National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG)
today announced results for the third quarter of its 2015 fiscal year
and for the nine months ended June 30, 2015.
National Fuel had a consolidated loss for the quarter ended June 30,
2015, of $293.1 million, or $3.44 per share, compared to the prior
year’s third quarter earnings of $64.5 million, or $0.76 per share, a
decrease of $357.6 million, or $4.20 per share. The decrease is mainly
due to lower earnings in the Exploration and Production segment, largely
due to a $339.8 million non-cash charge to write down the value of
Seneca Resources Corporation’s (“Seneca”) oil and natural gas reserves.
Excluding Seneca’s writedown and other items impacting comparability,
consolidated earnings before items impacting comparability (“Operating
Results”) for the third quarter were $46.7 million, or $0.55 per share,
compared to $61.8 million, or $0.73 per share, in the prior year’s third
quarter. (Note: All references to earnings per share are to diluted
earnings per share, and all amounts used in the discussion of earnings
are after tax unless otherwise noted.)
The consolidated loss for the nine months ended June 30, 2015, of $191.7
million, or $2.25 per share, compares to earnings of $242.0 million, or
$2.85 per share, from the same period in the prior year. The decrease is
mainly due to lower earnings in the Exploration and Production segment,
largely due to $409.3 million of non-cash charges to write down the
value of Seneca’s oil and natural gas reserves. Operating Results for
the nine months ended June 30, 2015, were $217.6 million, or $2.55 per
share, compared to $241.9 million, or $2.86 per share, in the same
period of the prior year.
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OPERATING RESULTS
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Three Months
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Nine Months
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Ended June 30,
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Ended June 30,
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2015
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2014
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2015
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2014
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(in thousands except per share amounts)
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Reported GAAP earnings
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$
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(293,134
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$
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64,520
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$
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(191,724
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)
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$
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241,983
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Items impacting comparability1:
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Impairment of oil and gas properties
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339,849
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409,322
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Plugging and abandonment accrual
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(2,691
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)
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560
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Deferred state income tax adjustment
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3,000
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Gain on life insurance policies
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(3,635
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Operating Results
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$
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46,715
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$
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61,829
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$
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217,598
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$
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241,908
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Reported GAAP earnings per share
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$
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(3.44
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$
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0.76
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$
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(2.25
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$
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2.85
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Items impacting comparability1:
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Impairment of oil and gas properties
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3.99
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4.80
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Plugging and abandonment accrual
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(0.03
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0.01
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Deferred state income tax adjustment
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0.04
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Gain on life insurance policies
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(0.04
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Operating Results
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$
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0.55
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$
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0.73
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$
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2.55
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$
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2.86
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1 See discussion of these individual items below.
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As outlined in the table above, certain items included in GAAP earnings
impacted the comparability of the Company’s financial results when
comparing the quarter and nine months ended June 30, 2015, to the
comparable periods in fiscal 2014. Excluding these items, Operating
Results for the current quarter of $46.7 million, or $0.55 per share,
decreased $15.1 million, or $0.18 per share, from the prior year’s third
quarter. Excluding these items, Operating Results for the nine months
ended June 30, 2015, of $217.6 million, or $2.55 per share, decreased
$24.3 million, or $0.31 per share, from the same period in the prior
year. Items impacting comparability will be discussed in more detail
with the discussion of segment earnings below.
MANAGEMENT COMMENTS
Ronald J. Tanski, President and Chief Executive Officer of National Fuel
Gas Company, stated: “Lower crude oil and natural gas prices reduced our
earnings for the current quarter, and also required us to write down the
value of our oil and gas reserves in our Exploration and Production
segment. As we noted last quarter, additional non-cash writedowns are
expected to continue through the end of the calendar year. From an
ongoing operations perspective, however, each of our business units
continues to perform very well.
“Our Pipeline and Storage expansion projects, including the two Northern
Access projects that will move Seneca’s production to the better-priced
Dawn index and Northeastern markets, are all proceeding according to
schedule. At the same time, Seneca is seeing consistent well results in
its Clermont development program and continues to drive down its
drilling and completion costs. The success that the entire upstream oil
and gas industry has had developing additional reserves, while
depressing commodity prices, has kept bills low for our utility
customers, even during a record cold winter.
“We have a solid base of assets that provide strong cash flow, and our
fee ownership of a high percentage of our mineral acreage allows us to
invest conservatively in this low price environment. We remain focused
on the execution of our Appalachian growth strategy, and we are
confident that our integrated Upstream and Midstream investment
activities will help us overcome the current challenging pricing
environment and provide ongoing growth opportunities for National Fuel.”
DISCUSSION OF RESULTS BY SEGMENT
The following discussion of the earnings of each segment is summarized
in a tabular form at pages 10 through 13 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.
The Exploration and Production segment’s loss in the third quarter of
fiscal 2015 of $323.1 million, or $3.79 per share, compares to earnings
of $32.4 million, or $0.38 per share, in the prior year’s third quarter,
a decrease of $355.5 million or $4.17 per share. The decrease was mainly
due to a non-cash charge of $339.8 million to write down the value of
Seneca’s oil and natural gas producing properties.
Seneca uses the full cost method of accounting for determining the book
value of its oil and natural gas properties. This accounting method
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 significantly,
Seneca expects that the book value of its oil and gas reserves will also
exceed the ceiling at September 30, 2015, and December 31, 2015,
resulting in additional impairment charges.
In the third quarter of fiscal 2014, Seneca’s earnings were increased by
a $2.7 million reduction of an accrual for well plugging and abandonment
costs. In the first half of fiscal 2014, Seneca recorded an initial
accrual of $3.3 million associated with two wells on an offshore Gulf of
Mexico mineral lease (High Island 74) that Seneca had farmed out to an
operator who subsequently filed for bankruptcy. During the third quarter
of fiscal 2014, it was determined that Seneca was not responsible for
the costs to plug and abandon one of those wells.
Excluding the items above, Operating Results in the Exploration and
Production segment were $16.7 million, or $0.20 per share, compared to
$29.7 million, or $0.35 per share, in the prior year’s third quarter, a
decrease of $13.0 million or $0.15 per share. The decrease in Operating
Results is mainly due to lower commodity prices realized after hedging.
The weighted average natural gas price received by Seneca (after
hedging) for the quarter ended June 30, 2015, was $3.32 per thousand
cubic feet (“Mcf”), a decrease of $0.23 per Mcf compared to the prior
year’s third quarter. The weighted average crude oil price realized
after hedging for the quarter ended June 30, 2015, was $69.65 per barrel
("Bbl"), a decrease of $27.89 per Bbl compared to the prior year’s third
quarter.
Overall production of natural gas and crude oil for the current quarter
of 36.2 Billion cubic feet equivalent (“Bcfe”) decreased approximately
4.4 Bcfe, compared to the prior year’s third quarter. Production from
Seneca’s Appalachia properties decreased 4.3 Bcfe largely due to an
estimated 12.5 Bcfe of voluntary pricing related curtailments in the
current year’s third quarter. California production of 5.3 Bcfe
decreased 0.1 Bcfe due to natural field declines.
On a per unit basis, quarterly depletion expense of $1.55 per Mcfe
decreased $0.29 per Mcfe due to higher natural gas reserve balances at
June 30, 2015, compared to the prior year’s third quarter and the
ceiling test impairment charge recorded in the current year’s second
quarter. On a per unit basis, lease operating and transportation
expenses (“LOE”) at $1.09 per Mcfe increased $0.01 per Mcfe compared to
the prior year’s third quarter. General and administrative expenses
(“G&A”) increased $0.08 per Mcfe compared to the prior year’s third
quarter. Both the increase in per unit LOE and G&A was largely due to
lower Marcellus production resulting from pricing related curtailments.
The Exploration and Production segment’s loss for the nine months ended
June 30, 2015, of $350.0 million, or $4.11 per share, compares to
earnings of $87.9 million, or $1.04 per share, in the prior year’s
nine-month period, a decrease of $437.9 million or $5.15 per share. The
decrease was mainly due to a non-cash charge of $409.3 million recorded
in the nine-month period to write down the value of Seneca’s oil and
natural gas producing properties.
In addition to the ceiling test charge in the current year’s nine-month
period ($409.3 million), and the net impact of the plugging and
abandonment costs in the prior year’s nine-month period described above
($0.6 million), Seneca had a deferred income tax adjustment in 2014 that
decreased earnings by $3.0 million. Excluding these items from the
respective nine-month periods, Operating Results in the Exploration and
Production segment were $59.4 million, or $0.69 per share, compared to
$91.5 million, or $1.09 per share, a decrease of $32.1 million or $0.40
per share. The decrease in Operating Results is mainly due to lower
commodity prices realized after hedging. The weighted average natural
gas price received by Seneca (after hedging) for the nine months ended
June 30, 2015, was $3.39 per Mcf, a decrease of $0.32 per Mcf compared
to the prior year’s nine-month period. The weighted average crude oil
price realized after hedging for the nine months ended June 30, 2015,
was $71.72 per Bbl, a decrease of $24.47 per Bbl compared to the prior
year’s nine-month period.
Overall production of natural gas and crude oil for the current
nine-month period of 120.1 Bcfe increased approximately 5.6 Bcfe, or 4.9
percent, compared to the prior year’s nine-month period largely because
of Seneca’s strong well results in Lycoming County and the Clermont-Rich
Valley area. California production of 15.8 Bcfe was consistent with the
prior year’s nine-month period. Pricing related curtailments in
Appalachia for the current nine-month period were an estimated 32.0 Bcfe.
On a per unit basis for the nine months ended June 30, 2015, depletion
expense of $1.61 per Mcfe decreased $0.27 per Mcfe due to higher natural
gas reserve balances at June 30, 2015, and the ceiling test impairment
charge recorded in the current year’s second quarter. On a per unit
basis, LOE at $1.06 per Mcfe increased $0.02 per Mcfe due to higher
intercompany gathering and compression costs associated with production
delivered into the Gathering segment’s Trout Run and Clermont gathering
systems in Seneca’s EDA and WDA, respectively. G&A at $0.42 per Mcfe was
unchanged.
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.
The Pipeline and Storage segment’s earnings of $17.7 million, or $0.21
per share, for the quarter ended June 30, 2015, were largely unchanged
from earnings of $17.9 million, or $0.21 per share, when compared with
the same period in the prior fiscal year. Higher transportation revenues
from the Mercer Expansion project, which was placed in service in the
current year’s first quarter was offset by higher depreciation and
property tax expense.
The Pipeline and Storage segment’s earnings of $61.9 million, or $0.73
per share, for the nine months ended June 30, 2015, increased $3.4
million, or $0.04 per share, when compared with the same period in the
prior fiscal year. The increase in earnings is due to higher
non-affiliated revenues from the Mercer Expansion project and higher
transportation revenues from additional new short-term firm
transportation contracts on both the Supply Corporation and Empire
systems. As a result of the ongoing pricing basis differentials in the
Appalachian region, the Pipeline and Storage segment continues to see
increased demand for transportation services from producers and
marketers to move natural gas supplies to higher priced markets.
Earnings also benefited from a higher allowance for funds used during
construction (AFUDC) associated with various pipeline expansion
projects. Earnings were reduced by higher depreciation expense and
property taxes due to the completion of various expansion projects.
Gathering Segment
The Gathering segment’s operations are carried out by National Fuel Gas
Midstream Corporation’s (“Midstream”) subsidiary limited liability
companies. The Gathering segment constructs, owns and operates natural
gas pipeline gathering and processing facilities in the Appalachian
region and currently provides the gathering infrastructure for
transporting Seneca’s Marcellus Shale production to the interstate
pipeline system.
The Gathering segment’s earnings of $6.2 million, or $0.07 per share,
for the quarter ended June 30, 2015, decreased $2.5 million, or $0.03
per share, when compared with the same period in the prior fiscal year.
