WILLIAMSVILLE, N.Y., Nov. 04, 2021 (GLOBE
NEWSWIRE) -- 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, 2021.
FISCAL 2021 FOURTH QUARTER
SUMMARY
- GAAP net income of
$87.0 million, or $0.95 per share, compared to GAAP net loss of
$145.5 million, or $1.60 per share, in the prior year.
- Adjusted operating
results of $87.3 million, or $0.95 per share, an increase of 138%,
compared to $0.40 per share in the prior year (see non-GAAP
reconciliation on page 2).
- Adjusted EBITDA of
$215.9 million, an increase of 35%, compared to $159.6 million in
the prior year (see non-GAAP reconciliation on page 25).
- E&P segment
Adjusted EBITDA of $120.6 million, an increase of 60% from the
prior year.
- E&P segment net
production of 79.6 Bcfe, an increase of 12.3 Bcfe, or 18%, from the
prior year.
- Gathering segment
Adjusted EBITDA of $37.9 million, an increase of 15% from the prior
year.
- Pipeline &
Storage segment Adjusted EBITDA of $49.1 million, an increase of 5%
from the prior year.
FISCAL 2021 HIGHLIGHTS
- GAAP net income of $363.6 million,
or $3.97 per share, compared to GAAP net loss of $123.8 million, or
$1.41 per share, in the prior year.
- Adjusted operating
results of $393.1 million, or $4.29 per share, an increase of 47%,
compared to $2.92 per share in the prior year (see non-GAAP
reconciliation on page 2).
- Successfully
integrated the Company's fiscal 2020 Appalachian acquisition, with
E&P segment net production of 327.4 Bcfe, an increase of 85.9
Bcfe, or 36%, from the prior year, and a corresponding 38% increase
in Gathering segment throughput.
- Reduced E&P
segment cash operating costs (combined G&A expense, LOE
expense, other operation and maintenance expense, and property,
franchise, and other taxes) to $1.14 per Mcfe, a decrease of
approximately $0.09 per Mcfe, or 7%, from the prior year.
- Continued growth of
Pipeline & Storage segment, with revenues of $343.6 million, an
increase of $34.0 million, or 11%, from the prior year, driven
largely by the Company's Empire North expansion project.
- Invested $79.7
million in Utility system modernization and reliability, replacing
over 150 miles of older vintage mains and services, and bringing
5-year total to over $358 million.
- Increased
shareholder dividend for the 51st consecutive year to an
annual rate of $1.82 per share.
- Published second
annual Corporate Responsibility Report in September 2021, which
includes additional climate-related information under the Task
Force on Climate-Related Financial Disclosures framework, enhanced
disclosure of scope 1 and scope 2 emissions, and methane intensity
and greenhouse gas emission reduction targets.
MANAGEMENT COMMENTS
David P. Bauer, President and Chief Executive
Officer of National Fuel Gas Company, stated: “National Fuel closed
out an excellent fiscal 2021, with a 47% increase in our adjusted
operating results compared to last year. The successful integration
of our fiscal 2020 Appalachian acquisition, continued growth of our
FERC-regulated pipeline business, and higher commodity prices all
contributed to the strong results and position National Fuel for
success in the coming years.
“As we move into fiscal 2022, the expected
December 1, 2021 in-service of our FM100 expansion and
modernization project will drive further growth for National Fuel.
Once complete, this project is expected to deliver approximately
$50 million in incremental annual revenues for the Pipeline and
Storage segment, and will provide desirable pipeline takeaway
capacity to higher value Mid-Atlantic markets, allowing for further
growth in both our Exploration and Production and Gathering
segments.
“Overall, the FM100 Project serves as a key
example of the value of our integrated business model. Coupled with
the Company’s commitment to reducing our emissions footprint in all
segments, as evidenced by our targets set out in our recently
published Corporate Responsibility Report, we believe we can
generate strong, sustainable returns in the years ahead and deliver
long-term value for our shareholders.”
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING
RESULTS
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
September 30, |
|
September 30, |
(in thousands except per
share amounts) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Reported GAAP Earnings |
|
$ |
86,962 |
|
|
$ |
(145,545 |
) |
|
$ |
363,647 |
|
|
$ |
(123,772 |
) |
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties (E&P) |
|
— |
|
|
253,441 |
|
|
76,152 |
|
|
449,438 |
|
Tax impact of impairment of oil and gas properties |
|
— |
|
|
(69,698 |
) |
|
(20,980 |
) |
|
(123,187 |
) |
Gain on sale of timber properties (Corporate / All Other) |
|
— |
|
|
— |
|
|
(51,066 |
) |
|
— |
|
Tax impact of gain on sale of timber properties |
|
— |
|
|
— |
|
|
14,069 |
|
|
— |
|
Premium paid on early redemption of debt |
|
— |
|
|
— |
|
|
15,715 |
|
|
— |
|
Tax impact of premium paid on early redemption of debt |
|
— |
|
|
— |
|
|
(4,321 |
) |
|
— |
|
Deferred tax valuation allowance |
|
— |
|
|
— |
|
|
— |
|
|
56,770 |
|
Unrealized (gain) loss on other investments (Corporate / All
Other) |
|
395 |
|
|
(2,439 |
) |
|
(181 |
) |
|
(1,645 |
) |
Tax impact of unrealized (gain) loss on other investments |
|
(83 |
) |
|
512 |
|
|
38 |
|
|
345 |
|
Adjusted Operating
Results |
|
$ |
87,274 |
|
|
$ |
36,271 |
|
|
$ |
393,073 |
|
|
$ |
257,949 |
|
|
|
|
|
|
|
|
|
|
Reported GAAP Earnings
Per Share |
|
$ |
0.95 |
|
|
$ |
(1.60 |
) |
|
$ |
3.97 |
|
|
$ |
(1.41 |
) |
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties, net of tax (E&P) |
|
— |
|
|
2.02 |
|
|
0.60 |
|
|
3.71 |
|
Gain on sale of timber properties, net of tax (Corporate / All
Other) |
|
— |
|
|
— |
|
|
(0.40 |
) |
|
— |
|
Premium paid on early redemption of debt, net of tax |
|
— |
|
|
— |
|
|
0.12 |
|
|
— |
|
Deferred tax valuation allowance |
|
— |
|
|
— |
|
|
— |
|
|
0.65 |
|
Unrealized (gain) loss on other investments, net of tax (Corporate
/ All Other) |
|
— |
|
|
(0.02 |
) |
|
— |
|
|
(0.01 |
) |
Earnings per share impact of diluted shares |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
Adjusted Operating
Results Per Share |
|
$ |
0.95 |
|
|
$ |
0.40 |
|
|
$ |
4.29 |
|
|
$ |
2.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2022 GUIDANCE UPDATE
National Fuel is revising its fiscal 2022
earnings guidance to reflect updated forecast assumptions and
projections, including the impact of increased natural gas price
expectations since the Company’s preliminary guidance was announced
in August 2021. The Company is now projecting that earnings will be
within the range of $5.05 to $5.45 per share, an increase of 22%
from the Company’s 2021 adjusted operating results at the midpoint
of the updated guidance range.
Due to the meaningful difference between current
winter and summer NYMEX forward natural gas prices for fiscal 2022,
the Company is revising its guidance to reflect projections for
both the first half and second half of this fiscal year. The
Company is now assuming that NYMEX natural gas prices will average
$5.50 per MMBtu for the first six months of fiscal 2022
(October-March) and $3.75 per MMBtu for the second half of fiscal
2022 (April-September). Additionally, the Company is now assuming
that WTI oil prices will average $75.00 per Bbl in fiscal 2022, a
$10.00 increase from the $65.00 per Bbl assumed in the previous
guidance. For guidance purposes, the Company’s updated projections
approximate the current NYMEX forward markets for natural gas and
oil and consider the impact of local sales point differentials and
new physical firm sales, transportation, and financial hedge
contracts.
Consistent with preliminary guidance, the
Exploration and Production segment’s fiscal 2022 net production
remains unchanged, which is expected to be in the range of 335 to
365 Bcfe. Seneca currently has firm sales contracts in place for
approximately 93% of its projected fiscal 2022 Appalachian
production, limiting its exposure to in-basin markets.
Approximately 76% of Seneca’s expected Appalachian production is
either matched by a financial hedge, including a combination of
swaps and no-cost collars, or were entered into at a fixed price.
The Company’s consolidated and individual segment capital
expenditures guidance also remain unchanged from the preliminary
guidance.
The Company's other guidance assumptions remain
largely unchanged from the previous guidance. Additional details on
the Company's updated forecast assumptions and business segment
guidance for fiscal 2022 are outlined in the table on page 8.
DISCUSSION OF FOURTH QUARTER RESULTS BY
SEGMENT
The following earnings discussion of each
operating segment for the quarter ended September 30, 2021 is
summarized in a tabular form on pages 9 and 10 of this report
(earnings drivers for the fiscal year ended September 30, 2021 are
summarized on pages 11 and 12). It may be helpful to refer to those
tables while reviewing this discussion.
Note that management defines Adjusted Operating
Results as reported GAAP earnings adjusted for items impacting
comparability, and Adjusted EBITDA as reported GAAP earnings before
the following items: interest expense, income taxes, depreciation,
depletion and amortization, other income and deductions,
impairments, and other items reflected in operating income that
impact comparability.
Upstream Business
Exploration and Production Segment
The Exploration and Production segment
operations are carried out by Seneca Resources Company, LLC
("Seneca"). Seneca explores for, develops and produces natural gas
and oil reserves, primarily in Pennsylvania and California.
|
Three Months Ended |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
Variance |
GAAP Earnings |
$ |
55,703 |
|
|
$ |
(169,171 |
) |
|
$ |
224,874 |
|
Impairment of oil and gas
properties, net of tax |
— |
|
|
183,743 |
|
|
(183,743 |
) |
Adjusted Operating
Results |
$ |
55,703 |
|
|
$ |
14,572 |
|
|
$ |
41,131 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
120,588 |
|
|
$ |
75,439 |
|
|
$ |
45,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Seneca’s fourth quarter GAAP earnings increased
$224.9 million versus the prior year, primarily due to the
prior-year fourth quarter impact of a non-cash ceiling test
impairment charge of $183.7 million (after-tax). Excluding this
item, Seneca’s fourth quarter earnings increased $41.1 million
primarily due to higher natural gas production and higher realized
natural gas and crude oil prices, as well as lower interest expense
and a lower effective income tax rate, partially offset by higher
operating expenses.
Seneca produced 79.6 Bcfe during the fourth
quarter, an increase of 12.3 Bcfe, or 18%, from the prior year. The
improvement was due to an increase in natural gas production,
primarily due to the Company's fourth quarter fiscal 2020
Appalachian acquisition coupled with production growth from
Seneca's other core development areas. Approximately 6.7 Bcf of the
natural gas production increase came from the Eastern Development
Area ("EDA"), while the remaining increase of 5.6 Bcf was
attributable to Seneca’s Western Development Area ("WDA"). Seneca's
crude oil production in California decreased 4 MBbls, or 1%, versus
the prior year.
Seneca's average realized natural gas price,
after the impact of hedging and transportation costs, was $2.37 per
Mcf, an increase of $0.45 per Mcf from the prior year. This
increase was primarily due to higher NYMEX prices and higher spot
prices at local sales points in Pennsylvania. Seneca's average
realized oil price, after the impact of hedging, was $60.04 per
Bbl, an increase of $4.34 per Bbl compared to the prior year. The
improvement in oil price realizations was primarily due to stronger
commodity pricing.
Lease operating and transportation (“LOE”)
expense increased $13.0 million primarily due to higher
transportation costs in Appalachia from increased production, as
well as higher well repairs, workover activity and steam fuel costs
in California. LOE expense includes $45.8 million in intercompany
expense for gathering and compression services used to connect
Seneca’s Appalachian production to sales points along interstate
pipelines. DD&A expense increased $1.7 million due largely to
higher natural gas production, partially offset by the impact of
ceiling test impairments recorded during fiscal 2020. Other taxes
increased $2.2 million primarily due to higher impact fee accruals
in Pennsylvania, driven by higher expected NYMEX natural gas prices
for calendar 2021.
