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LONDON, UK / ACCESSWIRE / February 23, 2018 / Active-Investors.com has just released a free earnings report on National Fuel Gas Co. (NYSE: NFG) ('National Fuel'). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=NFG. The Company reported its first quarter fiscal 2018 operating and financial results on February 01, 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Occidental Petroleum Corporation (NYSE: OXY), which also belongs to the Basic Materials sector as the Company National Fuel Gas. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, National Fuel Gas most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=NFG
Earnings Highlights and Summary
For the three months ended December 31, 2017, National Fuel's revenues totaled $419.66 million compared to $422.50 million in Q1 FY17. The Company's revenue numbers fell short of analysts' estimates by $26.06 million.
During Q1 FY18, National Fuel's consolidated net income was $198.7 million, or $2.30 per share, compared to $88.9 million, or $1.04 per share, in Q1 FY17. Excluding the $111.0 million, or $1.29 per share, reduction in tax expenses due to the remeasurement of deferred taxes, the Company's adjusted operating earnings were $87.7 million, or $1.02 per share, for the reported quarter, beating Wall Street's estimates by $1.18 per share.
Upstream Business
National Fuel's Exploration and Production segment's operations are carried out by Seneca Resources Corp. ('Seneca').
During Q1 FY18, Seneca's net production was 40.1 billion cubic feet equivalent (Bcfe), reflecting a drop of 0.2 Bcfe, or 1% on a y-o-y basis. The Company's net natural gas production decreased 4.5 billion cubic feet (Bcf) versus the year ago same period, mainly due to natural declines from Marcellus wells in the Eastern Development Area (EDA), where the Company last brought on a new development pad in FY16.
For Q1 FY18, Seneca's oil production decreased 48 thousand barrels (Mbbl), or 7% on a y-o-y basis, largely due to the lagging impact of a significant reduction in well workover activity in California over the last few years, in response to low crude oil prices and modifications made to steam operations at the Midway Sunset fields.
Seneca's average realized natural gas price, after the impact of hedging and all marketing and transportation costs, was $2.72 per thousand cubic feet (Mcf) for Q1 FY18, reflecting a decrease of $0.25 per Mcf on a y-o-y basis. The decline in Seneca's realized natural gas price was primarily attributable to the expiration of physical firm sales and financial hedge contracts over the past 12 months that had a favorable pricing relative to current market prices and hedge book. Seneca's average realized oil price, after the impact of hedging, was $59.79 per barrel (Bbl), representing an increase of $5.08 per Bbl versus the year ago comparable period.
Outlook
For the fiscal year 2018, National Fuel revised its earnings per share (EPS) guidance to $3.20 to $3.40, or $3.30 at the midpoint of the range. The revised EPS guidance does not include the impact of the remeasurement of deferred income taxes resulting from the 2017 Tax Reform Act, which reduced the Company's consolidated income tax expenses and benefited earnings for Q1 FY18 by $111.0 million, or $1.29 per share.
Stock Performance Snapshot
February 22, 2018 - At Thursday's closing bell, National Fuel Gas' stock marginally advanced 0.65%, ending the trading session at $49.75.
Volume traded for the day: 633.50 thousand shares, which was above the 3-month average volume of 473.19 thousand shares.
After yesterday's close, National Fuel Gas' market cap was at $4.25 billion.
Price to Earnings (P/E) ratio was at 8.51.
The stock has a dividend yield of 3.34%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.8% at the end of the session.
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