0000070145-19-000003.txt : 20190201 0000070145-19-000003.hdr.sgml : 20190201 20190201075702 ACCESSION NUMBER: 0000070145-19-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190201 DATE AS OF CHANGE: 20190201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL FUEL GAS CO CENTRAL INDEX KEY: 0000070145 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 131086010 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03880 FILM NUMBER: 19557740 BUSINESS ADDRESS: STREET 1: 6363 MAIN STREET CITY: WILLIAMSVILLE STATE: NY ZIP: 14221-5887 BUSINESS PHONE: 716-857-7000 MAIL ADDRESS: STREET 1: 6363 MAIN STREET STREET 2: 6363 MAIN STREET CITY: WILLIAMSVILLE STATE: NY ZIP: 14221-5887 8-K 1 nfg-212019x8k.htm 8-K Document


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2019

NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)

New Jersey
1-3880
13-1086010
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

6363 Main Street, Williamsville, New York         14221
(Address of principal executive offices)        (Zip Code)

Registrant’s telephone number, including area code: (716) 857-7000

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
□
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company     ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02    Results of Operations and Financial Condition.

On January 31, 2019, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter ended December 31, 2018. A copy of the press release is furnished as part of this Current Report as Exhibit 99.

Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.

In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, 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 prepared in accordance with GAAP.

Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. 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; 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; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; 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 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; 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; the impact of potential information technology, cybersecurity or data security breaches; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war; significant differences between the Company’s projected and actual capital expenditures and operating expenses; 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 hereof.


Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL FUEL GAS COMPANY
 
 
 
 
By:
/s/ Paula M. Ciprich
 
Paula M. Ciprich
 
Senior Vice President and General Counsel

Dated: February 1, 2019


 EX-99 2 nfg-12312018xexhibit99x8k.htm EXHIBIT 99 Exhibit

Exhibit 99

exhibit998kimagea08.jpg
 
 
 
 
 
 
6363 Main Street/Williamsville, NY 14221
 
 
 
 
Release Date:
Immediate January 31, 2019
Kenneth E. Webster
Investor Relations
716-857-7067
David P. Bauer
Treasurer
716-857-7318
 
 
 
 

NATIONAL FUEL REPORTS FIRST QUARTER EARNINGS

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the first quarter of its 2019 fiscal year.

FISCAL 2019 FIRST QUARTER SUMMARY
•
GAAP earnings of $102.7 million, or $1.18 per share, compared to $198.7 million, or $2.30 per share, in the prior year
•
Adjusted operating results of $97.5 million, or $1.12 per share, compared to $88.0 million, or $1.02 per share, in the prior year (see non-GAAP reconciliation below)
•
Consolidated Adjusted EBITDA of $219.4 million compared to $205.7 million in the prior year (see non-GAAP reconciliation on page 22)
•
E&P segment net production of 49.2 Bcfe, an increase of 23% from the prior year
•
Average natural gas prices, after the impact of hedging, of $2.61 per Mcf, down $0.11 per Mcf from the prior year
•
Average oil prices, after the impact of hedging, of $61.70 per Bbl, up $1.91 per Bbl from the prior year
•
E&P cash operating expenses averaged $1.35 per Mcfe, a decrease of $0.13 per Mcfe from the prior year
•
Gathering segment operating revenues increased $5.9 million, or 25% on higher system throughput
•
Utility segment net income increased $4.7 million, or 22%, on higher customer margins
•
Lower consolidated interest expense of $2.1 million resulting from the early refinancing of an 8.75% coupon 10-year note that was set to mature in May 2019

 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
(in thousands except per share amounts)
 
2018
 
2017
Reported GAAP Earnings
 
$
102,660

 
$
198,654

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 
(5,000
)
 
(111,000
)
Unrealized (gain) loss on hedge ineffectiveness (E&P)
 
(6,505
)
 
433

Tax impact of unrealized (gain) loss on hedge ineffectiveness
 
1,366

 
(106
)
Unrealized loss on other investments (Corporate / All Other)
 
6,347

 
—

Tax impact of unrealized loss on other investments
 
(1,333
)
 
—

Adjusted Operating Results
 
$
97,535

 
$
87,981

 
 
 
 
 
Reported GAAP Earnings per share
 
$
1.18

 
$
2.30

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 
(0.06
)
 
(1.29
)
Unrealized (gain) loss on hedge ineffectiveness (E&P)
 
(0.08
)
 
0.01

Tax impact of unrealized (gain) loss on hedge ineffectiveness
 
0.02

 
—

Unrealized loss on other investments (Corporate / All Other)
 
0.07

 
—

Tax impact of unrealized loss on other investments
 
(0.01
)
 
—

Adjusted Operating Results per share
 
$
1.12

 
$
1.02



Page 2.


MANAGEMENT COMMENTS

Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: “We’ve started off our 2019 fiscal year with a strong first quarter and we expect our momentum will continue through the whole year. As we transitioned into the winter heating season, the operating teams in our Utility and Pipeline and Storage businesses have our pipeline systems ready to safely deliver natural gas to the more than 750,000 customers within our service territories and across the northeast, ensuring that homes and businesses continue to benefit from the reliability of natural gas when needed most. Our operations’ employees were also able to provide mutual aid to other northeast utilities that recently experienced operational issues on their systems.

“In our Exploration and Production and Gathering operations, both quarterly production and gathering throughput continue to grow at a healthy clip, and we’re on track to achieve our targeted production growth while also growing our earnings and cash flows. With a balanced portfolio of long-term sales and transportation contracts and line of sight on incremental transportation capacity out of the basin, we remain focused on efficiently developing both the Marcellus and Utica shale horizons across our more than 700,000-acre, fee-owned acreage position in the Western Development Area.

“As has been the case for decades, across our operations we remain focused on prudently deploying capital, driving shareholder value with the development of our integrated assets, and returning capital to shareholders through our long-standing dividend.”

FISCAL 2019 GUIDANCE

National Fuel is tightening and raising its full-year earnings guidance for fiscal 2019. The Company is now projecting that earnings on a non-GAAP basis will be within the range of $3.45 to $3.65 per share, or $3.55 per share at the midpoint of the range. The $0.05 per share increase from the midpoint of the previous guidance range reflects the impact of actual results for the three months ended December 31, 2018, and updates to key forecast assumptions, including natural gas and oil prices. The Company is also reaffirming its guidance for its Exploration and Production segment’s fiscal 2019 net production of 210 to 230 billion cubic feet equivalent (“Bcfe”), which represents a 24 percent increase over fiscal 2018 at the midpoint of the range. Projections for consolidated and individual segment capital expenditures are also unchanged.

The revised earnings guidance range does not include the impact of certain items that impacted the comparability of earnings during the first quarter, including: (1) the remeasurement of deferred income taxes resulting from the 2017 Tax Reform Act, which reduced the Company’s income tax expense and benefited consolidated earnings in the first quarter by $0.06 per share; (2) the full year impact of the Exploration and Production segment’s unrealized gain on hedging ineffectiveness, which increased earnings by $0.06 per share in the first quarter ($3.2 million, or $0.03 per share, of the unrealized gain relates to hedge contracts that will settle during the remaining nine months ending September 30, 2019); and (3) the unrealized loss on other investments due to the change in an accounting rule discussed on page 6, which lowered earnings by $0.06 per share. While the Company expects to record additional adjustments to one or more of these items during the remaining nine months ending September 30, 2019, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

Additional details on the Company's forecast assumptions and business segment guidance for fiscal 2019 are outlined in the table on page 8.


DISCUSSION OF RESULTS BY SEGMENT

The following discussion of the earnings of each operating segment is summarized in a tabular form on pages 9 and 10 of this report. It may be helpful to refer to those tables while reviewing this discussion. Note that management defines Adjusted Operating Results as reported GAAP earnings adjusted for items impacting comparability, and Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

The 2017 Tax Reform Act, which was passed during the prior year first quarter, reduced the statutory federal tax rate and resulted in the remeasurement of the Company’s deferred income taxes. For the Company’s non-rate regulated activities, the net decrease in the Company’s deferred income taxes lowered income tax expense and benefited the prior year first quarter consolidated earnings by $111.0 million, or $1.29 per share. A removal of a valuation allowance related to the remeasurement

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Page 3.


of deferred income taxes from the 2017 Tax Reform Act during the current year first quarter lowered income tax expense and benefited consolidated earnings by $5.0 million, or $0.06 per share. The remeasurement of deferred income taxes due to 2017 Tax Reform, which was a significant driver of the Company’s first quarter segment GAAP earnings when compared to the prior year, is outlined in the tables below that reconcile GAAP earnings to Adjusted Operating Results by segment.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC ("Seneca"). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.
 
