FISCAL 2019 FOURTH QUARTER SUMMARY
• GAAP earnings of $47.3 million, or $0.54 per share,
compared to $38.0 million, or $0.44 per share, in the prior year
• Adjusted operating results of $47.0 million, or $0.54 per
share, compared to $42.5 million, or $0.49 per share, in the prior year
• Adjusted EBITDA of $157.3 million compared to $148.2
million in the prior year
• E&P segment net production of 59.1 Bcfe, an increase
of 25% from the prior year and 8% from the third quarter
• Average natural gas prices, after the impact of hedging,
of $2.26 per Mcf, down $0.19 per Mcf from the prior year
• Average oil prices, after the impact of hedging, of $61.00
per Bbl, up $3.29 per Bbl from the prior year
• Gathering segment revenues increased $6.7 million, or 24%,
on higher throughput from Seneca
FISCAL 2019 HIGHLIGHTS
• GAAP earnings of $304.3 million, or $3.51 per share,
compared to $391.5 million, or $4.53 per share, in the prior year
• Adjusted operating results of $299.3 million, or $3.45 per
share, compared to $289.4 million, or $3.35 per share, in the prior year
• Adjusted EBITDA of $785.4 million, an increase of $23.9
million over fiscal 2018
• E&P segment net production of 211.8 Bcfe, an increase
of 19% over fiscal 2018 and the highest output in Company history
• Proved reserves at September 30, 2019, of 3.1 Tcfe, an
increase of 23% from September 30, 2018
• Gathering segment revenues increased $19.2 million, or
18%, on higher throughput from Seneca
• Utility segment net income of $60.9 million, an increase
of $9.7 million, or 19%, over fiscal 2018
• Increased shareholder dividend for the 49th consecutive
year to an annual rate of $1.74 per share
MANAGEMENT COMMENTS
David P. Bauer, President and Chief Executive Officer of
National Fuel Gas Company, stated: “National Fuel capped off our 2019 fiscal
year with an excellent fourth quarter, including operating results that were up
approximately 10% from the prior year. Despite a challenging commodity price
environment, the Company also grew its earnings year over year, evidencing the value
of our integrated business model. The high degree of integration between our
Exploration and Production and Gathering operations provided meaningful
consolidated benefits, as Seneca’s record annual production drove a significant
increase in our Gathering segment revenues this year, offsetting the impact of
lower natural gas realizations. Our regulated Downstream and Midstream
operations continue to provide diversification and predictable cash flows. The
Utility segment delivered strong results in 2019, driven largely by modest
customer growth and our ongoing investments in the modernization of our
distribution network. These investments, which exceeded $74 million this fiscal
year, further enhanced the safety and integrity of our pipeline systems, and
contributed to earnings and rate base growth.”
