National Fuel Gas Company ("National Fuel" or the "Company") NFG today announced consolidated results for the fiscal first quarter ended December 31, 2016.
FISCAL 2017 FIRST QUARTER SUMMARY
- Consolidated net income of $88.9 million or $1.04 per share compared to a consolidated net loss of $189.1 million or $2.23 per share in the prior year
- Adjusted EBITDA of $228.3 million, up from $204.8 million in the prior year (non-GAAP reconciliation on page 21)
- Net production of 44.9 Bcfe, an 18% increase from prior year and 13% increase from the fiscal 2016 fourth quarter
- Seneca lease operating and transportation expense of $0.88 per Mcfe, down $0.15 per Mcfe or 15% from the prior year
- Seneca G&A expense of $0.29 per Mcfe, down $0.23 per Mcfe or 44% from prior year
- Seneca DD&A expense of $0.65 per Mcfe, down $0.51 per Mcfe or 44% from the prior year
- Gathering revenues of $27.9 million on 50.6 Bcf of throughput, up $9.1 million from the prior year
- Utility net income up $2.6 million or $0.03 per share on weather that was more than 17% colder than last year
- Company is raising and tightening fiscal 2017 earnings guidance to a range of $3.10 to $3.30 per share
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OPERATING RESULTS |
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| Three Months Ended | ||||||||
| December 31, | ||||||||
| (in thousands except per share amounts) | 2016 | 2015 | ||||||
| Reported GAAP earnings (loss) | $ | 88,908 | $ | (189,109 | ) | |||
| Items impacting comparability: | ||||||||
| Impairment of oil and gas properties (E&P) | 435,451 | |||||||
| Tax impact of impairment of oil and gas properties | (182,889 | ) | ||||||
| Joint development agreement professional fees (E&P) | 4,682 | |||||||
| Tax impact of joint development agreement professional fees | (1,966 | ) | ||||||
| Operating Results | $ | 88,908 | $ | 66,169 | ||||
| Reported GAAP earnings (loss) per share | $ | 1.04 | $ | (2.23 | ) | |||
| Items impacting comparability: | ||||||||
| Impairment of oil and gas properties (E&P) | 5.12 | |||||||
| Tax impact of impairment of oil and gas properties | (2.15 | ) | ||||||
| Joint development agreement professional fees (E&P) | 0.06 | |||||||
| Tax impact of joint development agreement professional fees | (0.02 | ) | ||||||
| Operating Results per diluted share | $ | 1.04 | $ | 0.78 | ||||
MANAGEMENT COMMENTS
Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: "Our 2017 fiscal year is off to a great start. Aside from our pipeline and storage segment, where earnings were down modestly, each of the other segments improved its financial performance over the prior year. We are particularly pleased that natural gas prices increased to levels that allowed Seneca to return wells to production. Seneca's increased production, and the associated throughput on our gathering systems, were the main drivers that allowed us to exceed our guidance.
"We expect to keep moving forward with our plans to build our Northern Access pipeline by the middle of next fiscal year. In the meantime, our efforts will remain focused on the efficient development of our Marcellus acreage to prepare for the Northern Access capacity while continuing to evaluate our opportunities in the Utica Shale on the very same acreage. Together, these stacked formations provide plenty of running room on our acreage and will fuel our growth for an extended period."
DISCUSSION OF RESULTS BY SEGMENT
The following discussion of the earnings of each segment is summarized in a tabular form on pages 7 and 8 of this report. It may be helpful to refer to those tables while reviewing this discussion. Note that management defines Operating Results as reported GAAP earnings before items impacting comparability and Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation and amortization, interest and other income, impairments, items impacting comparability, and income taxes.
Upstream Business
Exploration and Production Segment
The Exploration and Production segment operations are carried out by Seneca Resources Corporation ("Seneca"). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.
| Three Months Ended | |||||||||||
| December 31, | |||||||||||
| (in thousands except per share amounts) | 2016 | 2015 | Variance | ||||||||
| Net Income / (Loss) | $ | 35,080 | $ | (237,086 | ) | $ | 272,166 | ||||
| Net Income / (Loss) Per Share (Diluted) | $ | 0.41 | $ | (2.80 | ) | $ | 3.21 | ||||
| Adjusted EBITDA | $ | 102,476 | $ | 91,140 | $ | 11,336 | |||||
Net income in the Exploration and Production segment in the first quarter was $35.1 million or $0.41 per share, compared to a net loss of $237.1 million or $2.80 per share in the prior year first quarter, an increase of $272.2 million, or $3.21 per share. Excluding the impact of last year's impairment charge, the increase in the Exploration and Production segment's first quarter earnings is mainly due to higher natural gas production and lower operating expenses, offset partially by a decrease in oil production and lower realized oil and natural gas prices after the impact of hedging. In the prior year first quarter, Seneca recorded a $435.5 million ($252.6 million after-tax) ceiling test impairment charge to reduce the value of Seneca's oil and gas properties. There were no ceiling test impairment charges in this year's first quarter.
The full cost method of accounting requires that Seneca perform a quarterly "ceiling test" to compare the present value of future revenues from its oil and natural gas reserves based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period ("the ceiling") with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. At December 31, 2016, the ceiling exceeded the book value of the oil and gas properties by approximately $71.5 million. While possible, Seneca does not expect to incur any impairment charges in fiscal 2017 due to the improvement in oil and gas prices and lower lease operating expenses and development costs.
Seneca's first quarter net production was 44.9 billion cubic feet equivalent ("Bcfe"), an increase of 6.9 Bcfe or 18 percent versus the prior year first quarter, and 5.1 Bcfe or 13 percent versus the fourth quarter of fiscal 2016. Net natural gas production increased 7.0 Bcf or 21 percent versus the prior year due mainly to higher natural gas production in Appalachia. An improvement in local natural gas pricing in Pennsylvania allowed Seneca to produce most of its available production volumes since November 1, 2016, selling 8.6 Bcf (net) in the daily spot markets and under new seasonal firm sales agreements during the quarter. Seneca voluntarily curtailed a modest 3.5 Bcf (net) of natural gas production during the quarter, which was a decrease from the 14.6 Bcf (net) in the prior year first quarter. For the remainder of fiscal 2017, Seneca has entered into an additional 6.0 Bcf (net) of seasonal firm sales agreements that will further reduce its daily local spot market exposure.
Seneca's crude oil production decreased 27 thousand barrels ("Mbbl") or 4 percent due mainly to the lingering impact of a disruption in steam flood operations in the North Midway Sunset field in early fiscal 2016. Field production at North Midway Sunset is expected to return to pre-disruption levels in the second quarter of fiscal 2017.
Seneca's average realized natural gas price, after the impact of hedging, for the first quarter was $2.97 per thousand cubic feet ("Mcf"), a decrease of $0.19 per Mcf versus the prior year. Seneca's average realized oil price, after the impact of hedging, was $54.71 per barrel ("Bbl"), a decrease of $5.05 per Bbl. Seneca's average realized natural gas and oil prices benefited from an uplift of $0.58 per Mcf and $10.89 per Bbl, respectively, from financial hedges settled during the quarter. At the midpoint of Seneca's fiscal 2017 production guidance range, Seneca is 82 percent and 55 percent hedged on projected natural gas and oil production, respectively, for the remainder of fiscal 2017 (see page 5 for earnings guidance update).
Depreciation, depletion and amortization ("DD&A") expense decreased $15.0 million due to lower per unit DD&A, offset partially by the impact of higher production. Seneca's per unit DD&A decreased by $0.51 per Mcf equivalent ("Mcfe") to $0.65 per Mcfe due to a lower depletable fixed asset balance resulting mainly from the ceiling test impairment charges recorded during the prior four quarters.
Seneca's General & Administrative ("G&A") expense decreased $7.0 million due to lower personnel costs and nonrecurring professional fees recorded in the prior year. In the prior year first quarter, Seneca incurred $4.7 million of professional and legal expenses relating to the joint development agreement that Seneca entered into in December 2015. Seneca's per unit of production G&A expense for the quarter was $0.29 per Mcfe, a decrease of $0.23 per Mcfe or 44 percent from the prior year.
