 17,323 9,473 2,179 (590 ) (934 ) 58,068 Items impacting comparability: Impairment of oil and gas producing properties (82,658 ) (82,658 ) Tax impact of impairment of oil and gas producing properties 34,716 34,716 Joint development agreement professional fees (3,173 ) (3,173 ) Tax impact of joint development agreement professional fees 1,333 1,333 Third quarter 2016 GAAP earnings $ (19,165 ) $ 17,323 $ 9,473 $ 2,179 $ (590 ) $ (934 ) $ 8,286 * 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 QUARTER ENDED JUNE 30, 2016 (Unaudited) UpstreamMidstream Businesses
Downstream Businesses
Exploration & Pipeline & Energy Corporate / Production Storage Gathering Utility Marketing All Other Consolidated* Third quarter 2015 GAAP earnings $ (3.79 ) $ 0.21 $ 0.07 $ 0.07 $ 0.02 $ (0.02 ) $ (3.44 ) Items impacting comparability: Impairment of oil and gas producing properties 6.91 6.91 Tax impact of impairment of oil and gas producing properties (2.92 ) (2.92 ) Third quarter 2015 operating results 0.20 0.21 0.07 0.07 0.02 (0.02 ) 0.55 Drivers of operating results Higher (lower) crude oil prices (0.06 ) (0.06 ) Higher (lower) natural gas prices (0.14 ) (0.14 ) Higher (lower) natural gas production 0.20 0.20 Higher (lower) crude oil production (0.02 ) (0.02 ) Lower (higher) depreciation / depletion 0.19 (0.01 ) (0.01 ) (0.01 ) 0.16 Higher (lower) transportation revenues 0.05 0.05 Higher (lower) gathering and processing revenues 0.07 0.07 Lower (higher) operating expenses 0.03 (0.02 ) (0.01 ) (0.02 ) 0.01 (0.01 ) Lower (higher) property, franchise and other taxes 0.02 0.02 Higher (lower) margins (0.01 ) (0.03 ) 0.01 (0.03 ) Higher (lower) AFUDC** (0.01 ) (0.01 ) High (lower) interest income — — Lower (higher) interest expense (0.02 ) (0.01 ) (0.02 ) (0.05 ) Lower (higher) income tax expense / effective tax rate (0.03 ) (0.01 ) — (0.01 ) (0.05 ) All other / rounding (0.01 ) — 0.01 — — — — Third quarter 2016 operating results 0.36 0.20 0.11 0.03 (0.01 ) (0.01 ) 0.68 Items impacting comparability: Impairment of oil and gas producing properties (0.97 ) (0.97 ) Tax impact of impairment of oil and gas producing properties 0.41 0.41 Joint development agreement professional fees (0.04 ) (0.04 ) Tax impact of joint development agreement professional fees 0.02 0.02 Third quarter 2016 GAAP earnings $ (0.22 ) $ 0.20 $ 0.11 $ 0.03 $ (0.01 ) $ (0.01 ) $ 0.10 * 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 NINE MONTHS ENDED JUNE 30, 2016 (Unaudited) UpstreamMidstream Businesses
Downstream Businesses
Exploration & Pipeline & Energy Corporate / (Thousands of Dollars) Production Storage Gathering Utility Marketing All Other Consolidated* Nine months ended June 30, 2015 GAAP earnings $ (349,955 ) $ 61,868 $ 24,254 $ 66,558 $ 7,732 $ (2,181 ) $ (191,724 ) Items impacting comparability: Impairment of oil and gas producing properties 709,060 709,060 Tax impact of impairment of oil and gas producing properties (299,738 ) (299,738 ) Nine months ended June 30, 2015 operating results 59,367 61,868 24,254 66,558 7,732 (2,181 ) 217,598 Drivers of operating results Higher (lower) crude oil prices (20,727 ) (20,727 ) Higher (lower) natural gas prices (27,670 ) (27,670 ) Higher (lower) natural gas production 3,219 3,219 Higher (lower) crude oil production (2,656 ) (2,656 ) Derivative mark to market adjustments (1,841 ) (1,841 ) Lower (higher) lease operating and transportation expenses 7,905 7,905 Lower (higher) depreciation / depletion 52,621 (2,400 ) (2,198 ) (995 ) 47,028 Higher (lower) transportation revenues 6,655 6,655 Higher (lower) gathering and processing revenues 4,552 4,552 Lower (higher) operating expenses 2,399 (2,194 ) (1,137 ) 1,869 1,160 2,097 Lower (higher) property, franchise and other taxes 3,329 (592 ) 2,737 Regulatory true-up adjustments (3,067 ) (3,067 ) Warmer weather (12,861 ) (12,861 ) Higher (lower) margins (3,755 ) 565 (3,190 ) Higher (lower) AFUDC** 509 509 Higher (lower) interest income (723 ) (723 ) Lower (higher) interest expense (6,065 ) (3,318 ) (4,269 ) (13,652 ) Lower (higher) income tax expense / effective tax rate (2,786 ) (338 ) 690 1,841 1,247 654 All other / rounding (381 ) (396 ) 70 (600 ) 140 1,667 500 Nine months ended June 30, 2016 operating results 65,991 59,794 21,962 52,745 4,117 2,458 207,067 Items impacting comparability: Impairment of oil and gas producing properties (915,552 ) (915,552 ) Tax impact of impairment of oil and gas producing properties 384,531 384,531 Joint development agreement professional fees (7,855 ) (7,855 ) Tax impact of joint development agreement professional fees 3,299 3,299 Nine months ended June 30, 2016 GAAP earnings $ (469,586 ) $ 59,794 $ 21,962 $ 52,745 $ 4,117 $ 2,458 $ (328,510 ) * 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 NINE MONTHS ENDED JUNE 30, 2016 (Unaudited) UpstreamMidstream Businesses