Interest expense decreased $3.6 million due
primarily to lower weighted average interest rates as a result of
the Company's issuance of a 2.95% coupon 10-year note in February
2021, which replaced a 4.9% coupon 10-year note that was retired in
March 2021. The reduction in Seneca's effective income tax rate was
primarily driven by a decrease to a valuation allowance for
deferred tax assets that was initially established in the second
quarter of fiscal 2020, partially offset by a higher effective
state income tax rate as a result of the Company's Appalachian
acquisition that caused a change in the mix of earnings between
state jurisdictions.
Proved Reserves Year-End
Update
Seneca’s total proved natural gas and crude oil
reserves at September 30, 2021 were 3,853 Bcfe, an increase of 395
Bcfe, or 11%, from September 30, 2020. Seneca’s proved developed
reserves at the end of fiscal 2021 were 3,217 Bcfe, representing
84% of total proved reserves, which is consistent with the prior
year. The proved reserves base is approximately 97% natural gas and
3% oil. In fiscal 2021, Seneca recorded 696 Bcfe of proved reserve
extensions and discoveries, due primarily to Utica and Marcellus
locations, and 27 Bcfe of net positive revisions due primarily to
certain price-related revisions, improvements in well performance
and changes in development plans. As a result, Seneca replaced 221%
of its fiscal 2021 production.
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 |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
Variance |
GAAP Earnings |
$ |
21,482 |
|
|
$ |
16,045 |
|
|
$ |
5,437 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
49,131 |
|
|
$ |
46,966 |
|
|
$ |
2,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Pipeline and Storage segment’s fourth
quarter GAAP earnings increased $5.4 million versus the prior year
primarily due to higher operating revenues and an increase in other
income, as well as a lower effective income tax rate, partially
offset by higher O&M expense and higher DD&A expense. The
increase in operating revenues of $4.7 million, or 6%, was largely
due to new demand charges for transportation service from the
Company's Empire North expansion project, which was placed in
service near the end of the fourth quarter of fiscal 2020, combined
with an increase in revenues from a surcharge for pipeline safety
and greenhouse gas regulatory costs, which went into effect in
November 2020 in accordance with Supply Corporation's fiscal 2020
rate case settlement. Additionally, the Company recognized
increased revenue from a surcharge mechanism for power costs
related to electric motor drive compression on the Empire North
project, for which offsetting O&M expense was recognized during
the quarter. These positive items were partially offset by a modest
decrease in transportation revenue from miscellaneous contract
revisions. The increase in other income of $2.0 million was
primarily due to an increase in allowance for funds used during
construction (AFUDC) related to Supply Corporation's FM100 project.
The reduction in the Pipeline and Storage segment's effective
income tax rate was primarily due to timing differences in book and
tax deductions. O&M expense increased $1.5 million primarily
due to higher pipeline integrity costs, higher vehicle fuel costs
and higher personnel costs, as well as the aforementioned Empire
power costs. The increase in DD&A expense of $1.0 million was
primarily attributable to incremental depreciation from the Empire
North expansion project.
Gathering Segment
The Gathering segment’s operations are carried
out by National Fuel Gas Midstream Company, LLC’s limited liability
companies. The Gathering segment constructs, owns and operates
natural gas gathering pipelines and compression facilities in the
Appalachian region, which primarily delivers Seneca’s gross
Appalachian production to the interstate pipeline system.
|
Three Months Ended |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
Variance |
GAAP Earnings |
$ |
18,597 |
|
|
$ |
17,550 |
|
|
$ |
1,047 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
37,858 |
|
|
$ |
33,062 |
|
|
$ |
4,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gathering segment’s fourth quarter GAAP
earnings increased $1.0 million versus the prior year. The earnings
increase was primarily driven by higher operating revenues, which
was partially offset by higher DD&A expense, higher O&M
expense and a higher effective income tax rate. Operating revenues
increased $7.8 million, or 20%, primarily due to new Marcellus and
Utica wells that were brought online, as well as from increased
gathering throughput resulting from the Company's Appalachian
acquisition in August 2020. Compression leasing expenses associated
with the Appalachian acquisition were partially responsible for the
$3.0 million increase in O&M expense, with the remainder of the
increase due to higher compression facility and maintenance costs,
as well as higher fuel costs. The increase in DD&A expense of
$1.4 million was primarily attributable to incremental depreciation
expense related to the Company's Appalachian acquisition, as well
as higher average depreciable plant in service compared to the
prior year. The increase in the Gathering segment's effective
income tax rate was primarily driven by a higher effective state
income tax rate as a result of the Company's Appalachian
acquisition that caused a change in the mix of earnings between
state jurisdictions.
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 |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
Variance |
GAAP Earnings |
$ |
(5,587 |
) |
|
$ |
(6,969 |
) |
|
$ |
1,382 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
11,093 |
|
|
$ |
8,550 |
|
|
$ |
2,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Utility segment’s fourth quarter net loss
was $1.4 million lower than the prior-year fourth quarter primarily
due to higher customer margins (operating revenues less purchased
gas sold) and lower O&M expense, partially offset by higher
DD&A expense. The increase in customer margin was due primarily
to the positive impact of adjustments related to certain regulatory
rate and cost recovery mechanisms subject to annual reconciliation,
as well as higher revenues from the Company's system modernization
tracking mechanism in its New York service territory. O&M
expense decreased $0.7 million primarily due to lower mandated
regulatory compliance fees as well as lower accruals for the
allowance for uncollectible accounts, which were higher in the
prior-year fourth quarter from the economic backdrop brought on by
COVID-19, partially offset by an increase in vehicle fuel costs.
The $0.6 million increase in DD&A expense was primarily
attributable to higher average depreciable plant in service
compared to the prior year.
Corporate and All Other
The Company’s operations that are included in
Corporate and All Other generated a combined net loss of $3.2
million in the current year fourth quarter, generally consistent
with the combined net loss of $3.0 million generated in the
prior-year fourth quarter.
EARNINGS TELECONFERENCE
The Company will host a conference call on
Friday, November 5, 2021, at 11 a.m. Eastern Time to discuss this
announcement. Pre-registration is required to access the
teleconference by phone in a listen-only mode by following this
link: http://www.directeventreg.com/registration/event/1909399.
To access the webcast, visit the Events Calendar under the News
& Events page on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay of the
conference call will be available approximately two hours following
the teleconference at the same website link and by phone
(toll-free) at 800-585-8367 using conference ID number “1909399”.
Both the webcast and conference call replay will be available until
the close of business on Friday, November 12, 2021.
National Fuel is an integrated energy company
reporting financial results for four operating segments:
Exploration and Production, Pipeline and Storage, Gathering, and
Utility. 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: 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; governmental/regulatory actions, initiatives
and proceedings, including those involving rate cases (which
address, among other things, target rates of return, rate design,
retained natural gas and system modernization),
environmental/safety requirements, affiliate relationships,
industry structure, and franchise renewal; the Company’s ability to
estimate accurately the time and resources necessary to meet
emissions targets; governmental/regulatory actions and/or market
pressures to reduce or eliminate reliance on natural gas; the
length and severity of the ongoing COVID-19 pandemic, including its
impacts across our businesses on demand, operations, global supply
chains and liquidity; 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; changes in the price of natural gas or oil;
the creditworthiness or performance of the Company’s key suppliers,
customers and counterparties; 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;
impairments under the SEC’s full cost ceiling test for natural gas
and oil reserves; delays or changes in costs or plans with respect
to Company projects or related projects of other companies,
including disruptions due to the COVID-19 pandemic, as well as
difficulties or delays in obtaining necessary governmental
approvals, permits or orders or in obtaining the cooperation of
interconnecting facility operators; the Company's ability to
complete planned strategic transactions; the Company's ability to
successfully integrate acquired assets and achieve expected cost
synergies; 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; the impact of information technology disruptions,
cybersecurity or data security breaches; 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; 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;
economic disruptions or uninsured losses resulting from major
accidents, fires, severe weather, natural disasters, terrorist
activities or acts of war; 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
AND SUBSIDIARIES
GUIDANCE SUMMARY
As discussed on page 2, the Company is revising
its earnings guidance for fiscal 2022. Additional details on the
Company's forecast assumptions and business segment guidance are
outlined in the table below.
While the Company expects to record certain
adjustments to unrealized gain or loss on investments during the
fiscal year ending September 30, 2022, the amounts of these and
other potential adjustments are not reasonably determinable at this
time. As such, the Company is unable to provide earnings guidance
other than on a non-GAAP basis.
