National Fuel Gas Company Presents at Citi's Global Energy and Utilities Conference, May-15-2013 09:30 AM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States. Speakers: David P. Bauer, Principal Financial Officer and Treasurer, Matthew D. Cabell, Senior Vice President and President of Seneca Resources Corporation.

National Fuel Gas Company announced unaudited consolidated production and earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported operating revenues of $597,826,000 against $552,309,000 a year ago. Operating income was $162,991,000 against $132,097,000 a year ago. Income before income taxes was $140,906,000 against $112,265,000 a year ago. Net income available for common stock was $85,720,000 or $1.02 per diluted share against $67,392,000 or $0.81 per diluted share a year ago. Adjusted EBITDA was $243,021,000 against $201,454,000 a year ago. For the six months period, the company reported operating revenues of $1,050,680,000 against $984,732,000 a year ago. Operating income was $294,201,000 against $250,491,000 a year ago. Income before income taxes was $252,399,000 against $213,689,000 a year ago. Net income available for common stock was $153,664,000 or $1.83 per diluted share against $128,091,000 or $1.53 per diluted share a year ago. Net cash provided by operating activities was $366,855,000 against $356,620,000 a year ago. Capital expenditures were $339,737,000 against $517,330,000 a year ago. Adjusted EBITDA was $446,561,000 against $382,395,000 a year ago. For the quarter, the company reported total gas production of 24,699 MMcf against 14,064 MMcf a year ago. Total oil production was 691 MMcf against 725 MMcf a year ago. For the six months period, the company reported total gas production of 44,940 MMcf against 27,992 MMcf a year ago. Total oil production was 1,405 MMcf against 1,444 MMcf a year ago. The company is updating its earnings guidance for fiscal 2013 to reflect actual second quarter results and an increase in production range. The revised GAAP earnings range is $2.95 to $3.10 per share. The previous earnings guidance had been a range of $2.75 to $3.00 per share. This revised guidance includes forecast oil and gas production for fiscal 2013 for the exploration and production segment in the range between 110 and 118 Bcfe (previous production range was between 102 and 112). Consolidated capital budget for 2013 is now a range of $710 million to $820 million, which reflects the new Seneca budget that Matt described earlier. Capital budgets for the other segments have not changed from previous guidance. In terms of cash flows, the company expects the incremental net revenues from Seneca's increased production forecast should fund most of its increased capital budget. The company still expect our full year fiscal '2013 capital spending will just about equal our cash from operations. Effective income tax rate expected to b in the range of 40% to 41%.

National Fuel Gas Company, Q2 2013 Earnings Call, May 03, 2013