Three Months Ended
 
December 31,
(in thousands)
2018
 
2017
 
Variance
GAAP Earnings
$
38,214

 
$
106,698

 
$
(68,484
)
Remeasurement of deferred taxes under 2017 Tax Reform
$
(990
)
 
$
(77,300
)
 
$
76,310

Unrealized (gain) loss on hedge ineffectiveness
$
(6,505
)
 
$
433

 
$
(6,938
)
Tax impact of unrealized (gain) loss on hedge ineffectiveness
$
1,366

 
$
(106
)
 
$
1,472

Adjusted Operating Results
$
32,085

 
$
29,725

 
$
2,360

 
 
 
 
 
 
Adjusted EBITDA
$
89,896

 
$
80,221

 
$
9,675


The Exploration and Production segment’s first quarter GAAP earnings decreased $68.5 million versus the prior year, driven primarily by the impact of 2017 Tax Reform on deferred taxes discussed above and the net impact of unrealized gains and losses that were recognized due to hedge accounting ineffectiveness (see further discussion below). Excluding these items, the Exploration and Production segment’s first quarter earnings increased $2.4 million as higher natural gas production and better realized crude oil prices were partially offset by the negative impacts of lower realized natural gas prices, lower crude oil production, and higher operating expenses.

Seneca’s first quarter net production was 49.2 billion cubic feet equivalent (“Bcfe”), an increase of 9.1 Bcfe, or 23 percent, from the prior year. Natural gas production increased 9.7 billion cubic feet (“Bcf”), or 27 percent, due primarily to production from new Marcellus and Utica wells completed and connected to sales in Pennsylvania. Seneca increased production by 5.7 Bcf in the EDA-Lycoming area, where development was timed to fill interstate pipeline capacity contracted on the Atlantic Sunrise project which went in service during the quarter. Production from the WDA-Clermont area increased 3.3 Bcf due to increased Utica development. Seneca's average realized natural gas price, after the impact of hedging and transportation costs, was $2.61 per thousand cubic feet ("Mcf"), a decrease of $0.11 per Mcf from the prior year. The decline in Seneca’s average realized natural gas price is primarily attributable to the expiration of physical firm sales and financial hedge contracts over the past 12 months that had favorable pricing relative to firm sales and hedges settled in the current quarter, offset partially by improved realizations on unhedged production tied to NYMEX and sold into the spot markets in Pennsylvania.

Seneca’s oil production for the first quarter decreased 101 thousand barrels ("Mbbl") due largely to the impact of the sale of Seneca’s Sespe properties in California in the third quarter of fiscal 2018. Seneca's average realized oil price, after the impact of hedging, was $61.70 per barrel ("Bbl"), an increase of $1.91 per Bbl over the prior year. The improvement in oil price realizations was due primarily to higher market prices for West Texas Intermediate (WTI) crude oil during the quarter and stronger price differentials relative to WTI at local sales points in California. The improving local price differentials also required Seneca to record the net $6.5 million unrealized mark-to-market gain on its WTI and Brent financial swap contracts due to accounting rules on measuring hedge ineffectiveness.

Total operating expenses increased $14.4 million during the first quarter. Lease operating and transportation (“LOE”) expense increased $2.9 million due mostly to higher gathering expenses in Appalachia resulting from the increase in natural gas production, partially offset by lower operating costs in California following the sale of Seneca’s Sespe properties. General and Administrative (“G&A”) expense increased $1.6 million due mainly to higher personnel costs. Depreciation, depletion and amortization (“DD&A”) expense increased $7.3 million due to the increase in production and a higher per unit depletion rate. Property, franchise, and other taxes increased $2.8 million due to higher impact fees in Pennsylvania, which increase and decrease along with natural gas index prices on a calendar year basis. On a per unit of production basis, cash operating expenses (total

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Page 4.


operating expenses excluding DD&A) were $1.35 per thousand cubic feet equivalent (“Mcfe”), a decrease of $0.13 per Mcfe from the prior year.

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)
2018
 
2017
 
Variance
GAAP Earnings
$
25,102

 
$
38,462

 
$
(13,360
)
Remeasurement of deferred taxes under 2017 Tax Reform
$
—

 
$
(14,100
)
 
$
14,100

Adjusted Operating Results
$
25,102

 
$
24,362

 
$
740

 
 
 
 
 
 
Adjusted EBITDA
$
47,824

 
$
50,417

 
$
(2,593
)

The Pipeline and Storage segment’s first quarter GAAP earnings decreased $13.4 million versus the prior year, driven primarily by the impact of 2017 Tax Reform on deferred taxes discussed above. Excluding this item, the Pipeline and Storage segment’s first quarter earnings increased $0.7 million as higher operating revenues, lower interest expense and a lower effective tax rate were partially offset by higher operating expenses. Operating revenues increased $1.8 million versus the prior year due primarily to other revenues recorded during the quarter for funds received relating to the early termination of a transportation contract. Operation and Maintenance (“O&M”) expense increased $4.0 million over the prior year due primarily to an increase in compressor and facility maintenance activity during the quarter, higher long term incentive compensation expense, and the impact in the prior year of the reversal of a reserve for preliminary engineering and survey costs relating to projects in development. The combined $0.7 million increase in DD&A expense and property, franchise and other taxes was due to projects and new facilities placed in service over the past year.

The 2017 Tax Reform Act lowered the Company’s statutory federal income tax rate from a blended 24.5 percent in fiscal 2018 to 21 percent in fiscal 2019, which decreased income tax expense by $0.8 million. Other tax items, due mostly to permanent book to tax differences, lowered income tax expense by another $1.6 million.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s 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)
2018
 
2017
 
Variance
GAAP Earnings
$
14,183

 
$
45,400

 
$
(31,217
)
Remeasurement of deferred taxes under 2017 Tax Reform
$
(500
)
 
$
(34,900
)
 
$
34,400

Adjusted Operating Results
$
13,683

 
$
10,500

 
$
3,183

 
 
 
 
 
 
Adjusted EBITDA
$
25,948

 
$
20,813

 
$
5,135


The Gathering segment’s first quarter GAAP earnings decreased $31.2 million versus the prior year, driven primarily by the impact of 2017 Tax Reform on deferred taxes discussed above. Excluding this item, the $3.2 million increase in the Gathering segment’s first quarter earnings was due mainly to higher operating revenues, offset partially by higher operating expenses. Operating revenues increased $5.9 million, or 25 percent, due primarily to an 11.5 Bcf increase in throughput from Seneca’s Appalachian natural gas production. The Trout Run gathering system throughput increased 6.7 Bcf as Seneca increased production

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Page 5.


during the quarter to fill its new interstate pipeline capacity on the Atlantic Sunrise project. Throughput on the Covington and Clermont gathering systems increased 1.4 Bcf and 4.1 Bcf, respectively.

Operating expenses increased $1.3 million during the first quarter. O&M expense increased $0.7 million due largely to the operation of additional compression facilities along the Covington gathering system, which were acquired from affiliate Seneca in March 2018, and an increase in facilities and related maintenance activity at the Trout Run gathering system. DD&A expense increased $0.6 million due to an increase in plant assets in-service during the quarter ended December 31, 2018.


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)
2018
 
2017
 
Variance
GAAP Earnings
$
25,649

 
$
20,993

 
$
4,656

Remeasurement of deferred taxes under 2017 Tax Reform
$
—

 
$
—

 
$
—

Adjusted Operating Results
$
25,649

 
$
20,993

 
$
4,656

 
 
 
 
 
 
Adjusted EBITDA
$
57,569

 
$
54,150

 
$
3,419


The $4.7 million increase in the Utility segment’s first quarter GAAP earnings was due primarily to higher margin (operating revenues less purchased gas expense), lower interest expense and a lower effective tax rate. The increase in the Utility’s margin was largely attributable to the impacts of higher usage and weather on residential and commercial customer margins. Also contributing to the increase were revenues relating to the recovery of the segment’s increased capital investment in its distribution system under a system modernization mechanism. Interest expense decreased $0.9 million due primarily to the Company’s early refinancing of an 8.75 percent coupon 10-year note that was set to mature in May 2019.

