Capital Markets | Capital Expenditure
National Fuel Gas Announces 2012 Capital Budget; Marcellus Drilling Curtailed
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National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) today announced its updated capital expenditure guidance for fiscal years 2012 and 2013 as well as updated production forecasts for Seneca Resources Corporation (“Seneca”), the Company’s wholly-owned exploration and production subsidiary.
The Company is also revising its production forecast range for the entire 2012 fiscal year to 81 to 90 Bcfe, a decrease from the previous forecast of 85 to 95 Bcfe. This reduction is a result of the Company’s response to a significant decline in natural gas prices, in combination with lower-than-anticipated production from Seneca’s non-operated joint venture in the Marcellus Shale.
Currently, Seneca has curtailed natural gas production from the Marcellus Shale of approximately 15…
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