NATIONAL FUEL REPORTS 2013 EARNINGS

 

WILLIAMSVILLE, N.Y.:  National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the fourth quarter and fiscal year ended September 30, 2013, of $47.8 million, or $0.57 per share, and $260.0 million, or $3.08 per share, respectively.  Consolidated earnings before items impacting comparability (“Operating Results”) for the fourth quarter and fiscal year ended September 30, 2013, were $52.5 million, or $0.63 per share, and $264.9 million, or $3.14 per share, respectively.

 

HIGHLIGHTS

 

l    Operating Results for the fourth quarter of fiscal 2013 of $52.5 million, or $0.63 per share, increased $16.5 million, or $0.20 per share, from the prior year’s fourth quarter due to higher Operating Results in the Upstream and Midstream businesses.

 

l    Operating Results for the fiscal year of $264.9 million, or $3.14 per share, increased $53.6 million, or $0.61 per share, compared to the prior fiscal year due to higher Operating Results across all businesses.

 

l    Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) for fiscal 2013 were $852.1 million compared to $704.1 million for the prior year, an increase of 21%.

 

l    In the Pipeline and Storage segment, Operating Results for the fiscal year of $63.2 million, or $0.75 per share, increased 32% compared to the prior year.  The increase is largely driven by higher revenues from contracts with non-affiliated shippers to transport gas through the Northern Access and Line N 2012 Expansion pipeline projects that were placed in service in the first quarter.

 

l    Seneca Resources Corporation’s (“Seneca”) fourth quarter production of natural gas and crude oil was 33.2 billion cubic feet equivalent (“Bcfe”), an increase of 8.7 Bcfe or approximately 35%.  Total production for fiscal 2013 increased 45% to 120.7 Bcfe, an increase of 37.3 Bcfe.

 

l    Seneca’s total reserves at September 30, 2013, were 1,549 Bcfe, an increase of 303 Bcfe or 24%.  Seneca replaced 351% of fiscal 2013 production.

 

l    A conference call is scheduled for Friday, November 8, 2013, at 11 a.m. Eastern Time.

 

 

 

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MANAGEMENT COMMENTS

 

Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated:  “The fourth quarter topped off another great fiscal year for National Fuel.  While operations in all of our business units improved, Seneca’s exploration and production results were particularly impressive.  Seneca had a 57 percent increase in natural gas production over the prior year, and increased its total proved reserves by 24 percent.  At the same time, we saw terrific success from our delineation efforts in our legacy Marcellus acreage within the Western Development Area in Pennsylvania.  Our team has done a remarkable job evaluating and understanding this acreage, and as a result, we believe we have the opportunity to drill as many as 2,000 future well locations across this acreage.

 

“Additionally, on the heels of our recent expansion projects, Operating Results in our midstream pipeline businesses reached over $76 million in fiscal 2013, an increase of 40 percent over the prior year.  With the ongoing development of the Marcellus Shale, the need for additional infrastructure in the Northeast is significant, and we expect to play a major role in supporting the growth in production volume for both Seneca and other producers.

 

“The long-term opportunity set for National Fuel continues to improve, and our team is working to turn those opportunities into sustained growth for the foreseeable future.”

 

 

CHANGE IN REPORTING STRUCTURE

 

National Fuel has added “Gathering” as a fifth reporting segment as of September 30, 2013.  The new 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 critical gathering infrastructure for transporting Seneca’s Marcellus Shale production to the interstate pipeline system.

 

The financial results for National Fuel Gas Midstream Corporation were previously included in the All Other category.  Midstream is now reported as a separate segment as a result of strong growth in Marcellus Shale production within the Appalachian region, projected growth in gathering and processing facilities and the increased significance of Midstream’s operations to the Company.

 

 

 

 

 

 

 

 

 

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For financial presentation and discussion purposes, in addition to its consolidated financial information, National Fuel will organize its reporting in the following categories:

 

 

Exploration and Production segment (Seneca Resources Corporation)

 

 

Pipeline and Storage segment (National Fuel Gas Supply Corporation and Empire Pipeline, Inc.)

 

Gathering segment (National Fuel Gas Midstream Corporation)

 

 

Utility segment (National Fuel Gas Distribution Corporation)

 

Energy Marketing segment (National Fuel Resources, Inc.)

