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National Fuel Gas Co (NFG) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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NFG Quarterly Reports

National Fuel Gas Co

CIK: 70145 Ticker: NFG

Exhibit 99

exhibit998kimagea15.jpg
 
 
 
 
 
 
6363 Main Street/Williamsville, NY 14221
 
 
 
 
Release Date:
Immediate April 30, 2020
Kenneth E. Webster
Investor Relations
716-857-7067
Karen M. Camiolo
Treasurer
716-857-7344
 
 
 
 

NATIONAL FUEL REPORTS SECOND QUARTER EARNINGS

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2020 fiscal year and for the six months ended March 31, 2020.

FISCAL 2020 SECOND QUARTER SUMMARY
GAAP net loss of $106.1 million, or $1.23 per share, compared to GAAP net income of $90.6 million, or $1.04 per share, in the prior year, which includes a $129.3 million after-tax impairment of oil and gas properties and a $56.8 million deferred tax valuation allowance described in further detail in this release
Adjusted operating results of $84.2 million, or $0.97 per share, compared to $92.9 million, or $1.07 per share, in the prior year (see non-GAAP reconciliation on page 2)
Adjusted EBITDA of $231.1 million, an increase of $5.3 million from $225.8 million in the prior year (non-GAAP reconciliation on page 24)
E&P segment net production of 59.8 Bcfe, an increase of 11 Bcfe, or 23% from the prior year, including the impact of approximately 2.7 Bcf of curtailments due to sustained low natural gas prices in Appalachia
Average natural gas prices, after the impact of hedging, of $2.12 per Mcf, down $0.46 per Mcf from the prior year
Average oil prices, after the impact of hedging, of $58.23 per Bbl, down $2.78 per Bbl from the prior year
Gathering revenues of $35.3 million, an increase of $5.9 million, or 20%, on higher throughput from the E&P segment
Pipeline & Storage revenues of $79.2 million, an increase of $6.9 million, or 10%, from the prior year, largely driven by the successful resolution of a National Fuel Gas Supply Corporation rate proceeding
Reducing fiscal 2020 consolidated capital expenditure guidance to a range of $680 to $740 million, a decrease of $30 million from the midpoint of the Company's previous guidance range

MANAGEMENT COMMENTS ON COMPANY’S COVID-19 RESPONSE

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “As we confront the challenges of the COVID-19 pandemic, I am proud to say that National Fuel has continued to safely and reliably provide natural gas service to our over 743,000 utility customers in western New York and northwestern Pennsylvania, operate our extensive network of transportation, compression and gathering infrastructure, and produce essential natural gas supplies.

The continuity of our operations is a direct result of the dedication and hard work of our over 2,000 employees. During this unprecedented situation, National Fuel has remained committed to our workforce - the bedrock of our Company - and has not instituted any furloughs or workforce reductions. With a large portion of our employees now working remotely, we have implemented a number of initiatives to provide the flexibility needed to address this new normal, including additional paid time off to address child care needs, and encouraging the use of alternative work schedules.

With respect to our in-field workforce and customer service representatives, all of whom provide essential services to our communities each and every day, we have adopted appropriate social distancing measures and have provided necessary personal protective equipment in line with directives from federal, state, and local agencies. As this public health crisis evolves, the health and well-being of our employees and our communities will remain our number one priority, and National Fuel will continue to monitor developments affecting our stakeholders in order to take appropriate steps to mitigate the impacts of the COVID-19 virus.”

-more-

The following information was filed by National Fuel Gas Co (NFG) on Friday, May 1, 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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Inside National Fuel Gas Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income And Earnings Reinvested In The Business (Unaudited)
Business Segment Information
Business Segment Information (Financial Segment Information By Segment) (Details)
Business Segment Information (Narrative) (Details)
Business Segment Information (Tables)
Capitalization
Capitalization (Narrative) (Details)
Capitalization (Tables)
Capitalization And Short-Term Borrowings (Summary Of Changes In Common Stock Equity) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Recurring Fair Value Measures Of Assets And Liabilities) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Long-Term Debt) (Details)
Financial Instruments (Narrative) (Details)
Financial Instruments (Schedule Of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance) (Details)
Financial Instruments (Schedule Of Derivatives And Hedged Items In Fair Value Hedging Relationships) (Details)
Financial Instruments (Tables)
Financial Investments (Other Investments) (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Balance Sheet Information Related To Operating Leases) (Details)
Leases (Components Of Operating Lease Costs) (Details)
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Operating Lease Payments) (Details)
Leases (Schedule Of Operating Lease Liability Maturities) (Details)
Leases (Tables)
Regulatory Matters
Regulatory Matters (Details)
Retirement Plan And Other Post-Retirement Benefits
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details)
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details)
Retirement Plan And Other Post-Retirement Benefits (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Disaggregation Of Revenue) (Details)
Revenue From Contracts With Customers (Narrative) (Details)
Revenue From Contracts With Customers (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Loss) (Details)
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details)
Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Reclassification Out Of Accumulated Other Comprehensive Loss) (Details)
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: NFG
CIK: 70145
Form Type: 10-Q Quarterly Report
Accession Number: 0000070145-20-000012
Submitted to the SEC: Fri May 01 2020 4:35:40 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Natural Gas Distribution

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