The 2017 Tax Reform Act lowered the Company’s statutory federal income tax rate from a blended 24.5 percent in fiscal 2018 to 21 percent in fiscal 2019, which decreased income tax expense $1.0 million from the prior year first quarter. In accordance with state regulatory orders, the Utility segment has been recording a refund provision to return the net effect of the 2017 Tax Reform Act to its customers. The estimated refund provision recorded for the quarter ended December 31, 2018, was $0.5 million lower than the refund provision recorded for the quarter ended December 31, 2017.

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)
2018
 
2017
 
Variance
GAAP Earnings
$
(302
)
 
$
1,046

 
$
(1,348
)
Remeasurement of deferred taxes under 2017 Tax Reform
$
(198
)
 
$
200

 
$
(398
)
Adjusted Operating Results
$
(500
)
 
$
1,246

 
$
(1,746
)
 
 
 
 
 
 
Adjusted EBITDA
$
(721
)
 
$
1,804

 
$
(2,525
)

The Energy Marketing segment’s first quarter GAAP earnings decreased $1.3 million versus the prior year, driven partly by the impact of 2017 Tax Reform on deferred taxes discussed above. Excluding this item, the Energy Marketing segment’s first quarter net loss of $0.5 million was a decrease of $1.7 million over the prior year earnings of $1.2 million. The decrease is due largely to lower margins (operating revenues less purchased gas costs). NFR’s customer margins were negatively impacted

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Page 6.


by stronger natural gas prices at local purchase points relative to NYMEX-based customer sales contracts. The average cost per Mcf of gas purchased on a spot basis at local purchase points increased 42 percent during the quarter, compared to the average increase in NYMEX monthly settlement prices of 24 percent.

Corporate and All Other

Corporate and All Other operations had a combined loss of $0.2 million for the current year first quarter, which was $13.7 million lower than the loss of $13.9 million for prior year first quarter. The decrease in the loss was primarily attributable to the impact of the 2017 Tax Reform Act, which resulted in a remeasurement of deferred income taxes that increased prior quarter income tax expense by $15.1 million. A removal of a valuation allowance related to the 2017 Tax Reform Act during the quarter ended December 31, 2018, resulted in an adjustment to Corporate and All Other’s remeasured deferred income taxes and lowered current quarter income tax expense by $3.3 million. This increase in earnings was partially offset by the impact of $6.3 million of unrealized losses on investments in equity securities recorded during the quarter. Unrealized gains and losses on investments in equity securities are now recognized in earnings following the adoption of authoritative accounting guidance effective October 1, 2018. These unrealized gains and losses had been previously recorded as other comprehensive income.


EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, February 1, 2019, 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) 833-287-0795, using conference ID number “7996513”. 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) 800-585-8367 using conference ID number “7996513”. Both the webcast and a telephonic replay will be available until the close of business on Friday, February 8, 2019.

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.

 
 
 
 
 
 
Analyst Contact:
Kenneth E. Webster
716-857-7067
Media Contact:
Karen L. Merkel
716-857-7654

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; 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; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; 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

-more-
6

Page 7.


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 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; 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; the impact of potential information technology, cybersecurity or data security breaches; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war; significant differences between the Company’s projected and actual capital expenditures and operating expenses; 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.

-more-
7

Page 8.



NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its earnings guidance for fiscal 2019. Additional details on the Company's forecast assumptions and business segment guidance for fiscal 2019 are outlined in the table below.

The revised earnings guidance range does not include the impact of certain items that impacted the comparability of earnings during the first quarter, including: (1) the remeasurement of deferred income taxes resulting from the 2017 Tax Reform Act, which reduced the Company’s income tax expense and benefited consolidated earnings in the first quarter by $0.06 per share; (2) the full year impact of the Exploration and Production segment’s unrealized gain on hedging ineffectiveness, which increased earnings by $0.06 per share in the first quarter ($3.2 million, or $0.03 per share, of the unrealized gain relates to hedge contracts that will settle during the remaining nine months ending September 30, 2019); and (3) the unrealized loss on other investments due to the change in an accounting rule discussed on page 6, which lowered earnings by $0.06 per share. While the Company expects to record additional adjustments to one or more of these items during the remaining nine months ending September 30, 2019, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

 
Updated FY 2019 Guidance
 
Previous FY 2019 Guidance
Consolidated Earnings per Share
$3.45 to $3.65
 
$3.35 to $3.65
Consolidated Effective Tax Rate
24% to 25%
 
~25%
 
 
 
 
Capital Expenditures (Millions)
 
 
 
    Exploration and Production
$460 - $495
 
$460 - $495
    Pipeline and Storage
$120 - $150
 
$120 - $150
    Gathering
$55 - $65
 
$55 - $65
    Utility
$90 - $100
 
$90 - $100
    Consolidated Capital Expenditures
$725 - $810
 
$725 - $810
 
 
 
 
Exploration & Production Segment Guidance
 
 
 
 
 
 
 
    Commodity Price Assumptions
 
 
 
    NYMEX natural gas price (winter | summer)
$3.25 /MMBtu | $2.75 /MMBtu
 
$3.00 /MMBtu | $2.65 /MMBtu
    Appalachian basin spot price (winter | summer)
$2.75 /MMBtu | $2.25 /MMBtu
 
$2.50 /MMBtu | $2.00 /MMBtu
    NYMEX (WTI) crude oil price
$55.00 /Bbl
 
$70.00 /Bbl
    California oil price (% of WTI)
102%
 
100%
 
 
 
 
    Production (Bcfe)
 
 
 
    East Division - Appalachia
194 to 214
 
194 to 214
    West Division - California
~ 16
 
~ 16
    Total Production
210 to 230
 
210 to 230
 
 
 
 
    E&P Operating Costs ($/Mcfe)
 
 
 
    LOE
$0.85 - $0.90
 
$0.85 - $0.90
    G&A
$0.25 - $0.35
 
$0.25 - $0.35
    DD&A
$0.70 - $0.75
 
$0.70 - $0.75
 
 
 
 
Other Business Segment Guidance (Millions)
 
 
 
    Gathering Segment Revenues
$130 - $140
 
$130 - $140
    Pipeline and Storage Segment Revenues
~$285
 
~$285




























































































Page 9.



NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED DECEMBER 31, 2018
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upstream
 
Midstream Businesses
 
Downstream Businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exploration &
 
Pipeline &
 
 
 
 
 
Energy
 
Corporate /
 
 
(Thousands of Dollars)
Production
 
Storage
 
Gathering
 
Utility
 
Marketing
 
All Other
 
Consolidated*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First quarter 2018 GAAP earnings
$
106,698

 
$
38,462

 
$
45,400

 
$
20,993

 
$
1,046

 
$
(13,945
)
 
$
198,654

Items impacting comparability:
 
 
 
 
 
 
 
 
 
 
 
 
 
Remeasurement of deferred taxes under 2017 Tax Reform
(77,300
)
 
(14,100
)
 
(34,900
)
 
 
 
200

 
15,100

 
(111,000
)
Unrealized loss on hedge ineffectiveness
433

 
 
 
 
 
 
 
 
 
 
 
433

Tax impact of unrealized loss on hedge ineffectiveness
(106
)
 
 
 
 
 
 
 
 
 
 
 
(106
)
First quarter 2018 adjusted operating results
29,725

 
24,362

 
10,500

 
20,993

 
1,246

 
1,155

 
87,981

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Drivers of adjusted operating results**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upstream Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Higher (lower) natural gas production
19,897

 
 
 
 
 
 
 
 
 
 
 
19,897

Higher (lower) crude oil production
(4,563
)
 
 
 
 
 
 
 
 
 
 
 
(4,563
)
Higher (lower) realized natural gas prices, after hedging
(3,563
)
 
 
 
 
 
 
 
 
 
 
 
(3,563
)
Higher (lower) realized crude oil prices, after hedging
825

 
 
 
 
 
 
 
 
 
 
 
825

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Midstream Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Higher (lower) operating revenues
 
