National Fuel is revising its fiscal 2023 earnings guidance with updated forecast assumptions and projections. Reduction of other post-retirement regulatory liability, net of tax (Utility) Unrealized (gain) loss on other investments, net of tax (Corporate / All Other) Unrealized (gain) loss on derivative asset, net of tax (E&P) Tax impact of reduction of other post-retirement regulatory liability ![]() Reduction of other post-retirement regulatory liability (Utility) Tax impact of unrealized (gain) loss on other investments Unrealized (gain) loss on other investments (Corporate / All Other) Tax impact of unrealized (gain) loss on derivative asset Unrealized (gain) loss on derivative asset (E&P) RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS The transaction is anticipated to close on Jand is subject to customary closing conditions.Īdditionally, Seneca entered into two separate transactions to acquire approximately 6,000 bolt-on fee and lease acres, with a modest amount of production and one proved developed non-producing well, in its Lycoming and Tioga operating areas for total consideration of between $20 and $25 million, subject to closing and title adjustments. At closing, these assets are expected to have flowing net production of approximately 20 million cubic feet per day. Seneca has entered into an agreement to acquire upstream assets in northwest Tioga County, Pennsylvania from Southwestern Energy for total consideration of $127.0 million, subject to certain purchase price adjustments at closing.Īs part of the transaction, Seneca has agreed to purchase approximately 30,000 net acres located in Tioga and Potter counties, Pennsylvania. ![]() As we look further ahead, our ongoing investment in the modernization of our rate-regulated infrastructure, along with Seneca’s growing natural gas production and an improved long-term outlook for natural gas prices, should continue to drive significant free cash flow.”ĪCQUISITION OF BOLT-ON UPSTREAM ASSETS IN EASTERN DEVELOPMENT AREA “With respect to the balance of the fiscal year, our consistent approach to hedging, combined with the durability of our rate-regulated cash flows, position us well to navigate current natural gas pricing headwinds. Over the first six months of fiscal 2023, we experienced a significant year-over-year increase in free cash flow generation, affording us the flexibility to reduce our absolute leverage levels and further strengthen our investment grade balance sheet. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “The Company had strong operational results in the second quarter amidst a challenging commodity price backdrop. Company is revising its fiscal 2023 earnings guidance to a range of $5.10 to $5.40 per share, while maintaining capital expenditure guidance with a range of $830 million to $940 million.ĭavid P.This joint settlement, pending PaPUC approval, would become effective in August. Joint settlement agreement filed in Utility's Pennsylvania rate case for increase in base rates of $23 million (black box settlement) and the addition of a weather normalization mechanism.E&P segment net Appalachian natural gas production of 93.2 Bcfe, an increase of 9.7 Bcfe, or 12%, higher than prior year and 3% higher than fiscal 2023 first quarter. ![]() Net cash provided by operating activities fiscal year to date of $711 million, an increase of $285 million or 67%, compared to $426 million in the prior year. ![]() Adjusted operating results of $141.8 million, or $1.54 per share, compared to $154.4 million, or $1.68 per share, in the prior year (see non-GAAP reconciliation on page 2).GAAP net income of $140.9 million, or $1.53 per share, compared to GAAP net income of $167.3 million, or $1.82 per share, in the prior year.WILLIAMSVILLE, N.Y., (GLOBE NEWSWIRE) - National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2023 fiscal year and for the six months ended March 31, 2023.
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