The decrease in earnings is primarily due to lower gathering revenues
resulting from Seneca’s lower production volumes in Appalachia compared
to the prior year’s third quarter.
The Gathering segment’s earnings of $24.3 million, or $0.28 per share,
for the nine months ended June 30, 2015, increased $2.1 million, or
$0.02 per share, when compared with the same period in the prior fiscal
year. The increase in earnings is mainly due to higher gathering
revenues from Midstream’s Trout Run and Clermont gathering systems. That
increase in revenue is mostly attributable to the overall increase in
Seneca’s production volumes and a change in the mix of Seneca’s
production among Midstream's three major gathering systems. Higher
depreciation, operating expenses and income taxes partially offset the
higher gathering revenues.
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.
The Utility segment’s earnings of $5.7 million, or $0.07 per share, for
the quarter ended June 30, 2015, increased $0.9 million, or $0.01 per
share, when compared with the same period in the prior fiscal year. The
increase in earnings is due to a lower effective income tax rate.
The Utility segment’s earnings of $66.6 million, or $0.78 per share, for
the nine months ended June 30, 2015, increased $2.0 million, or $0.02
per share, when compared with the same period in the prior fiscal year.
The increase in earnings was due to the impact of regulatory true-up
adjustments and higher capacity release revenues offset by higher
operating expenses mainly associated with the replacement of
Distribution’s customer billing system.
Energy Marketing Segment
National Fuel Resources, Inc. (“NFR”) comprises the Company’s Energy
Marketing segment. 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.
The Energy Marketing segment’s earnings for the quarter ended June 30,
2015, of $1.5 million, or $0.02 per share, increased $0.9 million or
$0.01 per share. Earnings for the nine months ended June 30, 2015, of
$7.7 million, or $0.09 per share, increased $1.8 million, or $0.02 per
share, compared to the prior year’s nine-month period. The increase in
earnings in both the quarter and nine months ended June 30, 2015, is
primarily due to higher per unit margins, which benefited from the weak
pricing basis in the Northeast.
Corporate and All Other
The Corporate and All Other category primarily includes corporate
operations. The category also includes the remaining operations of
Seneca’s Northeast division that markets high quality hardwoods from
Appalachian land holdings.
The Corporate and All Other category loss of $1.2 million in the quarter
ended June 30, 2015, compares to earnings of less than $0.1 million, in
the prior year’s third quarter. The loss is due to higher income tax
expense.
The Corporate and All Other category loss of $2.2 million in the nine
months ended June 30, 2015, compares to earnings of $2.9 million in the
prior year’s nine-month period. The comparability of the nine-month
results is impacted by a $3.6 million gain recognized on corporate-owned
executive life insurance policies recorded in the prior year’s second
quarter. Excluding this item, Operating Results for the nine-month
period ended June 30, 2015, a loss of $2.2 million, compares to a loss
of $0.7 million in the prior year’s nine-month period. The increased
loss is due to lower income from Seneca’s remaining timber properties
and higher income taxes.
EARNINGS GUIDANCE
The Company is updating and narrowing its earnings guidance range for
fiscal 2015 to a range of $2.90 to $3.00 per share exclusive of any
ceiling test impairment charges. The previous earnings guidance had been
a range of $2.75 to $2.90 per share. This guidance reflects actual third
quarter results, forecast oil and gas production for fiscal 2015 of 155
to 160 Bcfe (previous guidance range was 155 to 175 Bcfe), a full year
DD&A rate for the Company’s Exploration and Production segment of $1.55
per Mcfe (previous range of $1.55 to $1.65 per Mcfe), firm sales and
hedges currently in place, and a flat NYMEX price of $2.75 per MMBtu for
natural gas and $50 per Bbl for crude oil for unhedged production for
the remainder of the fiscal year. At the midpoint, the decrease in
production is attributable to price related curtailments experienced
during the third quarter and an assumption that the Company does not
sell any natural gas production in the spot market during the fourth
quarter.
The Company’s preliminary earnings guidance for fiscal 2016 is in the
range of $3.00 to $3.30 per share, exclusive of any ceiling test
impairment charges. For additional details and assumptions on fiscal
2016 financial and operational guidance, please refer to page 25 of this
earnings release.
While the Company currently expects significant ceiling test impairment
charges in the fourth quarter of fiscal 2015 and first quarter of fiscal
2016, the amount of those charges 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.
EARNINGS TELECONFERENCE
The Company will host a conference call on Friday, August 7, 2015, 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 investor
relations page at National Fuel’s website at investor.nationalfuelgas.com.
For those without Internet access, access is also provided by dialing
(toll-free) 1-800-706-7749, using passcode “28939110.” For those unable
to listen to the live conference call, a replay will be available at
approximately 3 p.m. Eastern Time at the same website link and by phone
at (toll-free) 1-888-286-8010, using passcode “97670814.” Both the
webcast and telephonic replay will be available until the close of
business on Friday, August 14, 2015.
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:
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; impairments under the SEC’s full cost ceiling test for
natural gas and oil reserves; changes in the price of natural gas or
oil; 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 and retained natural
gas), environmental/safety requirements, affiliate relationships,
industry structure, and franchise renewal; 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; 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; 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; 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; 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 thereof.
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NATIONAL FUEL GAS COMPANY
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RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
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QUARTER ENDED JUNE 30, 2015
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(Unaudited)
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Upstream
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Midstream
Businesses
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Downstream
Businesses
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration &
|
|
|
Pipeline &
|
|
|
|
|
|
|
|
|
Energy
|
|
|
Corporate /
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
Production
|
|
|
Storage
|
|
|
Gathering
|
|
|
Utility
|
|
|
Marketing
|
|
|
All Other
|
|
|
Consolidated*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third quarter 2014 GAAP earnings
|
|
|
|
|
$
|
32,421
|
|
|
|
$
|
17,934
|
|
|
|
$
|
8,717
|
|
|
|
$
|
4,826
|
|
|
|
$
|
602
|
|
|
|
$
|
20
|
|
|
|
$
|
64,520
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of plugging and abandonment accrual
|
|
|
|
|
(2,691
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,691
|
)
|
Third quarter 2014 operating results
|
|
|
|
|
29,730
|
|
|
|
17,934
|
|
|
|
8,717
|
|
|
|
4,826
|
|
|
|
602
|
|
|
|
20
|
|
|
|
61,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) crude oil prices
|
|
|
|
|
(13,765
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,765
|
)
|
Higher (lower) natural gas prices
|
|
|
|
|
(4,763
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,763
|
)
|
Higher (lower) natural gas production
|
|
|
|
|
(9,787
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,787
|
)
|
Higher (lower) crude oil production
|
|
|
|
|
(1,528
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,528
|
)
|
Derivative mark to market adjustments
|
|
|
|
|
2,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,439
|
|
Lower (higher) lease operating and transportation expenses
|
|
|
|
|
2,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,816
|
|
Lower (higher) depreciation / depletion
|
|
|
|
|
12,220
|
|
|
|
(426
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) transportation and storage service revenues
|
|
|
|
|
|
|
|
478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
478
|
|
Higher (lower) gathering and processing revenues
|
|
|
|
|
|
|
|
|
|
|
(1,435
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1,435
|
)
|
Lower (higher) operating expenses
|
|
|
|
|
(806
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(806
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
988
|
|
|
|
|
|
|
988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) interest expense
|
|
|
|
|
(678
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(678
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax expense / effective tax rate
|
|
|
|
|
909
|
|
|
|
|
|
|
(677
|
)
|
|
|
660
|
|
|
|
|
|
|
(1,088
|
)
|
|
|
(196
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding
|
|
|
|
|
(51
|
)
|
|
|
(272
|
)
|
|
|
(379
|
)
|
|
|
241
|
|
|
|
(57
|
)
|
|
|
(153
|
)
|
|
|
(671
|
)
|
Third quarter 2015 operating results
|
|
|
|
|
16,736
|
|
|
|
17,714
|
|
|
|
6,226
|
|
|
|
5,727
|
|
|
|
1,533
|
|
|
|
(1,221
|
)
|
|
|
46,715
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas producing properties
|
|
|
|
|
(339,849
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(339,849
|
)
|