 
1,339

 
4,421

 
 
 
 
 
 
 
5,760

 
 
 
 
 
 
 
 
 
 
 
 
 

Downstream Margins***
 
 
 
 
 
 
 
 
 
 
 
 

Impact of higher usage and weather
 
 
 
 
 
 
1,739

 
 
 
 
 
1,739

System modernization tracker revenues
 
 
 
 
 
 
889

 
 
 
 
 
889

Lower (higher) refund provision on tax rate change
 
 
 
 
 
 
413

 
 
 
 
 
413

Higher (lower) marketing margins
 
 
 
 
 
 
 
 
(1,827
)
 
 
 
(1,827
)
 
 
 
 
 
 
 
 
 
 
 
 
 

Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 

Lower (higher) lease operating and transportation expenses
(2,201
)
 
 
 
 
 
 
 
 
 
 
 
(2,201
)
Lower (higher) operating expenses
(1,068
)
 
(2,991
)
 
(549
)
 
 
 
 
 
 
 
(4,608
)
Lower (higher) property, franchise and other taxes
(2,109
)
 
 
 
 
 
 
 
 
 
 
 
(2,109
)
Lower (higher) depreciation / depletion
(5,493
)
 
 
 
(446
)
 
 
 
 
 
 
 
(5,939
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income (Expense)
 
 
 
 
 
 
 
 
 
 
 
 

(Higher) lower interest expense
159

 
445

 
(28
)
 
713

 
5

 
274

 
1,568

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 

Impact of tax rate reduction due to 2017 Tax Reform
1,593

 
796

 
586

 
1,007

 
(30
)
 
(218
)
 
3,734

Lower (higher) income tax expense / effective tax rate
(1,184
)
 
1,635

 
(600
)
 
(30
)
 
162

 
103

 
86

 
 
 
 
 
 
 
 
 
 
 
 
 
 
All other / rounding
67

 
(484
)
 
(201
)
 
(75
)
 
(56
)
 
202

 
(547
)
First quarter 2019 adjusted operating results
32,085


25,102


13,683


25,649


(500
)

1,516


97,535

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remeasurement of deferred taxes under 2017 Tax Reform
990

 
 
 
500

 
 
 
198

 
3,312

 
5,000

Unrealized gain on hedge ineffectiveness
6,505

 
 
 
 
 
 
 
 
 
 
 
6,505

Tax impact of unrealized gain on hedge ineffectiveness
(1,366
)
 
 
 
 
 
 
 
 
 
 
 
(1,366
)
Unrealized (loss) on other investments
 
 
 
 
 
 
 
 
 
 
(6,347
)
 
(6,347
)
Tax impact of unrealized loss on other investments
 
 
 
 
 
 
 
 
 
 
1,333

 
1,333

First quarter 2019 GAAP earnings
$
38,214

 
$
25,102

 
$
14,183

 
$
25,649

 
$
(302
)
 
$
(186
)
 
$
102,660

 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Amounts do not reflect intercompany eliminations
 
 
 
 
 
 
 
 
 
 
 
 
 
** Operating results have been calculated using the 24.5% federal statutory rate effective for the 2018 fiscal year. The impact of the change to a 21% federal statutory rate for the 2019 fiscal year is broken out separately under the caption "Income Taxes".
*** Downstream margin defined as operating revenues less purchased gas expense.






Page 10.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED DECEMBER 31, 2018
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upstream
 
Midstream Businesses
 
Downstream Businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exploration &
 
Pipeline &
 
 
 
 
 
Energy
 
Corporate /
 
 
 
Production
 
Storage
 
Gathering
 
Utility
 
Marketing
 
All Other
 
Consolidated*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First quarter 2018 GAAP earnings per share
$
1.24

 
$
0.45

 
$
0.53

 
$
0.24

 
$
0.01

 
$
(0.17
)
 
$
2.30

Items impacting comparability:
 
 
 
 
 
 
 
 
 
 
 
 
 
Remeasurement of deferred taxes under 2017 Tax Reform
(0.90
)
 
(0.16
)
 
(0.40
)
 
 
 
—

 
0.17

 
(1.29
)
Unrealized loss on hedge ineffectiveness
0.01

 
 
 
 
 
 
 
 
 
 
 
0.01

Tax impact of unrealized loss on hedge ineffectiveness
—

 
 
 
 
 
 
 
 
 
 
 
—

Rounding
(0.01
)
 
(0.01
)
 
(0.01
)
 
 
 
0.01

 
0.02

 
—

First quarter 2018 adjusted operating results per share
0.34


0.28


0.12


0.24


0.02


0.02


1.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Drivers of adjusted operating results**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upstream Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Higher (lower) natural gas production
0.23

 
 
 
 
 
 
 
 
 
 
 
0.23

Higher (lower) crude oil production
(0.05
)
 
 
 
 
 
 
 
 
 
 
 
(0.05
)
Higher (lower) realized natural gas prices, after hedging
(0.04
)
 
 
 
 
 
 
 
 
 
 
 
(0.04
)
Higher (lower) realized crude oil prices, after hedging
0.01

 
 
 
 
 
 
 
 
 
 
 
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 


Midstream Revenues
 
 
 
 
 
 
 
 
 
 
 
 


Higher (lower) operating revenues
 
 
0.02

 
0.05

 
 
 
 
 
 
 
0.07

 
 
 
 
 
 
 
 
 
 
 
 
 


Downstream Margins***
 
 
 
 
 
 
 
 
 
 
 
 


Impact of higher usage and weather
 
 
 
 
 
 
0.02

 
 
 
 
 
0.02

System modernization tracker revenues
 
 
 
 
 
 
0.01

 
 
 
 
 
0.01

Lower (higher) refund provision on tax rate change
 
 
 
 
 
 
—

 
 
 
 
 
—

Higher (lower) marketing margins
 
 
 
 
 
 
 
 
(0.02
)
 
 
 
(0.02
)
 
 
 
 
 
 
 
 
 
 
 
 
 


Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 


Lower (higher) lease operating and transportation expenses
(0.03
)
 
 
 
 
 
 
 
 
 
 
 
(0.03
)
Lower (higher) operating expenses
(0.01
)
 
(0.03
)
 
(0.01
)
 
 
 
 
 
 
 
(0.05
)
Lower (higher) property, franchise and other taxes
(0.02
)
 
 
 
 
 
 
 
 
 
 
 
(0.02
)
Lower (higher) depreciation / depletion
(0.06
)
 
 
 
(0.01
)
 
 
 
 
 
 
 
(0.07
)
 
 
 
 
 
 
 
 
 
 
 
 
 


Other Income (Expense)
 
 
 
 
 
 
 
 
 
 
 
 


(Higher) lower interest expense
—

 
0.01

 
—

 
0.01

 
—

 
—

 
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact of tax rate reduction due to 2017 Tax Reform
0.02

 
0.01

 
0.01

 
0.01

 
—

 
—

 
0.05

Lower (higher) income tax expense / effective tax rate
(0.01
)
 
0.02

 
(0.01
)
 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 

All other / rounding
(0.01
)
 
(0.02
)
 
0.01

 
0.01

 
(0.01
)
 
(0.01
)
 
(0.03
)
First quarter 2019 adjusted operating results per share
0.37

 
0.29

 
0.16

 
0.30

 
(0.01
)
 
0.01

 
1.12

 
 
 
 
 
 
 
 
 
 
 
 
 

Remeasurement of deferred taxes under 2017 Tax Reform
0.01

 
 
 
0.01

 
 
 
—

 
0.04

 
0.06

Unrealized gain on hedge ineffectiveness
0.08

 
 
 
 
 
 
 
 
 
 
 
0.08

Tax impact of unrealized gain on hedge ineffectiveness
(0.02
)
 
 
 
 
 
 
 
 
 
 
 
(0.02
)
Unrealized (loss) on other investments
 
 
 
 
 
 
 
 
 
 
(0.07
)
 
(0.07
)
Tax impact of unrealized loss on other investments
 
 
 
 
 
 
 
 
 
 
0.01

 
0.01

Rounding
 
 
 
 
(0.01
)
 
 
 
0.01

 
 
 
—

First quarter 2019 GAAP earnings per share
$
0.44

 
$
0.29

 
$
0.16

 
$
0.30

 
$
—

 
$
(0.01
)
 
$
1.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Amounts do not reflect intercompany eliminations
 
 
 
 
 
 
 
 
 
 
 
 
 
** Operating results have been calculated using the 24.5% federal statutory rate effective for the 2018 fiscal year. The impact of the change to a 21% federal statutory rate for the 2019 fiscal year is broken out separately under the caption "Income Taxes".
*** Downstream margin defined as operating revenues less purchased gas expense.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Page 11.