|
Preliminary FY 2022 Guidance |
|
Updated FY 2022 Guidance |
Consolidated Earnings
per Share, excluding items impacting comparability |
$4.40 to $4.80 |
|
$5.05 to $5.45 |
Consolidated Effective
Tax Rate |
~ 25-26% |
|
~ 25-26% |
|
|
|
|
Capital
Expenditures (Millions) |
|
|
|
Exploration and Production |
$400 - $450 |
|
$400 - $450 |
Pipeline and Storage |
$100 - $150 |
|
$100 - $150 |
Gathering |
$50 - $60 |
|
$50 - $60 |
Utility |
$90 - $100 |
|
$90 - $100 |
Consolidated Capital Expenditures |
$640 - $760 |
|
$640 - $760 |
|
|
|
|
Exploration &
Production Segment Guidance |
|
|
|
|
|
|
|
Commodity Price Assumptions |
|
|
|
NYMEX natural gas price (Oct - Mar | Apr - Sep) |
$3.50 /MMBtu |
|
$5.50 /MMBtu | $3.75 /MMBtu |
Appalachian basin spot price (Oct - Mar | Apr - Sep) |
$2.85 /MMBtu | $2.25 /MMBtu |
|
$4.80 /MMBtu | $2.75 /MMBtu |
NYMEX (WTI) crude oil price |
$65.00 /Bbl |
|
$75.00 /Bbl |
California oil price premium (% of WTI) |
96% |
|
97% |
|
|
|
|
Production (Bcfe) |
335 to 365 |
|
335 to 365 |
|
|
|
|
E&P Operating Costs ($/Mcfe) |
|
|
|
LOE |
$0.82 - $0.85 |
|
$0.83 - $0.86 |
G&A |
$0.19 - $0.21 |
|
$0.19 - $0.21 |
DD&A |
$0.59 - $0.62 |
|
$0.59 - $0.62 |
|
|
|
|
Other Business Segment
Guidance (Millions) |
|
|
|
Gathering Segment
Revenues |
$200 - $225 |
|
$200 - $225 |
Pipeline and Storage Segment
Revenues |
$360 - $380 |
|
$360 - $380 |
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP
EARNINGS |
QUARTER ENDED SEPTEMBER 30, 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
(Thousands of Dollars) |
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Fourth quarter 2020 GAAP earnings |
$ |
(169,171 |
) |
|
$ |
16,045 |
|
|
$ |
17,550 |
|
|
$ |
(6,969 |
) |
|
$ |
(3,000 |
) |
|
$ |
(145,545 |
) |
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties |
253,441 |
|
|
|
|
|
|
|
|
|
|
253,441 |
|
Tax impact of impairment of
oil and gas properties |
(69,698 |
) |
|
|
|
|
|
|
|
|
|
(69,698 |
) |
Unrealized (gain) loss on
other investments |
|
|
|
|
|
|
|
|
(2,439 |
) |
|
(2,439 |
) |
Tax impact of unrealized
(gain) loss on other investments |
|
|
|
|
|
|
|
|
512 |
|
|
512 |
|
Fourth quarter 2020
adjusted operating results |
14,572 |
|
|
16,045 |
|
|
17,550 |
|
|
(6,969 |
) |
|
(4,927 |
) |
|
36,271 |
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
18,648 |
|
|
|
|
|
|
|
|
|
|
18,648 |
|
Higher (lower) crude oil
production |
(179 |
) |
|
|
|
|
|
|
|
|
|
(179 |
) |
Higher (lower) realized
natural gas prices, after hedging |
27,146 |
|
|
|
|
|
|
|
|
|
|
27,146 |
|
Higher (lower) realized crude
oil prices, after hedging |
1,893 |
|
|
|
|
|
|
|
|
|
|
1,893 |
|
Midstream and All
Other Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
3,712 |
|
|
6,160 |
|
|
|
|
(768 |
) |
|
9,104 |
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(591 |
) |
|
|
|
(591 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
829 |
|
|
|
|
829 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
1,439 |
|
|
|
|
1,439 |
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(10,298 |
) |
|
|
|
|
|
|
|
|
|
(10,298 |
) |
Lower (higher) operating
expenses |
|
|
(1,178 |
) |
|
(2,371 |
) |
|
615 |
|
|
2,199 |
|
|
(735 |
) |
Lower (higher) property,
franchise and other taxes |
(1,737 |
) |
|
(279 |
) |
|
|
|
|
|
|
|
(2,016 |
) |
Lower (higher) depreciation /
depletion |
(1,318 |
) |
|
(781 |
) |
|
(1,133 |
) |
|
(505 |
) |
|
912 |
|
|
(2,825 |
) |
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
|
|
1,998 |
|
|
|
|
|
|
528 |
|
|
2,526 |
|
(Higher) lower interest
expense |
2,854 |
|
|
847 |
|
|
|
|
273 |
|
|
(916 |
) |
|
3,058 |
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
3,906 |
|
|
1,662 |
|
|
(1,360 |
) |
|
(551 |
) |
|
114 |
|
|
3,771 |
|
All other / rounding |
216 |
|
|
(544 |
) |
|
(249 |
) |
|
(127 |
) |
|
(63 |
) |
|
(767 |
) |
Fourth quarter 2021
adjusted operating results |
55,703 |
|
|
21,482 |
|
|
18,597 |
|
|
(5,587 |
) |
|
(2,921 |
) |
|
87,274 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
other investments |
|
|
|
|
|
|
|
|
(395 |
) |
|
(395 |
) |
Tax impact of unrealized gain
(loss) on other investments |
|
|
|
|
|
|
|
|
83 |
|
|
83 |
|
Fourth quarter 2021
GAAP earnings |
$ |
55,703 |
|
|
$ |
21,482 |
|
|
$ |
18,597 |
|
|
$ |
(5,587 |
) |
|
$ |
(3,233 |
) |
|
$ |
86,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not
reflect intercompany eliminations. |
** Drivers of
adjusted operating results have been calculated using the 21%
federal statutory rate. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
|
|
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER
SHARE |
QUARTER ENDED SEPTEMBER 30, 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
|
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Fourth quarter 2020 GAAP earnings per share |
$ |
(1.86 |
) |
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
$ |
(1.60 |
) |
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties, net of tax |
2.02 |
|
|
|
|
|
|
|
|
|
|
2.02 |
|
Unrealized (gain) loss on
other investments, net of tax |
|
|
|
|
|
|
|
|
(0.02 |
) |
|
(0.02 |
) |
Fourth quarter 2020
adjusted operating results per share |
0.16 |
|
|
0.18 |
|
|
0.19 |
|
|
(0.08 |
) |
|
(0.05 |
) |
|
0.40 |
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
0.20 |
|
|
|
|
|
|
|
|
|
|
0.20 |
|
Higher (lower) crude oil
production |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
Higher (lower) realized
natural gas prices, after hedging |
0.30 |
|
|
|
|
|
|
|
|
|
|
0.30 |
|
Higher (lower) realized crude
oil prices, after hedging |
0.02 |
|
|
|
|
|
|
|
|
|
|
0.02 |
|
Midstream and All
Other Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
0.04 |
|
|
0.07 |
|
|
|
|
(0.01 |
) |
|
0.10 |
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
0.02 |
|
|
|
|
0.02 |
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
(0.11 |
) |
Lower (higher) operating
expenses |
|
|
(0.01 |
) |
|
(0.03 |
) |
|
0.01 |
|
|
0.02 |
|
|
(0.01 |
) |
Lower (higher) property,
franchise and other taxes |
(0.02 |
) |
|
— |
|
|
|
|
|
|
|
|
(0.02 |
) |
Lower (higher) depreciation /
depletion |
(0.01 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
|
0.01 |
|
|
(0.03 |
) |
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
|
|
0.02 |
|
|
|
|
|
|
0.01 |
|
|
0.03 |
|
(Higher) lower interest
expense |
0.03 |
|
|
0.01 |
|
|
|
|
— |
|
|
(0.01 |
) |
|
0.03 |
|
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
0.04 |
|
|
0.02 |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
— |
|
|
0.04 |
|
All other / rounding |
— |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
0.01 |
|
|
— |
|
|
(0.02 |
) |
Fourth quarter 2021
adjusted operating results per share |
0.61 |
|
|
0.23 |
|
|
0.20 |
|
|
(0.06 |
) |
|
(0.03 |
) |
|
0.95 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
other investments, net of tax |
|
|
|
|
|
|
|
|
— |
|
|
— |
|
Fourth quarter 2021
GAAP earnings per share |
$ |
0.61 |
|
|
$ |
0.23 |
|
|
$ |
0.20 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not
reflect intercompany eliminations. |
** Drivers of
adjusted operating results have been calculated using the 21%
federal statutory rate. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
|
|
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP
EARNINGS |
TWELVE MONTHS ENDED SEPTEMBER 30, 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
(Thousands of Dollars) |
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2020 GAAP earnings |
$ |
(326,904 |
) |
|
$ |
78,860 |
|
|
$ |
68,631 |
|
|
$ |
57,366 |
|
|
$ |
(1,725 |
) |
|
$ |
(123,772 |
) |
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties |
449,438 |
|
|
|
|
|
|
|
|
|
|
449,438 |
|
Tax impact of impairment of
oil and gas properties |
(123,187 |
) |
|
|
|
|
|
|
|
|
|
(123,187 |
) |
Deferred tax valuation
allowance |
60,463 |
|
|
|
|
(3,769 |
) |
|
|
|
76 |
|
|
56,770 |
|
Unrealized (gain) loss on
other investments |
|
|
|
|
|
|
|
|
(1,645 |
) |
|
(1,645 |
) |
Tax impact of unrealized
(gain) loss on other investments |
|
|
|
|
|
|
|
|
345 |
|
|
345 |
|
Fiscal 2020 adjusted
operating results |
59,810 |
|
|
78,860 |
|
|
64,862 |
|
|
57,366 |
|
|
(2,949 |
) |
|
257,949 |
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
141,512 |
|
|
|
|
|
|
|
|
|
|
141,512 |
|
Higher (lower) crude oil
production |
(5,073 |
) |
|
|
|
|
|
|
|
|
|
(5,073 |
) |
Higher (lower) realized
natural gas prices, after hedging |
44,183 |
|
|
|
|
|
|
|
|
|
|
44,183 |
|
Higher (lower) realized crude
oil prices, after hedging |
(727 |
) |
|
|
|
|
|
|
|
|
|
(727 |
) |
Midstream and All
Other Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
26,823 |
|
|
39,793 |
|
|
|
|
(2,693 |
) |
|
63,923 |
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(1,069 |
) |
|
|
|
(1,069 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
3,732 |
|
|
|
|
3,732 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
273 |
|
|
|
|
273 |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
(5,893 |
) |
|
(5,893 |
) |
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(50,280 |
) |
|
|
|
|
|
|
|
|
|
(50,280 |
) |
Lower (higher) operating
expenses |
(5,262 |
) |
|
(2,443 |
) |
|
(8,899 |
) |
|
(2,585 |
) |
|
4,101 |
|
|
(15,088 |
) |
Lower (higher) property,
franchise and other taxes |
(5,193 |
) |
|
(435 |
) |
|
|
|
|
|
|
|
(5,628 |
) |
Lower (higher) depreciation /
depletion |
(8,191 |
) |
|
(6,699 |
) |
|
(7,829 |
) |
|
(1,745 |
) |
|
1,439 |
|
|
(23,025 |
) |
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
|
|
960 |
|
|
|
|
(323 |
) |
|
2,818 |
|
|
3,455 |
|
(Higher) lower interest
expense |
2,534 |
|
|
(6,514 |
) |
|
(4,464 |
) |