Third quarter 2015 GAAP earnings
|
|
|
|
|
$
|
(323,113
|
)
|
|
|
$
|
17,714
|
|
|
|
$
|
6,226
|
|
|
|
$
|
5,727
|
|
|
|
$
|
1,533
|
|
|
|
$
|
(1,221
|
)
|
|
|
$
|
(293,134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect intercompany eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL FUEL GAS COMPANY
|
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
|
QUARTER ENDED JUNE 30, 2015
|
(Unaudited)
|
|
|
|
|
|
|
|
Upstream
|
|
|
Midstream
Businesses
|
|
|
Downstream
Businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration &
|
|
|
Pipeline &
|
|
|
|
|
|
|
|
|
Energy
|
|
|
Corporate /
|
|
|
|
|
|
|
|
|
|
Production
|
|
|
Storage
|
|
|
Gathering
|
|
|
Utility
|
|
|
Marketing
|
|
|
All Other
|
|
|
Consolidated*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third quarter 2014 GAAP earnings
|
|
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.06
|
|
|
|
$
|
0.01
|
|
|
|
$
|
—
|
|
|
|
$
|
0.76
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of plugging and abandonment accrual
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.03
|
)
|
Third quarter 2014 operating results
|
|
|
|
|
|
0.35
|
|
|
|
0.21
|
|
|
|
0.10
|
|
|
|
0.06
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) crude oil prices
|
|
|
|
|
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.16
|
)
|
Higher (lower) natural gas prices
|
|
|
|
|
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.06
|
)
|
Higher (lower) natural gas production
|
|
|
|
|
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.11
|
)
|
Higher (lower) crude oil production
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02
|
)
|
Derivative mark to market adjustments
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.03
|
|
Lower (higher) lease operating and transportation expenses
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.03
|
|
Lower (higher) depreciation / depletion
|
|
|
|
|
|
0.14
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) transportation and storage service revenues
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
Higher (lower) gathering and processing revenues
|
|
|
|
|
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(0.02
|
)
|
Lower (higher) operating expenses
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) interest expense
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax expense / effective tax rate
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
0.01
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding
|
|
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
Third quarter 2015 operating results
|
|
|
|
|
|
0.20
|
|
|
|
0.21
|
|
|
|
0.07
|
|
|
|
0.07
|
|
|
|
0.02
|
|
|
|
(0.02
|
)
|
|
|
0.55
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas producing properties
|
|
|
|
|
|
(3.99
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.99
|
)
|
Third quarter 2015 GAAP earnings
|
|
|
|
|
|
$
|
(3.79
|
)
|
|
|
$
|
0.21
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.02
|
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(3.44
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts do not reflect intercompany eliminations
|
|
|
NATIONAL FUEL GAS COMPANY
|
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
|
NINE MONTHS ENDED JUNE 30, 2015
|
(Unaudited)
|
|
|
|
|
|
|
Upstream
|
|
|
Midstream
Businesses
|
|
|
Downstream
Businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration &
|
|
|
Pipeline &
|
|
|
|
|
|
|
|
|
Energy
|
|
|
Corporate /
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
Production
|
|
|
Storage
|
|
|
Gathering
|
|
|
Utility
|
|
|
Marketing
|
|
|
All Other
|
|
|
Consolidated*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended June 30, 2014 GAAP earnings
|
|
|
|
|
$
|
87,908
|
|
|
|
$
|
58,444
|
|
|
|
$
|
22,188
|
|
|
|
$
|
64,586
|
|
|
|
$
|
5,971
|
|
|
|
$
|
2,886
|
|
|
|
$
|
241,983
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plugging and abandonment accrual
|
|
|
|
|
560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
560
|
|
Deferred state income tax adjustment
|
|
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Gain on life insurance policies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,635
|
)
|
|
|
(3,635
|
)
|
Nine months ended June 30, 2014 operating results
|
|
|
|
|
91,468
|
|
|
|
58,444
|
|
|
|
22,188
|
|
|
|
64,586
|
|
|
|
5,971
|
|
|
|
(749
|
)
|
|
|
241,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) crude oil prices
|
|
|
|
|
(35,872
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35,872
|
)
|
Higher (lower) natural gas prices
|
|
|
|
|
(22,137
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,137
|
)
|
Higher (lower) natural gas production
|
|
|
|
|
13,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,385
|
|
Higher (lower) crude oil production
|
|
|
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157
|
|
Derivative mark to market adjustments
|
|
|
|
|
4,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,334
|
|
Insurance settlement proceeds adjustment
|
|
|
|
|
(1,261
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,261
|
)
|
Lower (higher) lease operating and transportation expenses
|
|
|
|
|
(5,697
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,697
|
)
|
Lower (higher) depreciation / depletion
|
|
|
|
|
14,065
|
|
|
|
(831
|
)
|
|
|
(2,543
|
)
|
|
|
(967
|
)
|
|
|
|
|
|
|
|
|
9,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) transportation and storage service revenues
|
|
|
|
|
|
|
|
3,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,695
|
|
Higher (lower) gathering and processing revenues
|
|
|
|
|
|
|
|
|
|
|
6,234
|
|
|
|
|
|
|
|
|
|
|
|
|
6,234
|
|
Lower (higher) operating expenses
|
|
|
|
|
(2,396
|
)
|
|
|
|
|
|
(1,117
|
)
|
|
|
(2,314
|
)
|
|
|
|
|
|
|
|
|
(5,827
|
)
|
Lower (higher) property, franchise and other taxes
|
|
|
|
|
|
|
|
(782
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(782
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory true-up adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,725
|
|
|
|
|
|
|
|
|
|
3,725
|
|
Higher (lower) capacity release revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
970
|
|
|
|
|
|
|
|
|
|
970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,858
|
|
|
|
(578
|
)
|
|
|
1,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) AFUDC**
|
|
|
|
|
|
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) interest expense
|
|
|
|
|
(586
|
)
|
|
|
|
|
|
654
|
|
|
|
|
|
|
|
|
|
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax expense / effective tax rate
|
|
|
|
|
3,964
|
|
|
|
|
|
|
(1,159
|
)
|
|
|
|
|
|
|
|
|
(971
|
)
|
|
|
1,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding
|
|
|
|
|
(57
|
)
|
|
|
(118
|
)
|
|
|
(3
|
)
|
|
|
558
|
|
|
|
(97
|
)
|
|
|
117
|
|
|
|
400
|
|
Nine months ended June 30, 2015 operating results
|
|
|
|
|
59,367
|
|
|
|
61,868
|
|
|
|
24,254
|
|
|
|
66,558
|
|
|
|
7,732
|
|
|
|
(2,181
|
)
|
|
|
217,598
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas producing properties
|
|
|
|
|
(409,322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(409,322
|
)
|
Nine months ended June 30, 2015 GAAP earnings
|
|
|
|
|
$
|
(349,955
|
)
|
|
|
$
|
61,868
|
|
|
|
$
|
24,254
|
|
|
|
$
|
66,558
|
|
|
|
$
|
7,732
|
|
|
|
$
|
(2,181
|
)
|
|
|
$
|
(191,724
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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, 2015
|
(Unaudited)
|
|
|
|
|
|
|
|
Upstream
|
|
|
Midstream
Businesses
|
|
|
Downstream
Businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration &
|
|
|
Pipeline &
|
|
|
|
|
|
|
|
|
Energy
|
|
|
Corporate /
|
|
|
|
|
|
|
|
|
|
Production
|
|
|
Storage
|
|
|
Gathering
|
|
|
Utility
|
|
|
Marketing
|
|
|
All Other
|
|
|
Consolidated*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended June 30, 2014 GAAP earnings
|
|
|
|
|
|
$
|
1.04
|
|
|
|
$
|
0.69
|
|
|
|
$
|
0.26
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.03
|
|
|
|
$
|
2.85
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plugging and abandonment accrual
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
Deferred state income tax adjustment
|
|
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.04
|
|
Gain on life insurance policies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
(0.04
|
)
|
Nine months ended June 30, 2014 operating results
|
|
|
|
|
|
1.09
|
|
|
|
0.69
|
|
|
|
0.26
|
|
|
|
0.76
|
|
|
|
0.07
|
|
|
|
(0.01
|
)
|
|
|
2.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivers of operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) crude oil prices
|
|
|
|
|
|
(0.42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.42
|
)
|
Higher (lower) natural gas prices
|
|
|
|
|
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.26
|
)
|
Higher (lower) natural gas production
|
|
|
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.16
|
|
Higher (lower) crude oil production
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
Derivative mark to market adjustments
|
|
|
|
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.05
|
|
Insurance settlement proceeds adjustment
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) lease operating and transportation expenses
|
|
|
|
|
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.07
|
)
|
Lower (higher) depreciation / depletion
|
|
|
|
|
|
0.17
|
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) transportation and storage service revenues
|
|
|
|
|
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.04
|
|
Higher (lower) gathering and processing revenues
|
|
|
|
|
|
|
|
|
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
0.07
|
|
Lower (higher) operating expenses
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
(0.07
|
)
|
Lower (higher) property, franchise and other taxes