 



 
 
 
 
 
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 
 
(Thousands of Dollars, except per share amounts)
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
(Unaudited)
 
SUMMARY OF OPERATIONS
2018
 
2017
 
Operating Revenues:

 
 
 
Utility and Energy Marketing Revenues
$
272,092

 
$
225,725

 
Exploration and Production and Other Revenues
163,937

 
140,450

 
Pipeline and Storage and Gathering Revenues
54,218

 
53,480

 
 
490,247


419,655

 
Operating Expenses:
 
 
 
 
Purchased Gas
138,660

 
94,034

 
Operation and Maintenance:


 


 
      Utility and Energy Marketing
43,915

 
44,080

 
      Exploration and Production and Other
32,795

 
35,083

 
      Pipeline and Storage and Gathering
24,934

 
20,311

 
Property, Franchise and Other Taxes
24,005

 
20,848

 
Depreciation, Depletion and Amortization
64,255

 
55,830

 
 
328,564

 
270,186

 
 
 
 
 
 
Operating Income
161,683

 
149,469

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
Other Income (Deductions)
(9,602
)
 
(3,503
)
 
Interest Expense on Long-Term Debt
(25,439
)
 
(28,087
)
 
Other Interest Expense
(1,073
)
 
(502
)
 
 
 
 
 
 
Income Before Income Taxes
125,569

 
117,377

 
 
 
 
 
 
Income Tax Expense (Benefit)
22,909

 
(81,277
)
 
 
 
 
 
 
Net Income Available for Common Stock
$
102,660

 
$
198,654

 
 
 
 
 
 
Earnings Per Common Share
 
 
 
 
Basic
$
1.19

 
$
2.32

 
Diluted
$
1.18

 
$
2.30

 
 
 
 
 
 
Weighted Average Common Shares:
 
 
 
 
Used in Basic Calculation
86,032,729

 
85,630,296

 
Used in Diluted Calculation
86,708,814

 
86,325,537

 












Page 12.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
December 31,
 
September 30,
(Thousands of Dollars)
2018
 
2018
 
 
 
 
ASSETS
 
 
 
Property, Plant and Equipment

$10,604,089

 

$10,439,839

Less - Accumulated Depreciation, Depletion and Amortization
5,520,472

 
5,462,696

Net Property, Plant and Equipment
5,083,617

 
4,977,143

 
 
 
 
Current Assets:
 
 
 
Cash and Temporary Cash Investments
109,754

 
229,606

Hedging Collateral Deposits
2,784

 
3,441

Receivables - Net
192,604

 
141,498

Unbilled Revenue
74,497

 
24,182

Gas Stored Underground
30,336

 
37,813

Materials and Supplies - at average cost
34,947

 
35,823

Unrecovered Purchased Gas Costs
8,700

 
4,204

Other Current Assets
69,219

 
68,024

Total Current Assets
522,841

 
544,591

 
 
 
 
Other Assets:
 
 
 
Recoverable Future Taxes
114,219

 
115,460

Unamortized Debt Expense
15,412

 
15,975

Other Regulatory Assets
111,611

 
112,918

Deferred Charges
42,994

 
40,025

Other Investments
129,715

 
132,545

Goodwill
5,476

 
5,476

Prepaid Post-Retirement Benefit Costs
84,609

 
82,733

Fair Value of Derivative Financial Instruments
34,244

 
9,518

Other
42,190

 
102

Total Other Assets
580,470

 
514,752

Total Assets

$6,186,928

 

$6,036,486

 
 
 
 
CAPITALIZATION AND LIABILITIES
 
 
 
Capitalization:
 
 
 
Comprehensive Shareholders' Equity
 
 
 
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
 
 
 
Outstanding - 86,270,957 Shares and 85,956,814 Shares, Respectively

$86,271

 

$85,957

Paid in Capital
817,076

 
820,223

Earnings Reinvested in the Business
1,172,334

 
1,098,900

Accumulated Other Comprehensive Loss
(28,690
)
 
(67,750
)
Total Comprehensive Shareholders' Equity
2,046,991

 
1,937,330

Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs
2,131,880

 
2,131,365

Total Capitalization
4,178,871

 
4,068,695

 
 
 
 
Current and Accrued Liabilities:
 
 
 
Notes Payable to Banks and Commercial Paper
—

 
—

Current Portion of Long-Term Debt
—

 
—

Accounts Payable
127,926

 
160,031

Amounts Payable to Customers
—

 
3,394

Dividends Payable
36,663

 
36,532

Interest Payable on Long-Term Debt
30,016

 
19,062

Customer Advances
7,351

 
13,609

Customer Security Deposits
23,842

 
25,703

Other Accruals and Current Liabilities
191,172

 
132,693

Fair Value of Derivative Financial Instruments
2,112

 
49,036

Total Current and Accrued Liabilities
419,082

 
440,060

 
 
 
 
Deferred Credits:
 
 
 
Deferred Income Taxes
598,285

 
512,686

Taxes Refundable to Customers
366,448

 
370,628

Cost of Removal Regulatory Liability
214,842

 
212,311

Other Regulatory Liabilities
150,337

 
146,743

Pension and Other Post-Retirement Liabilities
40,842

 
66,103

Asset Retirement Obligations
104,343

 
108,235

Other Deferred Credits
113,878

 
111,025

Total Deferred Credits
1,588,975

 
1,527,731

Commitments and Contingencies
—

 
—

Total Capitalization and Liabilities

$6,186,928

 

$6,036,486






Page 13.


 
 
 
 
 
 
 
 
 
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Three Months Ended
 
 
December 31,
(Thousands of Dollars)
 
2018
 
2017
 
 
 
 
 
Operating Activities:
 
 
 
 
Net Income Available for Common Stock
 
$
102,660

 
$
198,654

Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
 
 
 
 
Depreciation, Depletion and Amortization
 
64,255

 
55,830

Deferred Income Taxes
 
64,175

 
(94,676
)
Stock-Based Compensation
 
5,311

 
3,905

Other
 
2,182

 
3,678

Change in:
 
 
 
 
Receivables and Unbilled Revenue
 
(101,541
)
 
(83,357
)
Gas Stored Underground and Materials and Supplies
 
8,353

 
10,337

Unrecovered Purchased Gas Costs
 
(4,496
)
 
(3,164
)
Other Current Assets
 
(1,195
)
 
3,591

Accounts Payable
 
1,502

 
13,173

Amounts Payable to Customers
 
(3,394
)
 
251

Customer Advances
 
(6,258
)
 
2,697

Customer Security Deposits
 
(1,861
)
 
2,131

Other Accruals and Current Liabilities
 
38,412

 
11,532

Other Assets
 
(42,400
)
 
(5,275
)
Other Liabilities
 
(21,333
)
 
(21,775
)
Net Cash Provided by Operating Activities
 
$
104,372

 
$
97,532

 
 
 
 
 
Investing Activities:
 
 
 
 
Capital Expenditures
 
$
(177,567
)
 
$
(142,613
)
Other
 
(2,549
)
 
2,612

Net Cash Used in Investing Activities
 
$
(180,116
)
 
$
(140,001
)
 
 
 
 
 
Financing Activities:
 
 
 
 
Reduction of Long-Term Debt
 
$
—

 
$
(307,047
)
Dividends Paid on Common Stock
 
(36,532
)
 
(35,500
)
Net Repurchases of Common Stock
 
(8,233
)
 
(1,501
)
Net Cash Used in Financing Activities
 
$
(44,765
)
 
$
(344,048
)
 
 
 
 
 
Net Decrease in Cash, Cash Equivalents, and Restricted Cash
 
(120,509
)
 
(386,517
)
Cash, Cash Equivalents, and Restricted Cash at October 1
 
233,047

 
557,271

Cash, Cash Equivalents, and Restricted Cash at December 31
 
$
112,538

 
$
170,754















Page 14.