|
|
|
(2,536 |
) |
|
(10,980 |
) |
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(6,679 |
) |
|
2,716 |
|
|
(2,288 |
) |
|
(1,216 |
) |
|
3,401 |
|
|
(4,066 |
) |
All other / rounding |
1,164 |
|
|
(726 |
) |
|
(217 |
) |
|
(98 |
) |
|
(248 |
) |
|
(125 |
) |
Fiscal 2021 adjusted
operating results |
167,798 |
|
|
92,542 |
|
|
80,958 |
|
|
54,335 |
|
|
(2,560 |
) |
|
393,073 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties |
(76,152 |
) |
|
|
|
|
|
|
|
|
|
(76,152 |
) |
Tax impact of impairment of
oil and gas properties |
20,980 |
|
|
|
|
|
|
|
|
|
|
20,980 |
|
Gain on sale of timber
properties |
|
|
|
|
|
|
|
|
51,066 |
|
|
51,066 |
|
Tax impact of gain on sale of
timber properties |
|
|
|
|
|
|
|
|
(14,069 |
) |
|
(14,069 |
) |
Premium paid on early
redemption of debt |
(14,772 |
) |
|
|
|
(943 |
) |
|
|
|
|
|
(15,715 |
) |
Tax impact of premium paid on
early redemption of debt |
4,062 |
|
|
|
|
259 |
|
|
|
|
|
|
4,321 |
|
Unrealized gain (loss) on
other investments |
|
|
|
|
|
|
|
|
181 |
|
|
181 |
|
Tax impact of unrealized gain
(loss) on other investments |
|
|
|
|
|
|
|
|
(38 |
) |
|
(38 |
) |
Fiscal 2021 GAAP
earnings |
$ |
101,916 |
|
|
$ |
92,542 |
|
|
$ |
80,274 |
|
|
$ |
54,335 |
|
|
$ |
34,580 |
|
|
$ |
363,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not
reflect intercompany eliminations. |
** Drivers of
adjusted operating results have been calculated using the 21%
federal statutory rate. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
|
|
NATIONAL FUEL GAS COMPANY |
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER
SHARE |
TWELVE MONTHS ENDED SEPTEMBER 30, 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
Midstream |
|
Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration & |
|
Pipeline & |
|
|
|
|
|
Corporate / |
|
|
|
Production |
|
Storage |
|
Gathering |
|
Utility |
|
All Other |
|
Consolidated* |
Fiscal 2020 GAAP earnings per share |
$ |
(3.72 |
) |
|
$ |
0.90 |
|
|
$ |
0.78 |
|
|
$ |
0.65 |
|
|
$ |
(0.02 |
) |
|
$ |
(1.41 |
) |
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties, net of tax |
3.71 |
|
|
|
|
|
|
|
|
|
|
3.71 |
|
Deferred tax valuation
allowance |
0.69 |
|
|
|
|
(0.04 |
) |
|
|
|
— |
|
|
0.65 |
|
Unrealized (gain) loss on
other investments, net of tax |
|
|
|
|
|
|
|
|
(0.01 |
) |
|
(0.01 |
) |
Earnings per share impact of
diluted shares |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
|
|
|
|
(0.02 |
) |
Fiscal 2020 adjusted
operating results per share |
0.68 |
|
|
0.89 |
|
|
0.73 |
|
|
0.65 |
|
|
(0.03 |
) |
|
2.92 |
|
Drivers of adjusted
operating results** |
|
|
|
|
|
|
|
|
|
|
|
Upstream
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) natural gas
production |
1.54 |
|
|
|
|
|
|
|
|
|
|
1.54 |
|
Higher (lower) crude oil
production |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
(0.06 |
) |
Higher (lower) realized
natural gas prices, after hedging |
0.48 |
|
|
|
|
|
|
|
|
|
|
0.48 |
|
Higher (lower) realized crude
oil prices, after hedging |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
(0.01 |
) |
Midstream and All
Other Revenues |
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) operating
revenues |
|
|
0.29 |
|
|
0.43 |
|
|
|
|
(0.03 |
) |
|
0.69 |
|
Downstream
Margins*** |
|
|
|
|
|
|
|
|
|
|
|
Impact of usage and
weather |
|
|
|
|
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
System modernization tracker
revenues |
|
|
|
|
|
|
0.04 |
|
|
|
|
0.04 |
|
Regulatory revenue
adjustments |
|
|
|
|
|
|
— |
|
|
|
|
— |
|
Higher (lower) energy
marketing margins |
|
|
|
|
|
|
|
|
(0.06 |
) |
|
(0.06 |
) |
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating
and transportation expenses |
(0.55 |
) |
|
|
|
|
|
|
|
|
|
(0.55 |
) |
Lower (higher) operating
expenses |
(0.06 |
) |
|
(0.03 |
) |
|
(0.10 |
) |
|
(0.03 |
) |
|
0.04 |
|
|
(0.18 |
) |
Lower (higher) property,
franchise and other taxes |
(0.06 |
) |
|
— |
|
|
|
|
|
|
|
|
(0.06 |
) |
Lower (higher) depreciation /
depletion |
(0.09 |
) |
|
(0.07 |
) |
|
(0.09 |
) |
|
(0.02 |
) |
|
0.02 |
|
|
(0.25 |
) |
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
(Higher) lower other
deductions |
|
|
0.01 |
|
|
|
|
— |
|
|
0.03 |
|
|
0.04 |
|
(Higher) lower interest
expense |
0.03 |
|
|
(0.07 |
) |
|
(0.05 |
) |
|
|
|
(0.03 |
) |
|
(0.12 |
) |
Income
Taxes |
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax
expense / effective tax rate |
(0.07 |
) |
|
0.03 |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
0.04 |
|
|
(0.03 |
) |
Impact of additional
shares |
(0.02 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
— |
|
|
(0.11 |
) |
All other / rounding |
0.02 |
|
|
(0.01 |
) |
|
0.01 |
|
|
— |
|
|
— |
|
|
0.02 |
|
Fiscal 2021 adjusted
operating results per share |
1.83 |
|
|
1.01 |
|
|
0.88 |
|
|
0.59 |
|
|
(0.02 |
) |
|
4.29 |
|
Items impacting
comparability: |
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas
properties, net of tax |
(0.60 |
) |
|
|
|
|
|
|
|
|
|
(0.60 |
) |
Gain on sale of timber
properties, net of tax |
|
|
|
|
|
|
|
|
0.40 |
|
|
0.40 |
|
Premium paid on early
redemption of debt, net of tax |
(0.12 |
) |
|
|
|
— |
|
|
|
|
|
|
(0.12 |
) |
Unrealized gain (loss) on
other investments, net of tax |
|
|
|
|
|
|
|
|
— |
|
|
— |
|
Fiscal 2021 GAAP
earnings per share |
$ |
1.11 |
|
|
$ |
1.01 |
|
|
$ |
0.88 |
|
|
$ |
0.59 |
|
|
$ |
0.38 |
|
|
$ |
3.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not
reflect intercompany eliminations. |
** Drivers of
adjusted operating results have been calculated using the 21%
federal statutory rate. |
*** Downstream
margin defined as operating revenues less purchased gas
expense. |
|
|
|
|
|
|
|
|
|
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 |
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating Revenues: |
|
|
|
|
|
|
|
Utility and Energy Marketing Revenues |
$ |
80,302 |
|
|
$ |
78,016 |
|
|
$ |
667,549 |
|
|
$ |
728,336 |
|
Exploration and Production and Other Revenues |
215,664 |
|
|
155,811 |
|
|
837,597 |
|
|
611,885 |
|
Pipeline and Storage and Gathering Revenues |
60,022 |
|
|
54,162 |
|
|
237,513 |
|
|
206,070 |
|
|
355,988 |
|
|
287,989 |
|
|
1,742,659 |
|
|
1,546,291 |
|
Operating Expenses: |
|
|
|
|
|
|
|
Purchased Gas |
(5,190 |
) |
|
(5,773 |
) |
|
171,827 |
|
|
233,890 |
|
Operation and Maintenance: |
|
|
|
|
|
|
|
Utility and Energy Marketing |
40,026 |
|
|
42,120 |
|
|
179,547 |
|
|
181,051 |
|
Exploration and Production and Other |
46,007 |
|
|
39,800 |
|
|
173,041 |
|
|
148,856 |
|
Pipeline and Storage and Gathering |
35,747 |
|
|
31,151 |
|
|
123,218 |
|
|
108,640 |
|
Property, Franchise and Other Taxes |
23,454 |
|
|
21,132 |
|
|
94,713 |
|
|
88,400 |
|
Depreciation, Depletion and Amortization |
83,671 |
|
|
80,097 |
|
|
335,303 |
|
|
306,158 |
|
Impairment of Oil and Gas Producing Properties |
— |
|
|
253,441 |
|
|
76,152 |
|
|
449,438 |
|
|
223,715 |
|
|
461,968 |
|
|
1,153,801 |
|
|
1,516,433 |
|
Gain on Sale of Timber Properties |
— |
|
|
— |
|
|
51,066 |
|
|
— |
|
Operating Income (Loss) |
132,273 |
|
|
(173,979 |
) |
|
639,924 |
|
|
29,858 |
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
Other Income (Deductions) |
(160 |
) |
|
159 |
|
|
(15,238 |
) |
|
(17,814 |
) |
Interest Expense on Long-Term Debt |
(30,161 |
) |
|
(32,159 |
) |
|
(141,457 |
) |
|
(110,012 |
) |
Other Interest Expense |
(270 |
) |
|
(2,202 |
) |
|
(4,900 |
) |
|
(7,065 |
) |
|
|
|
|
|
|
|
|
Income (Loss) Before Income
Taxes |
101,682 |
|
|
(208,181 |
) |
|
478,329 |
|
|
(105,033 |
) |
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit) |
14,720 |
|
|
(62,636 |
) |
|
114,682 |
|
|
18,739 |
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available
for Common Stock |
$ |
86,962 |
|
|
$ |
(145,545 |
) |
|
$ |
363,647 |
|
|
$ |
(123,772 |
) |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common
Share |
|
|
|
|
|
|
|
Basic |
$ |
0.95 |
|
|
$ |
(1.60 |
) |
|
$ |
3.99 |
|
|
$ |
(1.41 |
) |
Diluted |
$ |
0.95 |
|
|
$ |
(1.60 |
) |
|
$ |
3.97 |
|
|
$ |
(1.41 |
) |
|
|
|
|
|
|
|
|
Weighted Average
Common Shares: |
|
|
|
|
|
|
|
Used in Basic Calculation |
91,181,292 |
|
|
90,954,447 |
|
|
91,130,941 |
|
|
87,968,895 |
|
Used in Diluted
Calculation |
91,851,443 |
|
|
90,954,447 |
|
|
91,684,583 |
|
|
87,968,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
|
|
September 30, |
|
September 30, |
(Thousands of Dollars) |
2021 |
|
2020 |
ASSETS |
|
|
|
Property, Plant and Equipment |
$ |
13,103,639 |
|
|
$ |
12,351,852 |
|
Less -
Accumulated Depreciation, Depletion and Amortization |
|
6,719,356 |
|
|
|
6,353,785 |
|
Net Property, Plant and Equipment |
|
6,384,283 |
|
|
|
5,998,067 |
|
Assets Held for Sale, Net |
|
— |
|
|
|
53,424 |
|
Current Assets: |
|
|
|
Cash and Temporary Cash
Investments |
|
31,528 |
|
|
|
20,541 |
|
Hedging Collateral
Deposits |
|
88,610 |
|
|
|
— |
|
Receivables - Net |
|
205,294 |
|
|
|
143,583 |
|
Unbilled Revenue |
|
17,000 |
|
|
|
17,302 |
|
Gas Stored Underground |
|
33,669 |
|
|
|
33,338 |
|
Materials, Supplies and
Emission Allowances |
|
53,560 |
|
|
|
51,877 |
|
Unrecovered Purchased Gas
Costs |
|
33,128 |
|
|
|
— |
|
Other Current Assets |
|
59,660 |
|
|
|
47,557 |
|
Total Current Assets |
|
522,449 |
|
|
|
314,198 |
|
Other Assets: |
|
|
|
Recoverable Future Taxes |
|
121,992 |
|
|
|
118,310 |
|
Unamortized Debt Expense |
|
10,589 |
|
|
|
12,297 |
|
Other Regulatory Assets |
|
60,145 |
|
|
|
156,106 |
|
Deferred Charges |
|
59,939 |
|
|
|
67,131 |
|
Other Investments |
|
149,632 |
|
|
|
154,502 |
|
Goodwill |
|
5,476 |
|
|
|
5,476 |
|
Prepaid Post-Retirement
Benefit Costs |
|
149,151 |
|
|
|
76,035 |
|
