National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the first quarter of its 2021 fiscal year.
FISCAL 2021 FIRST QUARTER SUMMARY
- GAAP net income of $77.8 million, or $0.85 per share, which includes a $55.2 million non-cash, after-tax impairment of oil and gas properties, and a $37.0 million after-tax gain on the sale of the Company’s timber properties, compared to GAAP net income of $86.6 million, or $1.00 per share, in the prior year.
- Adjusted operating results of $97.0 million, or $1.06 per share, compared to $87.4 million, or $1.01 per share, in the prior year (see non-GAAP reconciliation on page 2).
- Adjusted EBITDA of $251.7 million, compared to $222.9 million in the prior year (see non-GAAP reconciliation on page 21).
- Pipeline & Storage segment Adjusted EBITDA of $58.1 million, an increase of 35% from the prior year.
- Gathering segment Adjusted EBITDA of $39.8 million, an increase of 35% from the prior year.
- E&P segment Adjusted EBITDA of $100.7 million, an increase of 9% from the prior year.
- E&P segment net production of 79.5 Bcfe, an increase of 21.1 Bcfe, or 36%, from the prior year, which includes the impact of the Company’s Appalachian asset acquisition and approximately 4 Bcf of price-related natural gas curtailments.
- Average realized natural gas prices of $2.14 per Mcf, down $0.18 per Mcf from the prior year.
- Average realized oil prices of $49.91 per Bbl, down $13.01 per Bbl from the prior year.
- Utility segment completed its system modernization program for calendar year 2020, replacing over 150 miles of older vintage pipelines. While maintaining the Company’s long-standing focus on the safety and reliability of its distribution network, this program has contributed to the more than 60% reduction in Utility greenhouse gas emissions since 1990.
- Company completed the sale of substantially all of its timber assets in Pennsylvania, with net proceeds of $104.6 million.
- Company is increasing its fiscal 2021 earnings guidance to a range of $3.65 to $3.95, an increase of $0.10 at the midpoint.