 

 

 

 
 
 
 
 
 
 
 
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
2018
 
2017
 
Variance
 
Total Operating Revenues
$
162,876

 
$
139,141

 
$
23,735

 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
Operation and Maintenance:
 
 
 
 
 
 
General and Administrative Expense
15,198

 
13,602

 
1,596

 
Lease Operating and Transportation Expense
42,562

 
39,647

 
2,915

 
All Other Operation and Maintenance Expense
2,353

 
2,535

 
(182
)
 
Property, Franchise and Other Taxes
6,362

 
3,569

 
2,793

 
Depreciation, Depletion and Amortization
34,700

 
27,425

 
7,275

 
 
101,175

 
86,778

 
14,397

 
 
 
 
 
 
 
 
Operating Income
61,701

 
52,363

 
9,338

 
 
 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
 
Other Income (Deductions)
278

 
3

 
275

 
Other Interest Expense
(13,163
)
 
(13,374
)
 
211

 
 
 
 
 
 
 
 
Income Before Income Taxes
48,816

 
38,992

 
9,824

 
Income Tax Expense (Benefit)
10,602

 
(67,706
)
 
78,308

 
Net Income
$
38,214

 
$
106,698

 
$
(68,484
)
 
 
 
 
 
 
 
 
Net Income Per Share (Diluted)
$
0.44

 
$
1.24

 
$
(0.80
)
 
 
 
 
 
 
 
 

















































































































































































Page 15.


 
 
 
 
 
 
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
2018
 
2017
 
Variance
Revenues from External Customers
$
54,218

 
$
53,310

 
$
908

Intersegment Revenues
22,851

 
21,985

 
866

Total Operating Revenues
77,069

 
75,295

 
1,774

 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
Purchased Gas
304

 
106

 
198

Operation and Maintenance
21,633

 
17,672

 
3,961

Property, Franchise and Other Taxes
7,308

 
7,100

 
208

Depreciation, Depletion and Amortization
11,114

 
10,596

 
518

 
40,359

 
35,474

 
4,885

 
 
 
 
 
 
Operating Income
36,710

 
39,821

 
(3,111
)
 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
1,926

 
1,645

 
281

Interest Expense
(7,286
)
 
(7,876
)
 
590

 
 
 
 
 
 
Income Before Income Taxes
31,350

 
33,590

 
(2,240
)
Income Tax Expense (Benefit)
6,248

 
(4,872
)
 
11,120

Net Income
$
25,102

 
$
38,462

 
$
(13,360
)
 
 
 
 
 
 
Net Income Per Share (Diluted)
$
0.29

 
$
0.45

 
$
(0.16
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
December 31,
GATHERING SEGMENT
2018
 
2017
 
Variance
Revenues from External Customers
$
—

 
$
170

 
$
(170
)
Intersegment Revenues
29,690

 
23,665

 
6,025

Total Operating Revenues
29,690

 
23,835

 
5,855

 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
Operation and Maintenance
3,711

 
2,984

 
727

Property, Franchise and Other Taxes
31

 
38

 
(7
)
Depreciation, Depletion and Amortization
4,679

 
4,088

 
591

 
8,421

 
7,110

 
1,311

 
 
 
 
 
 
Operating Income
21,269

 
16,725

 
4,544

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 

Other Income (Deductions)
43

 
316

 
(273
)
Interest Expense
(2,377
)
 
(2,340
)
 
(37
)
 
 
 
 
 
 
Income Before Income Taxes
18,935

 
14,701

 
4,234

Income Tax Expense (Benefit)
4,752

 
(30,699
)
 
35,451

Net Income
$
14,183

 
$
45,400

 
$
(31,217
)
 
 
 
 
 
 
Net Income Per Share (Diluted)
$
0.16

 
$
0.53

 
$
(0.37
)
 
 
 
 
 
 



Page 16.


 
 
 
 
 
 
 
 
 
 
 
 
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
2018
 
2017
 
Variance
Revenues from External Customers
$
220,012

 
$
187,089

 
$
32,923

Intersegment Revenues
2,645

 
2,182

 
463

Total Operating Revenues
222,657

 
189,271

 
33,386

 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
Purchased Gas
111,880

 
81,924

 
29,956

Operation and Maintenance
43,155

 
43,317

 
(162
)
Property, Franchise and Other Taxes
10,053

 
9,880

 
173

Depreciation, Depletion and Amortization
13,290

 
13,325

 
(35
)
 
178,378

 
148,446

 
29,932

 
 
 
 
 
 
Operating Income
44,279

 
40,825

 
3,454

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
(6,216
)
 
(6,691
)
 
475

Interest Expense
(5,893
)
 
(6,837
)
 
944

 
 
 
 
 
 
Income Before Income Taxes
32,170

 
27,297

 
4,873

Income Tax Expense
6,521

 
6,304

 
217

Net Income
$
25,649

 
$
20,993

 
$
4,656

 
 
 
 
 
 
Net Income Per Share
$
0.30

 
$
0.24

 
$
0.06

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
December 31,
ENERGY MARKETING SEGMENT
2018
 
2017
 
Variance
Revenues from External Customers
$
52,080

 
$
38,636

 
$
13,444

Intersegment Revenues
332

 
126

 
206

Total Operating Revenues
52,412

 
38,762

 
13,650

 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
Purchased Gas
51,516

 
35,445

 
16,071

Operation and Maintenance
1,617

 
1,513

 
104

Depreciation, Depletion and Amortization
70

 
69

 
1

 
53,203

 
37,027

 
16,176

 
 
 
 
 
 
Operating Income (Loss)
(791
)
 
1,735

 
(2,526
)
 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
45

 
13

 
32

Interest Expense
(5
)
 
(11
)
 
6

 
 
 
 
 
 
Income (Loss) Before Income Taxes
(751
)
 
1,737

 
(2,488
)
Income Tax Expense (Benefit)
(449
)
 
691

 
(1,140
)
Net Income (Loss)
$
(302
)
 
$
1,046

 
$
(1,348
)
 
 
 
 
 
 
Net Income (Loss) Per Share (Diluted)
$
—

 
$
0.01

 
$
(0.01
)
 
 
 
 
 
 













Page 17.


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
2018
 
2017
 
Variance
Total Operating Revenues
$
1,007

 
$
1,096

 
$
(89
)
Operating Expenses:
 
 
 
 
 
Operation and Maintenance
261

 
314

 
(53
)
Property, Franchise and Other Taxes
135

 
144

 
(9
)
Depreciation, Depletion and Amortization
212

 
139

 
73

 
608

 
597

 
11

 
 
 
 
 
 
Operating Income
399

 
499

 
(100
)
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
138

 
62

 
76

 
 
 
 
 
 
Income Before Income Taxes
537

 
561

 
(24
)
Income Tax Expense
153

 
1,280

 
(1,127
)
Net Income (Loss)
$
384

 
$
(719
)
 
$
1,103

 
 
 
 
 
 
Net Income (Loss) Per Share (Diluted)
$
—

 
$
(0.01
)
 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
December 31,
CORPORATE
2018
 
2017
 
Variance
Revenues from External Customers
$
54

 
$
213

 
$
(159
)
Intersegment Revenues
1,165

 
1,000

 
165

Total Operating Revenues
1,219

 
1,213

 
6

Operating Expenses:
 
 
 
 
 
Operation and Maintenance
2,797

 
3,407

 
(610
)
Property, Franchise and Other Taxes
116

 
117

 
(1
)
Depreciation, Depletion and Amortization
190

 
188

 
2

 
3,103

 
3,712

 
(609
)
 
 
 
 
 
 
Operating Loss
(1,884
)
 
(2,499
)
 
615

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
22,879

 
32,468

 
(9,589
)
Interest Expense on Long-Term Debt
(25,439
)
 
(28,087
)
 
2,648

Other Interest Expense
(1,044
)
 
(1,383
)
 
339

 
 
 
 
 
 
Income (Loss) before Income Taxes
(5,488
)
 
499

 
(5,987
)
Income Tax Expense (Benefit)
(4,918
)
 
13,725

 
(18,643
)
Net Loss
$
(570
)
 
$
(13,226
)
 
$
12,656

 
 
 
 
 
 
Net Loss Per Share (Diluted)
$
(0.01
)
 
$
(0.16
)
 
$
0.15

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
December 31,
INTERSEGMENT ELIMINATIONS
2018
 
2017
 
Variance
Intersegment Revenues
$
(56,683
)
 
$
(48,958
)
 
$
(7,725
)
Operating Expenses:
 
 
 
 
 
Purchased Gas
(25,040
)
 
(23,441
)
 
(1,599
)
Operation and Maintenance
(31,643
)
 
(25,517
)
 
(6,126
)
 
(56,683
)
 
(48,958
)
 
(7,725
)
 
 
 
 
 
 
Operating Income
—

 
—

 
—

 
 
 
 
 
 
Other Income (Expense):
 
 
 
 
 
Other Income (Deductions)
(28,695
)
 
(31,319
)
 
2,624

Interest Expense
28,695

 
31,319

 
(2,624
)
Net Income
$
—

 
$
—

 
$
—

 
 
 
 
 
 
Net Income Per Share (Diluted)
$
—

 
$
—

 
$
—






Page 18.


