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August 2013 Investor Presentation – National Fuel Gas Co.

National Fuel Gas Co. · Aug 10, 2013 · 53 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. August 2013 Investor Presentation – National Fuel Gas Co. – slide 1
    National Fuel Gas Company Investor Presentation August 2013
  2. August 2013 Investor Presentation – National Fuel Gas Co. – slide 2
    National Fuel Gas Company August 2013 Our Business Mix Leads to Long-Term Value Creation Upstream Upstream Midstream Downstream Crude Oil Natural Gas Seneca Resources Seneca Resources National Fuel Gas National Fuel Gas…
  3. August 2013 Investor Presentation – National Fuel Gas Co. – slide 3
    National Fuel Gas Company August 2013 Integrated Businesses with Significant Marcellus Exposure (1) Footnote 1 goes here (2) Footnote 2 goes here 4
  4. August 2013 Investor Presentation – National Fuel Gas Co. – slide 4
    National Fuel Gas Company August 2013 And Exposure to Growth from the Utica Shale (1) Footnote 1 goes here (2) Footnote 2 goes here 5
  5. August 2013 Investor Presentation – National Fuel Gas Co. – slide 5
    National Fuel Gas Company August 2013 EBITDA Growth Driven by Stability and Ongoing Success 1,000 Exploration & Production Segment Midstream, Energy Marketing & Other Pipeline & Storage Segment 818 Utility Segment 750 Adjusted…
  6. August 2013 Investor Presentation – National Fuel Gas Co. – slide 6
    National Fuel Gas Company August 2013 Capital Spending Flexibility to Maintain Financial Strength 1,250 Exploration & Production Segment Midstream, Energy Marketing & Other Pipeline & Storage Segment 1,000 977 Utility Segment…
  7. August 2013 Investor Presentation – National Fuel Gas Co. – slide 7
    National Fuel Gas Company August 2013 Strong Balance Sheet and Liquidity Position Debt / Adjusted EBITDA Capitalization 2.5 Average Debt / Adjusted EBITDA 2.02 1.98 2.0 1.89 1.90 1.75 1.5 Total Debt(1) Shareholders 44%…
  8. August 2013 Investor Presentation – National Fuel Gas Co. – slide 8
    National Fuel Gas Company August 2013 Dividend Track Record 2.00 Dividend Consistency Consecutive Dividend Payments 111 Years Consecutive Dividend Increases 43 Years 1.50 Current Annualized Dividend Rate 1.50 per Share Annual…
  9. August 2013 Investor Presentation – National Fuel Gas Co. – slide 9
    Exploration & Production August 2013 10
  10. August 2013 Investor Presentation – National Fuel Gas Co. – slide 10
    Seneca Resources August 2013 Disciplined Capital Spending 1,000 Gulf of Mexico (Divested in 2011) East Division (Appalachia) West Division (California/Kansas) Capital Expenditures ( Millions) 750 694 649 550-650 525-585…
  11. August 2013 Investor Presentation – National Fuel Gas Co. – slide 11
    Seneca Resources August 2013 Production Continues to Grow 175 Gulf of Mexico (Divested in 2011) East Division (Appalachia) 150 West Division (California/Kansas) 134-146 118-124 Annual Production (Bcfe) 125 100 83.4…
  12. August 2013 Investor Presentation – National Fuel Gas Co. – slide 12
    Seneca Resources August 2013 Driving Down Costs 4.50 Property, Franchise & Other Taxes Other O&M Expense General & Administrative Expense Lease Operating Expense (Transportation Only) Lease Operating Expense (Excl.…
  13. August 2013 Investor Presentation – National Fuel Gas Co. – slide 13
    Seneca Resources August 2013 California: Seventh Largest Producer in the State California 2012 Rank Company BOEPD(1) 1 Occidental 187,376 2 Chevron 160,611 3 Aera (Shell/Exxon) 143,983 4 Plains Exploration 36,365 5 Berry…
  14. August 2013 Investor Presentation – National Fuel Gas Co. – slide 14