Lease operating and transportation expense ("LOE") increased $0.7 million due mainly to higher production, which was partially offset by lower per unit LOE expense. Per unit LOE expense decreased from $1.03 per Mcfe to $0.88 per Mcfe. The $0.15 per Mcfe improvement is largely the result of higher Appalachian natural gas production, which carries lower LOE costs relative to Seneca's California oil production, as well as a general reduction in well repair and maintenance costs across Seneca's California and Appalachia divisions.
Midstream Businesses
Pipeline and Storage Segment
The Pipeline and Storage segment's operations are carried out by National Fuel Gas Supply Corporation ("Supply Corporation") and Empire Pipeline, Inc. ("Empire"). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.
| Three Months Ended | |||||||||||||
| December 31, | |||||||||||||
| (in thousands except per share amounts) | 2016 | 2015 | Variance | ||||||||||
| Net Income / (Loss) | $ | 19,368 | $ | 21,276 | $ | (1,908 | ) | ||||||
| Net Income / (Loss) Per Share (Diluted) | $ | 0.23 | $ | 0.25 | $ | (0.02 | ) | ||||||
| Adjusted EBITDA | $ | 48,014 | $ | 50,741 | $ | (2,727 | ) | ||||||
The Pipeline and Storage segment's first quarter earnings decreased from the prior year due primarily to higher Operation and Maintenance ("O&M") expense and lower Other Income. O&M expense increased $2.6 million due to higher personnel costs and an increase in expenses associated with the operation of the segment's expanded compressor facilities. Other Income decreased $0.9 million as the Company recorded lower allowance for funds used during construction ("AFUDC") following the completion of the expansion projects that were placed in-service during the prior year first quarter.
Operating revenues for the Pipeline & Storage segment were relatively flat when compared to the prior year first quarter. The increase in revenues resulting from a full quarter of revenue from Supply Corporation's Northern Access 2015 project and Empire's Tuscarora Lateral Project, which were placed in-service during the prior year first quarter, were more than offset by a reduction in Supply Corporation and Empire's rates that went into effect following recent rate case settlements.
Gathering Segment
The Gathering segment's operations are carried out by National Fuel Gas Midstream Corporation's subsidiary limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region which currently delivers Seneca's gross Appalachian production to the interstate pipeline system.
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
| (in thousands except per share amounts) | 2016 | 2015 | Variance | |||||||||
| Net Income / (Loss) | $ | 10,981 | $ | 4,921 | $ | 6,060 | ||||||
| Net Income / (Loss) Per Share (Diluted) | $ | 0.13 | $ | 0.06 | $ | 0.07 | ||||||
| Adjusted EBITDA | $ | 25,101 | $ | 16,458 | $ | 8,643 | ||||||
The Gathering segment's first quarter earnings increased $6.1 million or 123 percent versus the prior year on higher revenues. Operating revenues increased $9.1 million as the increase in Seneca's gross Appalachian natural gas production, which includes production from joint development wells, helped drive higher volumes across the Company's gathering systems. The Gathering segment transported 50.6 Bcf on its systems in the first quarter, up 16.8 Bcf or 50 percent from the prior year. While operating revenues were up 48 percent for the quarter, operating expenses increased only 2 percent versus the prior year.
Downstream Businesses
Utility Segment
The Utility segment operations are carried out by National Fuel Gas Distribution Corporation ("Distribution"), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
| (in thousands except per share amounts) | 2016 | 2015 | Variance | |||||||||
| Net Income / (Loss) | $ | 21,175 | $ | 18,606 | $ | 2,569 | ||||||
| Net Income / (Loss) Per Share (Diluted) | $ | 0.25 | $ | 0.22 | $ | 0.03 | ||||||
| Adjusted EBITDA | $ | 52,331 | $ | 45,918 | $ | 6,413 | ||||||
The Utility segment's earnings increased $2.6 million or 14 percent due mainly to colder weather, higher customer usage and the positive impact of routine regulatory adjustments, offset partially by higher O&M and DD&A expenses. Weather in Distribution's Pennsylvania service territory was 17.9 percent colder on average than last year, resulting in higher retail residential and transportation customer throughput and revenues. In New York, the impact of weather variations on earnings is largely mitigated by that jurisdiction's weather normalization clause. O&M expense increased $2.9 million versus the prior year due mainly to higher personnel costs.
Energy Marketing Segment
The Energy Marketing segment's operations are carried out by National Fuel Resources, Inc. ("NFR"). NFR markets natural gas to industrial, wholesale, commercial, public authority and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas to its customers.
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
| (in thousands except per share amounts) | 2016 | 2015 | Variance | |||||||||
| Net Income / (Loss) | $ | 1,782 | $ | 1,223 | $ | 559 | ||||||
| Net Income / (Loss) Per Share (Diluted) | $ | 0.02 | $ | 0.01 | $ | 0.01 | ||||||
| Adjusted EBITDA | $ | 2,846 | $ | 1,846 | $ | 1,000 | ||||||
The Energy Marketing segment's first quarter earnings increased $0.6 million or 46 percent due to higher margins. NFR's margins were positively impacted by colder weather, which increased retail customer usage.
Corporate and All Other
The Corporate and All Other category earnings of $0.5 million or $0.00 per share for the quarter ended December 31, 2016, compares to earnings of $2.0 million or $0.03 per share in the prior year first quarter. The decrease is due to higher corporate operating expenses and higher income taxes.
EARNINGS GUIDANCE
The Company is revising its earnings guidance for fiscal 2017 to a range of $3.10 to $3.30 per share. The Company is also updating fiscal 2017 capital expenditure and production guidance and revising some of its Exploration & Production forecast assumptions.
| Updated FY 2017 Guidance | Previous FY 2017 Guidance | |||
| Consolidated Earnings per Share | $3.10 to $3.30 | $2.85 to $3.15 | ||
| Capital Expenditures (Millions) | ||||
| Exploration & Production (1) | $180 - $220 | $180 - $220 | ||
| Pipeline & Storage | $200 - $250 | $390 - $440 | ||
| Gathering | $65 - $75 | $65 - $75 | ||
| Utility | $90 - $100 | $90 - $100 | ||
| Consolidated Capital Expenditures | $535 - $645 | $725 - $835 | ||
| Exploration & Production Segment Guidance | ||||
| NYMEX Natural Gas Price Assumption | $3.25 | $3.25 | ||
| NYMEX Crude Oil Price Assumption | $55.00 | $53.00 | ||
| Production (Bcfe) | ||||
| East Division - Appalachia | 135 to 153 | 125 to 148 | ||
| West Division - California | 20 to 22 | 20 to 22 | ||
| Total Production | 155 to 175 | 145 to 170 | ||
| E&P Operating Costs ($/Mcfe) | ||||
| LOE | $0.95 - $1.05 | $0.95 - $1.05 | ||
| G&A | $0.35 - $0.40 | $0.35 - $0.40 | ||
| DD&A | $0.65 - $0.70 | $0.65 - $0.75 | ||
| (1) | Net of initial conveyance proceeds received from joint development partner for working interest in joint development wells |
EARNINGS TELECONFERENCE
The Company will host a conference call on Friday, February 3, 2017, at 11 a.m. Eastern Time to discuss this announcement. There are two ways to access this call. For those with Internet access, visit the NFG Investor Relations News & Events page at National Fuel's website at investor.nationalfuelgas.com. For those without Internet access, audio access is also provided by dialing (toll-free) 877-201-0168, using conference ID number "47888632." For those unable to listen to the live conference call, an audio replay will be available approximately two hours following the teleconference at the same website link and by phone at (toll-free) 855-859-2056 or 404-537-3406, using conference ID number "47888632." Both the webcast and telephonic replay will be available until the close of business on Friday, February 10, 2017.
National Fuel is an integrated energy company reporting financial results for five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. Additional information about National Fuel is available at www.nationalfuelgas.com.