 

 

SUMMARY OF RESULTS

 

National Fuel had consolidated earnings for the quarter ended September 30, 2013, of $47.8 million, or $0.57 per share, compared to the prior year’s fourth quarter of $48.8 million, or $0.58 per share, a decrease of $1.0 million or $0.01 per share.

 

Consolidated earnings for the fiscal year ended September 30, 2013, of $260.0 million, or $3.08 per share, increased $39.9 million, or $0.45 per share, from the same period in the prior year where earnings were $220.1 million or $2.63 per share.  (Note:  All references to earnings per share are to diluted earnings per share, all amounts are stated in U.S. dollars, and all amounts used in the discussion of earnings are after tax unless otherwise noted.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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OPERATING RESULTS

 

 

 

1See discussion of these individual items below.

 

As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results with equivalent periods in fiscal 2012.  Excluding these items, Operating Results for the current quarter of $52.5 million, or $0.63 per share, increased $16.5 million, or $0.20 per share, from the prior year’s fourth quarter where Operating Results were $36.0 million or $0.43 per share.  Excluding these items, Operating Results for the fiscal year ended September 30, 2013, of $264.9 million, or $3.14 per share, increased $53.6 million, or $0.61 per share, from the prior year, where Operating Results were $211.3 million or $2.53 per share.  Items impacting comparability will be discussed in more detail with the discussion of segment earnings below.

 

 

DISCUSSION OF RESULTS BY SEGMENT  

 

The following discussion of the earnings of each segment is summarized in a tabular form at pages 11 through 14 of this report.  It may be helpful to refer to those tables while reviewing this discussion.

 

 

 

 

 

 

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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 in Pennsylvania and California. 

 

The Exploration and Production segment’s earnings in the fourth quarter of fiscal 2013 of $29.3 million, or $0.35 per share, increased $7.2 million, or $0.09 per share, when compared with the prior year’s fourth quarter. 

 

Overall production of natural gas and crude oil for the current quarter of 33.2 Bcfe increased approximately 8.7 Bcfe, or 35.3 percent, compared to the prior year’s fourth quarter.  Production from Seneca’s Appalachia properties increased approximately 8.6 Bcfe, or 43.8 percent, largely because of Seneca’s strong well results in Lycoming County.  California production of 5.1 Bcfe increased 1.9 percent compared to the prior year’s fourth quarter.

 

Changes in commodity prices realized after hedging also impacted earnings.  The weighted average natural gas price received by Seneca (after hedging) for the quarter ended September 30, 2013, was $3.99 per thousand cubic feet (“Mcf”), a decrease of $0.09 per Mcf compared to the prior year’s fourth quarter.  Higher crude oil prices realized after hedging increased earnings.  The weighted average oil price received by Seneca (after hedging) for the quarter ended September 30, 2013, was $99.20 per Bbl, an increase of $10.22 per Bbl.  Seneca’s earnings for the quarter also reflect a $2.4 million (after tax) mark-to-market charge related to hedging ineffectiveness associated with certain crude oil hedges.  

 

On a per unit basis, depletion decreased $0.13 per thousand cubic feet equivalent (“Mcfe”) due to higher natural gas reserve balances at September 30, 2013, compared to the prior year.  On a per unit basis, lease operating and transportation expenses (“LOE”) at $0.96 per Mcfe were consistent with the prior year’s fourth quarter.  General and administrative expenses (“G&A”) increased over the prior year’s fourth quarter due to higher labor expenses; however, on a per unit basis G&A decreased $0.06 per Mcfe. Earnings were also impacted by higher interest expense due to a higher outstanding debt balance.  

 

The Exploration and Production segment’s earnings of $115.4 million, or $1.37 per share, for the fiscal year ended September 30, 2013, increased $18.9 million, or $0.22 per share, when compared with the year ended September 30, 2012. 

 

In February 2012, the Commonwealth of Pennsylvania passed legislation that included a “natural gas impact fee.”  The fee was retroactive and applied to wells drilled before and after the legislation was passed.  The impact fee recorded in the second quarter of fiscal 2012 that related to prior fiscal years was $6.2 million (pre-tax).  Excluding this amount from the prior year’s results, Operating Results for the fiscal year ended September 30, 2013, of $115.4 million, or $1.37 per share, compared to Operating Results of $100.5 million, or $1.20 per share, for the prior year.