    Seneca Resources August 2013 California: Stable Production Fields East Coalinga 120 BOEPD Temblor Formation North Lost Hills Primary South Lost Hills 1,100 BOEPD 1,500 BOEPD Tulare & Etchegoin Formation Monterey Shale Primary…
  15. August 2013 Investor Presentation – National Fuel Gas Co. – slide 15
    Seneca Resources August 2013 California: Strong Margins Provide Significant Free Cash Flow Adjusted EBITDA per BOE(1) (12 Months Ended June 30, 2013) Non-Steam Fuel LOE 10.97 Steam Fuel 3.79 Average Revenue (12 Months Ended…
  16. August 2013 Investor Presentation – National Fuel Gas Co. – slide 16
    Seneca Resources August 2013 California: Midway-Sunset South Activity Update 17
  17. August 2013 Investor Presentation – National Fuel Gas Co. – slide 17
    Seneca Resources August 2013 California: Sespe Field Drilling Programs and Results 2011 Sespe Wells (5) TG 53-29 IP: 90 BOEPD 2012 Sespe Wells (6) 1 Mile 1st Oil 3/13 2013 Sespe Wells (6) TG 562-29 IP: 190 BOEPD 2014 Sespe…
  18. August 2013 Investor Presentation – National Fuel Gas Co. – slide 18
    Seneca Resources August 2013 California: East Coalinga Overview Seneca became operator on January 30, 2013 Previous Operator: Chevron 7,764 net acres 90 active wells 380 BOPD (Up from 230 BOPD on 1/30/13) 30 million capital…
  19. August 2013 Investor Presentation – National Fuel Gas Co. – slide 19
    Seneca Resources August 2013 California: Delivering Steady Results Key Areas of Focus in 2014 1. East Coalinga Evaluation Average Daily Net Production (BOE per Day) 10,000 2. South Midway Sunset Extensions Forecast 3. Sespe…
  20. August 2013 Investor Presentation – National Fuel Gas Co. – slide 20
    Seneca Resources August 2013 Expansive Pennsylvania Acreage Position SRC Fee Acreage SRC Lease Acreage NFG Storage Acreage Western Development Area Eastern Development Area Net acreage: 720,000 acres Net Acreage: 55,000…
  21. August 2013 Investor Presentation – National Fuel Gas Co. – slide 21
    Seneca Resources August 2013 Firm Sales in Place for Appalachian Production 400,000 Prices shown represent the sales (netback Other (Transco) price) at the first non-affiliated interstate Dominion South Point pipeline ,…
  22. August 2013 Investor Presentation – National Fuel Gas Co. – slide 22
    Seneca Resources August 2013 Eastern Development Area (EDA) Covington Fully Developed Gross Production: 60 MMcf per Day 47 Wells Drilled and Producing DCNR Tract 595 Gross Production: 75 MMcf per Day 34 Wells Drilled 26…
  23. August 2013 Investor Presentation – National Fuel Gas Co. – slide 23
    Seneca Resources August 2013 Strong Results in Lycoming and Tioga Counties Average EUR per Producing Average Average Average EUR Average 1,000 of Well IP Rate 7-Day 30-Day per Well Lateral Lateral Development Area Count…
  24. August 2013 Investor Presentation – National Fuel Gas Co. – slide 24
    Seneca Resources August 2013 Successful Delineation Across a Large Acreage Position Rich Valley (1 Well) Owls Nest Peak 7-Day IP: 7.8 MMcfd 2 Wells Drilled 30-Day Rate: 6.7MMcfd Testing: August 2013 Estimated EUR: 7.4 Bcf…
  25. August 2013 Investor Presentation – National Fuel Gas Co. – slide 25
    Seneca Resources August 2013 Delineation Well Test Data Provides Positive Data Points Completion Design Initial Test Data Sales Data Normalized Treatable Peak 7-Day 7-Day Rate 7-Day 30-Day RCS(1)/ Lateral IP Rate Rate (MMcfd per…
  26. August 2013 Investor Presentation – National Fuel Gas Co. – slide 26
    Seneca Resources August 2013 Rich Valley/Clermont: Moving Forward with Full Development Marcellus Faults Marcellus & Basement Faults Drilled Well Planned Well Pad N (9 Wells) Clermont Spud Q4 FY2013 Rich Valley 9H 7-day Flow…