Certain statements contained herein, including statements identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions, and statements which are other than statements of historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; impairments under the SEC's full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; financial and economic conditions, including the availability of credit, and occurrences affecting the Company's ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company's credit ratings and changes in interest rates and other capital market conditions; factors affecting the Company's ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company's projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; changes in 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; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS | |||||||||||||||||||||||||||||
| QUARTER ENDED DECEMBER 31, 2016 | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Upstream |
Midstream |
Downstream |
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| Exploration & | Pipeline & | Energy | Corporate / | ||||||||||||||||||||||||||
| (Thousands of Dollars) | Production | Storage | Gathering | Utility | Marketing | All Other | Consolidated* | ||||||||||||||||||||||
| First quarter 2016 GAAP earnings | $ | (237,086 | ) | $ | 21,276 | $ | 4,921 | $ | 18,606 | $ | 1,223 | $ | 1,951 | $ | (189,109 | ) | |||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||
| Impairment of oil and gas producing properties | 435,451 | 435,451 | |||||||||||||||||||||||||||
| Tax impact of impairment of oil and gas producing properties | (182,889 | ) | (182,889 | ) | |||||||||||||||||||||||||
| Joint development agreement professional fees | 4,682 | 4,682 | |||||||||||||||||||||||||||
| Tax impact of joint development agreement professional fees | (1,966 | ) | (1,966 | ) | |||||||||||||||||||||||||
| First quarter 2016 operating results | 18,192 | 21,276 | 4,921 | 18,606 | 1,223 | 1,951 | 66,169 | ||||||||||||||||||||||
| Drivers of operating results | |||||||||||||||||||||||||||||
| Higher (lower) crude oil prices | (2,367 | ) | (2,367 | ) | |||||||||||||||||||||||||
| Higher (lower) natural gas prices | (5,063 | ) | (5,063 | ) | |||||||||||||||||||||||||
| Higher (lower) natural gas production | 14,417 | 14,417 | |||||||||||||||||||||||||||
| Higher (lower) crude oil production | (1,061 | ) | (1,061 | ) | |||||||||||||||||||||||||
| Lower (higher) lease operating and transportation expenses | (446 | ) | (446 | ) | |||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | 9,737 | 386 | (965 | ) | 9,158 | ||||||||||||||||||||||||
| Higher (lower) gathering and processing revenues | 5,916 | 5,916 | |||||||||||||||||||||||||||
| Lower (higher) other operating expenses | 1,880 | (1,722 | ) | (313 | ) | (1,872 | ) | (611 | ) | (2,638 | ) | ||||||||||||||||||
| Colder weather | 3,327 | 3,327 | |||||||||||||||||||||||||||
| Higher usage | 1,480 | 1,480 | |||||||||||||||||||||||||||
| Regulatory true-up adjustments | 1,314 | 1,314 | |||||||||||||||||||||||||||
| Higher (lower) margins | 596 | 596 | |||||||||||||||||||||||||||
| Higher (lower) AFUDC** | (895 | ) | (895 | ) | |||||||||||||||||||||||||
| Lower (higher) interest expense | 688 | 635 | 1,323 | ||||||||||||||||||||||||||
| Lower (higher) income tax expense / effective tax rate | (529 | ) | (1,148 | ) | (1,677 | ) | |||||||||||||||||||||||
| All other / rounding | (368 | ) | 323 | (178 | ) | (715 | ) | (37 | ) | 330 | (645 | ) | |||||||||||||||||
| First quarter 2017 GAAP earnings | $ | 35,080 | $ | 19,368 | $ | 10,981 | $ | 21,175 | $ | 1,782 | $ | 522 | $ | 88,908 | |||||||||||||||
| * Amounts do not reflect intercompany eliminations | |||||||||||||||||||||||||||||
| ** AFUDC = Allowance for Funds Used During Construction | |||||||||||||||||||||||||||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE | ||||||||||||||||||||||||||||
| QUARTER ENDED DECEMBER 31, 2016 | ||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| Upstream |
Midstream |
Downstream |
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| Exploration & | Pipeline & | Energy | Corporate / | |||||||||||||||||||||||||
| Production | Storage | Gathering | Utility | Marketing | All Other | Consolidated* | ||||||||||||||||||||||
| First quarter 2016 GAAP earnings | $ | (2.80 | ) | $ | 0.25 | $ | 0.06 | $ | 0.22 | $ | 0.01 | $ | 0.03 | $ | (2.23 | ) | ||||||||||||
| Items impacting comparability: | ||||||||||||||||||||||||||||
| Impairment of oil and gas producing properties | 5.12 | 5.12 | ||||||||||||||||||||||||||
| Tax impact of impairment of oil and gas producing properties | (2.15 | ) | (2.15 | ) | ||||||||||||||||||||||||
| Joint development agreement professional fees | 0.06 | 0.06 | ||||||||||||||||||||||||||
| Tax impact of joint development agreement professional fees | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||
| First quarter 2016 operating results | 0.21 | 0.25 | 0.06 | 0.22 | 0.01 | 0.03 | 0.78 | |||||||||||||||||||||
| Drivers of operating results | ||||||||||||||||||||||||||||
| Higher (lower) crude oil prices | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||
| Higher (lower) natural gas prices | (0.06 | ) | (0.06 | ) | ||||||||||||||||||||||||
| Higher (lower) natural gas production | 0.17 | 0.17 | ||||||||||||||||||||||||||
| Higher (lower) crude oil production | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||
| Lower (higher) lease operating and transportation expenses | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | 0.11 | — | (0.01 | ) | 0.10 | |||||||||||||||||||||||
| Higher (lower) gathering and processing revenues | 0.07 | 0.07 | ||||||||||||||||||||||||||
| Lower (higher) other operating expenses | 0.02 | (0.02 | ) | — | (0.02 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||||||||
| Colder weather | 0.04 | 0.04 | ||||||||||||||||||||||||||
| Higher usage | 0.02 | 0.02 | ||||||||||||||||||||||||||
| Regulatory true-up adjustments | 0.02 | 0.02 | ||||||||||||||||||||||||||
| Higher (lower) margins | 0.01 | 0.01 | ||||||||||||||||||||||||||
| Higher (lower) AFUDC** | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||
| Lower (higher) interest expense | 0.01 | 0.01 | 0.02 | |||||||||||||||||||||||||
| Lower (higher) income tax expense / effective tax rate | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||||
| All other / rounding | 0.01 | 0.01 | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.02 | ) | |||||||||||||||||
| First quarter 2017 GAAP earnings | $ | 0.41 | $ | 0.23 | $ | 0.13 | $ | 0.25 | $ | 0.02 | $ | — | $ | 1.04 | ||||||||||||||
| * 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 | ||||||||
| December 31, | ||||||||
| (Unaudited) | ||||||||
|
SUMMARY OF OPERATIONS |
2016 | 2015 | ||||||
| Operating Revenues: | ||||||||
| Utility and Energy Marketing Revenues | $ | 207,780 | $ | 168,832 | ||||
| Exploration and Production and Other Revenues | 161,694 | 152,884 | ||||||
| Pipeline and Storage and Gathering Revenues | 53,026 | 53,479 | ||||||