Fair Value of Derivative
Financial Instruments |
|
1,169 |
|
|
|
9,308 |
|
Other |
|
— |
|
|
|
81 |
|
Total Other Assets |
|
558,093 |
|
|
|
599,246 |
|
Total Assets |
$ |
7,464,825 |
|
|
$ |
6,964,935 |
|
CAPITALIZATION AND LIABILITIES |
|
|
|
Capitalization: |
|
|
|
Comprehensive Shareholders'
Equity |
|
|
|
Common Stock, $1 Par Value
Authorized - 200,000,000 Shares; Issued and |
|
|
|
Outstanding - 91,181,549
Shares and 90,954,696 Shares, Respectively |
$ |
91,182 |
|
|
$ |
90,955 |
|
Paid in Capital |
|
1,017,446 |
|
|
|
1,004,158 |
|
Earnings Reinvested in the
Business |
|
1,191,175 |
|
|
|
991,630 |
|
Accumulated Other Comprehensive Loss |
|
(513,597 |
) |
|
|
(114,757 |
) |
Total Comprehensive Shareholders' Equity |
|
1,786,206 |
|
|
|
1,971,986 |
|
Long-Term Debt, Net of Current Portion and Unamortized Discount and
Debt Issuance Costs |
|
2,628,687 |
|
|
|
2,629,576 |
|
Total Capitalization |
|
4,414,893 |
|
|
|
4,601,562 |
|
Current and Accrued Liabilities: |
|
|
|
Notes Payable to Banks and
Commercial Paper |
|
158,500 |
|
|
|
30,000 |
|
Accounts Payable |
|
171,655 |
|
|
|
134,126 |
|
Amounts Payable to
Customers |
|
21 |
|
|
|
10,788 |
|
Dividends Payable |
|
41,487 |
|
|
|
40,475 |
|
Interest Payable on Long-Term
Debt |
|
17,376 |
|
|
|
27,521 |
|
Customer Advances |
|
17,223 |
|
|
|
15,319 |
|
Customer Security
Deposits |
|
19,292 |
|
|
|
17,199 |
|
Other Accruals and Current
Liabilities |
|
194,169 |
|
|
|
140,176 |
|
Fair
Value of Derivative Financial Instruments |
|
616,410 |
|
|
|
43,969 |
|
Total Current and Accrued Liabilities |
|
1,236,133 |
|
|
|
459,573 |
|
Other Liabilities: |
|
|
|
Deferred Income Taxes |
|
660,420 |
|
|
|
696,054 |
|
Taxes Refundable to
Customers |
|
354,089 |
|
|
|
357,508 |
|
Cost of Removal Regulatory
Liability |
|
245,636 |
|
|
|
230,079 |
|
Other Regulatory
Liabilities |
|
200,643 |
|
|
|
161,573 |
|
Pension and Other
Post-Retirement Liabilities |
|
7,526 |
|
|
|
127,181 |
|
Asset Retirement
Obligations |
|
209,639 |
|
|
|
192,228 |
|
Other
Liabilities |
|
135,846 |
|
|
|
139,177 |
|
Total Other Liabilities |
|
1,813,799 |
|
|
|
1,903,800 |
|
Commitments and Contingencies |
|
— |
|
|
|
— |
|
Total Capitalization and Liabilities |
$ |
7,464,825 |
|
|
$ |
6,964,935 |
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
|
|
Twelve Months Ended |
|
|
September 30, |
(Thousands of Dollars) |
|
2021 |
|
2020 |
|
|
|
|
|
Operating Activities: |
|
|
|
|
Net Income (Loss) Available for Common Stock |
|
$ |
363,647 |
|
|
$ |
(123,772 |
) |
Adjustments to Reconcile Net
Income (Loss) to Net Cash
Provided by Operating Activities: |
|
|
|
|
Gain on Sale of Timber Properties |
|
(51,066 |
) |
|
— |
|
Impairment of Oil and Gas Producing Properties |
|
76,152 |
|
|
449,438 |
|
Depreciation, Depletion and Amortization |
|
335,303 |
|
|
306,158 |
|
Deferred Income Taxes |
|
105,993 |
|
|
54,313 |
|
Premium Paid on Early Redemption of Debt |
|
15,715 |
|
|
— |
|
Stock-Based Compensation |
|
17,065 |
|
|
14,931 |
|
Other |
|
10,896 |
|
|
6,527 |
|
Change in: |
|
|
|
|
Receivables and Unbilled Revenue |
|
(61,413 |
) |
|
(2,578 |
) |
Gas Stored Underground and Materials, Supplies and Emission
Allowances |
|
(2,014 |
) |
|
(6,625 |
) |
Unrecovered Purchased Gas Costs |
|
(33,128 |
) |
|
2,246 |
|
Other Current Assets |
|
(11,972 |
) |
|
49,367 |
|
Accounts Payable |
|
31,352 |
|
|
(4,657 |
) |
Amounts Payable to Customers |
|
(10,767 |
) |
|
6,771 |
|
Customer Advances |
|
1,904 |
|
|
2,275 |
|
Customer Security Deposits |
|
2,093 |
|
|
989 |
|
Other Accruals and Current Liabilities |
|
34,314 |
|
|
5,001 |
|
Other Assets |
|
1,250 |
|
|
(24,203 |
) |
Other Liabilities |
|
(33,771 |
) |
|
4,628 |
|
Net Cash Provided by Operating Activities |
|
$ |
791,553 |
|
|
$ |
740,809 |
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
Capital Expenditures |
|
$ |
(751,734 |
) |
|
$ |
(716,153 |
) |
Net Proceeds from Sale of
Timber Properties |
|
104,582 |
|
|
— |
|
Acquisition of Upstream Assets
and Midstream Gathering Assets |
|
— |
|
|
(506,258 |
) |
Other |
|
13,935 |
|
|
(1,205 |
) |
Net Cash Used in Investing Activities |
|
$ |
(633,217 |
) |
|
$ |
(1,223,616 |
) |
|
|
|
|
|
Financing Activities: |
|
|
|
|
Changes in Notes Payable to
Banks and Commercial Paper |
|
$ |
128,500 |
|
|
$ |
(25,200 |
) |
Reduction of Long-Term
Debt |
|
(515,715 |
) |
|
— |
|
Dividends Paid on Common
Stock |
|
(163,089 |
) |
|
(153,322 |
) |
Net Proceeds From Issuance of
Long-Term Debt |
|
495,267 |
|
|
493,007 |
|
Net
Proceeds from Issuance (Repurchase) of Common Stock |
|
(3,702 |
) |
|
161,603 |
|
Net Cash Provided by (Used in) Financing Activities |
|
$ |
(58,739 |
) |
|
$ |
476,088 |
|
|
|
|
|
|
Net Increase (Decrease) in
Cash, Cash Equivalents, and Restricted Cash |
|
99,597 |
|
|
(6,719 |
) |
Cash,
Cash Equivalents, and Restricted Cash at Beginning of Period |
|
20,541 |
|
|
27,260 |
|
Cash, Cash Equivalents, and Restricted Cash at September 30 |
|
$ |
120,138 |
|
|
$ |
20,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Total Operating Revenues |
$ |
215,581 |
|
|
$ |
154,726 |
|
|
$ |
60,855 |
|
|
$ |
836,697 |
|
|
$ |
607,453 |
|
|
$ |
229,244 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance: |
|
|
|
|
|
|
|
|
|
General and Administrative Expense |
16,957 |
|
|
16,653 |
|
|
304 |
|
|
67,973 |
|
|
63,429 |
|
|
4,544 |
|
Lease Operating and Transportation Expense |
68,019 |
|
|
54,983 |
|
|
13,036 |
|
|
267,316 |
|
|
203,670 |
|
|
63,646 |
|
All Other Operation and Maintenance Expense |
3,715 |
|
|
3,548 |
|
|
167 |
|
|
14,659 |
|
|
12,542 |
|
|
2,117 |
|
Property, Franchise and Other Taxes |
6,302 |
|
|
4,103 |
|
|
2,199 |
|
|
22,220 |
|
|
15,646 |
|
|
6,574 |
|
Depreciation, Depletion and Amortization |
45,135 |
|
|
43,467 |
|
|
1,668 |
|
|
182,492 |
|
|
172,124 |
|
|
10,368 |
|
Impairment of Oil and Gas Producing Properties |
— |
|
|
253,441 |
|
|
(253,441 |
) |
|
76,152 |
|
|
449,438 |
|
|
(373,286 |
) |
|
140,128 |
|
|
376,195 |
|
|
(236,067 |
) |
|
630,812 |
|
|
916,849 |
|
|
(286,037 |
) |
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
75,453 |
|
|
(221,469 |
) |
|
296,922 |
|
|
205,885 |
|
|
(309,396 |
) |
|
515,281 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(289 |
) |
|
(395 |
) |
|
106 |
|
|
(1,148 |
) |
|
(1,580 |
) |
|
432 |
|
Interest and Other Income |
35 |
|
|
115 |
|
|
(80 |
) |
|
211 |
|
|
698 |
|
|
(487 |
) |
Interest Expense on Long-Term Debt |
— |
|
|
— |
|
|
— |
|
|
(15,119 |
) |
|
— |
|
|
(15,119 |
) |
Interest Expense |
(11,942 |
) |
|
(15,555 |
) |
|
3,613 |
|
|
(54,543 |
) |
|
(58,098 |
) |
|
3,555 |
|
Income (Loss) Before Income
Taxes |
63,257 |
|
|
(237,304 |
) |
|
300,561 |
|
|
135,286 |
|
|
(368,376 |
) |
|
503,662 |
|
Income Tax Expense
(Benefit) |
7,554 |
|
|
(68,133 |
) |
|
75,687 |
|
|
33,370 |
|
|
(41,472 |
) |
|
74,842 |
|
Net Income (Loss) |
$ |
55,703 |
|
|
$ |
(169,171 |
) |
|
$ |
224,874 |
|
|
$ |
101,916 |
|
|
$ |
(326,904 |
) |
|
$ |
428,820 |
|
Net Income (Loss) Per Share
(Diluted) |
$ |
0.61 |
|
|
$ |
(1.86 |
) |
|
$ |
2.47 |
|
|
$ |
1.11 |
|
|
$ |
(3.72 |
) |
|
$ |
4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Revenues from External Customers |
$ |
58,515 |
|
|
$ |
54,090 |
|
|
$ |
4,425 |
|
|
$ |
234,397 |
|
|
$ |
205,998 |
|
|
$ |
28,399 |
|
Intersegment Revenues |
26,510 |
|
|
26,236 |
|
|
274 |
|
|
109,160 |
|
|
103,606 |
|
|
5,554 |
|
Total Operating Revenues |
85,025 |
|
|
80,326 |
|
|
4,699 |
|
|
343,557 |
|
|
309,604 |
|
|
33,953 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
764 |
|
|
74 |
|
|
690 |
|
|
983 |
|
|
75 |
|
|
908 |
|
Operation and Maintenance |
26,724 |
|
|
25,233 |
|
|
1,491 |
|
|
90,533 |
|
|
87,440 |
|
|
3,093 |
|
Property, Franchise and Other
Taxes |
8,406 |
|
|
8,053 |
|
|
353 |
|
|
33,120 |
|
|
32,569 |
|
|
551 |
|
Depreciation, Depletion and
Amortization |
15,626 |
|
|
14,638 |
|
|
988 |
|
|
62,431 |
|
|
53,951 |
|
|
8,480 |
|
|
51,520 |
|
|
47,998 |
|
|
3,522 |
|
|
187,067 |
|
|
174,035 |
|
|
13,032 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
33,505 |
|
|
32,328 |
|
|
1,177 |
|
|
156,490 |
|
|
135,569 |
|
|
20,921 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit (Costs) Credit |
125 |
|
|
(394 |
) |
|
519 |
|
|
501 |
|
|
(917 |
) |
|
1,418 |
|
Interest and Other Income |
2,180 |
|
|
701 |
|
|
1,479 |
|
|
5,339 |
|
|
5,552 |
|
|
(213 |
) |
Interest Expense |
(9,623 |
) |
|
(10,695 |
) |
|
1,072 |
|
|
(40,976 |
) |
|
(32,731 |
) |
|
(8,245 |
) |
Income Before Income
Taxes |
26,187 |
|
|
21,940 |
|
|
4,247 |
|
|
121,354 |
|
|
107,473 |
|
|
13,881 |
|
Income Tax Expense |
4,705 |
|
|
5,895 |
|
|
(1,190 |
) |
|
28,812 |
|
|
28,613 |
|
|
199 |
|
Net Income |
$ |
21,482 |
|
|
$ |
16,045 |
|
|
$ |
5,437 |
|
|
$ |
92,542 |
|
|
$ |
78,860 |
|
|
$ |
13,682 |
|
Net Income Per Share
(Diluted) |
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
0.05 |
|
|
$ |
1.01 |
|
|
$ |
0.90 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
September 30, |
|
September 30, |
GATHERING
SEGMENT |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Revenues from External
Customers |
$ |
1,507 |
|
|
$ |
72 |
|
|
$ |
1,435 |
|
|
$ |
3,116 |
|
|
$ |
72 |
|
|
$ |
3,044 |
|
Intersegment Revenues |
45,830 |
|
|
39,467 |
|
|
6,363 |
|
|
190,148 |
|
|
142,821 |
|
|
47,327 |
|
Total Operating Revenues |
47,337 |
|
|
39,539 |
|
|
7,798 |
|
|
193,264 |
|
|
142,893 |
|
|
50,371 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance |
9,456 |
|
|
6,455 |
|
|
3,001 |
|
|
34,207 |
|
|
22,942 |
|
|
11,265 |
|
Property, Franchise and Other Taxes |
23 |
|
|
22 |
|
|
1 |
|
|
52 |
|
|
72 |
|
|
(20 |
) |