Downstream Businesses
Exploration & Pipeline & Energy Corporate / Production Storage Gathering Utility Marketing All Other Consolidated* Nine months ended June 30, 2015 GAAP earnings $ (4.11 ) $ 0.73 $ 0.28 $ 0.78 $ 0.09 $ (0.02 ) $ (2.25 ) Items impacting comparability: Impairment of oil and gas producing properties 8.32 8.32 Tax impact of impairment of oil and gas producing properties (3.52 ) (3.52 ) Nine months ended June 30, 2015 operating results 0.69 0.73 0.28 0.78 0.09 (0.02 ) 2.55 Drivers of operating results Higher (lower) crude oil prices (0.24 ) (0.24 ) Higher (lower) natural gas prices (0.32 ) (0.32 ) Higher (lower) natural gas production 0.04 0.04 Higher (lower) crude oil production (0.03 ) (0.03 ) Derivative mark to market adjustments (0.02 ) (0.02 ) Lower (higher) lease operating and transportation expenses 0.09 0.09 Lower (higher) depreciation / depletion 0.62 (0.03 ) (0.03 ) (0.01 ) 0.55 Higher (lower) transportation revenues 0.08 0.08 Higher (lower) gathering and processing revenues 0.05 0.05 Lower (higher) operating expenses 0.03 (0.03 ) (0.01 ) 0.02 0.01 0.02 Lower (higher) property, franchise and other taxes 0.04 (0.01 ) 0.03 Regulatory true-up adjustments (0.04 ) (0.04 ) Warmer weather (0.15 ) (0.15 ) Higher (lower) margins (0.04 ) 0.01 (0.03 ) Higher (lower) AFUDC** 0.01 0.01 Higher (lower) interest income (0.01 ) (0.01 ) Lower (higher) interest expense (0.07 ) (0.04 ) (0.05 ) (0.16 ) Lower (higher) income tax expense / effective tax rate (0.03 ) — 0.01 0.02 0.01 0.01 All other / rounding (0.02 ) (0.01 ) 0.01 — — 0.02 — Nine months ended June 30, 2016 operating results 0.77 0.70 0.26 0.62 0.05 0.03 2.43 Items impacting comparability: Impairment of oil and gas producing properties (10.80 ) (10.80 ) Tax impact of impairment of oil and gas producing properties 4.54 4.54 Joint development agreement professional fees (0.09 ) (0.09 ) Tax impact of joint development agreement professional fees 0.04 0.04 Earnings per share impact of diluted shares 0.01 0.01 Nine months ended June 30, 2016 GAAP earnings $ (5.54 ) $ 0.71 $ 0.26 $ 0.62 $ 0.05 $ 0.03 $ (3.87 ) * 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 Nine Months Ended June 30, June 30, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS
2016 2015 2016 2015 Operating Revenues: Utility and Energy Marketing Revenues $ 123,976 $ 132,422 $ 540,981 $ 772,802 Exploration and Production and Other Revenues 158,578 160,256 456,032 532,173 Pipeline and Storage and Gathering Revenues 53,063 47,137 162,930 154,876 335,617 339,815 1,159,943 1,459,851 Operating Expenses: Purchased Gas 23,477 27,038 147,168 344,728 Operation and Maintenance: Utility and Energy Marketing 46,616 44,263 151,474 156,724 Exploration and Production and Other 35,427 46,162 123,965 140,564 Pipeline and Storage and Gathering 23,215 20,272 64,324 59,237 Property, Franchise and Other Taxes 20,261 22,717 61,923 68,561 Depreciation, Depletion and Amortization 58,802 79,865 193,300 265,298 Impairment of Oil and Gas Producing Properties 82,658 588,712 915,552 709,060 290,456 829,029 1,657,706 1,744,172 Operating Income (Loss) 45,161 (489,214 ) (497,763 ) (284,321 ) Other Income (Expense): Interest Income 564 327 2,640 1,631 Other Income 1,519 2,066 7,173 4,638 Interest Expense on Long-Term Debt (28,897 ) (22,213 ) (88,263 ) (66,900 ) Other Interest Expense (1,321 ) (1,007 ) (3,938 ) (3,382 ) Income (Loss) Before Income Taxes 17,026 (510,041 ) (580,151 ) (348,334 ) Income Tax Expense (Benefit) 8,740 (216,907 ) (251,641 ) (156,610 ) Net Income (Loss) Available for Common Stock $ 8,286 $ (293,134 ) $ (328,510 ) $ (191,724 ) Earnings (Loss) Per Common Share: Basic $ 0.10 $ (3.47 ) $ (3.87 ) $ (2.27 ) Diluted $ 0.10 $ (3.44 ) $ (3.87 ) $ (2.25 ) Weighted Average Common Shares: Used in Basic Calculation 84,917,664 84,453,602 84,791,447 84,326,182 Used in Diluted Calculation 85,470,216 85,248,281 84,791,447 85,237,514 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, September 30, (Thousands of Dollars) 2016 2015 ASSETS Property, Plant and Equipment $ 9,460,444 $ 9,261,323 Less - Accumulated Depreciation, Depletion and Amortization 5,012,690 3,929,428 Net Property, Plant and Equipment 4,447,754 5,331,895 Current Assets: Cash and Temporary Cash Investments 105,567 113,596 Hedging Collateral Deposits 