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Overall production for the fiscal year ended September 30, 2013, increased approximately 44.8 percent to 120.7 Bcfe.  Production from Seneca’s Appalachia properties increased approximately 37.9 Bcfe or 60.3 percent.  California production of 19.9 Bcfe decreased by approximately 2.9 percent compared with the prior year as a result of a continued constraint in a third-party pipeline used to transport associated natural gas production within the Sespe Field.

 

Changes in commodity prices realized after hedging also impacted Operating Results.  The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2013, was $4.10 per Mcf, a decrease of $0.32 per Mcf compared to the prior year.  Higher crude oil prices realized after hedging increased Operating Results.  The weighted average oil price received by Seneca (after hedging) for the fiscal year ended September 30, 2013, was $98.21 per Bbl, an increase of $7.33 per Bbl.  Seneca’s Operating Results for the fiscal year were reduced by the $2.4 million mark-to-market adjustment noted above.

 

On a per unit basis, depletion, LOE and G&A decreased $0.23 per Mcfe, $0.01 per Mcfe and $0.13 per Mcfe, respectively.  Earnings were also impacted by higher interest expense due to a higher outstanding debt balance and higher state income taxes due to increased production in Pennsylvania.  

 

 

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 western Pennsylvania.

 

The Pipeline and Storage segment’s earnings of $15.4 million, or $0.18 per share, for the quarter ended September 30, 2013, decreased $9.7 million, or $0.12 per share, when compared with the same period in the prior fiscal year.  In the prior year’s fourth quarter, FERC approved Supply Corporation’s rate case settlement.  As part of that settlement, Supply Corporation eliminated a regulatory liability associated with its postretirement benefit plan.  This adjustment increased earnings for the quarter ended September 30, 2012, by approximately $12.8 million. 

 

Excluding this item, Operating Results in the Pipeline and Storage segment, increased $3.1 million or $0.03 per share.  The increase in earnings is mainly due to higher non-affiliated transportation revenues from the Northern Access and Line N 2012 Expansion projects, which were completed and placed in service in the current year’s first quarter.  Earnings were reduced by higher operating expenses and a lower allowance for funds used during construction due to the completion of the expansion projects mentioned above.

 

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The Pipeline and Storage segment’s earnings of $63.2 million, or $0.75 per share, for the fiscal year ended September 30, 2013, increased $2.7 million, or $0.03 per share, when compared with the same period in the prior fiscal year.  Excluding the $12.8 million adjustment of the regulatory liability associated with Supply Corporation’s postretirement benefit plan discussed above, Operating Results increased $15.5 million or $0.18 per share.  The increase was mostly due to higher non-affiliated transportation revenues from the Northern Access and Line N 2012 Expansion projects and lower depreciation expense as required by Supply Corporation’s 2012 rate case settlement.  Earnings were reduced by higher operating expenses and lower AFUDC as noted above for the quarter.

 

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 critical gathering infrastructure for transporting Seneca’s Marcellus Shale production to the interstate pipeline system.  The financial results for Midstream Corporation were previously included in the All Other category. 

 

The Gathering segment’s earnings of $3.9 million, or $0.05 per share, for the quarter ended September 30, 2013, increased $2.0 million, or $0.03 per share, when compared with the same period in the prior fiscal year.  Earnings for the fiscal year ended September 30, 2013, of $13.3 million, or $0.16 per share, increased $6.5 million, or $0.08 per share, compared to the prior fiscal year.  The increase in earnings in both the current quarter and fiscal year is mainly due to higher revenues from Midstream’s Trout Run gathering system in Lycoming County, Pa., and natural gas processing operation. 

 

 

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 $0.7 million, or $0.01 per share, for the quarter ended September 30, 2013, decreased from earnings of $5.9 million, or $0.07 per share, when compared to the quarter ended September 30, 2012.  During the quarter, Distribution recorded a  reserve in connection with various issues raised in the current rate proceeding in New York.  This reserve reduced earnings by approximately $4.7 million in the current year’s fourth quarter.  Excluding this item, Operating Results in the Utility segment decreased $0.5 million, or less than $0.01 per share, mainly due to higher operating expenses. 