Depreciation, Depletion and Amortization |
8,219 |
|
|
6,785 |
|
|
1,434 |
|
|
32,350 |
|
|
22,440 |
|
|
9,910 |
|
|
17,698 |
|
|
13,262 |
|
|
4,436 |
|
|
66,609 |
|
|
45,454 |
|
|
21,155 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
29,639 |
|
|
26,277 |
|
|
3,362 |
|
|
126,655 |
|
|
97,439 |
|
|
29,216 |
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(68 |
) |
|
(71 |
) |
|
3 |
|
|
(271 |
) |
|
(285 |
) |
|
14 |
|
Interest and Other Income |
6 |
|
|
346 |
|
|
(340 |
) |
|
259 |
|
|
545 |
|
|
(286 |
) |
Interest Expense on Long-Term Debt |
— |
|
|
— |
|
|
— |
|
|
(965 |
) |
|
— |
|
|
(965 |
) |
Interest Expense |
(4,093 |
) |
|
(4,115 |
) |
|
22 |
|
|
(16,528 |
) |
|
(10,877 |
) |
|
(5,651 |
) |
Income Before Income
Taxes |
25,484 |
|
|
22,437 |
|
|
3,047 |
|
|
109,150 |
|
|
86,822 |
|
|
22,328 |
|
Income Tax Expense |
6,887 |
|
|
4,887 |
|
|
2,000 |
|
|
28,876 |
|
|
18,191 |
|
|
10,685 |
|
Net Income |
$ |
18,597 |
|
|
$ |
17,550 |
|
|
$ |
1,047 |
|
|
$ |
80,274 |
|
|
$ |
68,631 |
|
|
$ |
11,643 |
|
Net Income Per Share
(Diluted) |
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.01 |
|
|
$ |
0.88 |
|
|
$ |
0.78 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING RESULTS AND STATISTICS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
DOWNSTREAM BUSINESS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
(Thousands of Dollars, except
per share amounts) |
September 30, |
|
September 30, |
UTILITY
SEGMENT |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Revenues from External Customers |
$ |
80,302 |
|
|
$ |
73,000 |
|
|
$ |
7,302 |
|
|
$ |
666,920 |
|
|
$ |
642,855 |
|
|
$ |
24,065 |
|
Intersegment Revenues |
60 |
|
|
944 |
|
|
(884 |
) |
|
331 |
|
|
9,443 |
|
|
(9,112 |
) |
Total Operating Revenues |
80,362 |
|
|
73,944 |
|
|
6,418 |
|
|
667,251 |
|
|
652,298 |
|
|
14,953 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
19,826 |
|
|
15,243 |
|
|
4,583 |
|
|
274,837 |
|
|
263,112 |
|
|
11,725 |
|
Operation and Maintenance |
40,855 |
|
|
41,573 |
|
|
(718 |
) |
|
182,266 |
|
|
178,896 |
|
|
3,370 |
|
Property, Franchise and Other Taxes |
8,588 |
|
|
8,578 |
|
|
10 |
|
|
38,769 |
|
|
38,872 |
|
|
(103 |
) |
Depreciation, Depletion and Amortization |
14,646 |
|
|
14,007 |
|
|
639 |
|
|
57,457 |
|
|
55,248 |
|
|
2,209 |
|
|
83,915 |
|
|
79,401 |
|
|
4,514 |
|
|
553,329 |
|
|
536,128 |
|
|
17,201 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
(3,553 |
) |
|
(5,457 |
) |
|
1,904 |
|
|
113,922 |
|
|
116,170 |
|
|
(2,248 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(1,985 |
) |
|
(2,001 |
) |
|
16 |
|
|
(26,659 |
) |
|
(26,963 |
) |
|
304 |
|
Interest and Other Income |
733 |
|
|
589 |
|
|
144 |
|
|
2,874 |
|
|
3,583 |
|
|
(709 |
) |
Interest Expense |
(5,337 |
) |
|
(5,720 |
) |
|
383 |
|
|
(21,795 |
) |
|
(22,150 |
) |
|
355 |
|
Income (Loss) Before Income
Taxes |
(10,142 |
) |
|
(12,589 |
) |
|
2,447 |
|
|
68,342 |
|
|
70,640 |
|
|
(2,298 |
) |
Income Tax Expense
(Benefit) |
(4,555 |
) |
|
(5,620 |
) |
|
1,065 |
|
|
14,007 |
|
|
13,274 |
|
|
733 |
|
Net Income (Loss) |
$ |
(5,587 |
) |
|
$ |
(6,969 |
) |
|
$ |
1,382 |
|
|
$ |
54,335 |
|
|
$ |
57,366 |
|
|
$ |
(3,031 |
) |
Net Income (Loss) Per Share
(Diluted) |
$ |
(0.06 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.02 |
|
|
$ |
0.59 |
|
|
$ |
0.65 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
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 |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Revenues from External Customers |
$ |
— |
|
|
$ |
5,988 |
|
|
$ |
(5,988 |
) |
|
$ |
1,173 |
|
|
$ |
89,435 |
|
|
$ |
(88,262 |
) |
Intersegment Revenues |
26 |
|
|
237 |
|
|
(211 |
) |
|
49 |
|
|
836 |
|
|
(787 |
) |
Total Operating Revenues |
26 |
|
|
6,225 |
|
|
(6,199 |
) |
|
1,222 |
|
|
90,271 |
|
|
(89,049 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
9 |
|
|
5,263 |
|
|
(5,254 |
) |
|
2,306 |
|
|
80,485 |
|
|
(78,179 |
) |
Operation and Maintenance |
(20 |
) |
|
2,139 |
|
|
(2,159 |
) |
|
682 |
|
|
7,895 |
|
|
(7,213 |
) |
Property, Franchise and Other Taxes |
— |
|
|
243 |
|
|
(243 |
) |
|
47 |
|
|
765 |
|
|
(718 |
) |
Depreciation, Depletion and Amortization |
— |
|
|
1,064 |
|
|
(1,064 |
) |
|
394 |
|
|
1,716 |
|
|
(1,322 |
) |
|
(11 |
) |
|
8,709 |
|
|
(8,720 |
) |
|
3,429 |
|
|
90,861 |
|
|
(87,432 |
) |
Gain on Sale of Timber Properties |
— |
|
|
— |
|
|
— |
|
|
51,066 |
|
|
— |
|
|
51,066 |
|
Operating Income (Loss) |
37 |
|
|
(2,484 |
) |
|
2,521 |
|
|
48,859 |
|
|
(590 |
) |
|
49,449 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
— |
|
|
(69 |
) |
|
69 |
|
|
(7 |
) |
|
(276 |
) |
|
269 |
|
Interest and Other Income |
2 |
|
|
201 |
|
|
(199 |
) |
|
231 |
|
|
873 |
|
|
(642 |
) |
Interest Expense |
— |
|
|
(13 |
) |
|
13 |
|
|
— |
|
|
(66 |
) |
|
66 |
|
Income (Loss) before Income
Taxes |
39 |
|
|
(2,365 |
) |
|
2,404 |
|
|
49,083 |
|
|
(59 |
) |
|
49,142 |
|
Income Tax Expense
(Benefit) |
10 |
|
|
(565 |
) |
|
575 |
|
|
11,438 |
|
|
210 |
|
|
11,228 |
|
Net Income (Loss) |
$ |
29 |
|
|
$ |
(1,800 |
) |
|
$ |
1,829 |
|
|
$ |
37,645 |
|
|
$ |
(269 |
) |
|
$ |
37,914 |
|
Net Income (Loss) Per Share
(Diluted) |
$ |
— |
|
|
$ |
(0.02 |
) |
|
$ |
0.02 |
|
|
$ |
0.41 |
|
|
$ |
— |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
September 30, |
|
September 30, |
CORPORATE |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Revenues from External
Customers |
$ |
83 |
|
|
$ |
113 |
|
|
$ |
(30 |
) |
|
$ |
356 |
|
|
$ |
478 |
|
|
$ |
(122 |
) |
Intersegment Revenues |
1,146 |
|
|
1,463 |
|
|
(317 |
) |
|
3,864 |
|
|
4,744 |
|
|
(880 |
) |
Total Operating Revenues |
1,229 |
|
|
1,576 |
|
|
(347 |
) |
|
4,220 |
|
|
5,222 |
|
|
(1,002 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Operation and Maintenance |
3,857 |
|
|
4,481 |
|
|
(624 |
) |
|
15,423 |
|
|
13,401 |
|
|
2,022 |
|
Property, Franchise and Other Taxes |
135 |
|
|
133 |
|
|
2 |
|
|
505 |
|
|
476 |
|
|
29 |
|
Depreciation, Depletion and Amortization |
45 |
|
|
136 |
|
|
(91 |
) |
|
179 |
|
|
679 |
|
|
(500 |
) |
|
4,037 |
|
|
4,750 |
|
|
(713 |
) |
|
16,107 |
|
|
14,556 |
|
|
1,551 |
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
(2,808 |
) |
|
(3,174 |
) |
|
366 |
|
|
(11,887 |
) |
|
(9,334 |
) |
|
(2,553 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Non-Service Pension and Post-Retirement Benefit Costs |
(923 |
) |
|
(775 |
) |
|
(148 |
) |
|
(3,692 |
) |
|
(3,101 |
) |
|
(591 |
) |
Interest and Other Income |
31,154 |
|
|
37,730 |
|
|
(6,576 |
) |
|
138,882 |
|
|
127,524 |
|
|
11,358 |
|
Interest Expense on Long-Term Debt |
(30,161 |
) |
|
(32,159 |
) |
|
1,998 |
|
|
(125,373 |
) |
|
(110,012 |
) |
|
(15,361 |
) |
Other Interest Expense |
(405 |
) |
|
(1,922 |
) |
|
1,517 |
|
|
(2,816 |
) |
|
(6,610 |
) |
|
3,794 |
|
Loss before Income Taxes |
(3,143 |
) |
|
(300 |
) |
|
(2,843 |
) |
|
(4,886 |
) |
|
(1,533 |
) |
|
(3,353 |
) |
Income Tax Expense
(Benefit) |
119 |
|
|
900 |
|
|
(781 |
) |
|
(1,821 |
) |
|
(77 |
) |
|
(1,744 |
) |
Net Loss |
$ |
(3,262 |
) |
|
$ |
(1,200 |
) |
|
$ |
(2,062 |
) |
|
$ |
(3,065 |
) |
|
$ |
(1,456 |
) |
|
$ |
(1,609 |
) |
Net Loss Per Share
(Diluted) |
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
September 30, |
|
September 30, |
INTERSEGMENT
ELIMINATIONS |
2021 |
|
2020 |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Intersegment Revenues |
$ |
(73,572 |
) |
|
$ |
(68,347 |
) |
|
$ |
(5,225 |
) |
|
$ |
(303,552 |
) |
|
$ |
(261,450 |
) |
|
$ |
(42,102 |
) |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
Purchased Gas |
(25,789 |
) |
|
(26,353 |
) |
|
564 |
|
|
(106,299 |
) |
|
(109,782 |
) |
|
3,483 |
|
Operation and Maintenance |
(47,783 |
) |
|
(41,994 |
) |
|
(5,789 |
) |
|
(197,253 |
) |
|
(151,668 |
) |
|
(45,585 |
) |
|
(73,572 |
) |
|
(68,347 |
) |
|
(5,225 |
) |
|
(303,552 |
) |
|
(261,450 |
) |
|
(42,102 |
) |
Operating Income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
Interest and Other Deductions |
(31,130 |
) |
|
(35,818 |
) |
|
4,688 |
|
|
(131,758 |
) |
|
(123,467 |
) |
|
(8,291 |
) |
Interest Expense |
31,130 |
|
|
35,818 |
|
|
(4,688 |
) |
|
131,758 |
|
|
123,467 |
|
|
8,291 |
|
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 |
|
2021 |
|
2020 |
|
(Decrease) |
|
2021 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production(4) |
$ |
117,646 |
|
(1) |
$ |
375,466 |
|
(2) |
$ |
(257,820 |
) |
|
$ |
381,408 |
|
(1)(2) |
$ |
670,455 |
|
(2)(3) |
$ |
(289,047 |
) |
Pipeline and Storage |
96,760 |
|
(1) |
42,520 |
|
(2) |
54,240 |
|
|
252,316 |
|
(1)(2) |
166,652 |
|
(2)(3) |
85,664 |
|
Gathering(5) |
9,041 |
|
(1) |
251,606 |
|
(2) |
(242,565 |
) |
|
34,669 |
|
(1)(2) |
297,806 |
|
(2)(3) |
(263,137 |
) |
Utility |
34,154 |
|
(1) |
32,034 |
|
(2) |
2,120 |
|
|
100,845 |
|
(1)(2) |
94,273 |
|
(2)(3) |
6,572 |
|
Total Reportable Segments |
257,601 |
|
|
701,626 |
|
|
(444,025 |
) |
|
769,238 |
|
|
1,229,186 |
|
|
(459,948 |
) |
All Other |
— |
|
|
2 |
|
|
(2 |
) |
|
— |
|
|
39 |
|
|
(39 |
) |
Corporate |
231 |
|
|
102 |
|
|
129 |
|
|
450 |
|
|
522 |
|
|
(72 |
) |
Eliminations |
2,341 |
|
|
(1,130 |
) |
|
3,471 |
|
|
223 |
|
|
(1,130 |
) |
|
1,353 |
|
Total Capital Expenditures |
$ |
260,173 |
|
|
$ |
700,600 |
|
|
$ |
(440,427 |
) |
|
$ |
769,911 |
|
|
$ |
1,228,617 |
|
|
$ |
(458,706 |
) |
(1) Capital expenditures for the
quarter and year ended September 30, 2021, include accounts payable
and accrued liabilities related to capital expenditures of $47.9
million, $39.4 million, $4.8 million, and $10.6 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, 2021, since they represent non-cash investing
activities at that date.