3,008 11,124 Receivables - Net 140,911 105,004 Unbilled Revenue 14,604 20,746 Gas Stored Underground 15,944 34,252 Materials and Supplies - at average cost 33,039 30,414 Unrecovered Purchased Gas Costs 933 — Other Current Assets 47,118 60,665 Total Current Assets 361,124 375,801 Other Assets: Recoverable Future Taxes 172,456 168,214 Unamortized Debt Expense 1,821 2,218 Other Regulatory Assets 269,343 278,227 Deferred Charges 17,968 15,129 Other Investments 111,385 92,990 Goodwill 5,476 5,476 Prepaid Post-Retirement Benefit Costs 27,158 24,459 Fair Value of Derivative Financial Instruments 126,596 270,363 Other 116 167 Total Other Assets 732,319 857,243 Total Assets $ 5,541,197 $ 6,564,939 CAPITALIZATION AND LIABILITIES Capitalization: Comprehensive Shareholders' Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 84,948,691 Shares and 84,594,383 Shares, Respectively $ 84,949 $ 84,594 Paid in Capital 761,673 744,274 Earnings Reinvested in the Business 673,281 1,103,200 Accumulated Other Comprehensive Income 7,739 93,372 Total Comprehensive Shareholders' Equity 1,527,642 2,025,440 Long-Term Debt, Net of Unamortized Discount and Debt Issuance Costs 2,085,686 2,084,009 Total Capitalization 3,613,328 4,109,449 Current and Accrued Liabilities: Notes Payable to Banks and Commercial Paper — — Current Portion of Long-Term Debt — — Accounts Payable 86,487 180,388 Amounts Payable to Customers 35,441 56,778 Dividends Payable 34,404 33,415 Interest Payable on Long-Term Debt 28,985 36,200 Customer Advances 38 16,236 Customer Security Deposits 16,094 16,490 Other Accruals and Current Liabilities 72,759 96,557 Fair Value of Derivative Financial Instruments 2,133 10,076 Total Current and Accrued Liabilities 276,341 446,140 Deferred Credits: Deferred Income Taxes 807,955 1,137,962 Taxes Refundable to Customers 91,452 89,448 Unamortized Investment Tax Credit 470 731 Cost of Removal Regulatory Liability 191,217 184,907 Other Regulatory Liabilities 102,018 108,617 Pension and Other Post-Retirement Liabilities 222,756 202,807 Asset Retirement Obligations 114,804 156,805 Other Deferred Credits 120,856 128,073 Total Deferred Credits 1,651,528 2,009,350 Commitments and Contingencies — — Total Capitalization and Liabilities $ 5,541,197 $ 6,564,939 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended June 30, (Thousands of Dollars) 2016 2015 Operating Activities: Net Loss Available for Common Stock $ (328,510 ) $ (191,724 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Impairment of Oil and Gas Producing Properties 915,552 709,060 Depreciation, Depletion and Amortization 193,300 265,298 Deferred Income Taxes (269,248 ) (198,116 ) Excess Tax Benefits Associated with Stock-Based Compensation Awards (1,786 ) (9,064 ) Stock-Based Compensation 3,138 8,383 Other 9,685 7,329 Change in: Hedging Collateral Deposits 8,116 (8,367 ) Receivables and Unbilled Revenue (7,756 ) 22,175 Gas Stored Underground and Materials and Supplies 15,683 20,259 Unrecovered Purchased Gas Costs (933 ) — Other Current Assets 15,334 14,367 Accounts Payable (53,687 ) 11,153 Amounts Payable to Customers (21,337 ) 11,097 Customer Advances (16,198 ) (18,961 ) Customer Security Deposits (396 ) 2,568 Other Accruals and Current Liabilities 3,375 13,794 Other Assets 3,775 1,124 Other Liabilities (8,152 ) 52,261 Net Cash Provided by Operating Activities $ 459,955 $ 712,636 Investing Activities: Capital Expenditures $ (481,781 ) $ (718,965 ) Net Proceeds from Sale of Oil and Gas Producing Properties 115,235 — Other (11,163 ) (1,065 ) Net Cash Used in Investing Activities $ (377,709 ) $ (720,030 ) Financing Activities: Changes in Notes Payable to Banks and Commercial Paper $ — $ (85,600 ) Excess Tax Benefits Associated with Stock-Based Compensation Awards 1,786 9,064 Dividends Paid on Common Stock (100,419 ) (97,330 ) Net Proceeds From Issuance of Long-Term Debt — 445,662 Net Proceeds From Issuance of Common Stock 8,358 8,743 Net Cash (Used in) Provided by Financing Activities $ (90,275 ) $ 280,539 Net Increase (Decrease) in Cash and Temporary Cash Investments (8,029 ) 273,145 Cash and Temporary Cash Investments at Beginning of Period 113,596 36,886 Cash and Temporary Cash Investments at June 30 $ 105,567 $ 310,031 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) UPSTREAM BUSINESS Three Months Ended Nine Months Ended (Thousands of Dollars, except per share amounts) June 30, June 30,EXPLORATION AND PRODUCTION SEGMENT