  27. August 2013 Investor Presentation – National Fuel Gas Co. – slide 27
    Seneca Resources August 2013 Ongoing Production Growth in the East Division 400 Forecast Tract 100 (Lycoming) Tract 595 (Tioga) 350 Covington (Tioga) Total Natural Gas Production (Mmcf per Day) WDA/Other 300 EOG JV Shallow…
  28. August 2013 Investor Presentation – National Fuel Gas Co. – slide 28
    Seneca Resources August 2013 Utica Shale Activity Summary Mt. Jewett Tested 3 Frac Stages at 1.6 MMcfd Permitted (Typical Well: 17 Frac Stages) Range Resources 2 Horizontal: Completed (Soaking) nd Drilled/Drilling 1.4 MMcfd…
  29. August 2013 Investor Presentation – National Fuel Gas Co. – slide 29
    Seneca Resources August 2013 Initial Entry into the Mississippian Lime Play in Kansas Total Net Acres: 13,615 100% working interest in 4,400 gross Unit acres 30-day IP: 352 BOED (92% Oil/NGLs) 55% net working interest in…
  30. August 2013 Investor Presentation – National Fuel Gas Co. – slide 30
    Midstream Businesses August 2013 Pipeline & Storage/NFG Midstream (1) Footnote 1 goes here (2) Footnote 2 goes here 31
  31. August 2013 Investor Presentation – National Fuel Gas Co. – slide 31
    Midstream Businesses August 2013 Pipeline Expansions to Transport Appalachian Production Shipping Gas to Canada & Northeast Gathering Marcellus Production Line N Corridor Expansions (1) Footnote 1 goes here (2)…
  32. August 2013 Investor Presentation – National Fuel Gas Co. – slide 32
    Midstream Businesses August 2013 A Closer Look at the Expansion Progress NORTHERN ACCESS EXPANSION (In-Service) CLERMONT GATHERING SYSTEM TIOGA (IQ4 FY2014) COUNTY TIONESTA EXTENSION GATHERING SYSTEM (In-Service)…
  33. August 2013 Investor Presentation – National Fuel Gas Co. – slide 33
    Midstream Businesses August 2013 NFG Midstream is Focused on Serving Appalachian Producers Midstreams gathering systems are critical to unlock remote, but highly productive Marcellus acreage History of operational success and…
  34. August 2013 Investor Presentation – National Fuel Gas Co. – slide 34
    Utility August 2013 (1) Footnote 1 goes here (2) Footnote 2 goes here 35
  35. August 2013 Investor Presentation – National Fuel Gas Co. – slide 35
    Utility August 2013 New York Service Territory Total Customers: 520,000 Rate Mechanisms: Revenue Decoupling Weather Normalization Low Income Rates Choice Program/Purchase of Receivables (POR) Merchant Function Charge…
  36. August 2013 Investor Presentation – National Fuel Gas Co. – slide 36
    Utility August 2013 New York - Earnings Sharing Proposal and Show Cause Order April 19, 2013 NY PSC issued an Order to Show Cause (OTSC) June 1, 2013 July 26, 2013 commencing a OTSC suggests Settlement discussions proceeding to…
  37. August 2013 Investor Presentation – National Fuel Gas Co. – slide 37
    Utility August 2013 Pennsylvania Service Territory Total Customers: 213,000 Rate Mechanisms: Low Income Rates Choice Program/Purchase of Receivables (POR) Merchant Function Charge Allowed ROE: N/A(1) (1) Black Box…
  38. August 2013 Investor Presentation – National Fuel Gas Co. – slide 38
    Utility August 2013 Continued Cost Control Helps Provide Earnings Stability Low natural gas prices, 250 combined with a focus on cost control, continue to 203 help reduce expenses 200 191 25 181 O&M Expense ( Millions)…
  39. August 2013 Investor Presentation – National Fuel Gas Co. – slide 39
    Utility August 2013 Strong Commitment to Safety The anticipated increase in 2013 capital expenditures is largely due to the implementation of a new Customer Information System 80 Capital Expenditures for Safety Total Capital…