| 422,500 | 375,195 | |||||||
| Operating Expenses: | ||||||||
| Purchased Gas | 70,243 | 42,068 | ||||||
| Operation and Maintenance: | ||||||||
| Utility and Energy Marketing | 50,422 | 47,549 | ||||||
| Exploration and Production and Other | 30,461 | 45,575 | ||||||
| Pipeline and Storage and Gathering | 22,660 | 19,568 | ||||||
| Property, Franchise and Other Taxes | 20,379 | 20,357 | ||||||
| Depreciation, Depletion and Amortization | 56,196 | 70,551 | ||||||
| Impairment of Oil and Gas Producing Properties | — | 435,451 | ||||||
| 250,361 | 681,119 | |||||||
| Operating Income (Loss) | 172,139 | (305,924 | ) | |||||
| Other Income (Expense): | ||||||||
| Interest Income | 1,600 | 1,799 | ||||||
| Other Income | 1,614 | 2,418 | ||||||
| Interest Expense on Long-Term Debt | (29,103 | ) | (30,372 | ) | ||||
| Other Interest Expense | (910 | ) | (1,380 | ) | ||||
| Income (Loss) Before Income Taxes | 145,340 | (333,459 | ) | |||||
| Income Tax Expense (Benefit) | 56,432 | (144,350 | ) | |||||
| Net Income (Loss) Available for Common Stock | $ | 88,908 | $ | (189,109 | ) | |||
| Earnings (Loss) Per Common Share: | ||||||||
| Basic | $ | 1.04 | $ | (2.23 | ) | |||
| Diluted | $ | 1.04 | $ | (2.23 | ) | |||
| Weighted Average Common Shares: | ||||||||
| Used in Basic Calculation | 85,189,851 | 84,651,233 | ||||||
| Used in Diluted Calculation | 85,797,989 | 84,651,233 | ||||||
| NATIONAL FUEL GAS COMPANY | ||||||
| AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (Unaudited) | ||||||
| December 31, | September 30, | |||||
| (Thousands of Dollars) | 2016 | 2016 | ||||
| ASSETS | ||||||
| Property, Plant and Equipment | $9,620,006 | $9,539,581 | ||||
| Less - Accumulated Depreciation, Depletion and Amortization | 5,133,877 | 5,085,099 | ||||
| Net Property, Plant and Equipment | 4,486,129 | 4,454,482 | ||||
| Current Assets: | ||||||
| Cash and Temporary Cash Investments | 136,493 | 129,972 | ||||
| Hedging Collateral Deposits | — | 1,484 | ||||
| Receivables - Net | 161,025 | 133,201 | ||||
| Unbilled Revenue | 59,121 | 18,382 | ||||
| Gas Stored Underground | 23,431 | 34,332 | ||||
| Materials and Supplies - at average cost | 34,170 | 33,866 | ||||
| Unrecovered Purchased Gas Costs | 3,697 | 2,440 | ||||
| Other Current Assets | 49,778 | 59,354 | ||||
| Total Current Assets | 467,715 | 413,031 | ||||
| Other Assets: | ||||||
| Recoverable Future Taxes | 179,941 | 177,261 | ||||
| Unamortized Debt Expense | 1,556 | 1,688 | ||||
| Other Regulatory Assets | 323,448 | 320,750 | ||||
| Deferred Charges | 22,215 | 20,978 | ||||
| Other Investments | 114,721 | 110,664 | ||||
| Goodwill | 5,476 | 5,476 | ||||
| Prepaid Post-Retirement Benefit Costs | 17,960 | 17,649 | ||||
| Fair Value of Derivative Financial Instruments | 42,065 | 113,804 | ||||
| Other | 491 | 604 | ||||
| Total Other Assets | 707,873 | 768,874 | ||||
| Total Assets | $5,661,717 | $5,636,387 | ||||
| CAPITALIZATION AND LIABILITIES | ||||||
| Capitalization: | ||||||
| Comprehensive Shareholders' Equity | ||||||
| Common Stock, $1 Par Value Authorized - 200,000,000 | ||||||
| Shares; Issued and Outstanding - 85,292,570 Shares | ||||||
| and 85,118,886 Shares, Respectively | $85,293 | $85,119 | ||||
| Paid in Capital | 775,868 | 771,164 | ||||
| Earnings Reinvested in the Business | 762,641 | 676,361 | ||||
| Accumulated Other Comprehensive Loss | (54,859 | ) | (5,640 | ) | ||
| Total Comprehensive Shareholders' Equity | 1,568,943 | 1,527,004 | ||||
| Long-Term Debt, Net of Unamortized Discount and Debt Issuance Costs | 2,086,817 | 2,086,252 | ||||
| Total Capitalization | 3,655,760 | 3,613,256 | ||||
| Current and Accrued Liabilities: | ||||||
| Notes Payable to Banks and Commercial Paper | — | — | ||||
| Current Portion of Long-Term Debt | — | — | ||||
| Accounts Payable | 113,136 | 108,056 | ||||
| Amounts Payable to Customers | 3,231 | 19,537 | ||||
| Dividends Payable | 34,544 | 34,473 | ||||
| Interest Payable on Long-Term Debt | 28,985 | 34,900 | ||||
| Customer Advances | 13,779 | 14,762 | ||||
| Customer Security Deposits | 16,692 | 16,019 | ||||
| Other Accruals and Current Liabilities | 88,519 | 74,430 | ||||
| Fair Value of Derivative Financial Instruments | 7,312 | 1,560 | ||||
| Total Current and Accrued Liabilities | 306,198 | 303,737 | ||||
| Deferred Credits: | ||||||
| Deferred Income Taxes | 803,166 | 823,795 | ||||
| Taxes Refundable to Customers | 93,940 | 93,318 | ||||
| Unamortized Investment Tax Credit | 340 | 383 | ||||
| Cost of Removal Regulatory Liability | 195,544 | 193,424 | ||||
| Other Regulatory Liabilities | 104,054 | 99,789 | ||||
| Pension and Other Post-Retirement Liabilities | 272,672 | 277,113 | ||||
| Asset Retirement Obligations | 113,194 | 112,330 | ||||
| Other Deferred Credits | 116,849 | 119,242 | ||||
| Total Deferred Credits | 1,699,759 | 1,719,394 | ||||
| Commitments and Contingencies | — | — | ||||
| Total Capitalization and Liabilities | $5,661,717 | $5,636,387 | ||||
| NATIONAL FUEL GAS COMPANY | ||||||||
| AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| December 31, | ||||||||
| (Thousands of Dollars) | 2016 | 2015 | ||||||
| Operating Activities: | ||||||||
| Net Income (Loss) Available for Common Stock | $ | 88,908 | $ | (189,109 | ) | |||
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Impairment of Oil and Gas Producing Properties | — | 435,451 | ||||||
| Depreciation, Depletion and Amortization | 56,196 | 70,551 | ||||||
| Deferred Income Taxes | 44,852 | (140,013 | ) | |||||
| Excess Tax Benefits Associated with Stock-Based Compensation Awards | — | (226 | ) | |||||
| Stock-Based Compensation | 2,482 | 960 | ||||||
| Other | 3,607 | 3,418 | ||||||
| Change in: | ||||||||
| Hedging Collateral Deposits | 1,484 | 1,573 | ||||||
| Receivables and Unbilled Revenue | (67,395 | ) | (31,150 | ) | ||||
| Gas Stored Underground and Materials and Supplies | 10,597 | 3,466 | ||||||
| Unrecovered Purchased Gas Costs | (1,257 | ) | — | |||||
| Other Current Assets | 9,576 | (5,254 | ) | |||||
| Accounts Payable | 18,805 | (20,784 | ) | |||||
| Amounts Payable to Customers | (16,306 | ) | (11,702 | ) | ||||
| Customer Advances | (983 | ) | 7,189 | |||||
| Customer Security Deposits | 673 | 267 | ||||||
| Other Accruals and Current Liabilities | 5,919 | (14,353 | ) | |||||
| Other Assets | (8,389 | ) | 885 | |||||
| Other Liabilities | (4,122 | ) | 2,904 | |||||
| Net Cash Provided by Operating Activities | $ | 144,647 | $ | 114,073 | ||||
| Investing Activities: | ||||||||
| Capital Expenditures | $ | (106,053 | ) | $ | (186,437 | ) | ||
| Net Proceeds from Sale of Oil and Gas Producing Properties | 5,759 | 10,574 | ||||||
| Other | (4,297 | ) | (15,756 | ) | ||||
| Net Cash Used in Investing Activities | $ | (104,591 | ) | $ | (191,619 | ) | ||
| Financing Activities: | ||||||||
| Changes in Notes Payable to Banks and Commercial Paper | $ | — | $ | 31,400 | ||||
| Excess Tax Benefits Associated with Stock-Based Compensation Awards | — | 226 | ||||||
| Dividends Paid on Common Stock | (34,473 | ) | (33,415 | ) | ||||