2016 2015 Variance 2016 2015 Variance Total Operating Revenues $ 156,835 $ 159,404 $ (2,569 ) $ 452,583 $ 529,590 $ (77,007 ) Operating Expenses: Operation and Maintenance: General and Administrative Expense 16,573 17,066 (493 ) 55,671 50,793 4,878 Lease Operating and Transportation Expense 38,861 39,390 (529 ) 115,451 127,614 (12,163 ) All Other Operation and Maintenance Expense 3,011 3,367 (356 ) 10,402 11,115 (713 ) Property, Franchise and Other Taxes 3,639 5,919 (2,280 ) 10,241 15,361 (5,120 ) Depreciation, Depletion and Amortization 31,279 56,038 (24,759 ) 112,586 193,540 (80,954 ) Impairment of Oil and Gas Producing Properties 82,658 588,712 (506,054 ) 915,552 709,060 206,492 176,021 710,492 (534,471 ) 1,219,903 1,107,483 112,420 Operating Loss (19,186 ) (551,088) 531,902 (767,320 ) (577,893) (189,427 ) Other Income (Expense): Interest Income 88 720 (632 ) 781 1,893 (1,112 ) Interest Expense (13,753 ) (11,190 ) (2,563 ) (41,882 ) (32,551 ) (9,331 ) Loss Before Income Taxes (32,851 ) (561,558 ) 528,707 (808,421 ) (608,551 ) (199,870 ) Income Tax Benefit (13,686 ) (238,445 ) 224,759 (338,835 ) (258,596 ) (80,239 ) Net Loss $ (19,165 ) $ (323,113 ) $ 303,948 $ (469,586 ) $ (349,955 ) $ (119,631 ) Net Loss Per Share (Diluted) $ (0.22 ) $ (3.79 ) $ 3.57 $ (5.54 ) $ (4.11 ) $ (1.43 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) MIDSTREAM BUSINESSES Three Months Ended Nine Months Ended (Thousands of Dollars, except per share amounts) June 30, June 30,PIPELINE AND STORAGE SEGMENT
2016 2015 Variance 2016 2015 Variance Revenues from External Customers $ 52,998 $ 47,012 $ 5,986 $ 162,627 $ 154,515 $ 8,112 Intersegment Revenues 22,795 21,833 962 68,272 66,347 1,925 Total Operating Revenues 75,793 68,845 6,948 230,899 220,862 10,037 Operating Expenses: Purchased Gas 356 (61 ) 417 1,059 492 567 Operation and Maintenance 20,492 18,243 2,249 57,145 53,770 3,375 Property, Franchise and Other Taxes 6,430 6,226 204 19,766 18,855 911 Depreciation, Depletion and Amortization 11,023 9,639 1,384 32,144 28,452 3,692 38,301 34,047 4,254 110,114 101,569 8,545 Operating Income 37,492 34,798 2,694 120,785 119,293 1,492 Other Income (Expense): Interest Income 237 142 95 527 350 177 Other Income 657 1,000 (343 ) 2,651 1,888 763 Interest Expense (8,528 ) (6,581 ) (1,947 ) (25,017 ) (19,913 ) (5,104 ) Income Before Income Taxes 29,858 29,359 499 98,946 101,618 (2,672 ) Income Tax Expense 12,535 11,645 890 39,152 39,750 (598 ) Net Income $ 17,323 $ 17,714 $ (391 ) $ 59,794 $ 61,868 $ (2,074 ) Net Income Per Share (Diluted) $ 0.20 $ 0.21 $ (0.01 ) $ 0.71 $ 0.73 $ (0.02 ) Three Months Ended Nine Months Ended June 30, June 30,GATHERING SEGMENT
2016 2015 Variance 2016 2015 Variance Revenues from External Customers $ 65 $ 126 $ (61 ) $ 303 $ 361 $ (58 ) Intersegment Revenues 25,417 16,748 8,669 65,601 58,541 7,060 Total Operating Revenues 25,482 16,874 8,608 65,904 58,902 7,002 Operating Expenses: Operation and Maintenance 3,018 2,309 709 8,066 6,317 1,749 Property, Franchise and Other Taxes 31 38 (7 ) 116 130 (14 ) Depreciation, Depletion and Amortization 3,608 2,166 1,442 11,407 8,025 3,382 6,657 4,513 2,144 19,589 14,472 5,117 Operating Income 18,825 12,361 6,464 46,315 44,430 1,885 Other Income (Expense): Interest Income 88 35 53 188 94 94 Other Income 1 1 — 3 3 — Interest Expense (1,794 ) 216 (2,010 ) (6,781 ) (214 ) (6,567 ) Income Before Income Taxes 17,120 12,613 4,507 39,725 44,313 (4,588 ) Income Tax Expense 7,647 6,387 1,260 17,763 20,059 (2,296 ) Net Income $ 9,473 $ 6,226 $ 3,247 $ 21,962 $ 24,254 $ (2,292 ) Net Income Per Share (Diluted) $ 0.11 $ 0.07 $ 0.04 $ 0.26 $ 0.28 $ (0.02 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) DOWNSTREAM BUSINESSES Three Months Ended Nine Months Ended (Thousands of Dollars, except per share amounts) June 30, June 30,UTILITY SEGMENT
2016 2015 Variance 2016 2015 Variance Revenues from External Customers $ 106,568 $ 110,002 $ (3,434 ) $ 463,154 $ 630,049 $ (166,895 ) Intersegment Revenues 1,729 2,614 (885 ) 10,757 13,670 (2,913 ) Total Operating Revenues 108,297 112,616 (4,319 ) 473,911 643,719 (169,808 ) Operating Expenses: Purchased Gas 29,514 31,812 (2,298 ) 155,764 295,490 (139,726 ) Operation and Maintenance 45,990 43,487 2,503 148,883 154,126 (5,243 ) Property, Franchise and Other Taxes 9,893 10,258 (365 ) 30,980 33,380 (2,400 ) Depreciation, Depletion and Amortization 12,234 11,498 736 35,511 33,981 1,530 97,631 97,055 576 371,138 516,977 (145,839 ) Operating Income 10,666 15,561 (4,895 ) 102,773 126,742 (23,969 ) Other Income (Expense): Interest Income 115 17 98 321 42 279 Other Income 345 609 (264 ) 1,749 1,604 145 Interest Expense (7,192 ) (6,997 ) (195 ) (21,684 ) (21,145 ) (539 ) Income Before Income Taxes 3,934 9,190 (5,256 ) 83,159 107,243 (24,084 ) Income Tax Expense 1,755 3,463 (1,708 ) 30,414 40,685 (10,271 ) Net Income $ 2,179 $ 5,727 $ (3,548 ) $ 52,745 $ 66,558 $ (13,813 ) Net Income Per Share (Diluted) $ 0.03 $ 0.07 $ (0.04 ) $ 0.62 $ 0.78 $ (0.16 ) Three Months Ended Nine Months Ended June 30, June 30,ENERGY MARKETING SEGMENT