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory true-up adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
0.04
|
|
Higher (lower) capacity release revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
(0.01
|
)
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Higher (lower) AFUDC**
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) interest expense
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower (higher) income tax expense / effective tax rate
|
|
|
|
|
|
0.05
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other / rounding
|
|
|
|
|
|
(0.03
|
)
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
(0.02
|
)
|
Nine months ended June 30, 2015 operating results
|
|
|
|
|
|
0.69
|
|
|
|
0.73
|
|
|
|
0.28
|
|
|
|
0.78
|
|
|
|
0.09
|
|
|
|
(0.02
|
)
|
|
|
2.55
|
|
Items impacting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of oil and gas producing properties
|
|
|
|
|
|
(4.80
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.80
|
)
|
Nine months ended June 30, 2015 GAAP earnings
|
|
|
|
|
|
$
|
(4.11
|
)
|
|
|
$
|
0.73
|
|
|
|
$
|
0.28
|
|
|
|
$
|
0.78
|
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(2.25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
Operating Revenues
|
|
|
|
|
$
|
339,815
|
|
|
|
|
$
|
440,144
|
|
|
|
|
$
|
1,459,851
|
|
|
|
|
$
|
1,746,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Gas
|
|
|
|
|
27,038
|
|
|
|
|
86,628
|
|
|
|
|
344,728
|
|
|
|
|
577,005
|
|
Operation and Maintenance
|
|
|
|
|
110,697
|
|
|
|
|
107,232
|
|
|
|
|
356,525
|
|
|
|
|
352,794
|
|
Property, Franchise and Other Taxes
|
|
|
|
|
22,717
|
|
|
|
|
22,483
|
|
|
|
|
68,561
|
|
|
|
|
69,114
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
79,865
|
|
|
|
|
96,788
|
|
|
|
|
265,298
|
|
|
|
|
279,876
|
|
Impairment of Oil and Gas Producing Properties
|
|
|
|
|
588,712
|
|
|
|
|
—
|
|
|
|
|
709,060
|
|
|
|
|
—
|
|
|
|
|
|
|
829,029
|
|
|
|
|
313,131
|
|
|
|
|
1,744,172
|
|
|
|
|
1,278,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
(489,214
|
)
|
|
|
|
127,013
|
|
|
|
|
(284,321
|
)
|
|
|
|
467,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
327
|
|
|
|
|
370
|
|
|
|
|
1,631
|
|
|
|
|
1,321
|
|
Other Income
|
|
|
|
|
2,066
|
|
|
|
|
1,496
|
|
|
|
|
4,638
|
|
|
|
|
6,847
|
|
Interest Expense on Long-Term Debt
|
|
|
|
|
(22,213
|
)
|
|
|
|
(22,116
|
)
|
|
|
|
(66,900
|
)
|
|
|
|
(67,767
|
)
|
Other Interest Expense
|
|
|
|
|
(1,007
|
)
|
|
|
|
(1,136
|
)
|
|
|
|
(3,382
|
)
|
|
|
|
(3,460
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes
|
|
|
|
|
(510,041
|
)
|
|
|
|
105,627
|
|
|
|
|
(348,334
|
)
|
|
|
|
404,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit)
|
|
|
|
|
(216,907
|
)
|
|
|
|
41,107
|
|
|
|
|
(156,610
|
)
|
|
|
|
162,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available for Common Stock
|
|
|
|
|
$
|
(293,134
|
)
|
|
|
|
$
|
64,520
|
|
|
|
|
$
|
(191,724
|
)
|
|
|
|
$
|
241,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
(3.47
|
)
|
|
|
|
$
|
0.77
|
|
|
|
|
$
|
(2.27
|
)
|
|
|
|
$
|
2.89
|
|
Diluted
|
|
|
|
|
$
|
(3.44
|
)
|
|
|
|
$
|
0.76
|
|
|
|
|
$
|
(2.25
|
)
|
|
|
|
$
|
2.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Used in Basic Calculation
|
|
|
|
|
84,453,602
|
|
|
|
84,029,124
|
|
|
|
84,326,182
|
|
|
|
83,863,764
|
Used in Diluted Calculation
|
|
|
|
|
85,248,281
|
|
|
|
84,973,100
|
|
|
|
85,237,514
|
|
|
|
84,892,473
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
September 30,
|
(Thousands of Dollars)
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
$
|
8,937,174
|
|
|
|
|
|
$
|
8,245,791
|
|
Less - Accumulated Depreciation, Depletion and Amortization
|
|
|
|
|
|
|
|
3,455,446
|
|
|
|
|
|
|
2,502,700
|
|
Net Property, Plant and Equipment
|
|
|
|
|
|
|
|
5,481,728
|
|
|
|
|
|
|
5,743,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Temporary Cash Investments
|
|
|
|
|
|
|
|
310,031
|
|
|
|
|
|
|
36,886
|
|
Hedging Collateral Deposits
|
|
|
|
|
|
|
|
11,101
|
|
|
|
|
|
|
2,734
|
|
Receivables - Net
|
|
|
|
|
|
|
|
135,427
|
|
|
|
|
|
|
149,735
|
|
Unbilled Revenue
|
|
|
|
|
|
|
|
18,234
|
|
|
|
|
|
|
25,663
|
|
Gas Stored Underground
|
|
|
|
|
|
|
|
16,506
|
|
|
|
|
|
|
39,422
|
|
Materials and Supplies - at average cost
|
|
|
|
|
|
|
|
31,339
|
|
|
|
|
|
|
27,817
|
|
Other Current Assets
|
|
|
|
|
|
|
|
49,449
|
|
|
|
|
|
|
54,752
|
|
Deferred Income Taxes
|
|
|
|
|
|
|
|
39,383
|
|
|
|
|
|
|
40,323
|
|
Total Current Assets
|
|
|
|
|
|
|
|
611,470
|
|
|
|
|
|
|
377,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoverable Future Taxes
|
|
|
|
|
|
|
|
168,436
|
|
|
|
|
|
|
163,485
|
|
Unamortized Debt Expense
|
|
|
|
|
|
|
|
17,000
|
|
|
|
|
|
|
14,304
|
|
Other Regulatory Assets
|
|
|
|
|
|
|
|
215,630
|
|
|
|
|
|
|
224,436
|
|
Deferred Charges
|
|
|
|
|
|
|
|
12,347
|
|
|
|
|
|
|
14,212
|
|
Other Investments
|
|
|
|
|
|
|
|
89,027
|
|
|
|
|
|
|
86,788
|
|
Goodwill
|
|
|
|
|
|
|
|
5,476
|
|
|
|
|
|
|
5,476
|
|
Prepaid Post-Retirement Benefit Costs
|
|
|
|
|
|
|
|
46,062
|
|
|
|
|
|
|
36,512
|
|
Fair Value of Derivative Financial Instruments
|
|
|
|
|
|
|
|
242,320
|
|
|
|
|
|
|
72,606
|
|
Other
|
|
|
|
|
|
|
|
172
|
|
|
|
|
|
|
1,355
|
|
Total Other Assets
|
|
|
|
|
|
|
|
796,470
|
|
|
|
|
|
|
619,174
|
|
Total Assets
|
|
|
|
|
|
|
$
|
6,889,668
|
|
|
|
|
|
$
|
6,739,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, $1 Par Value Authorized - 200,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares; Issued and Outstanding - 84,528,930 Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
and 84,157,220 Shares, Respectively
|
|
|
|
|
|
|
$
|
84,529
|
|
|
|
|
|
$
|
84,157
|
|
Paid in Capital
|
|
|
|
|
|
|
|
746,263
|
|
|
|
|
|
|
716,144
|
|
Earnings Reinvested in the Business
|
|
|
|
|
|
|
|
1,324,318
|
|
|
|
|
|
|
1,614,361
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
92,248
|
|
|
|
|
|
|
(3,979
|
)
|
Total Comprehensive Shareholders' Equity
|
|
|
|
|
|
|
|
2,247,358
|
|
|
|
|
|
|
2,410,683
|
|
Long-Term Debt, Net of Current Portion
|
|
|
|
|
|
|
|
2,099,000
|
|
|
|
|
|
|
1,649,000
|
|
Total Capitalization
|
|
|
|
|
|
|
|
4,346,358
|
|
|
|
|
|
|
4,059,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Accrued Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable to Banks and Commercial Paper
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
85,600
|
|
Current Portion of Long-Term Debt
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
Accounts Payable
|
|
|
|
|
|
|
|
137,892
|
|
|
|
|
|
|
136,674
|
|
Amounts Payable to Customers
|
|
|
|
|
|
|
|
44,842
|
|
|
|
|
|
|
33,745
|
|
Dividends Payable
|
|
|
|
|
|
|
|
33,388
|
|
|
|
|
|
|
32,400
|
|
Interest Payable on Long-Term Debt
|
|
|
|
|
|
|
|
18,585
|
|
|
|
|
|
|
29,960
|
|
Customer Advances
|
|
|
|
|
|
|
|
44
|
|
|
|
|
|
|
19,005
|
|
Customer Security Deposits
|
|
|
|
|
|
|
|
18,329
|
|
|
|
|
|
|
15,761
|
|
Other Accruals and Current Liabilities
|
|
|
|
|
|
|
|
157,729
|
|
|
|
|
|
|
136,672
|
|
Fair Value of Derivative Financial Instruments
|
|
|
|
|
|
|
|
9,128
|
|
|
|
|
|
|
759
|
|
Total Current and Accrued Liabilities
|
|
|
|
|
|
|
|
419,937
|
|
|
|
|
|
|
490,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Income Taxes
|
|
|
|
|
|
|
|
1,328,719
|
|
|
|
|
|
|
1,456,283
|
|
Taxes Refundable to Customers
|
|
|
|
|
|
|
|
95,157
|
|
|
|
|
|
|
91,736
|
|
Unamortized Investment Tax Credit
|
|
|
|
|
|
|
|
834
|
|
|
|
|
|
|
1,145
|
|
Cost of Removal Regulatory Liability
|
|
|
|
|
|
|
|
180,106
|
|
|
|
|
|
|
173,199
|
|
Other Regulatory Liabilities
|
|
|
|
|
|
|
|
126,371
|
|
|
|
|
|
|
81,152
|
|
Pension and Other Post-Retirement Liabilities
|
|
|
|
|
|
|
|
144,136
|
|
|
|
|
|
|
134,202
|
|
Asset Retirement Obligations
|
|
|
|
|
|
|
|
119,644
|
|
|
|
|
|
|
117,713
|
|
Other Deferred Credits
|
|
|
|
|
|
|
|
128,406
|
|
|
|
|
|
|
133,908
|
|
Total Deferred Credits
|
|
|
|
|
|
|
|
2,123,373
|
|
|
|
|
|
|
2,189,338
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
Total Capitalization and Liabilities
|
|
|
|
|
|
|
$
|
6,889,668
|
|
|
|
|
|
$
|
6,739,597
|
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
(Thousands of Dollars)
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available for Common Stock
|
|
|
|
|
|
$
|
(191,724
|
)
|
|
|
|
$
|
241,983
|
|
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Impairment of Oil and Gas Producing Properties
|
|
|
|
|
|
709,060
|
|
|
|
|
—
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
|
265,298
|
|
|
|
|
279,876
|
|
Deferred Income Taxes
|
|
|
|
|
|
(198,116
|
)
|
|
|
|
119,395
|
|
Excess Tax Benefits Associated with Stock-Based Compensation Awards
|
|
|
|
|
|
(9,064
|
)
|
|
|
|
(4,641
|
)
|
Stock-Based Compensation
|
|
|
|
|
|
8,383
|
|
|
|
|
12,438
|
|
Other
|
|
|
|
|
|
7,329
|
|
|
|
|
10,969
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
|
Hedging Collateral Deposits
|
|
|
|
|
|
(8,367
|
)
|
|
|
|
1,094
|
|
Receivables and Unbilled Revenue
|
|
|
|
|
|
22,175
|
|
|
|
|
(72,082
|
)
|
Gas Stored Underground and Materials and Supplies
|
|
|
|
|
|
20,259
|
|
|
|
|
35,503
|
|
Unrecovered Purchased Gas Costs
|
|
|
|
|
|
—
|
|
|
|
|
12,408
|
|
Other Current Assets
|
|
|
|
|
|
14,367
|
|
|
|
|
5,376
|
|
Accounts Payable
|
|
|
|
|
|
11,153
|
|
|
|
|
26,386
|
|
Amounts Payable to Customers
|
|
|
|
|
|
11,097
|
|
|
|
|
19,977
|
|
Customer Advances
|
|
|
|
|
|
(18,961
|
)
|
|
|
|
(21,878
|
)
|
Customer Security Deposits
|
|
|
|
|
|
2,568
|
|
|
|
|
(17
|
)
|
Other Accruals and Current Liabilities
|
|
|
|
|
|
13,794
|
|
|
|
|
17,590
|
|
Other Assets
|
|
|
|
|
|
1,124
|
|
|
|
|
25,449
|
|
Other Liabilities
|
|
|
|
|
|
52,261
|
|
|
|
|
15,743
|
|
Net Cash Provided by Operating Activities
|
|
|
|
|
|
$
|
712,636
|
|
|
|
|
$
|
725,569
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
$
|
(718,965
|
)
|
|
|
|
$
|
(609,427
|
)
|
Other
|
|
|
|
|
|
(1,065
|
)
|
|
|
|
4,696
|
|
Net Cash Used in Investing Activities
|
|
|