| Net Proceeds From Issuance of Common Stock | 938 | 2,068 | ||||||
| Net Cash (Used in) Provided by Financing Activities | $ | (33,535 | ) | $ | 279 | |||
| Net Increase (Decrease) in Cash and Temporary Cash Investments | 6,521 | (77,267 | ) | |||||
| Cash and Temporary Cash Investments at Beginning of Period | 129,972 | 113,596 | ||||||
| Cash and Temporary Cash Investments at December 31 | $ | 136,493 | $ | 36,329 | ||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||
| AND SUBSIDIARIES | ||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| UPSTREAM BUSINESS | ||||||||||||
| Three Months Ended | ||||||||||||
| (Thousands of Dollars, except per share amounts) | December 31, | |||||||||||
|
EXPLORATION AND PRODUCTION SEGMENT |
2016 | 2015 | Variance | |||||||||
| Total Operating Revenues | $ | 160,932 | $ | 151,965 | $ | 8,967 | ||||||
| Operating Expenses: | ||||||||||||
| Operation and Maintenance: | ||||||||||||
| General and Administrative Expense | 12,974 | 19,955 | (6,981 | ) | ||||||||
| Lease Operating and Transportation Expense | 39,708 | 39,022 | 686 | |||||||||
| All Other Operation and Maintenance Expense | 2,552 | 3,145 | (593 | ) | ||||||||
| Property, Franchise and Other Taxes | 3,222 | 3,385 | (163 | ) | ||||||||
| Depreciation, Depletion and Amortization | 29,053 | 44,033 | (14,980 | ) | ||||||||
| Impairment of Oil and Gas Producing Properties | — | 435,451 | (435,451 | ) | ||||||||
| 87,509 | 544,991 | (457,482 | ) | |||||||||
| Operating Income (Loss) | 73,423 | (393,026) | 466,449 | |||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 86 | 667 | (581 | ) | ||||||||
| Interest Expense | (13,523 | ) | (14,582 | ) | 1,059 | |||||||
| Income (Loss) Before Income Taxes | 59,986 | (406,941 | ) | 466,927 | ||||||||
| Income Tax Expense (Benefit) | 24,906 | (169,855 | ) | 194,761 | ||||||||
| Net Income (Loss) | $ | 35,080 | $ | (237,086 | ) | $ | 272,166 | |||||
| Net Income (Loss) Per Share (Diluted) | $ | 0.41 | $ | (2.80 | ) | $ | 3.21 | |||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||
| AND SUBSIDIARIES | ||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| MIDSTREAM BUSINESSES | ||||||||||||
| Three Months Ended | ||||||||||||
| (Thousands of Dollars, except per share amounts) | December 31, | |||||||||||
|
PIPELINE AND STORAGE SEGMENT |
2016 | 2015 | Variance | |||||||||
| Revenues from External Customers | $ | 53,000 | $ | 53,354 | $ | (354 | ) | |||||
| Intersegment Revenues | 22,155 | 22,183 | (28 | ) | ||||||||
| Total Operating Revenues | 75,155 | 75,537 | (382 | ) | ||||||||
| Operating Expenses: | ||||||||||||
| Purchased Gas | 222 | 458 | (236 | ) | ||||||||
| Operation and Maintenance | 20,242 | 17,593 | 2,649 | |||||||||
| Property, Franchise and Other Taxes | 6,677 | 6,745 | (68 | ) | ||||||||
| Depreciation, Depletion and Amortization | 9,662 | 10,256 | (594 | ) | ||||||||
| 36,803 | 35,052 | 1,751 | ||||||||||
| Operating Income | 38,352 | 40,485 | (2,133 | ) | ||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 273 | 111 | 162 | |||||||||
| Other Income | 686 | 1,582 | (896 | ) | ||||||||
| Interest Expense | (8,347 | ) | (8,038 | ) | (309 | ) | ||||||
| Income Before Income Taxes | 30,964 | 34,140 | (3,176 | ) | ||||||||
| Income Tax Expense | 11,596 | 12,864 | (1,268 | ) | ||||||||
| Net Income | $ | 19,368 | $ | 21,276 | $ | (1,908 | ) | |||||
| Net Income Per Share (Diluted) | $ | 0.23 | $ | 0.25 | $ | (0.02 | ) | |||||
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
|
GATHERING SEGMENT |
2016 | 2015 | Variance | |||||||||
| Revenues from External Customers | $ | 26 | $ | 125 | $ | (99 | ) | |||||
| Intersegment Revenues | 27,840 | 18,640 | 9,200 | |||||||||
| Total Operating Revenues | 27,866 | 18,765 | 9,101 | |||||||||
| Operating Expenses: | ||||||||||||
| Operation and Maintenance | 2,754 | 2,273 | 481 | |||||||||
| Property, Franchise and Other Taxes | 11 | 34 | (23 | ) | ||||||||
| Depreciation, Depletion and Amortization | 3,880 | 4,210 | (330 | ) | ||||||||
| 6,645 | 6,517 | 128 | ||||||||||
| Operating Income | 21,221 | 12,248 | 8,973 | |||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 146 | 34 | 112 | |||||||||
| Other Income | 1 | 1 | — | |||||||||
| Interest Expense | (2,093 | ) | (3,070 | ) | 977 | |||||||
| Income Before Income Taxes | 19,275 | 9,213 | 10,062 | |||||||||
| Income Tax Expense | 8,294 | 4,292 | 4,002 | |||||||||
| Net Income | $ | 10,981 | $ | 4,921 | $ | 6,060 | ||||||
| Net Income Per Share (Diluted) | $ | 0.13 | $ | 0.06 | $ | 0.07 | ||||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||
| AND SUBSIDIARIES | ||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| DOWNSTREAM BUSINESSES | ||||||||||||
| Three Months Ended | ||||||||||||
| (Thousands of Dollars, except per share amounts) | December 31, | |||||||||||
|
UTILITY SEGMENT |
2016 | 2015 | Variance | |||||||||
| Revenues from External Customers | $ | 170,971 | $ | 143,848 | $ | 27,123 | ||||||
| Intersegment Revenues | 1,826 | 3,664 | (1,838 | ) | ||||||||
| Total Operating Revenues | 172,797 | 147,512 | 25,285 | |||||||||
| Operating Expenses: | ||||||||||||
| Purchased Gas | 60,732 | 45,068 | 15,664 | |||||||||
| Operation and Maintenance | 49,529 | 46,599 | 2,930 | |||||||||
| Property, Franchise and Other Taxes | 10,205 | 9,927 | 278 | |||||||||
| Depreciation, Depletion and Amortization | 13,102 | 11,618 | 1,484 | |||||||||
| 133,568 | 113,212 | 20,356 | ||||||||||
| Operating Income | 39,229 | 34,300 | 4,929 | |||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 134 | 85 | 49 | |||||||||
| Other Income | 92 | 697 | (605 | ) | ||||||||
| Interest Expense | (7,198 | ) | (7,334 | ) | 136 | |||||||
| Income Before Income Taxes | 32,257 | 27,748 | 4,509 | |||||||||
| Income Tax Expense | 11,082 | 9,142 | 1,940 | |||||||||
| Net Income | $ | 21,175 | $ | 18,606 | $ | 2,569 | ||||||
| Net Income Per Share (Diluted) | $ | 0.25 | $ | 0.22 | $ | 0.03 | ||||||
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
|
ENERGY MARKETING SEGMENT |
2016 | 2015 | Variance | |||||||||
| Revenues from External Customers | $ | 36,809 | $ | 24,984 | $ | 11,825 | ||||||
| Intersegment Revenues | 19 | 311 | (292 | ) | ||||||||
| Total Operating Revenues | 36,828 | 25,295 | 11,533 | |||||||||
| Operating Expenses: | ||||||||||||
| Purchased Gas | 32,339 | 21,723 | 10,616 | |||||||||
| Operation and Maintenance | 1,643 | 1,723 | (80 | ) | ||||||||
| Property, Franchise and Other Taxes | — | 3 | (3 | ) | ||||||||
| Depreciation, Depletion and Amortization | 70 | 70 | — | |||||||||
| 34,052 | 23,519 | 10,533 | ||||||||||
| Operating Income | 2,776 | 1,776 | 1,000 | |||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 134 | 50 | 84 | |||||||||
| Other Income | 3 | 10 | (7 | ) | ||||||||
| Interest Expense | (13 | ) | (19 | ) | 6 | |||||||
| Income Before Income Taxes | 2,900 | 1,817 | 1,083 | |||||||||
| Income Tax Expense | 1,118 | 594 | 524 | |||||||||
| Net Income | $ | 1,782 | $ | 1,223 | $ | 559 | ||||||