2016 2015 Variance 2016 2015 Variance Revenues from External Customers $ 17,408 $ 22,420 $ (5,012 ) $ 77,827 $ 142,753 $ (64,926 ) Intersegment Revenues 231 379 (148 ) 855 796 59 Total Operating Revenues 17,639 22,799 (5,160 ) 78,682 143,549 (64,867 ) Operating Expenses: Purchased Gas 17,191 18,954 (1,763 ) 67,235 126,325 (59,090 ) Operation and Maintenance 1,376 1,516 (140 ) 4,872 4,804 68 Property, Franchise and Other Taxes 2 2 — 6 7 (1 ) Depreciation, Depletion and Amortization 70 50 20 208 151 57 18,639 20,522 (1,883 ) 72,321 131,287 (58,966 ) Operating Income (Loss) (1,000 ) 2,277 (3,277 ) 6,361 12,262 (5,901 ) Other Income (Expense): Interest Income 145 60 85 286 141 145 Other Income 20 28 (8 ) 44 95 (51 ) Interest Expense (11 ) (5 ) (6 ) (37 ) (20 ) (17 ) Income (Loss) Before Income Taxes (846 ) 2,360 (3,206 ) 6,654 12,478 (5,824 ) Income Tax Expense (Benefit) (256 ) 827 (1,083 ) 2,537 4,746 (2,209 ) Net Income (Loss) $ (590 ) $ 1,533 $ (2,123 ) $ 4,117 $ 7,732 $ (3,615 ) Net Income (Loss) Per Share (Diluted) $ (0.01 ) $ 0.02 $ (0.03 ) $ 0.05 $ 0.09 $ (0.04 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS (UNAUDITED) Three Months Ended Nine Months Ended (Thousands of Dollars, except per share amounts) June 30, June 30,ALL OTHER
2016 2015 Variance 2016 2015 Variance Total Operating Revenues $ 1,508 $ 634 $ 874 $ 2,775 $ 1,906 $ 869 Operating Expenses: Operation and Maintenance 256 227 29 495 709 (214 ) Property, Franchise and Other Taxes 144 155 (11 ) 449 462 (13 ) Depreciation, Depletion and Amortization 399 305 94 888 645 243 799 687 112 1,832 1,816 16 Operating Income (Loss) 709 (53 ) 762 943 90 853 Other Income (Expense): Interest Income 32 19 13 83 48 35 Other Income — 1 (1 ) — 4 (4 ) Income (Loss) Before Income Taxes 741 (33 ) 774 1,026 142 884 Income Tax Expense (Benefit) 311 (5 ) 316 431 76 355 Net Income (Loss) $ 430 $ (28 ) $ 458 $ 595 $ 66 $ 529 Net Income (Loss) Per Share (Diluted) $ 0.01 $ — $ 0.01 $ 0.01 $ — $ 0.01 Three Months Ended Nine Months Ended June 30, June 30,CORPORATE
2016 2015 Variance 2016 2015 Variance Revenues from External Customers $ 235 $ 217 $ 18 $ 674 $ 677 $ (3 ) Intersegment Revenues 967 953 14 2,900 2,792 108 Total Operating Revenues 1,202 1,170 32 3,574 3,469 105 Operating Expenses: Operation and Maintenance 3,236 3,952 (716 ) 10,273 11,844 (1,571 ) Property, Franchise and Other Taxes 122 119 3 365 366 (1 ) Depreciation, Depletion and Amortization 189 169 20 556 504 52 3,547 4,240 (693 ) 11,194 12,714 (1,520 ) Operating Loss (2,345 ) (3,070 ) 725 (7,620 ) (9,245 ) 1,625 Other Income (Expense): Interest Income 30,684 24,990 5,694 92,767 74,479 18,288 Other Income 496 427 69 2,726 1,044 1,682 Interest Expense on Long-Term Debt (28,897 ) (22,213 ) (6,684 ) (88,263 ) (66,900 ) (21,363 ) Other Interest Expense (868 ) (2,106 ) 1,238 (850 ) (4,955 ) 4,105 Loss Before Income Taxes (930 ) (1,972 ) 1,042 (1,240 ) (5,577 ) 4,337 Income Tax Expense (Benefit) 434 (779 ) 1,213 (3,103 ) (3,330 ) 227 Net Income (Loss) $ (1,364 ) $ (1,193 ) $ (171 ) $ 1,863 $ (2,247 ) $ 4,110 Net Income (Loss) Per Share (Diluted) $ (0.02 ) $ (0.02 ) $ — $ 0.02 $ (0.02 ) $ 0.04 Three Months Ended Nine Months Ended June 30, June 30,INTERSEGMENT ELIMINATIONS
2016 2015 Variance 2016 2015 Variance Intersegment Revenues $ (51,139 ) $ (42,527 ) $ (8,612 ) $ (148,385 ) $ (142,146 ) $ (6,239 ) Operating Expenses: Purchased Gas (23,584 ) (23,667 ) 83 (76,890 ) (77,579 ) 689 Operation and Maintenance (27,555 ) (18,860 ) (8,695 ) (71,495 ) (64,567 ) (6,928 ) (51,139 ) (42,527 ) (8,612 ) (148,385 ) (142,146 ) (6,239 ) Operating Income — — — — — — Other Income (Expense): Interest Income (30,825 ) (25,656 ) (5,169 ) (92,313 ) (75,416 ) (16,897 ) Interest Expense 30,825 25,656 5,169 92,313 75,416 16,897 Net Income $ — $ — $ — $ — $ — $ — Net Income Per Share (Diluted) $ — $ — $ — $ — $ — $ — NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES SEGMENT INFORMATION (Continued) (Thousands of Dollars) Three Months Ended Nine Months Ended June 30, June 30, (Unaudited) (Unaudited) Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease)Capital Expenditures:
Exploration and Production $47,269
(1)
