Exhibit 99

exhibit998kimagea14.jpg
 
 
 
 
 
 
6363 Main Street/Williamsville, NY 14221
 
 
 
 
Release Date:
Immediate January 30, 2020
Kenneth E. Webster
Investor Relations
716-857-7067
Karen M. Camiolo
Treasurer
716-857-7344
 
 
 
 

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 2020 fiscal year.

FISCAL 2020 FIRST QUARTER SUMMARY
GAAP earnings of $86.6 million, or $1.00 per share, compared to $102.7 million, or $1.18 per share, in the prior year
Adjusted operating results of $87.4 million, or $1.01 per share, compared to $97.5 million, or $1.12 per share, in the prior year (see non-GAAP reconciliation below)
Adjusted EBITDA of $222.9 million, an increase of $3.5 million from $219.4 million in the prior year (non-GAAP reconciliation on page 21)
E&P segment net production of 58.4 Bcfe, an increase of 19% from the prior year
Average natural gas prices, after the impact of hedging, of $2.32 per Mcf, down $0.29 per Mcf from the prior year
Average oil prices, after the impact of hedging, of $62.92 per Bbl, up $1.22 per Bbl from the prior year
Gathering revenues of $34.8 million, an increase of $5.1 million, or 17%, on higher throughput from E&P segment
Due to low natural gas prices, the Company is reducing drilling activity; E&P segment completed the planned drop of a drilling rig in Appalachia in January and intends to drop an additional drilling rig in the summer of 2020
Revising fiscal 2020 earnings guidance to a range of $2.95 to $3.15 per share to reflect lower natural gas prices


RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS
 
 
 
 
 
 
 
Three Months Ended
 
 
December 31,
(in thousands except per share amounts)
 
2019
 
2018
Reported GAAP Earnings
 
$
86,591

 
$
102,660

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 

 
(5,000
)
Mark-to-market adjustments due to hedge ineffectiveness (E&P)
 

 
(6,505
)
Tax impact of mark-to-market adjustments due to hedge ineffectiveness
 

 
1,366

Unrealized loss on other investments (Corporate / All Other)
 
1,019

 
6,347

Tax impact of unrealized loss on other investments
 
(214
)
 
(1,333
)
Adjusted Operating Results
 
$
87,396

 
$
97,535

 
 
 
 
 
Reported GAAP Earnings per share
 
$
1.00

 
$
1.18

Items impacting comparability
 
 
 
 
Remeasurement of deferred income taxes under 2017 Tax Reform
 

 
(0.06
)
Mark-to-market adjustments due to hedge ineffectiveness, net of tax (E&P)
 

 
(0.06
)
Unrealized loss on other investments, net of tax (Corporate / All Other)
 
0.01

 
0.06

Adjusted Operating Results per share
 
$
1.01

 
$
1.12





The following information was filed by Carpenter Technology Corp (CRS) on Friday, January 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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