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Press Release: National Fuel Reports First -6-

· 02/04/2021 16:45
Liabilities 124,097 127,181 Asset Retirement Obligations 192,682 192,228 Other Deferred Credits 145,689 139,177 --------------------------------------- ---------- ---------- Total Deferred Credits 1,957,887 1,903,800 --------------------------------------- ---------- ---------- Commitments and Contingencies -- -- --------------------------------------- ---------- ---------- Total Capitalization and Liabilities $ 7,039,168 $ 6,964,935 --------------------------------------- ---------- ---------- NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended December 31, (Thousands of Dollars) 2020 2019 ----------------------------------------- ---------- ------------ Operating Activities: Net Income Available for Common Stock $ 77,774 $ 86,591 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Gain on Sale of Timber Properties (51,066) -- Impairment of Oil and Gas Producing Properties 76,152 -- Depreciation, Depletion and Amortization 83,120 74,918 Deferred Income Taxes 26,591 51,366 Stock-Based Compensation 3,933 3,266 Other 2,887 1,911 Change in: Receivables and Unbilled Revenue (63,606) (58,655) Gas Stored Underground and Materials, Supplies and Emission Allowances 13,873 6,985 Unrecovered Purchased Gas Costs (367) 627 Other Current Assets (251) 14 Accounts Payable (541) 8,280 Amounts Payable to Customers (4,965) (573) Customer Advances 713 683 Customer Security Deposits 424 (700) Other Accruals and Current Liabilities 27,615 15,438 Other Assets 10,066 (28,259) Other Liabilities 2,391 5,857 ------------------------------------------ --------- --------- Net Cash Provided by Operating Activities $ 204,743 $ 167,749 ------------------------------------------ -------- -------- Investing Activities: Capital Expenditures $(183,301) $(198,495) Net Proceeds from Sale of Timber Properties 104,582 -- Other 11,849 5,212 ------------------------------------------ --------- --------- Net Cash Used in Investing Activities $ (66,870) $(193,283) ------------------------------------------ -------- -------- Financing Activities: Changes in Notes Payable to Banks and Commercial Paper $ (5,000) $ 84,600 Dividends Paid on Common Stock (40,475) (37,547) Net Repurchases of Common Stock (3,526) (4,147) ------------------------------------------ --------- --------- Net Cash Provided by (Used in) Financing Activities $ (49,001) $ 42,906 ------------------------------------------ -------- -------- Net Increase in Cash, Cash Equivalents, and Restricted Cash 88,872 17,372 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 20,541 27,260 ------------------------------------------ --------- --------- Cash, Cash Equivalents, and Restricted Cash at December 31 $ 109,413 $ 44,632 ------------------------------------------ -------- -------- 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 2020 2019 Variance ----------------------------- --------- --------- ----------- Total Operating Revenues $191,395 $165,939 $ 25,456 ------- ------- ------- Operating Expenses: Operation and Maintenance: General and Administrative Expense 16,953 15,380 1,573 Lease Operating and Transportation Expense 65,581 50,800 14,781 All Other Operation and Maintenance Expense 3,671 2,958 713 Property, Franchise and Other Taxes 4,446 4,701 (255) Depreciation, Depletion and Amortization 45,332 44,148 1,184 Impairment of Oil and Gas Producing Properties 76,152 -- 76,152 -------- -------- -------- 212,135 117,987 94,148 -------- -------- -------- Operating Income (Loss) (20,740) 47,952 (68,692) Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Costs (285) (395) 110 Interest and Other Income 91 234 (143) Interest Expense (15,490) (14,057) (1,433) -------- -------- -------- Income (Loss) Before Income Taxes (36,424) 33,734 (70,158) Income Tax Expense (Benefit) (6,801) 9,757 (16,558) -------- -------- -------- Net Income (Loss) $(29,623) $ 23,977 $(53,600) ======= ======= ======= Net Income (Loss) Per Share (Diluted) $ (0.32) $ 0.28 $ (0.60) ======= ======= ======= 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 2020 2019 Variance -------------------------------- -------- -------- ---------- Revenues from External Customers $59,308 $48,969 $10,339 Intersegment Revenues 28,456 23,251 5,205 ------- ------- ------- Total Operating Revenues 87,764 72,220 15,544 ------- ------- ------- Operating Expenses: Purchased Gas 13 (7) 20 Operation and Maintenance 21,173 20,930 243 Property, Franchise and Other Taxes 8,444 8,355 89 Depreciation, Depletion and Amortization 15,468 11,605 3,863 ------- ------- ------- 45,098 40,883 4,215 ------- ------- ------- Operating Income 42,666 31,337 11,329 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit (Costs) Credit 125 (174) 299 Interest and Other Income 856 1,552 (696) Interest Expense (10,731) (7,112) (3,619) ------- ------- ------- Income Before Income Taxes 32,916 25,603 7,313 Income Tax Expense 8,733 7,498 1,235 ------- ------- ------- Net Income $24,183 $18,105 $ 6,078 ====== ====== ====== Net Income Per Share (Diluted) $ 0.26 $ 0.21 $ 0.05 ====== ====== ====== Three Months Ended December 31, ------------------------------ GATHERING SEGMENT 2020 2019 Variance -------------------------------- -------- -------- ---------- Revenues from External Customers $ 351 $ -- $ 351 Intersegment Revenues 46,658 34,788 11,870 ------- ------- ------- Total Operating Revenues 47,009 34,788 12,221 ------- ------- ------- Operating Expenses: Operation and Maintenance 7,203 5,342 1,861 Property, Franchise and Other Taxes 13 15 (2) Depreciation, Depletion and Amortization 7,904 5,138 2,766 ------- ------- ------- 15,120 10,495 4,625 ------- ------- ------- Operating Income 31,889 24,293 7,596 Other Income (Expense):

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