| Net Income Per Share (Diluted) | $ | 0.02 | $ | 0.01 | $ | 0.01 | ||||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||
| AND SUBSIDIARIES | ||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| Three Months Ended | ||||||||||||
| (Thousands of Dollars, except per share amounts) | December 31, | |||||||||||
|
ALL OTHER |
2016 | 2015 | Variance | |||||||||
| Total Operating Revenues | $ | 554 | $ | 706 | $ | (152 | ) | |||||
| Operating Expenses: | ||||||||||||
| Operation and Maintenance | 516 | 75 | 441 | |||||||||
| Property, Franchise and Other Taxes | 143 | 143 | — | |||||||||
| Depreciation, Depletion and Amortization | 241 | 182 | 59 | |||||||||
| 900 | 400 | 500 | ||||||||||
| Operating Income (Loss) | (346 | ) | 306 | (652 | ) | |||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 39 | 19 | 20 | |||||||||
| Income (Loss) Before Income Taxes | (307 | ) | 325 | (632 | ) | |||||||
| Income Tax Expense (Benefit) | (128 | ) | 136 | (264 | ) | |||||||
| Net Income (Loss) | $ | (179 | ) | $ | 189 | $ | (368 | ) | ||||
| Net Income (Loss) Per Share (Diluted) | $ | — | $ | — | $ | — | ||||||
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
|
CORPORATE |
2016 | 2015 | Variance | |||||||||
| Revenues from External Customers | $ | 208 | $ | 213 | $ | (5 | ) | |||||
| Intersegment Revenues | 976 | 967 | 9 | |||||||||
| Total Operating Revenues | 1,184 | 1,180 | 4 | |||||||||
| Operating Expenses: | ||||||||||||
| Operation and Maintenance | 3,391 | 2,891 | 500 | |||||||||
| Property, Franchise and Other Taxes | 121 | 120 | 1 | |||||||||
| Depreciation, Depletion and Amortization | 188 | 182 | 6 | |||||||||
| 3,700 | 3,193 | 507 | ||||||||||
| Operating Loss | (2,516 | ) | (2,013 | ) | (503 | ) | ||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | 31,805 | 31,743 | 62 | |||||||||
| Other Income | 832 | 128 | 704 | |||||||||
| Interest Expense on Long-Term Debt | (29,103 | ) | (30,372 | ) | 1,269 | |||||||
| Other Interest Expense | (753 | ) | 753 | (1,506 | ) | |||||||
| Income (Loss) Before Income Taxes | 265 | 239 | 26 | |||||||||
| Income Tax Expense (Benefit) | (436 | ) | (1,523 | ) | 1,087 | |||||||
| Net Income | $ | 701 | $ | 1,762 | $ | (1,061 | ) | |||||
| Net Income Per Share (Diluted) | $ | — | $ | 0.03 | $ | (0.03 | ) | |||||
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
|
INTERSEGMENT ELIMINATIONS |
2016 | 2015 | Variance | |||||||||
| Intersegment Revenues | $ | (52,816 | ) | $ | (45,765 | ) | $ | (7,051 | ) | |||
| Operating Expenses: | ||||||||||||
| Purchased Gas | (23,050 | ) | (25,181 | ) | 2,131 | |||||||
| Operation and Maintenance | (29,766 | ) | (20,584 | ) | (9,182 | ) | ||||||
| (52,816 | ) | (45,765 | ) | (7,051 | ) | |||||||
| Operating Income | — | — | — | |||||||||
| Other Income (Expense): | ||||||||||||
| Interest Income | (31,017 | ) | (30,910 | ) | (107 | ) | ||||||
| Interest Expense | 31,017 | 30,910 | 107 | |||||||||
| Net Income | $ | — | $ | — | $ | — | ||||||
| Net Income Per Share (Diluted) | $ | — | $ | — | $ | — | ||||||
| NATIONAL FUEL GAS COMPANY | ||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||
| SEGMENT INFORMATION (Continued) | ||||||||||||||||
| (Thousands of Dollars) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| December 31, | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Increase | ||||||||||||||||
| 2016 | 2015 | (Decrease) | ||||||||||||||
|
Capital Expenditures: |
||||||||||||||||
| Exploration and Production | $ | 40,689 |
(1)(2) |
$ | 88,125 | (3)(4) | $ | (47,436 | ) | |||||||
| Pipeline and Storage | 25,392 | (1)(2) | 31,621 | (3)(4) | (6,229 | ) | ||||||||||
| Gathering | 11,344 | (1)(2) | 21,744 | (3)(4) | (10,400 | ) | ||||||||||
| Utility | 17,052 | (1)(2) | 19,917 | (3)(4) | (2,865 | ) | ||||||||||
| Energy Marketing | 7 | 7 | — | |||||||||||||
| Total Reportable Segments | 94,484 | 161,414 | (66,930 | ) | ||||||||||||
| All Other | 39 | — | 39 | |||||||||||||
| Corporate | 60 | 48 | 12 | |||||||||||||
| Total Capital Expenditures | $ | 94,583 | $ | 161,462 | $ | (66,879 | ) | |||||||||
| (1) |
Capital expenditures for the three months ended December 31, 2016, include accounts payable and accrued liabilities related to capital expenditures of $25.3 million, $8.7 million, $7.9 million, and $7.1 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 December 31, 2016, since they represent non-cash investing activities at that date. |
|
| (2) |
Capital expenditures for the three months ended December 31, 2016, exclude capital expenditures of $25.2 million, $18.7 million, $5.3 million and $11.2 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2016 and paid during the three months ended December 31, 2016. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2016, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2016. |
|
| (3) |
Capital expenditures for the three months ended December 31, 2015, include accounts payable and accrued liabilities related to capital expenditures of $43.7 million, $19.0 million, $18.8 million, and $12.5 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 December 31, 2015, since they represent non-cash investing activities at that date. |
|
| (4) |
Capital expenditures for the three months ended December 31, 2015, exclude capital expenditures of $46.2 million, $33.9 million, $22.4 million and $16.5 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2015 and paid during the three months ended December 31, 2015. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2015, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2015. |
|
DEGREE DAYS |
||||||||||
| Percent Colder | ||||||||||
| (Warmer) Than: | ||||||||||
|
Three Months Ended December 31 |
Normal | 2016 | 2015 | Normal (1) | Last Year (1) | |||||
| Buffalo, NY | 2,253 | 1,966 | 1,677 | (12.7) | 17.2 | |||||
| Erie, PA | 2,044 | 1,750 | 1,484 | (14.4) | 17.9 | |||||
| (1) | Percents compare actual 2016 degree days to normal degree days and actual 2016 degree days to actual 2015 degree days. |
| NATIONAL FUEL GAS COMPANY | ||||||||||||
| AND SUBSIDIARIES | ||||||||||||
| EXPLORATION AND PRODUCTION INFORMATION | ||||||||||||
| Three Months Ended | ||||||||||||
| December 31, | ||||||||||||
| Increase | ||||||||||||
| 2016 | 2015 | (Decrease) | ||||||||||
|
Gas Production/Prices: |
||||||||||||
| Production (MMcf) | ||||||||||||
| Appalachia | 39,807 | 32,788 | 7,019 | |||||||||
| West Coast | 776 | 783 | (7 | ) | ||||||||
| Total Production | 40,583 | 33,571 | 7,012 | |||||||||
| Average Prices (Per Mcf) | ||||||||||||
| Appalachia | $ | 2.35 | $ | 1.98 | $ | 0.37 | ||||||
| West Coast | 4.24 | 3.65 | 0.59 | |||||||||
| Weighted Average | 2.39 | 2.02 | 0.37 | |||||||||
| Weighted Average after Hedging | 2.97 | 3.16 | (0.19 | ) | ||||||||
|
Oil Production/Prices: |
||||||||||||
| Production (Thousands of Barrels) | ||||||||||||
| Appalachia | — | 6 | (6 | ) | ||||||||
| West Coast | 721 | 742 | (21 | ) | ||||||||
| Total Production | 721 | 748 | (27 | ) | ||||||||
| Average Prices (Per Barrel) | ||||||||||||
| Appalachia | N/M | $ | 39.78 | N/M | ||||||||
