National Fuel Reports Fourth Quarter and Full Year and Fiscal 2021 Earnings
November 04, 2021 at 05:40 pm EDT
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National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the three months and fiscal year ended September 30, 2021.
FISCAL 2021 FOURTH QUARTER SUMMARY
GAAP net income of $87.0 million, or $0.95 per share, compared to GAAP net loss of $145.5 million, or $1.60 per share, in the prior year.
Adjusted operating results of $87.3 million, or $0.95 per share, an increase of 138%, compared to $0.40 per share in the prior year (see non-GAAP reconciliation on page 2).
Adjusted EBITDA of $215.9 million, an increase of 35%, compared to $159.6 million in the prior year (see non-GAAP reconciliation on page 25).
E&P segment Adjusted EBITDA of $120.6 million, an increase of 60% from the prior year.
E&P segment net production of 79.6 Bcfe, an increase of 12.3 Bcfe, or 18%, from the prior year.
Gathering segment Adjusted EBITDA of $37.9 million, an increase of 15% from the prior year.
Pipeline & Storage segment Adjusted EBITDA of $49.1 million, an increase of 5% from the prior year.
FISCAL 2021 HIGHLIGHTS
GAAP net income of $363.6 million, or $3.97 per share, compared to GAAP net loss of $123.8 million, or $1.41 per share, in the prior year.
Adjusted operating results of $393.1 million, or $4.29 per share, an increase of 47%, compared to $2.92 per share in the prior year (see non-GAAP reconciliation on page 2).
Successfully integrated the Company's fiscal 2020 Appalachian acquisition, with E&P segment net production of 327.4 Bcfe, an increase of 85.9 Bcfe, or 36%, from the prior year, and a corresponding 38% increase in Gathering segment throughput.
Reduced E&P segment cash operating costs (combined G&A expense, LOE expense, other operation and maintenance expense, and property, franchise, and other taxes) to $1.14 per Mcfe, a decrease of approximately $0.09 per Mcfe, or 7%, from the prior year.
Continued growth of Pipeline & Storage segment, with revenues of $343.6 million, an increase of $34.0 million, or 11%, from the prior year, driven largely by the Company's Empire North expansion project.
Invested $79.7 million in Utility system modernization and reliability, replacing over 150 miles of older vintage mains and services, and bringing 5-year total to over $358 million.
Increased shareholder dividend for the 51st consecutive year to an annual rate of $1.82 per share.
Published second annual Corporate Responsibility Report in September 2021, which includes additional climate-related information under the Task Force on Climate-Related Financial Disclosures framework, enhanced disclosure of scope 1 and scope 2 emissions, and methane intensity and greenhouse gas emission reduction targets.
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Quarterly Earnings Report
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National Fuel Gas Co. published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 21:37:05 UTC.
National Fuel Gas Company is a holding company. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. Its segments include Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment is engaged in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States. The Pipeline and Storage segment provides interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated natural gas pipeline systems in Pennsylvania and New York. The Gathering segment builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region. The Utility segment provides natural gas utility services to customers through a local distribution system located in western New York and northwestern Pennsylvania.