 
 
 
 
 
 
 
 
 
 
 
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 
 
 
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
December 31,
 
(Unaudited)
 
 
 
 
 
Increase
 
2018
 
2017
 
(Decrease)
 
 
 
 
 
 
Capital Expenditures:
 
 
 
 
 
Exploration and Production
$
120,214

(1)(2) 
$
74,725

(3)(4) 
$
45,489

Pipeline and Storage
29,964

(1)(2) 
22,274

(3)(4) 
7,690

Gathering
8,790

(1)(2) 
12,931

(3)(4) 
(4,141
)
Utility
15,923

(1)(2) 
16,535

(3)(4) 
(612
)
Energy Marketing
20

 
18

 
2

Total Reportable Segments
174,911


126,483


48,428

All Other
—

 
1

 
(1
)
Corporate
17

 
29

 
(12
)
Total Capital Expenditures
$
174,928

 
$
126,513

 
$
48,415






(1) 
Capital expenditures for the three months ended December 31, 2018, include accounts payable and accrued liabilities related to capital expenditures of $66.1 million, $12.9 million, $4.4 million, and $2.8 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, 2018, since they represent non-cash investing activities at that date.

(2) 
Capital expenditures for the three months ended December 31, 2018, exclude capital expenditures of $51.3 million, $21.9 million, $6.1 million and $9.5 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, 2018 and paid during the three months ended December 31, 2018. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2018, 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, 2018.

(3) 
Capital expenditures for the three months ended December 31, 2017, include accounts payable and accrued liabilities related to capital expenditures of $37.1 million, $10.7 million, $4.7 million, and $3.6 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, 2017, since they represent non-cash investing activities at that date.

(4) 
Capital expenditures for the three months ended December 31, 2017, exclude capital expenditures of $36.5 million, $25.1 million, $3.9 million and $6.7 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, 2017 and paid during the three months ended December 31, 2017. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2017, 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, 2017.


 
 
 
 
 
 
 
 
 
 
DEGREE DAYS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent Colder
 
 
 
 
 
 
 
(Warmer) Than:
Three Months Ended December 31
Normal
 
2018
 
2017
 
  Normal (1)
 
Last Year (1)
 
 
 
 
 
 
 
 
 
 
Buffalo, NY
2,253
 
2,325
 
2,227
 
3.2

 
4.4
Erie, PA
2,044
 
2,030
 
2,029
 
(0.7
)
 
0.0
 
 
 
 
 
 
 
 
 
 
(1) 
Percents compare actual 2018 degree days to normal degree days and actual 2018 degree days to actual 2017 degree days.





Page 19.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 
 
 
 
EXPLORATION AND PRODUCTION INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
 
 
 
 
Increase
 
 
2018
 
2017
 
(Decrease)
 
 
 
 
 
 
 
Gas Production/Prices:
 
 
 
 
 
 
Production (MMcf)
 
 
 
 
 
 
Appalachia
 
45,305

 
35,414

 
9,891

West Coast
 
502

 
695

 
(193
)
Total Production
 
45,807

 
36,109

 
9,698

 
 
 
 
 
 
 
Average Prices (Per Mcf)
 
 
 
 
 
 
Appalachia
 
$
2.93

 
$
2.35

 
$
0.58

West Coast
 
6.73

 
5.00

 
1.73

Weighted Average
 
2.97

 
2.40

 
0.57

Weighted Average after Hedging
 
2.61

 
2.72

 
(0.11
)
 
 
 
 
 
 
 
Oil Production/Prices:
 
 
 
 
 
 
Production (Thousands of Barrels)
 
 
 
 
 
 
Appalachia
 
1

 
1

 
—

West Coast
 
571

 
672

 
(101
)
Total Production
 
572

 
673

 
(101
)
 
 
 
 
 
 
 
Average Prices (Per Barrel)
 
 
 
 
 
 
Appalachia
 
$
66.31

 
$
43.85

 
$
22.46

West Coast
 
65.71

 
57.88

 
7.83

Weighted Average
 
65.71

 
57.86

 
7.85

Weighted Average after Hedging
 
61.70

 
59.79

 
1.91

 
 
 
 
 
 
 
Total Production (Mmcfe)
 
49,239

 
40,147

 
9,092

 
 
 
 
 
 
 
Selected Operating Performance Statistics:
 
 
 
 
 
 
General & Administrative Expense per Mcfe (1)
 
$
0.31

 
$
0.34

 
$
(0.03
)
Lease Operating and Transportation Expense per Mcfe (1)(2)
 
$
0.86

 
$
0.99

 
$
(0.13
)
Depreciation, Depletion & Amortization per Mcfe (1)
 
$
0.70

 
$
0.68

 
$
0.02

 
 
 
 
 
 
 


(1) 
Refer to page 14 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
 
(2) 
Amounts include transportation expense of $0.54 per Mcfe for both the three months ended December 31, 2018 and December 31, 2017.










Page 20.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 
 
 
 
EXPLORATION AND PRODUCTION INFORMATION
 
Hedging Summary for Remaining Nine Months of Fiscal 2019
Volume
 
 
Average Hedge Price
Oil Swaps
 
 
 
 
 
 
Brent
 
558,000

BBL
 
$
63.52 / BBL
NYMEX
 
801,000

BBL
 
$
53.42 / BBL
Total
 
1,359,000

BBL
 
$
57.57 / BBL
 
 
 
 
 
 
 
Gas Swaps
 
 
 
 
 
 
NYMEX
 
60,120,000

MMBTU
 
$
2.93 / MMBTU
DAWN
 
5,400,000

MMBTU
 
$
3.00 / MMBTU
Fixed Price Physical Sales
 
51,914,991

MMBTU
 
$
2.68 / MMBTU
Total
 
117,434,991

MMBTU
 
$
2.82 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2020
 
Volume
 
 
Average Hedge Price
Oil Swaps
 
 
 
 
 
 
Brent
 
864,000

BBL
 
$
63.51 / BBL
NYMEX
 
324,000

BBL
 
$
50.52 / BBL
Total
 
1,188,000

BBL
 
$
59.96 / BBL
 
 
 
 
 
 
 
Gas Swaps
 
 
 
 
 
 
NYMEX
 
18,640,000

MMBTU
 
$
3.04 / MMBTU
DAWN
 
7,200,000

MMBTU
 
$
3.00 / MMBTU
Fixed Price Physical Sales
 
45,045,882

MMBTU
 
$
2.34 / MMBTU
Total
 
70,885,882

MMBTU
 
$
2.59 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2021
 
Volume
 
 
Average Hedge Price
Oil Swaps
 
 
 
 
 
 
Brent
 
576,000

BBL
 
$
64.48 / BBL
NYMEX
 
156,000

BBL
 
$
51.00 / BBL
Total
 
732,000

BBL
 
$
61.61 / BBL
 
 
 
 
 
 
 
Gas Swaps
 
 
 
 
 
 
NYMEX
 
4,840,000

MMBTU
 
$
3.01 / MMBTU
   DAWN
 
600,000

MMBTU
 
$
3.00 / MMBTU
Fixed Price Physical Sales
 
41,487,601

MMBTU
 
$
2.22 / MMBTU
Total
 
46,927,601

MMBTU
 
$
2.31 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2022
 
Volume
 
 
Average Hedge Price
Oil Swaps
 
 
 
 
 
 
Brent
 
300,000

BBL
 
$
60.07 / BBL
NYMEX
 
156,000

BBL
 
$
51.00 / BBL
Total
 
456,000

BBL
 
$
56.97 / BBL
 
 
 
 
 
 
 
Fixed Price Physical Sales
 
40,579,694

MMBTU
 
$
2.23 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2023
 
Volume
 
 
Average Hedge Price
 
 
 
 
 
 
 
Fixed Price Physical Sales
 
37,102,311

MMBTU
 
$
2.26 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2024
 
Volume
 
 
Average Hedge Price
 
 
 
 
 
 
 
Fixed Price Physical Sales
 
20,948,498

MMBTU
 
$
2.25 / MMBTU
 
 
 
 
 
 
 
Hedging Summary for Fiscal 2025
 
Volume
 
 
Average Hedge Price
 
 
 
 
 
 
 
Fixed Price Physical Sales
 
2,293,200

MMBTU
 
$
2.18 / MMBTU

 
 
 
 
 



Page 21.