| West Coast | $ | 43.69 | 36.05 | $ | 7.64 | |||||||
| Weighted Average | 43.82 | 36.08 | 7.74 | |||||||||
| Weighted Average after Hedging | 54.71 | 59.76 | (5.05 | ) | ||||||||
| Total Production (Mmcfe) | 44,909 | 38,059 | 6,850 | |||||||||
|
Selected Operating Performance Statistics: |
||||||||||||
| General & Administrative Expense per Mcfe (1) | $ | 0.29 | $ | 0.52 | $ | (0.23 | ) | |||||
| Lease Operating and Transportation Expense per Mcfe (1)(2) | $ | 0.88 | $ | 1.03 | $ | (0.15 | ) | |||||
| Depreciation, Depletion & Amortization per Mcfe (1) | $ | 0.65 | $ | 1.16 | $ | (0.51 | ) | |||||
| N/M - Not Meaningful | ||
|
(1) |
Refer to page 12 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment. |
|
| (2) | Amounts include transportation expense of $0.53 and $0.51 per Mcfe for the three months ended December 31, 2016 and December 31, 2015, respectively. | |
| NATIONAL FUEL GAS COMPANY | |||||||||
| AND SUBSIDIARIES | |||||||||
|
EXPLORATION AND PRODUCTION INFORMATION |
|||||||||
| Hedging Summary for the Remaining Nine Months of Fiscal 2017 | |||||||||
|
Volume |
Average Hedge Price |
||||||||
| Oil Swaps | |||||||||
| Brent | 72,000 | BBL | $ | 91.00 / BBL | |||||
| NYMEX | 1,163,000 | BBL | $ | 58.40 / BBL | |||||
| Total | 1,235,000 | BBL | $ | 60.30 / BBL | |||||
| Gas Swaps | |||||||||
| NYMEX | 27,780,000 | MMBTU | $ | 4.32 / MMBTU | |||||
| Dominion Transmission Appalachian (DOM) | 3,630,000 | MMBTU | $ | 3.85 / MMBTU | |||||
| Dawn Ontario (DAWN) | 12,990,000 | MMBTU | $ | 3.63 / MMBTU | |||||
| Fixed Price Physical Sales | 45,029,281 | MMBTU | $ | 2.60 / MMBTU | |||||
| Total | 89,429,281 | MMBTU | $ | 3.33 / MMBTU | |||||
| Hedging Summary for Fiscal 2018 | |||||||||
|
Volume |
Average Hedge Price |
||||||||
| Oil Swaps | |||||||||
| Brent | 24,000 | BBL | $ | 91.00 / BBL | |||||
| NYMEX | 1,119,000 | BBL | $ | 55.38 / BBL | |||||
| Total | 1,143,000 | BBL | $ | 56.13 / BBL | |||||
| Gas Swaps | |||||||||
| NYMEX | 42,570,000 | MMBTU | $ | 3.34 / MMBTU | |||||
| DOM | 180,000 | MMBTU | $ | 3.82 / MMBTU | |||||
| DAWN | 8,400,000 | MMBTU | $ | 3.08 / MMBTU | |||||
| Fixed Price Physical Sales | 32,927,835 | MMBTU | $ | 2.43 / MMBTU | |||||
| Total | 84,077,835 | MMBTU | $ | 2.96 / MMBTU | |||||
| Hedging Summary for Fiscal 2019 | |||||||||
|
Volume |
Average Hedge Price |
||||||||
| Oil Swaps | |||||||||
| NYMEX | 756,000 | BBL | $ | 54.60 / BBL | |||||
| Total | 756,000 | BBL | $ | 54.60 / BBL | |||||
| Gas Swaps | |||||||||
| NYMEX | 27,060,000 | MMBTU | $ | 3.17 / MMBTU | |||||
| DAWN | 7,200,000 | MMBTU | $ | 3.00 / MMBTU | |||||
| Fixed Price Physical Sales | 11,947,289 | MMBTU | $ | 3.09 / MMBTU | |||||
| Total | 46,207,289 | MMBTU | $ | 3.13 / MMBTU | |||||
| Hedging Summary for Fiscal 2020 | |||||||||
|
Volume |
Average Hedge Price |
||||||||
| Gas Swaps | |||||||||
| NYMEX | 16,880,000 | MMBTU | $ | 3.07 / MMBTU | |||||
| DAWN | 7,200,000 | MMBTU | $ | 3.00 / MMBTU | |||||
| Fixed Price Physical Sales | 3,566,558 | MMBTU | $ | 3.24 / MMBTU | |||||
| Total | 27,646,558 | MMBTU | $ | 3.07 / MMBTU | |||||
| Hedging Summary for Fiscal 2021 | |||||||||
|
Volume |
Average Hedge Price |
||||||||
| Gas Swaps | |||||||||
| NYMEX | 4,840,000 | MMBTU | $ | 3.01 / MMBTU | |||||
| DAWN | 600,000 | MMBTU | $ | 3.00 / MMBTU | |||||
| Total | 5,440,000 | MMBTU | $ | 3.01 / MMBTU | |||||
| NATIONAL FUEL GAS COMPANY | ||||||
| AND SUBSIDIARIES | ||||||
| EXPLORATION AND PRODUCTION INFORMATION | ||||||
|
Gross Wells in Process of Drilling |
||||||
|
Three Months Ended December 31, 2016 |
||||||
| Total | ||||||
|
East |
West |
Company |
||||
| Wells in Process - Beginning of Period | ||||||
| Exploratory | 6.000 | 0.000 | 6.000 | |||
| Developmental | 87.000 | 0.000 | 87.000 | |||
| Wells Commenced | ||||||
| Exploratory | 4.000 | 0.000 | 4.000 | |||
| Developmental | 12.000 | 7.000 | 19.000 | |||
| Wells Completed | ||||||
| Exploratory | 1.000 | 0.000 | 1.000 | |||
| Developmental | 12.000 | 6.000 | 18.000 | |||
| Wells Plugged & Abandoned | ||||||
| Exploratory | 0.000 | 0.000 | 0.000 | |||
| Developmental | 0.000 | 0.000 | 0.000 | |||
| Wells in Process - End of Period | ||||||
| Exploratory | 9.000 | 0.000 | 9.000 | |||
| Developmental | 87.000 | 1.000 | 88.000 | |||
|
Net Wells in Process of Drilling |
||||||
|
Three Months Ended December 31, 2016 |
||||||
| Total | ||||||
|
East |
West |
Company |
||||
| Wells in Process - Beginning of Period | ||||||
| Exploratory | 6.000 | 0.000 | 6.000 | |||
| Developmental | 62.900 | 0.000 | 62.900 | |||
| Wells Commenced | ||||||
| Exploratory | 4.000 | 0.000 | 4.000 | |||
| Developmental | 12.000 | 7.000 | 19.000 | |||
| Wells Completed | ||||||
| Exploratory | 1.000 | 0.000 | 1.000 | |||
| Developmental | 2.400 | 6.000 | 8.400 | |||
| Wells Plugged & Abandoned | ||||||
| Exploratory | 0.000 | 0.000 | 0.000 | |||
| Developmental | 0.000 | 0.000 | 0.000 | |||
| Well Interest Sold (1) | ||||||
| Exploratory | 0.000 | 0.000 | 0.000 | |||
| Developmental | 4.000 | 0.000 | 4.000 | |||
| Wells in Process - End of Period | ||||||
| Exploratory | 9.000 | 0.000 | 9.000 | |||
| Developmental | 68.500 | (1) | 1.000 | 69.500 | ||
| (1) | Seneca's East Division sold an 80% working interest in 5 of the existing developmental wells in process to IOG during the three months ended December 31, 2016. |
| NATIONAL FUEL GAS COMPANY | |||||||||
| AND SUBSIDIARIES | |||||||||
| Pipeline & Storage Throughput - (millions of cubic feet - MMcf) | |||||||||
| Three Months Ended | |||||||||
| December 31, | |||||||||
| Increase | |||||||||
| 2016 | 2015 | (Decrease) | |||||||
| Firm Transportation - Affiliated | 31,607 | 24,709 | 6,898 | ||||||
| Firm Transportation - Non-Affiliated | 159,174 | 151,123 | 8,051 | ||||||
| Interruptible Transportation | 3,046 | 5,631 | (2,585 | ) | |||||
| 193,827 | 181,463 | 12,364 | |||||||
| Gathering Volume - (MMcf) | |||||||||
| Three Months Ended | |||||||||
| December 31, | |||||||||
| Increase | |||||||||
| 2016 | 2015 | (Decrease) | |||||||
| Gathered Volume - Affiliated | 50,569 | 33,800 | 16,769 | ||||||
| Utility Throughput - (MMcf) | |||||||||
| Three Months Ended | |||||||||
| December 31, | |||||||||
| Increase | |||||||||
| 2016 | 2015 | (Decrease) | |||||||
| Retail Sales: | |||||||||
| Residential Sales | 15,764 | 13,133 | 2,631 | ||||||
| Commercial Sales | 2,299 | 1,827 | 472 | ||||||
| Industrial Sales | 77 | 66 | 11 | ||||||
| 18,140 | 15,026 | 3,114 | |||||||
| Off-System Sales | 173 | — | 173 | ||||||
| Transportation | 19,565 | 17,615 | 1,950 | ||||||
| 37,878 | 32,641 | 5,237 | |||||||
| Energy Marketing Volume | |||||||||
| Three Months Ended | |||||||||
| December 31, | |||||||||
| Increase | |||||||||
| 2016 | 2015 | (Decrease) | |||||||
| Natural Gas (MMcf) | 11,127 | 10,098 | 1,029 | ||||||
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding Operating Results and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results and for comparing the Company's financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.