$ 136,374 (3) $ (89,105 ) $ 214,923 (1)(2) $ 437,450 (3)(4) $ (222,527 ) Pipeline and Storage 18,325 (1) 56,993 (3) (38,668 ) 76,020 (1)(2) 114,664 (3)(4) (38,644 ) Gathering 9,192 (1) 36,665 (3) (27,473 ) 43,715 (1)(2) 87,214 (3)(4) (43,499 ) Utility 26,280 (1) 23,596 (3) 2,684 72,288 (1)(2) 65,337 (3)(4) 6,951 Energy Marketing 19 32 (13 ) 28 124 (96 ) Total Reportable Segments 101,085 253,660 (152,575 ) 406,974 704,789 (297,815 ) All Other — — — 37 — 37 Corporate 36 67 (31 ) 191 134 57 Total Capital Expenditures $ 101,121 $ 253,727 $ (152,606 ) $ 407,202 $ 704,923 $ (297,721 )(1)
Capital expenditures for the quarter and nine months ended June 30, 2016, include accounts payable and accrued liabilities related to capital expenditures of $26.7 million, $7.6 million, $2.8 million, and $7.3 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 June 30, 2016, since they represent non-cash investing activities at that date.(2)
Capital expenditures for the nine months ended June 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 nine months ended June 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 June 30, 2016.(3)
Capital expenditures for the quarter and nine months ended June 30, 2015, include accounts payable and accrued liabilities related to capital expenditures of $64.3 million, $28.0 million, $21.4 million, and $8.9 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 June 30, 2015, since they represent non-cash investing activities at that date.(4)
Capital expenditures for the nine months ended June 30, 2015, exclude capital expenditures of $80.1 million, $28.1 million, $20.1 million and $8.3 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, 2014 and paid during the nine months ended June 30, 2015. These amounts were excluded from the Consolidated Statements of Cash Flows at September 30, 2014, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2015.DEGREE DAYS
Percent Colder (Warmer) Than:Three Months Ended June 30
Normal 2016 2015 Normal (1) Last Year (1) Buffalo, NY 912 927 778 1.6 19.2 Erie, PA 871 936 729 7.5 28.4Nine Months Ended June 30
Buffalo, NY 6,491 5,567 6,898 (14.2) (19.3) Erie, PA 6,057 5,159 6,535 (14.8) (21.1)(1)
Percents compare actual 2016 degree days to normal degree days and actual 2016 degree days to actual 2015 degree days. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease)Gas Production/Prices:
Production (MMcf) Appalachia 38,846 30,830 8,016 105,747 104,221 1,526 West Coast 763 807 (44 ) 2,310 2,375 (65 ) Total Production 39,609 31,637 7,972 108,057 106,596 1,461 Average Prices (Per Mcf) Appalachia $ 1.73 $ 2.11 $ (0.38 ) $ 1.84 $ 2.56 $ (0.72 ) West Coast 2.84 3.52 (0.68 ) 3.13 4.30 (1.17 ) Weighted Average 1.75 2.15 (0.40 ) 1.87 2.60 (0.73 ) Weighted Average after Hedging 2.86 3.32 (0.46 ) 3.00 3.39 (0.39 )Oil Production/Prices:
Production (Thousands of Barrels) Appalachia 6 7 (1 ) 16 22 (6 ) West Coast 722 752 (30 ) 2,183 2,234 (51 ) Total Production 728 759 (31 ) 2,199 2,256 (57 ) Average Prices (Per Barrel) Appalachia $ 58.28 $ 56.54 $ 1.74 $ 44.05 $ 62.29 $ (18.24 ) West Coast 38.89 52.07 (13.18 ) 34.02 54.48 (20.46 ) Weighted Average 39.04 52.12 (13.08 ) 34.10 54.56 (20.46 ) Weighted Average after Hedging 58.79 69.65 (10.86 ) 57.22 71.72 (14.50 ) Total Production (Mmcfe) 43,977 36,191 7,786 121,251 120,132 1,119Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1) $ 0.38 $ 0.47 $ (0.09 ) $ 0.46 $ 0.42 $ 0.04 Lease Operating and Transportation Expense per Mcfe (1)(2) $ 0.88 $ 1.09 $ (0.21 ) $ 0.95 $ 1.06 $ (0.11 ) Depreciation, Depletion & Amortization per Mcfe (1) $ 0.71 $ 1.55 $ (0.84 ) $ 0.93 $ 1.61 $ (0.68 )(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 $0.53 and $0.50 per Mcfe for the three months ended June 30, 2016 and June 30, 2015, respectively. Amounts include transportation expense of $0.52 and $0.52 per Mcfe for the nine months ended June 30, 2016 and June 30, 2015, respectively. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for the Remaining Three Months of Fiscal 2016Volume
Average Hedge Price
Oil Swaps Brent 51,000 BBL $ 94.06 / BBL NYMEX 432,000 BBL $ 73.82 / BBL Total 483,000 BBL $ 75.96 / BBL Gas Swaps NYMEX 9,930,000 MMBTU $ 3.96 / MMBTU Dominion Transmission Appalachian (DOM) 4,260,000 MMBTU $ 3.77 / MMBTU Michigan Consolidated City Gate (Mich Con) 3,000,000 MMBTU $ 4.10 / MMBTU Dawn Ontario (DAWN) 4,080,000 MMBTU $ 3.82 / MMBTU Fixed Price Physical Sales 14,224,001 MMBTU $ 2.40 / MMBTU Total 35,494,001 MMBTU $ 3.31 / MMBTU Hedging Summary for Fiscal 2017Volume
Average Hedge Price
