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Press Release: National Fuel Reports First -5-

· 02/04/2021 16:45
deductions (0.01) 0.01 -- (Higher) lower interest expense (0.01) (0.03) (0.02) -- (0.06) Income Taxes Lower (higher) income tax expense / effective tax rate (0.03) -- -- (0.01) 0.03 (0.01) Impact of additional shares (0.01) (0.01) (0.01) (0.02) -- (0.05) All other / rounding (0.02) -- -- (0.01) -- (0.03) ------------ --------- ---------- ----------- ---------- ------------- First quarter 2021 adjusted operating results per share 0.28 0.26 0.22 0.25 0.05 1.06 Items impacting comparability: Impairment of oil and gas properties, net of tax (0.60) (0.60) Gain on sale of timber properties, net of tax 0.40 0.40 Unrealized gain (loss) on other investments, net of tax (0.01) (0.01) First quarter 2021 GAAP earnings per share $ (0.32) $ 0.26 $ 0.22 $ 0.25 $ 0.44 $ 0.85 === ======= ===== === ===== === ====== === ===== ==== ======= * Amounts do not reflect intercompany eliminations ** Drivers of operating results have been calculated using the 21% federal statutory rate. *** Downstream margin defined as operating revenues less purchased gas expense. NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES (Thousands of Dollars, except per share amounts) Three Months Ended December 31, (Unaudited) ------------------------------ SUMMARY OF OPERATIONS 2020 2019 ------------------------------------------ ------------- --------------- Operating Revenues: Utility and Energy Marketing Revenues $ 189,466 $ 228,026 Exploration and Production and Other Revenues 192,035 167,193 Pipeline and Storage and Gathering Revenues 59,659 48,969 ------------ ------------ 441,160 444,188 Operating Expenses: Purchased Gas 51,620 92,272 Operation and Maintenance: Utility and Energy Marketing 44,886 43,256 Exploration and Production and Other 42,027 36,693 Pipeline and Storage and Gathering 28,098 25,885 Property, Franchise and Other Taxes 22,781 23,144 Depreciation, Depletion and Amortization 83,120 74,918 Impairment of Oil and Gas Producing Properties 76,152 -- ------------ ------------ 348,684 296,168 Gain on Sale of Timber Properties 51,066 -- Operating Income 143,542 148,020 Other Income (Expense): Other Income (Deductions) (2,176) (3,040) Interest Expense on Long-Term Debt (32,256) (25,443) Other Interest Expense (1,919) (1,551) ------------ ------------ Income Before Income Taxes 107,191 117,986 Income Tax Expense 29,417 31,395 ------------ ------------ Net Income Available for Common Stock $ 77,774 $ 86,591 ======== ======== Earnings Per Common Share Basic $ 0.85 $ 1.00 ======== ======== Diluted $ 0.85 $ 1.00 ======== ======== Weighted Average Common Shares: Used in Basic Calculation 91,007,657 86,378,450 ============ ============ Used in Diluted Calculation 91,508,259 86,883,152 ============ ============ NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, September 30, (Thousands of Dollars) 2020 2020 --------------------------------------- ------------ ----------------- ASSETS Property, Plant and Equipment $12,495,227 $ 12,351,852 Less - Accumulated Depreciation, Depletion and Amortization 6,503,561 6,353,785 --------------------------------------- ---------- ---------- Net Property, Plant and Equipment 5,991,666 5,998,067 --------------------------------------- ---------- ---------- Assets Held for Sale, Net -- 53,424 --------------------------------------- ---------- ---------- Current Assets: Cash and Temporary Cash Investments 109,413 20,541 Receivables - Net 178,584 143,583 Unbilled Revenue 45,829 17,302 Gas Stored Underground 19,648 33,338 Materials, Supplies and Emission Allowances 51,694 51,877 Unrecovered Purchased Gas Costs 367 -- Other Current Assets 47,904 47,557 Total Current Assets 453,439 314,198 --------------------------------------- ---------- ---------- Other Assets: Recoverable Future Taxes 117,431 118,310 Unamortized Debt Expense 11,870 12,297 Other Regulatory Assets 153,172 156,106 Deferred Charges 61,986 67,131 Other Investments 145,921 154,502 Goodwill 5,476 5,476 Prepaid Post-Retirement Benefit Costs 80,032 76,035 Fair Value of Derivative Financial Instruments 18,094 9,308 Other 81 81 --------------------------------------- ---------- ---------- Total Other Assets 594,063 599,246 --------------------------------------- ---------- ---------- Total Assets $ 7,039,168 $ 6,964,935 --------------------------------------- ---------- ---------- CAPITALIZATION AND LIABILITIES Capitalization: Comprehensive Shareholders' Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 91,152,710 Shares and 90,954,696 Shares, Respectively $ 91,153 $ 90,955 Paid in Capital 1,004,369 1,004,158 Earnings Reinvested in the Business 1,028,844 991,630 Accumulated Other Comprehensive Loss (79,741) (114,757) --------------------------------------- ---------- ---------- Total Comprehensive Shareholders' Equity 2,044,625 1,971,986 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,130,473 2,629,576 --------------------------------------- ---------- ---------- Total Capitalization 4,175,098 4,601,562 --------------------------------------- ---------- ---------- Current and Accrued Liabilities: Notes Payable to Banks and Commercial Paper 25,000 30,000 Current Portion of Long-Term Debt 500,000 -- Accounts Payable 96,905 134,126 Amounts Payable to Customers 5,823 10,788 Dividends Payable 40,560 40,475 Interest Payable on Long-Term Debt 45,350 27,521 Customer Advances 16,032 15,319 Customer Security Deposits 17,623 17,199 Other Accruals and Current Liabilities 154,377 140,176 Fair Value of Derivative Financial Instruments 4,513 43,969 --------------------------------------- ---------- ---------- Total Current and Accrued Liabilities 906,183 459,573 --------------------------------------- ---------- ---------- Deferred Credits: Deferred Income Taxes 735,236 696,054 Taxes Refundable to Customers 357,354 357,508 Cost of Removal Regulatory Liability 234,641 230,079 Other Regulatory Liabilities 168,188 161,573 Pension and Other Post-Retirement

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February 04, 2021 16:45 ET (21:45 GMT)