 

The Utility segment’s earnings of $65.7 million, or $0.78 per share, for the fiscal year ended September 30, 2013, increased from earnings of $58.6 million, or $0.70 per share,

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for the fiscal year ended September 30, 2012.  Excluding a  total $4.9 million reserve recorded this fiscal year in connection with various issues raised in the current rate proceeding noted above, Operating Results increased $12.0 million or $0.14 per share.  Colder weather in Pennsylvania was the main reason for the increase in Operating Results in the current fiscal year.  Temperatures in Pennsylvania were 17.8 percent colder in the fiscal year ended September 30, 2013, than in the prior year.  Lower interest expense (mainly due to a lower outstanding debt balance) and a lower effective income tax rate also contributed to higher Operating Results in the Utility segment.

 

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 loss for the quarter ended September 30, 2013, of $1.2 million compared to a loss of $0.5 million for the prior year’s fourth quarter.  The loss was greater in the current year’s fourth quarter primarily due to lower average margins.  Earnings for the fiscal year ended September 30, 2013, of $4.6 million increased $0.4 million compared to the prior fiscal year.  The increase in earnings for the current fiscal year is mainly due to higher average margins largely driven by a greater benefit derived from the Energy Marketing segment’s contracts for storage capacity.

 

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 $0.3 million, for the quarter ended September 30, 2013, compares to a loss of $5.6 million for the prior year’s fourth quarter.  For the fiscal year ended September 30, 2013, the Corporate and All Other category loss of $2.2 million compares to a loss of $6.6 million for the prior fiscal year.  The decrease in the loss for both the fourth quarter and fiscal year is mainly due to lower income taxes due to an intercompany deferred tax reallocation.

 

 

EARNINGS GUIDANCE

 

The Company is increasing its GAAP earnings guidance for fiscal 2014 to a range of $3.10 to $3.40 per share (the previous earnings guidance had been a range of $3.05 to $3.30).  This guidance reflects Seneca’s updated production forecast for fiscal 2014, which is now a range of 145 to 165 Bcfe (the previous range had been 134 to 146 Bcfe), and an assumed flat NYMEX price of $4.00 per MMBtu for natural gas and $90 per Bbl for crude oil.

 

 

 

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EARNINGS TELECONFERENCE

 

The Company will host a conference call on Friday, November 8, 2013, 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) 1-866-700-6293, using passcode “36603841.”  For those unable to listen to the live conference call, a replay will be available at approximately 2 p.m. Eastern Time at the same website link and by phone at (toll-free) 1-888-286-8010, using passcode “23666033.”  Both the webcast and telephonic replay will be available until the close of business on Friday, November 15, 2013.

 

National Fuel is an integrated energy company with $6.2 billion in assets comprised of the following 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; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; 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; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; 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; financial and economic conditions, including the availability of credit, and occurrences affecting

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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; 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; changes in price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value, geographic location or delivery date; 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; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; 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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(2) Capital expenditures for the year ended September 30, 2013 exclude capital expenditures of $38.9 million, $12.7 million, $3.2 million and $12.7 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and Gathering segment, respectively.  These amounts were in accounts payable and accrued liabilities at September 30, 2012 and paid during the year ended September 30, 2013.     These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2012 since they represented non-cash investing activities at that date.  These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2013. 

 

(3)Capital expenditures for the year ended September 30, 2012 exclude capital expenditures of $103.3 million, $16.4 million, $2.3 million and $3.1 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and Gathering segment, respectively.  These amounts were in accounts payable and accrued liabilities at September 30, 2011 and paid during the year ended September  30, 2012.  These amounts were excluded from the Consolidated Statements of Cash Flows at September  30, 2011 since they represented non-cash investing activities at that date.  These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2012.

 

 

 

 

 

 

 

 

 

 

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* Please refer to forward looking statement footnote beginning at page 9 of document.

 

^  This sensitivity table is current as of November 7, 2013 and only considers revenue from the Exploration and Production segment's crude oil and natural gas sales.  This revenue is based upon pricing used in the Company's earnings forecast.  For its fiscal 2014 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $4.00 per MMBtu for natural gas and $90 per Bbl for crude oil.  The sensitivities will become obsolete with the passage of time, changes in Seneca's production forecast, changes in basis differential, as additional hedging contracts are entered into, and with the settling of hedge contracts at their maturity.    

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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 tables at page 4 of this report reconcile National Fuel’s reported GAAP earnings to Operating Results for the three and twelve months ended September 30, 2013 and 2012. 

 

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 twelve months ended September 30, 2013 and 2012:

 

 

 

 

 

 

 

 

 

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