National Fuel Gas Co.
08/05/2021 | Press release | Distributed by Public on 08/05/2021 16:58
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 2021 fiscal year and for the six months ended March 31, 2021.
FISCAL 2021 SECOND QUARTER SUMMARY
- GAAP net income of $112.4 million, or $1.23 per share, compared to GAAP net loss of $106.1 million, or $1.23 per share, in the prior year.
- Adjusted operating results of $123.2 million, or $1.34 per share, compared to $84.2 million, or $0.97 per share, in the prior year (see non-GAAP reconciliation on page 2).
- Adjusted EBITDA of $298.4 million, an increase of 29%, compared to $231.1 million in the prior year (see non-GAAP reconciliation on page 23).
- Pipeline & Storage segment Adjusted EBITDA of $58.6 million, an increase of 19% from the prior year.
- Gathering segment Adjusted EBITDA of $41.4 million, an increase of 40% from the prior year.
- E&P segment Adjusted EBITDA of $127.1 million, an increase of 59% from the prior year.
- E&P segment net production of 85.2 Bcfe, an increase of 25.5 Bcfe, or 43%, from the prior year.
- E&P segment cash operating costs (combined G&A expenses, LOE expense, other operation and maintenance expense, and property, franchise, and other taxes), of $1.09 per Mcfe, a 14% decrease from the prior year.
- Average realized natural gas prices of $2.28 per Mcf, an increase $0.16 per Mcf from the prior year.
- Average realized oil prices of $57.11 per Bbl, a decrease of $1.12 per Bbl from the prior year.
- Utility segment announced greenhouse gas emissions reduction targets for its delivery system of 75% by 2030, and 90% by 2050, from 1990 levels.
- Company is increasing its fiscal 2021 earnings guidance to a range of $3.85 to $4.05 per share, an increase of $0.15 at the midpoint, excluding items impacting comparability (see Guidance Summary on page 7).