|
|
|
$
|
(720,030
|
)
|
|
|
|
$
|
(604,731
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
Changes in Notes Payable to Banks and Commercial Paper
|
|
|
|
|
|
$
|
(85,600
|
)
|
|
|
|
$
|
—
|
|
Excess Tax Benefits Associated with Stock-Based Compensation Awards
|
|
|
|
|
|
9,064
|
|
|
|
|
4,641
|
|
Dividends Paid on Common Stock
|
|
|
|
|
|
(97,330
|
)
|
|
|
|
(94,269
|
)
|
Net Proceeds from Issuance of Long-Term Debt
|
|
|
|
|
|
445,662
|
|
|
|
|
—
|
|
Net Proceeds From Issuance of Common Stock
|
|
|
|
|
|
8,743
|
|
|
|
|
6,585
|
|
Net Cash Provided by (Used) in Financing Activities
|
|
|
|
|
|
$
|
280,539
|
|
|
|
|
$
|
(83,043
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash and Temporary Cash Investments
|
|
|
|
|
|
273,145
|
|
|
|
|
37,795
|
|
Cash and Temporary Cash Investments at Beginning of Period
|
|
|
|
|
|
36,886
|
|
|
|
|
64,858
|
|
Cash and Temporary Cash Investments at June 30
|
|
|
|
|
|
$
|
310,031
|
|
|
|
|
$
|
102,653
|
|
|
|
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
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Total Operating Revenues
|
|
|
|
|
$
|
159,404
|
|
|
|
$
|
201,522
|
|
|
|
$
|
(42,118
|
)
|
|
|
|
$
|
529,590
|
|
|
|
$
|
594,129
|
|
|
|
$
|
(64,539
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expense
|
|
|
|
|
17,066
|
|
|
|
15,807
|
|
|
|
1,259
|
|
|
|
|
50,793
|
|
|
|
48,021
|
|
|
|
2,772
|
|
Lease Operating and Transportation Expense
|
|
|
|
|
39,390
|
|
|
|
43,722
|
|
|
|
(4,332
|
)
|
|
|
|
127,614
|
|
|
|
118,850
|
|
|
|
8,764
|
|
All Other Operation and Maintenance Expense
|
|
|
|
|
3,367
|
|
|
|
(752
|
)
|
|
|
4,119
|
|
|
|
|
11,115
|
|
|
|
11,062
|
|
|
|
53
|
|
Property, Franchise and Other Taxes
|
|
|
|
|
5,919
|
|
|
|
5,424
|
|
|
|
495
|
|
|
|
|
15,361
|
|
|
|
15,542
|
|
|
|
(181
|
)
|
Depreciation, Depletion and Amortization
|
|
|
|
|
56,038
|
|
|
|
74,838
|
|
|
|
(18,800
|
)
|
|
|
|
193,540
|
|
|
|
215,179
|
|
|
|
(21,639
|
)
|
Impairment of Oil and Gas Producing Properties
|
|
|
|
|
588,712
|
|
|
|
—
|
|
|
|
588,712
|
|
|
|
|
709,060
|
|
|
|
—
|
|
|
|
709,060
|
|
|
|
|
|
|
710,492
|
|
|
|
139,039
|
|
|
|
571,453
|
|
|
|
|
1,107,483
|
|
|
|
408,654
|
|
|
|
698,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
(551,088
|
)
|
|
|
62,483
|
|
|
(613,571
|
)
|
|
|
|
(577,893
|
)
|
|
|
185,475
|
|
|
(763,368
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
720
|
|
|
|
350
|
|
|
|
370
|
|
|
|
|
1,893
|
|
|
|
1,306
|
|
|
|
587
|
|
Other Interest Expense
|
|
|
|
|
(11,190
|
)
|
|
|
(10,148
|
)
|
|
|
(1,042)
|
|
|
|
(32,551
|
)
|
|
|
(31,648
|
)
|
|
|
(903
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes
|
|
|
|
|
(561,558
|
)
|
|
|
52,685
|
|
|
|
(614,243
|
)
|
|
|
|
(608,551
|
)
|
|
|
155,133
|
|
|
|
(763,684
|
)
|
Income Tax Expense (Benefit)
|
|
|
|
|
(238,445
|
)
|
|
|
20,264
|
|
|
|
(258,709
|
)
|
|
|
|
(258,596
|
)
|
|
|
67,225
|
|
|
|
(325,821
|
)
|
Net Income (Loss)
|
|
|
|
|
$
|
(323,113
|
)
|
|
|
$
|
32,421
|
|
|
|
$
|
(355,534
|
)
|
|
|
|
$
|
(349,955
|
)
|
|
|
$
|
87,908
|
|
|
|
$
|
(437,863
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Share (Diluted)
|
|
|
|
|
$
|
(3.79
|
)
|
|
|
$
|
0.38
|
|
|
|
$
|
(4.17
|
)
|
|
|
|
$
|
(4.11
|
)
|
|
|
$
|
1.04
|
|
|
|
$
|
(5.15
|
)
|
|
|
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
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Revenues from External Customers
|
|
|
|
|
$
|
47,012
|
|
|
|
$
|
48,046
|
|
|
|
$
|
(1,034
|
)
|
|
|
|
$
|
154,515
|
|
|
|
$
|
152,829
|
|
|
|
$
|
1,686
|
|
Intersegment Revenues
|
|
|
|
|
21,833
|
|
|
|
20,489
|
|
|
|
1,344
|
|
|
|
|
66,347
|
|
|
|
63,463
|
|
|
|
2,884
|
|
Total Operating Revenues
|
|
|
|
|
68,845
|
|
|
|
68,535
|
|
|
|
310
|
|
|
|
|
220,862
|
|
|
|
216,292
|
|
|
|
4,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Gas
|
|
|
|
|
(61
|
)
|
|
|
(19
|
)
|
|
|
(42
|
)
|
|
|
|
492
|
|
|
|
1,282
|
|
|
|
(790
|
)
|
Operation and Maintenance
|
|
|
|
|
18,243
|
|
|
|
18,141
|
|
|
|
102
|
|
|
|
|
53,770
|
|
|
|
53,910
|
|
|
|
(140
|
)
|
Property, Franchise and Other Taxes
|
|
|
|
|
6,226
|
|
|
|
5,857
|
|
|
|
369
|
|
|
|
|
18,855
|
|
|
|
17,652
|
|
|
|
1,203
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
9,639
|
|
|
|
8,983
|
|
|
|
656
|
|
|
|
|
28,452
|
|
|
|
27,173
|
|
|
|
1,279
|
|
|
|
|
|
|
34,047
|
|
|
|
32,962
|
|
|
|
1,085
|
|
|
|
|
101,569
|
|
|
|
100,017
|
|
|
|
1,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
34,798
|
|
|
|
35,573
|
|
|
|
(775
|
)
|
|
|
|
119,293
|
|
|
|
116,275
|
|
|
|
3,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
142
|
|
|
|
56
|
|
|
|
86
|
|
|
|
|
350
|
|
|
|
188
|
|
|
|
162
|
|
Other Income
|
|
|
|
|
1,000
|
|
|
|
437
|
|
|
|
563
|
|
|
|
|
1,888
|
|
|
|
436
|
|
|
|
1,452
|
|
Other Interest Expense
|
|
|
|
|
(6,581
|
)
|
|
|
(6,569
|
)
|
|
|
(12
|
)
|
|
|
|
(19,913
|
)
|
|
|
(20,014
|
)
|
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
|
|
|
29,359
|
|
|
|
29,497
|
|
|
|
(138
|
)
|
|
|
|
101,618
|
|
|
|
96,885
|
|
|
|
4,733
|
|
Income Tax Expense
|
|
|
|
|
11,645
|
|
|
|
11,563
|
|
|
|
82
|
|
|
|
|
39,750
|
|
|
|
38,441
|
|
|
|
1,309
|
|
Net Income
|
|
|
|
|
$
|
17,714
|
|
|
|
$
|
17,934
|
|
|
|
$
|
(220
|
)
|
|
|
|
$
|
61,868
|
|
|
|
$
|
58,444
|
|
|
|
$
|
3,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share (Diluted)
|
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.21
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.69
|
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
GATHERING SEGMENT
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Revenues from External Customers
|
|
|
|
|
$
|
126
|
|
|
|
$
|
343
|
|
|
|
$
|
(217
|
)
|
|
|
|
$
|
361
|
|
|
|
$
|
772
|
|
|
|
$
|
(411
|
)
|
Intersegment Revenues
|
|
|
|
|
16,748
|
|
|
|
18,740
|
|
|
|
(1,992
|
)
|
|
|
|
58,541
|
|
|
|
48,541
|
|
|
|
10,000
|
|
Total Operating Revenues
|
|
|
|
|
16,874
|
|
|
|
19,083
|
|
|
|
(2,209
|
)
|
|
|
|
58,902
|
|
|
|
49,313
|
|
|
|
9,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance
|
|
|
|
|
2,309
|
|
|
|
1,902
|
|
|
|
407
|
|
|
|
|
6,317
|
|
|
|
4,599
|
|
|
|
1,718
|
|
Property, Franchise and Other Taxes
|
|
|
|
|
38
|
|
|
|
32
|
|
|
|
6
|
|
|
|
|
130
|
|
|
|
123
|
|
|
|
7
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
2,166
|
|
|
|
1,589
|
|
|
|
577
|
|
|
|
|
8,025
|
|
|
|
4,112
|
|
|
|
3,913
|
|
|
|
|
|
|
4,513
|
|
|
|
3,523
|
|
|
|
990
|
|
|
|
|
14,472
|
|
|
|
8,834
|
|
|
|
5,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
12,361
|
|
|
|
15,560
|
|
|
|
(3,199
|
)
|
|
|
|
44,430
|
|
|
|
40,479
|
|
|
|
3,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
35
|
|
|
|
21
|
|
|
|
14
|
|
|
|
|
94
|
|
|
|
85
|
|
|
|
9
|
|
Other Income
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
6
|
|
|
|
(3
|
)
|
Other Interest Income (Expense)
|
|
|
|
|
216
|
|
|
|
(177
|
)
|
|
|
393
|
|
|
|
|
(214
|
)
|
|
|
(1,219
|
)
|
|
|
1,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
|
|
|
12,613
|
|
|
|
15,405
|
|
|
|
(2,792
|
)
|
|
|
|
44,313
|
|
|
|
39,351
|
|
|
|
4,962
|
|
Income Tax Expense
|
|
|
|
|
6,387
|
|
|
|
6,688
|
|
|
|
(301
|
)
|
|
|
|
20,059
|
|
|
|
17,163
|
|
|
|
2,896
|
|
Net Income
|
|
|
|
|
$
|
6,226
|
|
|
|
$
|
8,717
|
|
|
|
$
|
(2,491
|
)
|
|
|
|
$
|
24,254
|
|
|
|
$
|
22,188
|
|
|
|
$
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share (Diluted)
|
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.10
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
$
|
0.28
|
|
|
|
$
|
0.26
|
|
|
|
$
|
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
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Revenues from External Customers
|
|
|
|
|
$
|
110,002
|
|
|
|
$
|
143,760
|
|
|
|
$
|
(33,758
|
)
|
|
|
|
$
|
630,049
|
|
|
|
$
|
751,861
|
|
|
|
$
|
(121,812
|
)
|
Intersegment Revenues
|
|
|
|
|
2,614
|
|
|
|
3,654
|
|
|
|
(1,040
|
)
|
|
|
|
13,670
|
|
|
|
16,565
|
|
|
|
(2,895
|
)
|
Total Operating Revenues
|
|
|
|
|
112,616
|
|
|
|
147,414
|
|
|
|
(34,798
|
)
|
|
|
|
643,719
|
|
|
|
768,426
|
|
|
|
(124,707
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Gas
|
|
|
|
|
31,812
|
|
|
|
66,281
|
|
|
|
(34,469
|
)
|
|
|
|
295,490
|
|
|
|
423,990
|
|
|
|
(128,500
|
)
|
Operation and Maintenance
|
|
|
|
|
43,487
|
|
|
|
43,801
|
|
|
|
(314
|
)
|
|
|
|
154,126
|
|
|
|
152,726
|
|
|
|
1,400
|
|
Property, Franchise and Other Taxes
|
|
|
|
|
10,258
|
|
|
|
10,905
|
|
|
|
(647
|
)
|
|
|
|
33,380
|
|
|
|
34,943
|
|
|
|
(1,563
|
)
|
Depreciation, Depletion and Amortization
|
|
|
|
|
11,498
|
|
|
|
10,986
|
|
|
|
512
|
|
|
|
|
33,981
|
|
|
|
32,495
|
|
|
|
1,486
|
|
|
|
|
|
|
97,055
|
|
|
|
131,973
|
|
|
|
(34,918
|
)
|
|
|
|
516,977
|
|
|
|
644,154
|
|
|
|
(127,177
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
15,561
|
|
|
|
15,441
|
|
|
|
120
|
|
|
|
|
126,742
|
|
|
|
124,272
|
|
|
|
2,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
17
|
|
|
|
56
|
|
|
|
(39
|
)
|
|
|
|
42
|
|
|
|
205
|
|
|
|
(163
|
)
|
Other Income
|
|
|
|
|
609
|
|
|
|
414
|
|
|
|
195
|
|
|
|
|
1,604
|
|
|
|
1,101
|
|
|
|
503
|
|
Other Interest Expense
|
|
|
|
|
(6,997
|
)
|
|
|
(7,090
|
)
|
|
|
93
|
|
|
|
|
(21,145
|
)
|
|
|
(20,983
|
)
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
|
|
|
9,190
|
|
|
|
8,821
|
|
|
|
369
|
|
|
|
|
107,243
|
|
|
|
104,595
|
|
|
|
2,648
|
|
Income Tax Expense
|
|
|
|
|
3,463
|
|
|
|
3,995
|
|
|
|
(532
|
)
|
|
|
|
40,685
|
|
|
|
40,009
|
|
|
|
676
|
|
Net Income
|
|
|
|
|
$
|
5,727
|
|
|
|
$
|
4,826
|
|
|
|
$
|
901
|
|
|
|
|
$
|
66,558
|
|
|
|
$
|
64,586
|
|
|
|
$
|
1,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share (Diluted)
|
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.06
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.78
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
ENERGY MARKETING SEGMENT
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Revenues from External Customers
|
|
|
|
|
$
|
22,420
