National Fuel Gas Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2014; Revises Earnings and Production Guidance for the Year 2015
January 29, 2015 at 05:05 pm
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National Fuel Gas Company reported unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the company reported operating revenues of $523,909,000 against $550,072,000 a year ago. Operating income was $160,560,000 against $160,581,000 a year ago. Income before income taxes was $139,900,000 against $137,677,000 a year ago. Net income available for common stock was $84,740,000 or $1.00 per diluted share against $82,252,000 or $0.97 per diluted share a year ago. Net cash provided by operating activities was $189,079,000 against 176,694,000 a year ago. Capital expenditures were $244,927,000 against $194,920,000 a year ago. Adjusted EBITDA was $263,307,000 against $253,695,000 a year ago. These increases were in adjusted EBITDA largely due to continued growth in the company's Midstream businesses, where earnings and adjusted EBITDA were up $7.1 million and $10.2 million, respectively.
The company is updating its GAAP earnings guidance range for fiscal 2015 to a range of $2.65 to $2.90 per share exclusive of any ceiling test impairment charges. The previous earnings guidance had been a range of $3.05 to $3.35 per share. Revised total capital spending guidance was $990 million to $1,155 million compared to $1,070 million to $1,280 million of previous guidance.
The company announced that Seneca's expected production for fiscal 2015 is now a range of 155 to 190 Bcfe. The previous range was 180 to 220 Bcfe. Substantially all of this change is attributable to an increase in the level of pricing related curtailments reflected in Seneca's forecast. The company is now assuming Marcellus spot pricing averages between $2.00 and $2.25 per Mcf for the remainder of the fiscal year, down $0.50 per Mcf from the previous range of $2.50 and $2.75 per Mcf. NYMEX natural gas prices are now assumed to average $3.00 per MMBtu for the remainder of the fiscal year, down $1.00 from the previous forecast. NYMEX crude oil prices average $50.00 per Bbl for the remainder of the fiscal year, down $35.00 from the previous forecast.
National Fuel Gas Company is a holding company. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. Its segments include Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment is engaged in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States. The Pipeline and Storage segment provides interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated natural gas pipeline systems in Pennsylvania and New York. The Gathering segment builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region. The Utility segment provides natural gas utility services to customers through a local distribution system located in western New York and northwestern Pennsylvania.
National Fuel Gas Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2014; Revises Earnings and Production Guidance for the Year 2015
NATIONAL FUEL GAS COMPANY 
