Operational Updates
National Fuel Reports Second Quarter Marcellus Drilling Update
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Exploration and Production Segment
The Exploration and Production segment operations are carried out by Seneca Resources Corporation (“Seneca”). Seneca explores for, develops and produces natural gas and oil reserves in California and Appalachia. Seneca completed the sale of its offshore Gulf of Mexico assets in April 2011.
The Exploration and Production segment’s earnings in the second quarter of fiscal 2012 of $22.2 million, or $0.27 per share, decreased $11.1 million, or $0.13 per share, when compared with the prior year’s second quarter.
In February 2012, the Commonwealth of Pennsylvania passed a natural gas impact fee. The legislation, which covers essentially all of Seneca’s Marcellus Shale wells, imposes an annual fee for a period of 15 years on each well drilled. The impact fee is…
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