|
|
|
|
$
|
45,737
|
|
|
|
$
|
(23,317
|
)
|
|
|
|
$
|
142,753
|
|
|
|
$
|
243,335
|
|
|
|
$
|
(100,582
|
)
|
Intersegment Revenues
|
|
|
|
|
379
|
|
|
|
678
|
|
|
|
(299
|
)
|
|
|
|
796
|
|
|
|
938
|
|
|
|
(142
|
)
|
Total Operating Revenues
|
|
|
|
|
22,799
|
|
|
|
46,415
|
|
|
|
(23,616
|
)
|
|
|
|
143,549
|
|
|
|
244,273
|
|
|
|
(100,724
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Gas
|
|
|
|
|
18,954
|
|
|
|
44,090
|
|
|
|
(25,136
|
)
|
|
|
|
126,325
|
|
|
|
229,908
|
|
|
|
(103,583
|
)
|
Operation and Maintenance
|
|
|
|
|
1,516
|
|
|
|
1,356
|
|
|
|
160
|
|
|
|
|
4,804
|
|
|
|
4,649
|
|
|
|
155
|
|
Property, Franchise and Other Taxes
|
|
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
4
|
|
|
|
|
7
|
|
|
|
11
|
|
|
|
(4
|
)
|
Depreciation, Depletion and Amortization
|
|
|
|
|
50
|
|
|
|
50
|
|
|
|
0
|
|
|
|
|
151
|
|
|
|
146
|
|
|
|
5
|
|
|
|
|
|
|
20,522
|
|
|
|
45,494
|
|
|
|
(24,972
|
)
|
|
|
|
131,287
|
|
|
|
234,714
|
|
|
|
(103,427
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
2,277
|
|
|
|
921
|
|
|
|
1,356
|
|
|
|
|
12,262
|
|
|
|
9,559
|
|
|
|
2,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
60
|
|
|
|
37
|
|
|
|
23
|
|
|
|
|
141
|
|
|
|
114
|
|
|
|
27
|
|
Other Income
|
|
|
|
|
28
|
|
|
|
36
|
|
|
|
(8
|
)
|
|
|
|
95
|
|
|
|
85
|
|
|
|
10
|
|
Other Interest Expense
|
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
0
|
|
|
|
|
(20
|
)
|
|
|
(22
|
)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
|
|
|
2,360
|
|
|
|
989
|
|
|
|
1,371
|
|
|
|
|
12,478
|
|
|
|
9,736
|
|
|
|
2,742
|
|
Income Tax Expense
|
|
|
|
|
827
|
|
|
|
387
|
|
|
|
440
|
|
|
|
|
4,746
|
|
|
|
3,765
|
|
|
|
981
|
|
Net Income
|
|
|
|
|
$
|
1,533
|
|
|
|
$
|
602
|
|
|
|
$
|
931
|
|
|
|
|
$
|
7,732
|
|
|
|
$
|
5,971
|
|
|
|
$
|
1,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share (Diluted)
|
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.01
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.02
|
|
|
|
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
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Total Operating Revenues
|
|
|
|
|
$
|
634
|
|
|
|
$
|
497
|
|
|
|
$
|
137
|
|
|
|
|
$
|
1,906
|
|
|
|
$
|
2,795
|
|
|
|
$
|
(889
|
)
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance
|
|
|
|
|
227
|
|
|
|
216
|
|
|
|
11
|
|
|
|
|
709
|
|
|
|
876
|
|
|
|
(167
|
)
|
Property, Franchise and Other Taxes
|
|
|
|
|
155
|
|
|
|
148
|
|
|
|
7
|
|
|
|
|
462
|
|
|
|
482
|
|
|
|
(20
|
)
|
Depreciation, Depletion and Amortization
|
|
|
|
|
305
|
|
|
|
145
|
|
|
|
160
|
|
|
|
|
645
|
|
|
|
259
|
|
|
|
386
|
|
|
|
|
|
|
687
|
|
|
|
509
|
|
|
|
178
|
|
|
|
|
1,816
|
|
|
|
1,617
|
|
|
|
199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
(53
|
)
|
|
|
(12
|
)
|
|
|
(41
|
)
|
|
|
|
90
|
|
|
|
1,178
|
|
|
|
(1,088
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
19
|
|
|
|
21
|
|
|
|
(2
|
)
|
|
|
|
48
|
|
|
|
80
|
|
|
|
(32
|
)
|
Other Income
|
|
|
|
|
1
|
|
|
|
7
|
|
|
|
(6
|
)
|
|
|
|
4
|
|
|
|
406
|
|
|
|
(402
|
)
|
Other Interest Expense
|
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes
|
|
|
|
|
(33
|
)
|
|
|
15
|
|
|
|
(48
|
)
|
|
|
|
142
|
|
|
|
1,662
|
|
|
|
(1,520
|
)
|
Income Tax Expense (Benefit)
|
|
|
|
|
(5
|
)
|
|
|
(9
|
)
|
|
|
4
|
|
|
|
|
76
|
|
|
|
684
|
|
|
|
(608
|
)
|
Net Income (Loss)
|
|
|
|
|
$
|
(28
|
)
|
|
|
$
|
24
|
|
|
|
$
|
(52
|
)
|
|
|
|
$
|
66
|
|
|
|
$
|
978
|
|
|
|
$
|
(912
|
)
|
Net Income (Loss) Per Share (Diluted)
|
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
CORPORATE
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Revenues from External Customers
|
|
|
|
|
$
|
217
|
|
|
|
$
|
239
|
|
|
|
$
|
(22
|
)
|
|
|
|
$
|
677
|
|
|
|
$
|
737
|
|
|
|
$
|
(60
|
)
|
Intersegment Revenues
|
|
|
|
|
953
|
|
|
|
946
|
|
|
|
7
|
|
|
|
|
2,792
|
|
|
|
2,854
|
|
|
|
(62
|
)
|
Total Operating Revenues
|
|
|
|
|
1,170
|
|
|
|
1,185
|
|
|
|
(15
|
)
|
|
|
|
3,469
|
|
|
|
3,591
|
|
|
|
(122
|
)
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and Maintenance
|
|
|
|
|
3,952
|
|
|
|
3,822
|
|
|
|
130
|
|
|
|
|
11,844
|
|
|
|
12,287
|
|
|
|
(443
|
)
|
Property, Franchise and Other Taxes
|
|
|
|
|
119
|
|
|
|
119
|
|
|
|
0
|
|
|
|
|
366
|
|
|
|
361
|
|
|
|
5
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
169
|
|
|
|
197
|
|
|
|
(28
|
)
|
|
|
|
504
|
|
|
|
512
|
|
|
|
(8
|
)
|
|
|
|
|
|
4,240
|
|
|
|
4,138
|
|
|
|
102
|
|
|
|
|
12,714
|
|
|
|
13,160
|
|
|
|
(446
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss
|
|
|
|
|
(3,070
|
)
|
|
|
(2,953
|
)
|
|
|
(117
|
)
|
|
|
|
(9,245
|
)
|
|
|
(9,569
|
)
|
|
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
24,990
|
|
|
|
24,127
|
|
|
|
863
|
|
|
|
|
74,479
|
|
|
|
72,763
|
|
|
|
1,716
|
|
Other Income
|
|
|
|
|
427
|
|
|
|
601
|
|
|
|
(174
|
)
|
|
|
|
1,044
|
|
|
|
4,813
|
|
|
|
(3,769
|
)
|
Interest Expense on Long-Term Debt
|
|
|
|
|
(22,213
|
)
|
|
|
(22,116
|
)
|
|
|
(97
|
)
|
|
|
|
(66,900
|
)
|
|
|
(67,767
|
)
|
|
|
867
|
|
Other Interest Expense
|
|
|
|
|
(2,106
|
)
|
|
|
(1,444
|
)
|
|
|
(662
|
)
|
|
|
|
(4,955
|
)
|
|
|
(2,992
|
)
|
|
|
(1,963
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income Taxes
|
|
|
|
|
(1,972
|
)
|
|
|
(1,785
|
)
|
|
|
(187
|
)
|
|
|
|
(5,577
|
)
|
|
|
(2,752
|
)
|
|
|
(2,825
|
)
|
Income Tax Expense (Benefit)
|
|
|
|
|
(779
|
)
|
|
|
(1,781
|
)
|
|
|
1,002
|
|
|
|
|
(3,330
|
)
|
|
|
(4,660
|
)
|
|
|
1,330
|
|
Net Income (Loss)
|
|
|
|
|
$
|
(1,193
|
)
|
|
|
$
|
(4
|
)
|
|
|
$
|
(1,189
|
)
|
|
|
|
$
|
(2,247
|
)
|
|
|
$
|
1,908
|
|
|
|
$
|
(4,155
|
)
|
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
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
|
|
|
2015
|
|
|
2014
|
|
|
Variance
|
Intersegment Revenues
|
|
|
|
|
$
|
(42,527
|
)
|
|
|
$
|
(44,507
|
)
|
|
|
$
|
1,980
|
|
|
|
|
$
|
(142,146
|
)
|
|
|
$
|
(132,361
|
)
|
|
|
$
|
(9,785
|
)
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Gas
|
|
|
|
|
(23,667
|
)
|
|
|
(23,724
|
)
|
|
|
57
|
|
|
|
|
(77,579
|
)
|
|
|
(78,175
|
)
|
|
|
596
|
|
Operation and Maintenance
|
|
|
|
|
(18,860
|
)
|
|
|
(20,783
|
)
|
|
|
1,923
|
|
|
|
|
(64,567
|
)
|
|
|
(54,186
|
)
|
|
|
(10,381
|
)
|
|
|
|
|
|
(42,527
|
)
|
|
|
(44,507
|
)
|
|
|
1,980
|
|
|
|
|
(142,146
|
)
|
|
|
(132,361
|
)
|
|
|
(9,785
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
(25,656
|
)
|
|
|
(24,298
|
)
|
|
|
(1,358
|
)
|
|
|
|
(75,416
|
)
|
|
|
(73,420
|
)
|
|
|
(1,996
|
)
|
Other Interest Expense
|
|
|
|
|
25,656
|
|
|
|
24,298
|
|
|
|
1,358
|
|
|
|
|
75,416
|
|
|
|
73,420
|
|
|
|
1,996
|
|
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
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production
|
|
|
|
|
$
|
136,374
|
|
(1)
|
|
|
$
|
168,038
|
|
(3)
|
|
|
$
|
(31,664
|
)
|
|
|
|
$
|
437,450
|
|
(1)(2)
|
|
|
$
|
444,366
|
|
(3)(4)
|
|
|
$
|
(6,916
|
)
|
Pipeline and Storage
|
|
|
|
|
56,993
|
|
(1)
|
|
|
35,844
|
|
(3)
|
|
|
21,149
|
|
|
|
|
114,664
|
|
(1)(2)
|
|
|
64,937
|
|
(3)(4)
|
|
|
49,727
|
|
Gathering
|
|
|
|
|
36,665
|
|
(1)
|
|
|
44,953
|
|
(3)
|
|
|
(8,288
|
)
|
|
|
|
87,214
|
|
(1)(2)
|
|
|
93,238
|
|
(3)(4)
|
|
|
(6,024
|
)
|
Utility
|
|
|
|
|
23,596
|
|
(1)
|
|
|
19,334
|
|
(3)
|
|
|
4,262
|
|
|
|
|
65,337
|
|
(1)(2)
|
|
|
60,915
|
|
(3)(4)
|
|
|
4,422
|
|
Energy Marketing
|
|
|
|
|
32
|
|
|
|
|
80
|
|
|
|
|
(48
|
)
|
|
|
|
124
|
|
|
|
|
194
|
|
|
|
|
(70
|
)
|
Total Reportable Segments
|
|
|
|
|
253,660
|
|
|
|
|
268,249
|
|
|
|
|
(14,589
|
)
|
|
|
|
704,789
|
|
|
|
|
663,650
|
|
|
|
|
41,139
|
|
All Other
|
|
|
|
|
—
|
|
|
|
|
33
|
|
|
|
|
(33
|
)
|
|
|
|
—
|
|
|
|
|
172
|
|
|
|
|
(172
|
)
|
Corporate
|
|
|
|
|
67
|
|
|
|
|
145
|
|
|
|
|
(78
|
)
|
|
|
|
134
|
|
|
|
|
214
|
|
|
|
|
(80
|
)
|
Total Capital Expenditures
|
|
|
|
|
$
|
253,727
|
|
|
|
|
$
|
268,427
|
|
|
|
|
$
|
(14,700
|
)
|
|
|
|
$
|
704,923
|
|
|
|
|
$
|
664,036
|
|
|
|
|
$
|
40,887
|
|
|
(1)
|
|
|
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.
|
|
|
|
|
(2)
|
|
|
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 Statement 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.
|
|
|
|
|
(3)
|
|
|
Capital expenditures for the quarter and nine months ended June 30,
2014, include accounts payable and accrued liabilities related to
capital expenditures of $101.3 million, $13.4 million, $16.3
million, and $4.7 million in the Exploration and Production segment,
Pipeline and Storage segment, Gathering segment and Utility segment,
respectively. These amounts have been excluded from the Consolidated
Statement of Cash Flows at June 30, 2014, since they represent
non-cash investing activities at that date.
|
|
|
|
|
(4)
|
|
|
Capital expenditures for the nine months ended June 30, 2014,
exclude capital expenditures of $58.5 million, $5.6 million, $6.7
million and $10.3 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, 2013 and paid during the nine months
ended June 30, 2014. These amounts were excluded from the
Consolidated Statements of Cash Flows at September 30, 2013, 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, 2014.
|
|
|
DEGREE DAYS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Colder
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Warmer) Than:
|
Three Months Ended June 30
|
|
|
|
|
Normal
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Normal (1)
|
|
|
|
Last Year (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo, NY
|
|
|
|
|
912
|
|
|
|
778
|
|
|
|
841
|
|
|
|
(14.7)
|
|
|
|
(7.5)
|
Erie, PA
|
|
|
|
|
871
|
|
|
|
729
|
|
|
|
797
|
|
|
|
(16.3)
|
|
|
|
(8.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo, NY
|
|
|
|
|
6,455
|
|
|
|
6,898
|
|
|
|
6,957
|
|
|
|
6.9
|
|
|
|
(0.8)
|
Erie, PA
|
|
|
|
|
6,023
|
|
|
|
6,535
|
|
|
|
6,625
|
|
|
|
8.5
|
|
|
|
(1.4)
|
|
(1)
|
|
|
Percents compare actual 2015 degree days to normal degree days and
actual 2015 degree days to actual 2014 degree days.