 
 
 
 
 
 
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pipeline & Storage Throughput - (millions of cubic feet - MMcf)
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
 
 
 
 
Increase
 
 
2018
 
2017
 
(Decrease)
Firm Transportation - Affiliated
 
35,700

 
34,841

 
859

Firm Transportation - Non-Affiliated
 
156,201

 
171,860

 
(15,659
)
Interruptible Transportation
 
916

 
882

 
34

 
 
192,817

 
207,583

 
(14,766
)
 
 
 
 
 
 
 
Gathering Volume - (MMcf)
 
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
 
 
 
 
Increase
 
 
2018
 
2017
 
(Decrease)
Gathered Volume - Affiliated
 
54,688

 
43,162

 
11,526

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Utility Throughput - (MMcf)
 
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
 
 
 
 
Increase
 
 
2018
 
2017
 
(Decrease)
Retail Sales:
 
 
 
 
 
 
Residential Sales
 
19,780

 
17,847

 
1,933

Commercial Sales
 
2,846

 
2,596

 
250

Industrial Sales
 
204

 
144

 
60

 
 
22,830

 
20,587

 
2,243

Off-System Sales
 
—

 
22

 
(22
)
Transportation
 
22,270

 
21,427

 
843

 
 
45,100

 
42,036

 
3,064

 
 
 
 
 
 
 
Energy Marketing Volume
 
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
 
 
 
 
 
 
Increase
 
 
2018
 
2017
 
(Decrease)
Natural Gas (MMcf)
 
12,419

 
11,979

 
440

 
 
 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  







Page 22.


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 Adjusted 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 Adjusted Operating Results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to Adjusted Operating Results for the three months ended December 31, 2018 and 2017:
 
 
Three Months Ended
 
 
December 31,
(in thousands except per share amounts)
 
2018
 
2017
Reported GAAP Earnings
 
$
102,660

 
$
198,654

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 
(5,000
)
 
(111,000
)
Unrealized (gain) loss on hedge ineffectiveness (E&P)
 
(6,505
)
 
433

Tax impact of unrealized (gain) loss on hedge ineffectiveness
 
1,366

 
(106
)
Unrealized loss on other investments (Corporate/All Other)
 
6,347

 
—

Tax impact of unrealized loss on other investments
 
(1,333
)
 
—

Adjusted Operating Results
 
$
97,535

 
$
87,981

 
 
 
 
 
Reported GAAP Earnings per share
 
$
1.18

 
$
2.30

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 
(0.06
)
 
(1.29
)
Unrealized (gain) loss on hedge ineffectiveness (E&P)
 
(0.08
)
 
0.01

Tax impact of unrealized (gain) loss on hedge ineffectiveness
 
0.02

 
—

Unrealized loss on other investments (Corporate/All Other)
 
0.07

 
—

Tax impact of unrealized loss on other investments
 
(0.01
)
 
—

Adjusted Operating Results per share
 
$
1.12

 
$
1.02


Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three months ended December 31, 2018 and 2017:
 
 
Three Months Ended
 
 
December 31,
 
 
2018
 
2017
(in thousands)
 
 
 
 
Reported GAAP Earnings
 
$
102,660

 
$
198,654

Depreciation, Depletion and Amortization
 
64,255

 
55,830

Other (Income) Deductions
 
9,602

 
3,503

Interest Expense
 
26,512

 
28,589

Income Taxes
 
22,909

 
(81,277
)
Unrealized (Gain) Loss on Hedge Ineffectiveness
 
(6,505
)
 
433

Adjusted EBITDA
 
$
219,433

 
$
205,732

 
 
 
 
 
Adjusted EBITDA by Segment
 
 
 
 
Pipeline and Storage Adjusted EBITDA
 
$
47,824

 
$
50,417

Gathering Adjusted EBITDA
 
25,948

 
20,813

Total Midstream Businesses Adjusted EBITDA
 
73,772

 
71,230

Exploration and Production Adjusted EBITDA
 
89,896

 
80,221

Utility Adjusted EBITDA
 
57,569

 
54,150

Energy Marketing Adjusted EBITDA
 
(721
)
 
1,804

Corporate and All Other Adjusted EBITDA
 
(1,083
)
 
(1,673
)
Total Adjusted EBITDA
 
$
219,433

 
$
205,732







Page 23.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA
 
 
Three Months Ended
 
 
December 31,
(in thousands)
 
2018
 
2017
Exploration and Production Segment
 
 
 
 
Reported GAAP Earnings
 
$
38,214

 
$
106,698

Depreciation, Depletion and Amortization
 
34,700

 
27,425

Other (Income) Deductions
 
(278
)
 
(3
)
Interest Expense
 
13,163

 
13,374

Income Taxes
 
10,602

 
(67,706
)
Unrealized (Gain) Loss on Hedge Ineffectiveness
 
(6,505
)
 
433

Adjusted EBITDA
 
$
89,896

 
$
80,221

 
 
 
 
 
Pipeline and Storage Segment
 
 
 
 
Reported GAAP Earnings
 
$
25,102

 
$
38,462

Depreciation, Depletion and Amortization
 
11,114

 
10,596

Other (Income) Deductions
 
(1,926
)
 
(1,645
)
Interest Expense
 
7,286

 
7,876

Income Taxes
 
6,248

 
(4,872
)
Adjusted EBITDA
 
$
47,824

 
$
50,417

 
 
 
 
 
Gathering Segment
 
 
 
 
Reported GAAP Earnings
 
$
14,183

 
$
45,400

Depreciation, Depletion and Amortization
 
4,679

 
4,088

Other (Income) Deductions
 
(43
)
 
(316
)
Interest Expense
 
2,377

 
2,340

Income Taxes
 
4,752

 
(30,699
)
Adjusted EBITDA
 
$
25,948

 
$
20,813

 
 
 
 
 
Utility Segment
 
 
 
 
Reported GAAP Earnings
 
$
25,649

 
$
20,993

Depreciation, Depletion and Amortization
 
13,290

 
13,325

Other (Income) Deductions
 
6,216

 
6,691

Interest Expense
 
5,893

 
6,837

Income Taxes
 
6,521

 
6,304

Adjusted EBITDA
 
$
57,569

 
$
54,150

 
 
 
 
 
Energy Marketing Segment
 
 
 
 
Reported GAAP Earnings
 
$
(302
)
 
$
1,046

Depreciation, Depletion and Amortization
 
70

 
69

Other (Income) Deductions
 
(45
)
 
(13
)
Interest Expense
 
5

 
11

Income Taxes
 
(449
)
 
691

Adjusted EBITDA
 
$
(721
)
 
$
1,804

 
 
 
 
 
Corporate and All Other
 
 
 
 
Reported GAAP Earnings
 
$
(186
)
 
$
(13,945
)
Depreciation, Depletion and Amortization
 
402

 
327

Other (Income) Deductions
 
5,678

 
(1,211
)
Interest Expense
 
(2,212
)
 
(1,849
)
Income Taxes
 
(4,765
)
 
15,005

Adjusted EBITDA
 
$
(1,083
)
 
$
(1,673
)
 
 
 
 
 



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@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" 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