Management defines Operating Results as reported GAAP earnings before items impacting comparability. The table at page 1 of this report reconciles National Fuel's reported GAAP earnings to Operating Results for the three months ended December 31, 2016 and 2015.
Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation, depletion and amortization, interest and other income, impairments, items impacting comparability and income taxes.
The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three months ended December 31, 2016 and 2015:
| Three Months Ended | ||||||||
| December 31, | ||||||||
| 2016 | 2015 | |||||||
| (in thousands) | ||||||||
| Reported GAAP Earnings | $ | 88,908 | $ | (189,109 | ) | |||
| Depreciation, Depletion and Amortization | 56,196 | 70,551 | ||||||
| Interest and Other Income | (3,214 | ) | (4,217 | ) | ||||
| Interest Expense | 30,013 | 31,752 | ||||||
| Income Taxes | 56,432 | (144,350 | ) | |||||
|
Impairment of Oil and Gas Producing
Properties |
— | 435,451 | ||||||
|
Joint Development Agreement Professional
Fees |
— | 4,682 | ||||||
| Adjusted EBITDA | $ | 228,335 | $ | 204,760 | ||||
| Adjusted EBITDA by Segment | ||||||||
| Pipeline and Storage Adjusted EBITDA | $ | 48,014 | $ | 50,741 | ||||
| Gathering Adjusted EBITDA | 25,101 | 16,458 | ||||||
| Total Midstream Businesses Adjusted EBITDA | 73,115 | 67,199 | ||||||
| Exploration and Production Adjusted EBITDA | 102,476 | 91,140 | ||||||
| Utility Adjusted EBITDA | 52,331 | 45,918 | ||||||
| Energy Marketing Adjusted EBITDA | 2,846 | 1,846 | ||||||
| Corporate and All Other Adjusted EBITDA | (2,433 | ) | (1,343 | ) | ||||
| Total Adjusted EBITDA | $ | 228,335 | $ | 204,760 | ||||
|
NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA |
||||||||
| Three Months Ended | ||||||||
| December 31, | ||||||||
| (in thousands) | 2016 | 2015 | ||||||
|
Exploration and Production Segment |
||||||||
| Reported GAAP Earnings | $ | 35,080 | $ | (237,086 | ) | |||
| Depreciation, Depletion and Amortization | 29,053 | 44,033 | ||||||
| Interest and Other Income | (86 | ) | (667 | ) | ||||
| Interest Expense | 13,523 | 14,582 | ||||||
| Income Taxes | 24,906 | (169,855 | ) | |||||
| Impairment of Oil and Gas Producing Properties | — | 435,451 | ||||||
| Joint Development Agreement Professional Fees | — | 4,682 | ||||||
| Adjusted EBITDA | $ | 102,476 | $ | 91,140 | ||||
|
Pipeline and Storage Segment |
||||||||
| Reported GAAP Earnings | $ | 19,368 | $ | 21,276 | ||||
| Depreciation, Depletion and Amortization | 9,662 | 10,256 | ||||||
| Interest and Other Income | (959 | ) | (1,693 | ) | ||||
| Interest Expense | 8,347 | 8,038 | ||||||
| Income Taxes | 11,596 | 12,864 | ||||||
| Adjusted EBITDA | $ | 48,014 | $ | 50,741 | ||||
|
Gathering Segment |
||||||||
| Reported GAAP Earnings | $ | 10,981 | $ | 4,921 | ||||
| Depreciation, Depletion and Amortization | 3,880 | 4,210 | ||||||
| Interest and Other Income | (147 | ) | (35 | ) | ||||
| Interest Expense | 2,093 | 3,070 | ||||||
| Income Taxes | 8,294 | 4,292 | ||||||
| Adjusted EBITDA | $ | 25,101 | $ | 16,458 | ||||
|
Utility Segment |
||||||||
| Reported GAAP Earnings | $ | 21,175 | $ | 18,606 | ||||
| Depreciation, Depletion and Amortization | 13,102 | 11,618 | ||||||
| Interest and Other Income | (226 | ) | (782 | ) | ||||
| Interest Expense | 7,198 | 7,334 | ||||||
| Income Taxes | 11,082 | 9,142 | ||||||
| Adjusted EBITDA | $ | 52,331 | $ | 45,918 | ||||
|
Energy Marketing Segment |
||||||||
| Reported GAAP Earnings | $ | 1,782 | $ | 1,223 | ||||
| Depreciation, Depletion and Amortization | 70 | 70 | ||||||
| Interest and Other Income | (137 | ) | (60 | ) | ||||
| Interest Expense | 13 | 19 | ||||||
| Income Taxes | 1,118 | 594 | ||||||
| Adjusted EBITDA | $ | 2,846 | $ | 1,846 | ||||
|
Corporate and All Other |
||||||||
| Reported GAAP Earnings | $ | 522 | $ | 1,951 | ||||
| Depreciation, Depletion and Amortization | 429 | 364 | ||||||
| Interest and Other Income | (1,659 | ) | (980 | ) | ||||
| Interest Expense | (1,161 | ) | (1,291 | ) | ||||
| Income Taxes | (564 | ) | (1,387 | ) | ||||
| Adjusted EBITDA | $ | (2,433 | ) | $ | (1,343 | ) | ||
| NATIONAL FUEL GAS COMPANY | ||||||||
| AND SUBSIDIARIES | ||||||||
|
Quarter Ended December 31 (unaudited) |
2016 | 2015 | ||||||
| Operating Revenues | $ | 422,500,000 | $ | 375,195,000 | ||||
| Net Income (Loss) Available for Common Stock | $ | 88,908,000 | $ | (189,109,000 | ) | |||
| Earnings (Loss) Per Common Share: | ||||||||
| Basic | $ | 1.04 | $ | (2.23 | ) | |||
| Diluted | $ | 1.04 | $ | (2.23 | ) | |||
| Weighted Average Common Shares: | ||||||||
| Used in Basic Calculation | 85,189,851 | 84,651,233 | ||||||
| Used in Diluted Calculation | 85,797,989 | 84,651,233 | ||||||
|
Twelve Months Ended December 31 (unaudited) |
||||||||
| Operating Revenues | $ | 1,499,721,000 | $ | 1,612,199,000 | ||||
| Net Income (Loss) Available for Common Stock | $ | (12,941,000 | ) | $ | (653,276,000 | ) | ||
| Earnings (Loss) Per Common Share: | ||||||||
| Basic | $ | (0.15 | ) | $ | (7.73 | ) | ||
| Diluted | $ | (0.15 | ) | $ | (7.73 | ) | ||
| Weighted Average Common Shares: | ||||||||
| Used in Basic Calculation | 84,983,380 | 84,499,299 | ||||||
| Used in Diluted Calculation | 84,983,380 | 84,499,299 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170202006285/en/
National Fuel Gas Company
Analyst:
Brian M.
Welsch, 716-857-7875
or
Media:
Karen
L. Merkel, 716-857-7654
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