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
|
EXPLORATION AND PRODUCTION INFORMATION
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Production/Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production (MMcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
30,830
|
|
|
|
35,098
|
|
|
|
(4,268
|
)
|
|
|
|
|
104,221
|
|
|
|
98,640
|
|
|
|
5,581
|
|
West Coast
|
|
|
|
|
|
807
|
|
|
|
776
|
|
|
|
31
|
|
|
|
|
2,375
|
|
|
|
2,403
|
|
|
|
(28
|
)
|
|
Total Production
|
|
|
|
|
|
31,637
|
|
|
|
|
35,874
|
|
|
|
|
(4,237
|
)
|
|
|
|
|
106,596
|
|
|
|
|
101,043
|
|
|
|
|
5,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
$
|
2.11
|
|
|
|
|
$
|
3.81
|
|
|
|
|
$
|
(1.70
|
)
|
|
|
|
|
$
|
2.56
|
|
|
|
|
$
|
3.84
|
|
|
|
|
$
|
(1.28
|
)
|
|
West Coast
|
|
|
|
|
|
3.52
|
|
|
|
|
7.02
|
|
|
|
|
(3.50
|
)
|
|
|
|
|
4.30
|
|
|
|
|
6.85
|
|
|
|
|
(2.55
|
)
|
|
Weighted Average
|
|
|
|
|
|
2.15
|
|
|
|
|
3.88
|
|
|
|
|
(1.73
|
)
|
|
|
|
|
2.60
|
|
|
|
|
3.91
|
|
|
|
|
(1.31
|
)
|
|
Weighted Average after Hedging
|
|
|
|
|
|
3.32
|
|
|
|
|
3.55
|
|
|
|
|
(0.23
|
)
|
|
|
|
|
3.39
|
|
|
|
|
3.71
|
|
|
|
|
(0.32
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil Production/Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production (Thousands of Barrels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
7
|
|
|
|
6
|
|
|
|
1
|
|
|
|
|
22
|
|
|
|
23
|
|
|
|
(1
|
)
|
West Coast
|
|
|
|
|
|
752
|
|
|
|
777
|
|
|
|
(25
|
)
|
|
|
|
2,234
|
|
|
|
2,230
|
|
|
|
4
|
|
Total Production
|
|
|
|
|
|
759
|
|
|
|
783
|
|
|
|
(24
|
)
|
|
|
|
2,256
|
|
|
|
2,253
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices (Per Barrel)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
$
|
56.54
|
|
|
|
|
$
|
100.91
|
|
|
|
|
$
|
(44.37
|
)
|
|
|
|
|
$
|
62.29
|
|
|
|
|
$
|
96.76
|
|
|
|
|
$
|
(34.47
|
)
|
|
West Coast
|
|
|
|
|
|
52.07
|
|
|
|
|
101.83
|
|
|
|
|
(49.76
|
)
|
|
|
|
|
54.48
|
|
|
|
|
99.82
|
|
|
|
|
(45.34
|
)
|
|
Weighted Average
|
|
|
|
|
|
52.12
|
|
|
|
|
101.82
|
|
|
|
|
(49.70
|
)
|
|
|
|
|
54.56
|
|
|
|
|
99.79
|
|
|
|
|
(45.23
|
)
|
|
Weighted Average after Hedging
|
|
|
|
|
|
69.65
|
|
|
|
|
97.54
|
|
|
|
|
(27.89
|
)
|
|
|
|
|
71.72
|
|
|
|
|
96.19
|
|
|
|
|
(24.47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Production (Mmcfe)
|
|
|
|
|
|
36,191
|
|
|
|
40,572
|
|
|
|
(4,381
|
)
|
|
|
|
120,132
|
|
|
|
114,561
|
|
|
|
5,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Performance Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General & Administrative Expense per Mcfe (1)
|
|
|
|
|
|
$
|
0.47
|
|
|
|
|
$
|
0.39
|
|
|
|
|
$
|
0.08
|
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
—
|
|
Lease Operating and Transportation Expense per Mcfe (1)(2)
|
|
|
|
|
|
$
|
1.09
|
|
|
|
|
$
|
1.08
|
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
1.06
|
|
|
|
|
$
|
1.04
|
|
|
|
|
$
|
0.02
|
|
Depreciation, Depletion & Amortization per Mcfe (1)
|
|
|
|
|
|
$
|
1.55
|
|
|
|
|
$
|
1.84
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
$
|
1.61
|
|
|
|
|
$
|
1.88
|
|
|
|
|
$
|
(0.27
|
)
|
|
|
(1)
|
|
|
Refer to page 17 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 $0.50 and $0.50 per Mcfe
for the three months ended June 30, 2015 and June 30, 2014,
respectively. Amounts include transportation expense of $0.52 and
$0.45 per Mcfe for the nine months ended June 30, 2015 and June 30,
2014, respectively.
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
EXPLORATION AND PRODUCTION INFORMATION
|
|
Hedging Summary for the Remaining Three Months of Fiscal 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Oil Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
Midway Sunset (MWSS)
|
|
|
|
|
|
96,000
|
|
BBL
|
|
|
|
$
|
67.91 / BBL
|
Brent
|
|
|
|
|
|
255,000
|
|
BBL
|
|
|
|
$
|
98.32 / BBL
|
NYMEX
|
|
|
|
|
|
99,000
|
|
BBL
|
|
|
|
$
|
90.14 / BBL
|
Total
|
|
|
|
|
|
450,000
|
|
BBL
|
|
|
|
$
|
90.03 / BBL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
14,510,000
|
|
MMBTU
|
|
|
|
$
|
4.18 / MMBTU
|
Dominion Transmission Appalachian (DOM)
|
|
|
|
|
|
6,210,000
|
|
MMBTU
|
|
|
|
$
|
3.74 / MMBTU
|
Southern California City Gate (SoCal)
|
|
|
|
|
|
300,000
|
|
MMBTU
|
|
|
|
$
|
4.35 / MMBTU
|
Fixed Price Physical Sales
|
|
|
|
|
|
9,200,000
|
|
MMBTU
|
|
|
|
$
|
3.39 / MMBTU
|
Total
|
|
|
|
|
|
30,220,000
|
|
MMBTU
|
|
|
|
$
|
3.85 / MMBTU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for Fiscal 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Oil Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
MWSS
|
|
|
|
|
|
36,000
|
|
BBL
|
|
|
|
$
|
92.10 / BBL
|
Brent
|
|
|
|
|
|
933,000
|
|
BBL
|
|
|
|
$
|
95.18 / BBL
|
NYMEX
|
|
|
|
|
|
300,000
|
|
BBL
|
|
|
|
$
|
86.09 / BBL
|
Total
|
|
|
|
|
|
1,269,000
|
|
BBL
|
|
|
|
$
|
92.95 / BBL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
44,350,000
|
|
MMBTU
|
|
|
|
$
|
3.94 / MMBTU
|
DOM
|
|
|
|
|
|
18,840,000
|
|
MMBTU
|
|
|
|
$
|
3.78 / MMBTU
|
Michigan Consolidated City Gate (Mich Con)
|
|
|
|
|
|
9,000,000
|
|
MMBTU
|
|
|
|
$
|
4.10 / MMBTU
|
Dawn Ontario (Dawn)
|
|
|
|
|
|
9,990,000
|
|
MMBTU
|
|
|
|
$
|
3.92 / MMBTU
|
Fixed Price Physical Sales
|
|
|
|
|
|
36,600,000
|
|
MMBTU
|
|
|
|
$
|
3.39 / MMBTU
|
Total
|
|
|
|
|
|
118,780,000
|
|
MMBTU
|
|
|
|
$
|
3.75 / MMBTU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for Fiscal 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Oil Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
Brent
|
|
|
|
|
|
384,000
|
|
BBL
|
|
|
|
$
|
92.30 / BBL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
24,130,000
|
|
MMBTU
|
|
|
|
$
|
4.45 / MMBTU
|
DOM
|
|
|
|
|
|
12,720,000
|
|
MMBTU
|
|
|
|
$
|
3.87 / MMBTU
|
Mich Con
|
|
|
|
|
|
3,000,000
|
|
MMBTU
|
|
|
|
$
|
4.10 / MMBTU
|
Dawn
|
|
|
|
|
|
19,100,000
|
|
MMBTU
|
|
|
|
$
|
3.70 / MMBTU
|
Fixed Price Physical Sales
|
|
|
|
|
|
27,350,000
|
|
MMBTU
|
|
|
|
$
|
3.51 / MMBTU
|
Total
|
|
|
|
|
|
86,300,000
|
|
MMBTU
|
|
|
|
$
|
3.89 / MMBTU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for Fiscal 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Oil Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
Brent
|
|
|
|
|
|
75,000
|
|
BBL
|
|
|
|
$
|
91.00 / BBL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
10,950,000
|
|
MMBTU
|
|
|
|
$
|
4.02 / MMBTU
|
Dawn
|
|
|
|
|
|
1,800,000
|
|
MMBTU
|
|
|
|
$
|
3.40 / MMBTU
|
Fixed Price Physical Sales
|
|
|
|
|
|
1,550,000
|
|
MMBTU
|
|
|
|
$
|
3.77 / MMBTU
|
Total
|
|
|
|
|
|
14,300,000
|
|
MMBTU
|
|
|
|
$
|
3.91 / MMBTU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for Fiscal 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
7,200,000
|
|
MMBTU
|
|
|
|
$
|
3.50 / MMBTU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Summary for Fiscal 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
Average Hedge Price
|
Gas Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX
|
|
|
|
|
|
1,800,000
|
|
MMBTU
|
|
|
|
$
|
3.53 / MMBTU
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
|
EXPLORATION AND PRODUCTION INFORMATION
|
|
Gross Wells in Process of Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
East
|
|
|
|
West
|
|
|
|
Company
|
Wells in Process - Beginning of Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
3.000
|
(1)
|
|
|
0.000
|
|
|
|
3.000
|
Developmental
|
|
|
|
|
77.000
|
(1)
|
|
|
2.000
|
|
|
|
79.000
|
Wells Commenced
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
52.000
|
|
|
|
44.000
|
|
|
|
96.000
|
Wells Completed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
3.000
|
|
|
|
0.000
|
|
|
|
3.000
|
Developmental
|
|
|
|
|
30.000
|
|
|
|
45.000
|
|
|
|
75.000
|
Wells Plugged & Abandoned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
2.000
|
|
|
|
1.000
|
|
|
|
3.000
|
Wells in Process - End of Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
97.000
|
|
|
|
0.000
|
|
|
|
97.000
|
|
(1)
|
|
|
Gross exploratory wells were increased by 2 and developmental wells
were decreased by 2.
|
|
|
Net Wells in Process of Drilling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
East
|
|
|
|
West
|
|
|
|
Company
|
Wells in Process - Beginning of Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
3.000
|
(1)
|
|
|
0.000
|
|
|
|
3.000
|
Developmental
|
|
|
|
|
62.500
|
(1)
|
|
|
2.000
|
|
|
|
64.500
|
Wells Commenced
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
52.000
|
|
|
|
44.000
|
|
|
|
96.000
|
Wells Completed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
3.000
|
|
|
|
0.000
|
|
|
|
3.000
|
Developmental
|
|
|
|
|
30.000
|
|
|
|
45.000
|
|
|
|
75.000
|
Wells Plugged & Abandoned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
2.000
|
|
|
|
1.000
|
|
|
|
3.000
|
Wells in Process - End of Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploratory
|
|
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.000
|
Developmental
|
|
|
|
|
82.500
|
|
|
|
0.000
|
|
|
|
82.500
|
|
(1)
|
|
|
Net exploratory wells were increased by 2 and developmental wells
were decreased by 2.