Oil Swaps Brent 123,000 BBL $ 92.27 / BBL NYMEX 885,000 BBL $ 64.17 / BBL Total 1,008,000 BBL $ 67.60 / BBL Gas Swaps NYMEX 35,710,000 MMBTU $ 4.29 / MMBTU DOM 6,540,000 MMBTU $ 3.86 / MMBTU Mich Con 3,000,000 MMBTU $ 4.10 / MMBTU DAWN 19,100,000 MMBTU $ 3.70 / MMBTU Fixed Price Physical Sales 59,926,010 MMBTU $ 2.43 / MMBTU Total 124,276,010 MMBTU $ 3.27 / MMBTU Hedging Summary for Fiscal 2018Volume
Average Hedge Price
Oil Swaps Brent 24,000 BBL $ 91.00 / BBL NYMEX 207,000 BBL $ 62.27 / BBL Total 231,000 BBL $ 65.25 / BBL Gas Swaps NYMEX 26,070,000 MMBTU $ 3.49 / MMBTU DAWN 8,400,000 MMBTU $ 3.08 / MMBTU Fixed Price Physical Sales 14,197,001 MMBTU $ 2.56 / MMBTU Total 48,667,001 MMBTU $ 3.15 / MMBTU Hedging Summary for Fiscal 2019Volume
Average Hedge Price
Gas Swaps NYMEX 25,560,000 MMBTU $ 3.18 / MMBTU DAWN 7,200,000 MMBTU $ 3.00 / MMBTU Fixed Price Physical Sales 5,955,000 MMBTU $ 3.18 / MMBTU Total 38,715,000 MMBTU $ 3.14 / MMBTU Hedging Summary for Fiscal 2020Volume
Average Hedge Price
Gas Swaps NYMEX 16,880,000 MMBTU $ 3.07 / MMBTU DAWN 7,200,000 MMBTU $ 3.00 / MMBTU Fixed Price Physical Sales 3,005,000 MMBTU $ 3.25 / MMBTU Total 27,085,000 MMBTU $ 3.07 / MMBTU Hedging Summary for Fiscal 2021Volume
Average Hedge Price
Gas Swaps NYMEX 4,840,000 MMBTU $ 3.01 / MMBTU DAWN 600,000 MMBTU $ 3.00 / MMBTU Total 5,440,000 MMBTU $ 3.01 / MMBTU NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESEXPLORATION AND PRODUCTION INFORMATION
Gross Wells in Process of Drilling
Nine Months Ended June 30, 2016
Total East West Company Wells in Process - Beginning of Period Exploratory 4.000 (1) 0.000 4.000 Developmental 96.000 (1) 0.000 96.000 Wells Commenced Exploratory 1.000 0.000 1.000 Developmental 43.000 25.000 68.000 Wells Completed Exploratory 1.000 0.000 1.000 Developmental 42.000 25.000 67.000 Wells Plugged & Abandoned Exploratory 0.000 0.000 0.000 Developmental 1.000 0.000 1.000 Wells in Process - End of Period Exploratory 4.000 0.000 4.000 Developmental 96.000 0.000 96.000(1)
Gross exploratory wells were increased by 4 and developmental wells were decreased by 4.Net Wells in Process of Drilling
Nine Months Ended June 30, 2016
Total East West Company Wells in Process - Beginning of Period Exploratory 4.000 (1) 0.000 4.000 Developmental 81.500 (1) 0.000 81.500 Wells Commenced Exploratory 1.000 0.000 1.000 Developmental 43.000 25.000 68.000 Wells Completed Exploratory 1.000 0.000 1.000 Developmental 28.400 25.000 53.400 Wells Plugged & Abandoned Exploratory 0.000 0.000 0.000 Developmental 1.000 0.000 1.000 Well Interest Sold (2) Exploratory 0.000 0.000 0.000 Developmental 13.600 0.000 13.600 Wells in Process - End of Period Exploratory 4.000 0.000 4.000 Developmental 81.500 (2) 0.000 81.500(1)
Net exploratory wells were increased by 4 and developmental wells were decreased by 4. (2) Seneca's East Division sold an 80% working interest in 17 of the existing developmental wells in process to IOG during the nine months ended June 30, 2016. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES Pipeline & Storage Throughput - (millions of cubic feet - MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease) Firm Transportation - Affiliated 19,836 15,441 4,395 87,169 95,304 (8,135 ) Firm Transportation - Non-Affiliated 153,543 140,378 13,165 470,991 477,149 (6,158 ) Interruptible Transportation 6,354 3,105 3,249 18,469 8,833 9,636 179,733 158,924 20,809 576,629 581,286 (4,657 ) Gathering Volume - (MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease) Gathered Volume - Affiliated 46,360 30,648 15,712 119,355 106,695 12,660 Utility Throughput - (MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease) Retail Sales: Residential Sales 9,196 8,287 909 46,814 56,315 (9,501 ) Commercial Sales 1,251 1,142 109 6,765 8,239 (1,474 ) Industrial Sales 401 34 367 635 316 319 10,848 9,463 1,385 54,214 64,870 (10,656 ) Off-System Sales — — — 1,243 3,787 (2,544 ) Transportation 13,864 13,993 (129 ) 58,778 68,509 (9,731 ) 24,712 23,456 1,256 114,235 137,166 (22,931 ) Energy Marketing Volume Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2016 2015 (Decrease) 2016 2015 (Decrease) Natural Gas (MMcf) 8,537 8,289 248 33,800 40,215 (6,415 )NATIONAL FUEL GAS COMPANY
AND 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 1 of this report reconciles National Fuel's reported GAAP earnings to Operating Results for the three and nine months ended June 30, 2016 and 2015.
Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation, depletion and amortization, interest and other income, impairments, items impacting comparability and income taxes.