(2) Capital expenditures for the year
ended September 30, 2021, exclude capital expenditures of $45.8
million, $17.3 million, $13.5 million and $10.7 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,
2020 and paid during the year ended September 30, 2021. These
amounts were excluded from the Consolidated Statement of Cash Flows
at September 30, 2020, 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, 2021.
(3) Capital expenditures for the year
ended September 30, 2020, exclude capital expenditures of $38.0
million, $23.8 million, $6.6 million and $12.7 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,
2019 and paid during the year ended September 30, 2020. These
amounts were excluded from the Consolidated Statement of Cash Flows
at September 30, 2019, 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, 2020.
(4) 2020 includes $282.8 million
related to the acquisition of upstream assets acquired from Shell,
of which $281.7 million is included in Property, Plant and
Equipment and $1.1 million is included in Materials, Supplies and
Emission Allowances.
(5) 2020 includes $223.5 million
related to the acquisition of midstream gathering assets acquired
from Shell, of which $223.4 million is included in Property, Plant
and Equipment and $0.1 million is included in Materials, Supplies
and Emission Allowances.
|
|
|
|
|
|
|
|
|
|
|
|
|
DEGREE
DAYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Colder |
|
|
|
|
|
|
|
|
|
|
(Warmer) Than: |
Three Months Ended
September 30, |
Normal |
|
2021 |
|
2020 |
|
Normal (1) |
|
Last Year (1) |
Buffalo, NY |
162 |
|
|
38 |
|
|
101 |
|
|
(76.5 |
) |
|
(62.4 |
) |
Erie, PA |
124 |
|
|
33 |
|
|
68 |
|
|
(73.4 |
) |
|
(51.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo, NY |
6,617 |
|
|
5,731 |
|
|
6,103 |
|
|
(13.4 |
) |
|
(6.1 |
) |
Erie, PA |
6,147 |
|
|
5,221 |
|
|
5,449 |
|
|
(15.1 |
) |
|
(4.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percents compare actual 2021
degree days to normal degree days and actual 2021 degree days to
actual 2020 degree days.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPLORATION AND PRODUCTION INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
2021 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Production/Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
Production (MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
75,871 |
|
|
63,548 |
|
|
12,323 |
|
|
312,300 |
|
|
225,513 |
|
|
86,787 |
|
West Coast |
|
420 |
|
|
455 |
|
|
(35 |
) |
|
1,720 |
|
|
1,889 |
|
|
(169 |
) |
Total Production |
|
76,291 |
|
|
64,003 |
|
|
12,288 |
|
|
314,020 |
|
|
227,402 |
|
|
86,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per Mcf) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
$ |
3.14 |
|
|
$ |
1.63 |
|
|
$ |
1.51 |
|
|
$ |
2.46 |
|
|
$ |
1.75 |
|
|
$ |
0.71 |
|
West Coast |
|
7.93 |
|
|
3.31 |
|
|
4.62 |
|
|
6.34 |
|
|
3.82 |
|
|
2.52 |
|
Weighted Average |
|
3.16 |
|
|
1.64 |
|
|
1.52 |
|
|
2.49 |
|
|
1.77 |
|
|
0.72 |
|
Weighted Average after Hedging |
|
2.37 |
|
|
1.92 |
|
|
0.45 |
|
|
2.25 |
|
|
2.07 |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
Production/Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
Production (Thousands of
Barrels) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
1 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
3 |
|
|
(1 |
) |
West Coast |
|
551 |
|
|
555 |
|
|
(4 |
) |
|
2,233 |
|
|
2,345 |
|
|
(112 |
) |
Total Production |
|
552 |
|
|
556 |
|
|
(4 |
) |
|
2,235 |
|
|
2,348 |
|
|
(113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per
Barrel) |
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
$ |
66.34 |
|
|
$ |
31.22 |
|
|
$ |
35.12 |
|
|
$ |
48.02 |
|
|
$ |
45.69 |
|
|
$ |
2.33 |
|
West Coast |
|
71.46 |
|
|
41.22 |
|
|
30.24 |
|
|
60.50 |
|
|
45.94 |
|
|
14.56 |
|
Weighted Average |
|
71.45 |
|
|
41.21 |
|
|
30.24 |
|
|
60.49 |
|
|
45.94 |
|
|
14.55 |
|
Weighted Average after Hedging |
|
60.04 |
|
|
55.70 |
|
|
4.34 |
|
|
56.54 |
|
|
56.96 |
|
|
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Production (MMcfe) |
|
79,603 |
|
|
67,339 |
|
|
12,264 |
|
|
327,430 |
|
|
241,490 |
|
|
85,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Performance Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
General & Administrative
Expense per Mcfe (1) |
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
(0.04 |
) |
|
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
(0.05 |
) |
Lease Operating and
Transportation Expense per Mcfe (1)(2) |
|
$ |
0.85 |
|
|
$ |
0.82 |
|
|
$ |
0.03 |
|
|
$ |
0.82 |
|
|
$ |
0.84 |
|
|
$ |
(0.02 |
) |
Depreciation, Depletion &
Amortization per Mcfe (1) |
|
$ |
0.57 |
|
|
$ |
0.65 |
|
|
$ |
(0.08 |
) |
|
$ |
0.56 |
|
|
$ |
0.71 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to page 16 for the General
and Administrative Expense, Lease Operating and Transportation
Expense and Depreciation, Depletion, and Amortization Expense for
the Exploration and Production segment.
(2) Amounts include transportation
expense of $0.55 and $0.57 per Mcfe for the three months ended
September 30, 2021 and September 30, 2020, respectively. Amounts
include transportation expense of $0.57 and $0.57 per Mcfe for the
twelve months ended September 30, 2021 and September 30, 2020,
respectively.
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
|
|
EXPLORATION AND PRODUCTION INFORMATION |
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2022 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
1,140,000 |
|
BBL |
|
$ |
58.28 / BBL |
NYMEX |
|
156,000 |
|
BBL |
|
$ |
51.00 / BBL |
Total |
|
1,296,000 |
|
BBL |
|
$ |
57.40 /
BBL |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
208,500,000 |
|
MMBTU |
|
$ |
2.75 / MMBTU |
No Cost Collars |
|
2,350,000 |
|
MMBTU |
|
$ |
2.28 / MMBTU (Floor) / $2.77 /
MMBTU (Ceiling) |
Fixed Price Physical
Sales |
|
52,309,623 |
|
MMBTU |
|
$ |
2.29 / MMBTU |
Total |
|
263,159,623 |
|
MMBTU |
|
|
|
Hedging Summary for
Fiscal 2023 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
480,000 |
|
BBL |
|
$ |
58.48 / BBL |
Total |
|
480,000 |
|
BBL |
|
$ |
58.48 /
BBL |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
116,200,000 |
|
MMBTU |
|
$ |
2.79 / MMBTU |
No Cost Collars |
|
17,600,000 |
|
MMBTU |
|
$ |
2.78 / MMBTU (Floor) / $3.19 /
MMBTU (Ceiling) |
Fixed Price Physical
Sales |
|
57,082,943 |
|
MMBTU |
|
$ |
2.23 / MMBTU |
Total |
|
190,882,943 |
|
MMBTU |
|
|
|
Hedging Summary for
Fiscal 2024 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
120,000 |
|
BBL |
|
$ |
50.30 / BBL |
Total |
|
120,000 |
|
BBL |
|
$ |
50.30 /
BBL |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
61,080,000 |
|
MMBTU |
|
$ |
2.72 / MMBTU |
No Cost Collars |
|
1,600,000 |
|
MMBTU |
|
$ |
2.78 / MMBTU (Floor) / $3.19 /
MMBTU (Ceiling) |
Fixed Price Physical
Sales |
|
42,872,216 |
|
MMBTU |
|
$ |
2.19 / MMBTU |
Total |
|
105,552,216 |
|
MMBTU |
|
|
|
Hedging Summary for
Fiscal 2025 |
|
Volume |
|
|
Average Hedge
Price |
Oil Swaps |
|
|
|
|
|
|
Brent |
|
120,000 |
|
BBL |
|
$ |
50.32 / BBL |
Total |
|
120,000 |
|
BBL |
|
$ |
50.32 /
BBL |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
23,660,000 |
|
MMBTU |
|
$ |
2.74 / MMBTU |
Fixed Price Physical
Sales |
|
36,520,814 |
|
MMBTU |
|
$ |
2.18 / MMBTU |
Total |
|
60,180,814 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2026 |
|
Volume |
|
|
Average Hedge
Price |
Gas Swaps |
|
|
|
|
|
|
NYMEX |
|
1,720,000 |
|
MMBTU |
|
$ |
2.75 / MMBTU |
Fixed Price Physical
Sales |
|
27,780,276 |
|
MMBTU |
|
$ |
2.19 / MMBTU |
Total |
|
29,500,276 |
|
MMBTU |
|
|
|
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2027 |
|
Volume |
|
|
Average Hedge
Price |
Fixed Price Physical
Sales |
|
17,348,882 |
|
MMBTU |
|
$ |
2.22 / MMBTU |
|
|
|
|
|
|
|
Hedging Summary for
Fiscal 2028 |
|
Volume |
|
|
Average Hedge
Price |
Fixed Price Physical
Sales |
|
1,400,555 |
|
MMBTU |
|
$ |
2.23 / MMBTU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY |
AND SUBSIDIARIES |
|
|
|
|
|
EXPLORATION 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, 2020 |
|
3,296,113 |
|
28,972 |
|
3,325,085 |
|
Extensions and
Discoveries |
|
689,395 |
|
— |
|
689,395 |
|
Revisions of Previous
Estimates |
|
19,940 |
|
3,033 |
|
22,973 |
|
Production |
|
(312,300 |
) |
(1,720 |
) |
(314,020 |
) |
September 30, 2021 |
|
3,693,148 |
|
30,285 |
|
3,723,433 |
|
|
|
|
|
|
Proved Developed
Reserves: |
|
|
|
|
September 30, 2020 |
|
2,744,851 |
|
28,972 |
|
2,773,823 |
|
September 30, 2021 |
|
3,061,178 |
|
30,285 |
|
3,091,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil Mbbl |
|
|
U.S. |
|
|
Appalachian |
West Coast |
Total |
|
|
Region |
Region |
Company |
Proved Developed and
Undeveloped Reserves: |
|
|
|
|
September 30, 2020 |
|
12 |
|
22,088 |
|
22,100 |
|
Extensions and
Discoveries |
|
— |
|
1,041 |
|
1,041 |
|
Revisions of Previous
Estimates |
|
1 |
|
630 |
|
631 |
|
Production |
|
(2 |
) |
(2,233 |
) |
(2,235 |
) |
September 30, 2021 |
|
11 |
|
21,526 |
|
21,537 |
|
|
|
|
|
|
Proved Developed
Reserves: |
|
|
|
|
September 30, 2020 |
|
12 |
|
22,088 |
|
22,100 |
|
September 30, 2021 |
|
11 |
|
20,932 |
|
20,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
2021 |
|
2020 |
|
(Decrease) |
Firm Transportation - Affiliated |
|
14,916 |
|
|
13,021 |
|
|
1,895 |
|
|
107,206 |
|
|
111,166 |
|
|
(3,960 |
) |
Firm Transportation -
Non-Affiliated |
|
168,619 |
|
|
162,727 |
|
|
5,892 |
|
|
663,078 |
|
|
641,607 |
|
|
21,471 |
|
Interruptible
Transportation |