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
|
EXPLORATION AND PRODUCTION INFORMATION
|
|
|
|
|
|
|
|
|
|
Updated Fiscal 2016 Financial & Operating Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
|
|
|
|
|
|
|
|
Production by Division (Bcfe)
|
|
|
|
|
|
|
|
|
East Division Production to be Sold Under Firm Contracts
|
|
|
|
|
|
|
|
138
|
East Division Productive Capacity Exposed to Local Spot Pricing
|
|
|
|
|
|
|
|
0 - 73
|
Total East Division Productive Capacity
|
|
|
|
|
|
|
|
138 - 211
|
West Division Production
|
|
|
|
|
|
|
|
20 - 21
|
Total Productive Capacity
|
|
|
|
|
|
|
|
158 - 232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and Expenses $ per Mcfe (1)
|
|
|
|
|
|
|
|
|
Lease Operating and Transportation Expenses
|
|
|
|
|
|
|
|
$0.95 - $1.05
|
Depreciation, Depletion and Amortization
|
|
|
|
|
|
|
|
$1.00 - $1.10
|
Other Taxes
|
|
|
|
|
|
|
|
$0.10 - $0.15
|
General and Administrative
|
|
|
|
|
|
|
|
$0.35 - $0.40
|
Other Operating Expenses
|
|
|
|
|
|
|
|
$0.05 - $0.10
|
|
|
|
|
|
|
|
|
|
Capital Investment by Division (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Division
|
|
|
|
|
|
|
|
$370 - $425
|
West Division
|
|
|
|
|
|
|
|
$30 - $50
|
Exploration & Production Segment Total
|
|
|
|
|
|
|
|
$400 - $475
|
|
|
|
|
|
|
|
|
|
Updated Pricing Guidance for Fiscal 2016
|
|
|
|
|
|
|
|
|
|
Guidance Based on Average Natural Gas NYMEX Price ($/MMBtu)
(without hedges) of $3.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Natural Gas Spot Price Realizations ($/MMBtu)
|
|
|
|
|
|
|
|
$1.75
|
|
|
|
|
|
|
|
|
|
Guidance Based on Average Crude Oil NYMEX Price ($/Bbl) (without
hedges) of $55.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast price differentials
|
|
|
|
|
|
|
|
|
West (% of NYMEX)
|
|
|
|
|
|
|
|
96%
|
|
|
|
|
|
|
|
|
|
(1) Assumes the 195 Bcfe midpoint of productive capacity.
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
Firm Transportation - Affiliated
|
|
|
|
|
|
15,441
|
|
|
|
|
18,116
|
|
|
|
|
(2,675
|
)
|
|
|
|
95,304
|
|
|
|
|
95,966
|
|
|
|
|
(662
|
)
|
Firm Transportation - Non-Affiliated
|
|
|
|
|
|
140,378
|
|
|
|
|
140,503
|
|
|
|
|
(125
|
)
|
|
|
|
477,149
|
|
|
|
|
479,287
|
|
|
|
|
(2,138
|
)
|
Interruptible Transportation
|
|
|
|
|
|
3,105
|
|
|
|
|
998
|
|
|
|
|
2,107
|
|
|
|
|
8,833
|
|
|
|
|
3,778
|
|
|
|
|
5,055
|
|
|
|
|
|
|
|
158,924
|
|
|
|
|
159,617
|
|
|
|
|
(693
|
)
|
|
|
|
581,286
|
|
|
|
|
579,031
|
|
|
|
|
2,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering Volume - (MMcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
Gathered Volume - Affiliated
|
|
|
|
|
|
30,648
|
|
|
|
|
35,272
|
|
|
|
|
(4,624
|
)
|
|
|
|
106,695
|
|
|
|
|
97,240
|
|
|
|
|
9,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility Throughput - (MMcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
Retail Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Sales
|
|
|
|
|
|
8,287
|
|
|
|
|
8,826
|
|
|
|
|
(539
|
)
|
|
|
|
56,315
|
|
|
|
|
56,473
|
|
|
|
|
(158
|
)
|
Commercial Sales
|
|
|
|
|
|
1,142
|
|
|
|
|
1,238
|
|
|
|
|
(96
|
)
|
|
|
|
8,239
|
|
|
|
|
8,357
|
|
|
|
|
(118
|
)
|
Industrial Sales
|
|
|
|
|
|
34
|
|
|
|
|
(12
|
)
|
|
|
|
46
|
|
|
|
|
316
|
|
|
|
|
377
|
|
|
|
|
(61
|
)
|
|
|
|
|
|
|
9,463
|
|
|
|
|
10,052
|
|
|
|
|
(589
|
)
|
|
|
|
64,870
|
|
|
|
|
65,207
|
|
|
|
|
(337
|
)
|
Off-System Sales
|
|
|
|
|
|
—
|
|
|
|
|
525
|
|
|
|
|
(525
|
)
|
|
|
|
3,787
|
|
|
|
|
4,335
|
|
|
|
|
(548
|
)
|
Transportation
|
|
|
|
|
|
13,993
|
|
|
|
|
14,841
|
|
|
|
|
(848
|
)
|
|
|
|
68,509
|
|
|
|
|
70,188
|
|
|
|
|
(1,679
|
)
|
|
|
|
|
|
|
23,456
|
|
|
|
|
25,418
|
|
|
|
|
(1,962
|
)
|
|
|
|
137,166
|
|
|
|
|
139,730
|
|
|
|
|
(2,564
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Marketing Volume
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Decrease)
|
Natural Gas (MMcf)
|
|
|
|
|
|
8,289
|
|
|
|
|
8,930
|
|
|
|
|
(641
|
)
|
|
|
|
40,215
|
|
|
|
|
45,848
|
|
|
|
|
(5,633
|
)
|
|
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, for measuring the Company’s cash flow and 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 Operating Results as reported GAAP earnings before
items impacting comparability. The table at page 2 of this report
reconciles National Fuel's reported GAAP earnings to Operating Results
for the three and nine months ended June 30, 2015 and 2014.
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, 2015 and
2014:
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP Earnings
|
|
|
|
|
|
$
|
(293,134
|
)
|
|
|
|
$
|
64,520
|
|
|
|
|
$
|
(191,724
|
)
|
|
|
|
$
|
241,983
|
|
Depreciation, Depletion and Amortization
|
|
|
|
|
|
79,865
|
|
|
|
|
96,788
|
|
|
|
|
265,298
|
|
|
|
|
279,876
|
|
Interest and Other Income
|
|
|
|
|
|
(2,393
|
)
|
|
|
|
(1,866
|
)
|
|
|
|
(6,269
|
)
|
|
|
|
(8,168
|
)
|
Interest Expense
|
|
|
|
|
|
23,220
|
|
|
|
|
23,252
|
|
|
|
|
70,282
|
|
|
|
|
71,227
|
|
Income Taxes
|
|
|
|
|
|
(216,907
|
)
|
|
|
|
41,107
|
|
|
|
|
(156,610
|
)
|
|
|
|
162,627
|
|
Impairment of Oil and Gas Producing
Properties
|
|
|
|
|
|
588,712
|
|
|
|
|
—
|
|
|
|
|
709,060
|
|
|
|
|
—
|
|
Plugging and Abandonment Accrual
|
|
|
|
|
|
—
|
|
|
|
|
(4,140
|
)
|
|
|
|
—
|
|
|
|
|
862
|
|
Adjusted EBITDA
|
|
|
|
|
|
$
|
179,363
|
|
|
|
|
$
|
219,661
|
|
|
|
|
$
|
690,037
|
|
|
|
|
$
|
748,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline and Storage Adjusted EBITDA
|
|
|
|
|
|
$
|
44,437
|
|
|
|
|
$
|
44,556
|
|
|
|
|
$
|
147,745
|
|
|
|
|
$
|
143,448
|
|
Gathering Adjusted EBITDA
|
|
|
|
|
|
14,527
|
|
|
|
|
17,149
|
|
|
|
|
52,455
|
|
|
|
|
44,591
|
|
Total Midstream Businesses Adjusted EBITDA
|
|
|
|
|
|
58,964
|
|
|
|
|
61,705
|
|
|
|
|
200,200
|
|
|
|
|
188,039
|
|
Exploration and Production Adjusted EBITDA
|
|
|
|
|
|
93,662
|
|
|
|
|
133,181
|
|
|
|
|
324,707
|
|
|
|
|
401,516
|
|
Utility Adjusted EBITDA
|
|
|
|
|
|
27,059
|
|
|
|
|
26,427
|
|
|
|
|
160,723
|
|
|
|
|
156,767
|
|
Energy Marketing Adjusted EBITDA
|
|
|
|
|
|
2,327
|
|
|
|
|
971
|
|
|
|
|
12,413
|
|
|
|
|
9,705
|
|
Corporate and All Other Adjusted EBITDA
|
|
|
|
|
|
(2,649
|
)
|
|
|
|
(2,623
|
)
|
|
|
|
(8,006
|
)
|
|
|
|
(7,620
|
)
|
Total Adjusted EBITDA
|
|
|
|
|
|
$
|
179,363
|
|
|
|
|
$
|
219,661
|
|
|
|
|
$
|
690,037
|
|
|
|
|
$
|
748,407
|
|
|
|
NATIONAL FUEL GAS COMPANY
|
AND SUBSIDIARIES
|
|
Quarter Ended June 30 (unaudited)
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
$
|
339,815,000
|
|
|
|
|
$
|
440,144,000
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available for Common Stock
|
|
|
|
|
|
$
|
(293,134,000
|
)
|
|
|
|
$
|
64,520,000
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
(3.47
|
)
|
|
|
|
$
|
0.77
|
Diluted
|
|
|
|
|
|
$
|
(3.44
|
)
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares:
|
|
|
|
|
|
|
|
|
|
|
Used in Basic Calculation
|
|
|
|
|
|
84,453,602
|
|
|
|
|
84,029,124
|
Used in Diluted Calculation
|
|
|
|
|
|
85,248,281
|
|
|
|
|
84,973,100
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
$
|
1,459,851,000
|
|
|
|
|
$
|
1,746,458,000
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available for Common Stock
|
|
|
|
|
|
$
|
(191,724,000
|
)
|
|
|
|
$
|
241,983,000
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
(2.27
|
)
|
|
|
|
$
|
2.89
|
Diluted
|
|
|
|
|
|
$
|
(2.25
|
)
|
|
|
|
$
|
2.85
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares:
|
|
|
|
|
|
|
|
|
|
|
Used in Basic Calculation
|
|
|
|
|
|
84,326,182
|
|
|
|
|
83,863,764
|
Used in Diluted Calculation
|
|
|
|
|
|
85,237,514
|
|
|
|
|
84,892,473
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
$
|
1,826,474,000
|
|
|
|
|
$
|
2,085,321,000
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Available for Common Stock
|
|
|
|
|
|
$
|
(134,294,000
|
)
|
|
|
|
$
|
289,825,000
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
(1.59
|
)
|
|
|
|
$
|
3.46
|
Diluted
|
|
|
|
|
|
$
|
(1.58
|
)
|
|
|
|
$
|
3.42
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares:
|
|
|
|
|
|
|
|
|
|
|
Used in Basic Calculation
|
|
|
|
|
|
84,275,859
|
|
|
|
|
83,804,516
|
Used in Diluted Calculation
|
|
|
|
|
|
85,195,855
|
|
|
|
|
84,796,613
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806006626/en/
Copyright Business Wire 2015