SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

Press Release: National Fuel Reports First -8-

· 02/04/2021 16:45
NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES EXPLORATION AND PRODUCTION INFORMATION ---------------------------------------------------------------------- Hedging Summary for Remaining Nine Months of Fiscal 2021 Volume Average Hedge Price ----------------------- ------------------ ----------------------- Oil Swaps Brent 962,000 BBL $ 57.35 / BBL NYMEX 117,000 BBL $ 51.00 / BBL Total 1,079,000 BBL $ 56.66 / BBL Gas Swaps NYMEX 114,630,000 MMBTU $ 2.63 / MMBTU 2.28 / MMBTU (Floor) / $2.77 / MMBTU No Cost Collars 21,150,000 MMBTU $ (Ceiling) Fixed Price Physical Sales 55,788,503 MMBTU $ 2.24 / MMBTU Total 191,568,503 MMBTU Hedging Summary for Fiscal 2022 Volume Average Hedge Price ----------------------- ------------------ ----------------------- Oil Swaps Brent 540,000 BBL $ 55.14 / BBL NYMEX 156,000 BBL $ 51.00 / BBL Total 696,000 BBL $ 54.21 / BBL Gas Swaps NYMEX 140,630,000 MMBTU $ 2.65 / MMBTU 2.28 / MMBTU (Floor) / $2.77 / MMBTU No Cost Collars 2,350,000 MMBTU $ (Ceiling) Fixed Price Physical Sales 45,887,027 MMBTU $ 2.24 / MMBTU Total 188,867,027 MMBTU Hedging Summary for Fiscal 2023 Volume Average Hedge Price ----------------------- ------------------ ----------------------- Oil Swaps Brent 120,000 BBL $ 50.00 / BBL Total 120,000 BBL $ 50.00 / BBL Gas Swaps NYMEX 24,340,000 MMBTU $ 2.55 / MMBTU Fixed Price Physical Sales 38,313,018 MMBTU $ 2.26 / MMBTU Total 62,653,018 MMBTU Hedging Summary for Fiscal 2024 Volume Average Hedge Price ----------------------- ------------------ ----------------------- Oil Swaps Brent 120,000 BBL $ 50.30 / BBL Total 120,000 BBL $ 50.30 / BBL Gas Swaps NYMEX 1,150,000 MMBTU $ 2.45 / MMBTU Fixed Price Physical Sales 20,799,229 MMBTU $ 2.25 / MMBTU Total 21,949,229 MMBTU Hedging Summary for Fiscal 2025 Volume Average Hedge Price ----------------------- ------------------ ----------------------- Fixed Price Physical Sales 2,293,200 MMBTU $ 2.18 / MMBTU NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES Pipeline & Storage Throughput - (millions of cubic feet - MMcf) Three Months Ended December 31, ------------------------------ Increase 2020 2019 (Decrease) ------- ------- ------------ Firm Transportation - Affiliated 29,964 34,667 (4,703) Firm Transportation - Non-Affiliated 173,064 173,981 (917) Interruptible Transportation 590 714 (124) ------- ------- --------- 203,618 209,362 (5,744)NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES EXPLORATION AND PRODUCTION INFORMATION ---------------------------------------------------------------- Three Months Ended December 31, ------------------------------ Increase 2020 2019 (Decrease) ------ ------ -------------- Gas Production/Prices: ------------------------------- Production (MMcf) Appalachia 75,669 54,284 21,385 West Coast 441 487 (46) ------ ------ ----------- Total Production 76,110 54,771 21,339 ====== ====== =========== Average Prices (Per Mcf) Appalachia $ 2.17 $ 2.16 $ 0.01 West Coast 5.03 4.98 0.05 Weighted Average 2.19 2.19 -- Weighted Average after Hedging 2.14 2.32 (0.18) Oil Production/Prices: ------------------------------- Production (Thousands of Barrels) Appalachia -- -- -- West Coast 563 601 (38) ------ ------ ----------- Total Production 563 601 (38) ====== ====== =========== Average Prices (Per Barrel) Appalachia $38.53 $54.49 $ (15.96) West Coast 43.48 62.63 (19.15) Weighted Average 43.48 62.63 (19.15) Weighted Average after Hedging 49.91 62.92 (13.01) Total Production (MMcfe) 79,488 58,377 21,111 ====== ====== =========== Selected Operating Performance Statistics: ------------------------------- General & Administrative Expense per Mcfe (1) $ 0.21 $ 0.26 $ (0.05) Lease Operating and Transportation Expense per Mcfe (1)(2) $ 0.83 $ 0.87 $ (0.04) Depreciation, Depletion & Amortization per Mcfe (1) $ 0.57 $ 0.76 $ (0.19)DEGREE DAYS ----------- Percent Colder (Warmer) Than: Three Months Ended December 31, Normal 2020 2019 Normal (1) Last Year (1) ----------- ------ ----- ----- ---------- --------------- Buffalo, NY 2,253 1,921 2,232 (14.7) (13.9) Erie, PA 2,044 1,697 1,906 (17.0) (11.0)Expenditures $150,920 $211,212 $ (60,292) ======= ======= =======

(1) Capital expenditures for the quarter ended December 31, 2020, include accounts payable and accrued liabilities related to capital expenditures of $35.1 million, $11.2 million, $2.3 million, and $3.5 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, 2020, since they represent non-cash investing activities at that date.

(2) Capital expenditures for the quarter ended December 31, 2020, exclude capital expenditures of $45.8 million, $17.3 million, $13.5 million and $10.7 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, 2020 and paid during the quarter ended December 31, 2020. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2020, 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, 2020.

(3) Capital expenditures for the quarter ended December 31, 2019, include accounts payable and accrued liabilities related to capital expenditures of $62.3 million, $22.7 million, $5.3 million, and $3.5 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, 2019, since they represent non-cash investing activities at that date.

(4) Capital expenditures for the quarter ended December 31, 2019, exclude capital expenditures of $38.0 million, $23.8 million, $6.6 million and $12.7 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, 2019 and paid during the quarter ended December 31, 2019. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2019, 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, 2019.

(1) Percents compare actual 2020 degree days to normal degree days and actual 2020 degree days to actual 2019 degree days.

(1) Refer to page 13 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 $0.57 and $0.57 per Mcfe for the three months ended December 31, 2020 and December 31, 2019, respectively.

(MORE TO FOLLOW) Dow Jones Newswires

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