|
256 |
|
|
857 |
|
|
(601 |
) |
|
1,460 |
|
|
2,859 |
|
|
(1,399 |
) |
|
|
183,791 |
|
|
176,605 |
|
|
7,186 |
|
|
771,744 |
|
|
755,632 |
|
|
16,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering Volume -
(MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
2021 |
|
2020 |
|
(Decrease) |
Gathered Volume |
|
90,750 |
|
|
73,441 |
|
|
17,309 |
|
|
366,033 |
|
|
264,305 |
|
|
101,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility Throughput -
(MMcf) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
Increase |
|
|
|
|
|
Increase |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
2021 |
|
2020 |
|
(Decrease) |
Retail Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential Sales |
|
3,797 |
|
|
4,033 |
|
|
(236 |
) |
|
61,038 |
|
|
60,977 |
|
|
61 |
|
Commercial Sales |
|
535 |
|
|
503 |
|
|
32 |
|
|
8,741 |
|
|
8,798 |
|
|
(57 |
) |
Industrial Sales |
|
33 |
|
|
31 |
|
|
2 |
|
|
475 |
|
|
537 |
|
|
(62 |
) |
|
|
4,365 |
|
|
4,567 |
|
|
(202 |
) |
|
70,254 |
|
|
70,312 |
|
|
(58 |
) |
Transportation |
|
10,197 |
|
|
9,040 |
|
|
1,157 |
|
|
66,012 |
|
|
68,272 |
|
|
(2,260 |
) |
|
|
14,562 |
|
|
13,607 |
|
|
955 |
|
|
136,266 |
|
|
138,584 |
|
|
(2,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Adjusted
Operating Results, Adjusted EBITDA and free cash flow, 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 or liquidity 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 Adjusted Operating Results as
reported GAAP earnings before items impacting comparability. The
following table reconciles National Fuel's reported GAAP earnings
to Adjusted Operating Results for the three and twelve months ended
September 30, 2021 and 2020:
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
(in thousands except per
share amounts) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Reported GAAP Earnings |
|
$ |
86,962 |
|
|
$ |
(145,545 |
) |
|
$ |
363,647 |
|
|
$ |
(123,772 |
) |
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties (E&P) |
|
— |
|
|
253,441 |
|
|
76,152 |
|
|
449,438 |
|
Tax impact of impairment of oil and gas properties |
|
— |
|
|
(69,698 |
) |
|
(20,980 |
) |
|
(123,187 |
) |
Gain on sale of timber properties (Corporate/All Other) |
|
— |
|
|
— |
|
|
(51,066 |
) |
|
— |
|
Tax impact of gain on sale of timber properties |
|
— |
|
|
— |
|
|
14,069 |
|
|
— |
|
Premium paid on early redemption of debt |
|
— |
|
|
— |
|
|
15,715 |
|
|
— |
|
Tax impact of premium paid on early redemption of debt |
|
— |
|
|
— |
|
|
(4,321 |
) |
|
— |
|
Deferred tax valuation allowance |
|
— |
|
|
— |
|
|
— |
|
|
56,770 |
|
Unrealized (gain) loss on other investments (Corporate/All
Other) |
|
395 |
|
|
(2,439 |
) |
|
(181 |
) |
|
(1,645 |
) |
Tax impact of unrealized (gain) loss on other investments |
|
(83 |
) |
|
512 |
|
|
38 |
|
|
345 |
|
Adjusted Operating
Results |
|
$ |
87,274 |
|
|
$ |
36,271 |
|
|
$ |
393,073 |
|
|
$ |
257,949 |
|
|
|
|
|
|
|
|
|
|
Reported GAAP Earnings
Per Share |
|
$ |
0.95 |
|
|
$ |
(1.60 |
) |
|
$ |
3.97 |
|
|
$ |
(1.41 |
) |
Items impacting comparability: |
|
|
|
|
|
|
|
|
Impairment of oil and gas properties, net of tax (E&P) |
|
— |
|
|
2.02 |
|
|
0.60 |
|
|
3.71 |
|
Gain on sale of timber properties, net of tax (Corporate/All
Other) |
|
— |
|
|
— |
|
|
(0.40 |
) |
|
— |
|
Premium paid on early redemption of debt, net of tax |
|
— |
|
|
— |
|
|
0.12 |
|
|
— |
|
Deferred tax valuation allowance |
|
— |
|
|
— |
|
|
— |
|
|
0.65 |
|
Unrealized (gain) loss on other investments, net of tax
(Corporate/All Other) |
|
— |
|
|
(0.02 |
) |
|
— |
|
|
(0.01 |
) |
Earnings per share impact of diluted shares |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
Adjusted Operating
Results Per Share |
|
$ |
0.95 |
|
|
$ |
0.40 |
|
|
$ |
4.29 |
|
|
$ |
2.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management defines Adjusted EBITDA as reported
GAAP earnings before the following items: interest expense, income
taxes, depreciation, depletion and amortization, other income and
deductions, impairments, and other items reflected in operating
income that impact comparability. The following tables reconcile
National Fuel's reported GAAP earnings to Adjusted EBITDA for the
three and twelve months ended September 30, 2021 and 2020:
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Reported GAAP Earnings |
|
$ |
86,962 |
|
|
$ |
(145,545 |
) |
|
$ |
363,647 |
|
|
$ |
(123,772 |
) |
Depreciation, Depletion and Amortization |
|
83,671 |
|
|
80,097 |
|
|
335,303 |
|
|
306,158 |
|
Other (Income) Deductions |
|
160 |
|
|
(159 |
) |
|
15,238 |
|
|
17,814 |
|
Interest Expense |
|
30,431 |
|
|
34,361 |
|
|
146,357 |
|
|
117,077 |
|
Income Taxes |
|
14,720 |
|
|
(62,636 |
) |
|
114,682 |
|
|
18,739 |
|
Impairment of Oil and Gas Producing Properties |
|
— |
|
|
253,441 |
|
|
76,152 |
|
|
449,438 |
|
Gain on Sale of Timber Properties |
|
— |
|
|
— |
|
|
(51,066 |
) |
|
— |
|
Adjusted
EBITDA |
|
$ |
215,944 |
|
|
$ |
159,559 |
|
|
$ |
1,000,313 |
|
|
$ |
785,454 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment |
|
|
|
|
|
|
|
|
Pipeline and Storage Adjusted
EBITDA |
|
$ |
49,131 |
|
|
$ |
46,966 |
|
|
$ |
218,921 |
|
|
$ |
189,520 |
|
Gathering Adjusted EBITDA |
|
37,858 |
|
|
33,062 |
|
|
159,005 |
|
|
119,879 |
|
Total Midstream Businesses
Adjusted EBITDA |
|
86,989 |
|
|
80,028 |
|
|
377,926 |
|
|
309,399 |
|
Exploration and Production
Adjusted EBITDA |
|
120,588 |
|
|
75,439 |
|
|
464,529 |
|
|
312,166 |
|
Utility Adjusted EBITDA |
|
11,093 |
|
|
8,550 |
|
|
171,379 |
|
|
171,418 |
|
Corporate and All Other
Adjusted EBITDA |
|
(2,726 |
) |
|
(4,458 |
) |
|
(13,521 |
) |
|
(7,529 |
) |
Total Adjusted
EBITDA |
|
$ |
215,944 |
|
|
$ |
159,559 |
|
|
$ |
1,000,313 |
|
|
$ |
785,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA |
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Exploration and
Production Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
55,703 |
|
|
$ |
(169,171 |
) |
|
$ |
101,916 |
|
|
$ |
(326,904 |
) |
Depreciation, Depletion and Amortization |
|
45,135 |
|
|
43,467 |
|
|
182,492 |
|
|
172,124 |
|
Other (Income) Deductions |
|
254 |
|
|
280 |
|
|
937 |
|
|
882 |
|
Interest Expense |
|
11,942 |
|
|
15,555 |
|
|
69,662 |
|
|
58,098 |
|
Income Taxes |
|
7,554 |
|
|
(68,133 |
) |
|
33,370 |
|
|
(41,472 |
) |
Impairment of Oil and Gas Producing Properties |
|
— |
|
|
253,441 |
|
|
76,152 |
|
|
449,438 |
|
Adjusted EBITDA |
|
$ |
120,588 |
|
|
$ |
75,439 |
|
|
$ |
464,529 |
|
|
$ |
312,166 |
|
|
|
|
|
|
|
|
|
|
Pipeline and
Storage Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
21,482 |
|
|
$ |
16,045 |
|
|
$ |
92,542 |
|
|
$ |
78,860 |
|
Depreciation, Depletion and Amortization |
|
15,626 |
|
|
14,638 |
|
|
62,431 |
|
|
53,951 |
|
Other (Income) Deductions |
|
(2,305 |
) |
|
(307 |
) |
|
(5,840 |
) |
|
(4,635 |
) |
Interest Expense |
|
9,623 |
|
|
10,695 |
|
|
40,976 |
|
|
32,731 |
|
Income Taxes |
|
4,705 |
|
|
5,895 |
|
|
28,812 |
|
|
28,613 |
|
Adjusted EBITDA |
|
$ |
49,131 |
|
|
$ |
46,966 |
|
|
$ |
218,921 |
|
|
$ |
189,520 |
|
|
|
|
|
|
|
|
|
|
Gathering
Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
18,597 |
|
|
$ |
17,550 |
|
|
$ |
80,274 |
|
|
$ |
68,631 |
|
Depreciation, Depletion and Amortization |
|
8,219 |
|
|
6,785 |
|
|
32,350 |
|
|
22,440 |
|
Other (Income) Deductions |
|
62 |
|
|
(275 |
) |
|
12 |
|
|
(260 |
) |
Interest Expense |
|
4,093 |
|
|
4,115 |
|
|
17,493 |
|
|
10,877 |
|
Income Taxes |
|
6,887 |
|
|
4,887 |
|
|
28,876 |
|
|
18,191 |
|
Adjusted EBITDA |
|
$ |
37,858 |
|
|
$ |
33,062 |
|
|
$ |
159,005 |
|
|
$ |
119,879 |
|
|
|
|
|
|
|
|
|
|
Utility
Segment |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
(5,587 |
) |
|
$ |
(6,969 |
) |
|
$ |
54,335 |
|
|
$ |
57,366 |
|
Depreciation, Depletion and Amortization |
|
14,646 |
|
|
14,007 |
|
|
57,457 |
|
|
55,248 |
|
Other (Income) Deductions |
|
1,252 |
|
|
1,412 |
|
|
23,785 |
|
|
23,380 |
|
Interest Expense |
|
5,337 |
|
|
5,720 |
|
|
21,795 |
|
|
22,150 |
|
Income Taxes |
|
(4,555 |
) |
|
(5,620 |
) |
|
14,007 |
|
|
13,274 |
|
Adjusted EBITDA |
|
$ |
11,093 |
|
|
$ |
8,550 |
|
|
$ |
171,379 |
|
|
$ |
171,418 |
|
|
|
|
|
|
|
|
|
|
Corporate and All
Other |
|
|
|
|
|
|
|
|
Reported GAAP Earnings |
|
$ |
(3,233 |
) |
|
$ |
(3,000 |
) |
|
$ |
34,580 |
|
|
$ |
(1,725 |
) |
Depreciation, Depletion and Amortization |
|
45 |
|
|
1,200 |
|
|
573 |
|
|
2,395 |
|
Gain on Sale of Timber Properties |
|
— |
|
|
— |
|
|
(51,066 |
) |
|
— |
|
Other (Income) Deductions |
|
897 |
|
|
(1,269 |
) |
|
(3,656 |
) |
|
(1,553 |
) |
Interest Expense |
|
(564 |
) |
|
(1,724 |
) |
|
(3,569 |
) |
|
(6,779 |
) |
Income Taxes |
|
129 |
|
|
335 |
|
|
9,617 |
|
|
133 |
|
Adjusted EBITDA |
|
$ |
(2,726 |
) |
|
$ |
(4,458 |
) |
|
$ |
(13,521 |
) |
|
$ |
(7,529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management defines free cash flow as funds from
operations less capital expenditures. The Company is unable to
provide a reconciliation of projected free cash flow as described
in this release to its comparable financial measure calculated in
accordance with GAAP without unreasonable efforts. This is due to
our inability to calculate the comparable GAAP projected metrics,
including operating income and total production costs, given the
unknown effect, timing, and potential significance of certain
income statement items.
Brandon J. Haspett
Investor Relations
716-857-7697
Media Contact:
Karen L. Merkel
716-857-7654
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