  40. August 2013 Investor Presentation – National Fuel Gas Co. – slide 40
    National Fuel Gas Company August 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 41
  41. August 2013 Investor Presentation – National Fuel Gas Co. – slide 41
    National Fuel Gas Company August 2013 No Debt Maturities Until Fiscal 2018 600 In February, the Company Issued 500 million in 549 10-year notes at 3.75% 500 500 Debt Maturity ( Millions) 400 Embedded Cost of 300 500 300…
  42. August 2013 Investor Presentation – National Fuel Gas Co. – slide 42
    Midstream Businesses August 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 43
  43. August 2013 Investor Presentation – National Fuel Gas Co. – slide 43
    Midstream Businesses August 2013 Regulated Interstate Expansion Initiatives (Pipeline & Storage) Capacity Est. Project Name In-Service Market Status (Dth/D) CapEx Lamont Compressor Station 90,000 14 MM 2010/2011 Fully Subscribed…
  44. August 2013 Investor Presentation – National Fuel Gas Co. – slide 44
    Midstream Businesses August 2013 Gathering Expansion Initiatives (NFG Midstream) Capacity Est. In-Service Project Name Market Comments (Mcf/D) CapEx Date Capacity Completed Flowing into TGP Multiple Available 300 Line. This…
  45. August 2013 Investor Presentation – National Fuel Gas Co. – slide 45
    Exploration & Production August 2013 Appendix 46
  46. August 2013 Investor Presentation – National Fuel Gas Co. – slide 46
    Seneca Resources August 2013 Another Strong Year of Reserve Growth 1500 3-Year Natural Gas (Bcf) Fiscal F&D Cost(1) Crude Oil (MMbbl) Years (/Mcfe) 1,246 2006-2008 7.63 1200 2007-2009 5.35 Total Proved Reserves (Bcfe) 935…
  47. August 2013 Investor Presentation – National Fuel Gas Co. – slide 47
    Seneca Resources August 2013 Hedge Positions and Strategy Seneca has hedged approximately 54% of its forecasted production for Fiscal 2014 Natural Gas Volume Average Hedge Volume Average Swaps (Bcf) Price Oil Swaps (MMBbl)…
  48. August 2013 Investor Presentation – National Fuel Gas Co. – slide 48
    Seneca Resources August 2013 Operational Efficiencies Continue to Drive Production Growth Seneca-Operated Appalachian Rig Count Drilling & Completion Operations 6.0 15 Non-RCS - Frac Stages per Day (1) 1,100 RCS - Frac Stages…
  49. August 2013 Investor Presentation – National Fuel Gas Co. – slide 49
    Marcellus Shale August 2013 Targeting Continued Cost Reductions Drilling Cost per Lateral Foot Completion Cost per Stage (000)(1) WDA/DCNR 595 DCNR 100 WDA/DCNR 595 DCNR 100 800 400 700 350 600 300 500 250 674 650…
  50. August 2013 Investor Presentation – National Fuel Gas Co. – slide 50
    National Fuel Gas Company August 2013 Comparable GAAP Financial Measure Slides and Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages…
  51. August 2013 Investor Presentation – National Fuel Gas Co. – slide 51
    August 2013 Reconciliation of Exploration & Production West Division Adjusted EBITDA to Exploration & Production Segment Net Income ( Thousands) 12 Months Ended June 30, 2013 Exploration & Production - West Division Adjusted…
  52. August 2013 Investor Presentation – National Fuel Gas Co. – slide 52
    August 2013 Reconciliation of Adjusted EBITDA to Consolidated Net Income ( Thousands) 12-Months Ended FY 2009 FY 2010 FY 2011 FY 2012 6/30/13 Exploration & Production - West Division Adjusted EBITDA 171,572 187,838 187,603 226,897…
  53. August 2013 Investor Presentation – National Fuel Gas Co. – slide 53
    August 2013 Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2013 FY 2014 FY 2009 FY 2010 FY 2011 FY 2012 Forecast Forecast Capital Expenditures from Continuing Operations…

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