The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three and nine months ended June 30, 2016 and 2015:
Three Months Ended Nine Months Ended June 30, June 30, 2016 2015 2016 2015 (in thousands) Reported GAAP Earnings $ 8,286 $ (293,134 ) $ (328,510 ) $ (191,724 ) Depreciation, Depletion and Amortization 58,802 79,865 193,300 265,298 Interest and Other Income (2,083 ) (2,393 ) (9,813 ) (6,269 ) Interest Expense 30,218 23,220 92,201 70,282 Income Taxes 8,740 (216,907 ) (251,641 ) (156,610 ) Impairment of Oil and Gas ProducingProperties
82,658 588,712 915,552 709,060 Joint Development Agreement ProfessionalFees
3,173 — 7,855 — Adjusted EBITDA $ 189,794 $ 179,363 $ 618,944 $ 690,037 Adjusted EBITDA by Segment Pipeline and Storage Adjusted EBITDA $ 48,515 $ 44,437 $ 152,929 $ 147,745 Gathering Adjusted EBITDA 22,433 14,527 57,722 52,455 Total Midstream Businesses Adjusted EBITDA 70,948 58,964 210,651 200,200 Exploration and Production Adjusted EBITDA 97,924 93,662 268,673 324,707 Utility Adjusted EBITDA 22,900 27,059 138,284 160,723 Energy Marketing Adjusted EBITDA (930 ) 2,327 6,569 12,413 Corporate and All Other Adjusted EBITDA (1,048 ) (2,649 ) (5,233 ) (8,006 ) Total Adjusted EBITDA $ 189,794 $ 179,363 $ 618,944 $ 690,037 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA Three Months Ended Nine Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015Exploration and Production Segment
Reported GAAP Earnings $ (19,165 ) $ (323,113 ) $ (469,586 ) $ (349,955 ) Depreciation, Depletion and Amortization 31,279 56,038 112,586 193,540 Interest and Other Income (88 ) (720 ) (781 ) (1,893 ) Interest Expense 13,753 11,190 41,882 32,551 Income Taxes (13,686 ) (238,445 ) (338,835 ) (258,596 ) Impairment of Oil and Gas Producing Properties 82,658 588,712 915,552 709,060 Joint Development Agreement Professional Fees 3,173 — 7,855 — Adjusted EBITDA $ 97,924 $ 93,662 $ 268,673 $ 324,707Pipeline and Storage Segment
Reported GAAP Earnings $ 17,323 $ 17,714 $ 59,794 $ 61,868 Depreciation, Depletion and Amortization 11,023 9,639 32,144 28,452 Interest and Other Income (894 ) (1,142 ) (3,178 ) (2,238 ) Interest Expense 8,528 6,581 25,017 19,913 Income Taxes 12,535 11,645 39,152 39,750 Adjusted EBITDA $ 48,515 $ 44,437 $ 152,929 $ 147,745Gathering Segment
Reported GAAP Earnings $ 9,473 $ 6,226 $ 21,962 $ 24,254 Depreciation, Depletion and Amortization 3,608 2,166 11,407 8,025 Interest and Other Income (89 ) (36 ) (191 ) (97 ) Interest Expense 1,794 (216 ) 6,781 214 Income Taxes 7,647 6,387 17,763 20,059 Adjusted EBITDA $ 22,433 $ 14,527 $ 57,722 $ 52,455Utility Segment
Reported GAAP Earnings $ 2,179 $ 5,727 $ 52,745 $ 66,558 Depreciation, Depletion and Amortization 12,234 11,498 35,511 33,981 Interest and Other Income (460 ) (626 ) (2,070 ) (1,646 ) Interest Expense 7,192 6,997 21,684 21,145 Income Taxes 1,755 3,463 30,414 40,685 Adjusted EBITDA $ 22,900 $ 27,059 $ 138,284 $ 160,723Energy Marketing Segment
Reported GAAP Earnings $ (590 ) $ 1,533 $ 4,117 $ 7,732 Depreciation, Depletion and Amortization 70 50 208 151 Interest and Other Income (165 ) (88 ) (330 ) (236 ) Interest Expense 11 5 37 20 Income Taxes (256 ) 827 2,537 4,746 Adjusted EBITDA $ (930 ) $ 2,327 $ 6,569 $ 12,413Corporate and All Other
Reported GAAP Earnings $ (934 ) $ (1,221 ) $ 2,458 $ (2,181 ) Depreciation, Depletion and Amortization 588 474 1,444 1,149 Interest and Other Income (387 ) 219 (3,263 ) (159 ) Interest Expense (1,060 ) (1,337 ) (3,200 ) (3,561 ) Income Taxes 745 (784 ) (2,672 ) (3,254 ) Adjusted EBITDA $ (1,048 ) $ (2,649 ) $ (5,233 ) $ (8,006 ) NATIONAL FUEL GAS COMPANY AND SUBSIDIARIESQuarter Ended June 30 (unaudited)
2016 2015 Operating Revenues $ 335,617,000 $ 339,815,000 Net Income (Loss) Available for Common Stock $ 8,286,000 $ (293,134,000 ) Earnings (Loss) Per Common Share: Basic $ 0.10 $ (3.47 ) Diluted $ 0.10 $ (3.44 ) Weighted Average Common Shares: Used in Basic Calculation 84,917,664 84,453,602 Used in Diluted Calculation 85,470,216 85,248,281Nine Months Ended June 30 (unaudited)
Operating Revenues $ 1,159,943,000 $ 1,459,851,000 Net Income (Loss) Available for Common Stock $ (328,510,000 ) $ (191,724,000 ) Earnings (Loss) Per Common Share: Basic $ (3.87 ) $ (2.27 ) Diluted $ (3.87 ) $ (2.25 ) Weighted Average Common Shares: Used in Basic Calculation 84,791,447 84,326,182 Used in Diluted Calculation 84,791,447 85,237,514Twelve Months Ended June 30 (unaudited)
Operating Revenues $ 1,461,005,000 $ 1,826,474,000 Net Income (Loss) Available for Common Stock $ (516,213,000 ) $ (134,294,000 ) Earnings (Loss) Per Common Share: Basic $ (6.09 ) $ (1.59 ) Diluted $ (6.09 ) $ (1.58 ) Weighted Average Common Shares: Used in Basic Calculation 84,735,887 84,275,859 Used in Diluted Calculation 84,735,887 85,195,855
View source version on businesswire.com: http://www.businesswire.com/news/home/20160804006523/en/
National Fuel Gas CompanyAnalyst:Brian M. Welsch, 716-857-7875orMedia:Karen L. Merkel, 716-857-7654
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