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Q4 2013 Update – National Fuel Gas Co.

National Fuel Gas Co. · Nov 8, 2013 · 48 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. Q4 2013 Update – National Fuel Gas Co. – slide 1
    National Fuel Gas Company Investor Presentation November 2013
  2. Q4 2013 Update – National Fuel Gas Co. – slide 2
    National Fuel Gas Company November 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. Q4 2013 Update – National Fuel Gas Co. – slide 3
    National Fuel Gas Company November 2013 Integrated Businesses with Significant Marcellus Exposure (1) Footnote 1 goes here (2) Footnote 2 goes here 4
  4. Q4 2013 Update – National Fuel Gas Co. – slide 4
    National Fuel Gas Company November 2013 And Exposure to Growth from the Utica Shale (1) Footnote 1 goes here (2) Footnote 2 goes here 5
  5. Q4 2013 Update – National Fuel Gas Co. – slide 5
    National Fuel Gas Company November 2013 EBITDA Growth Driven by Stability and Ongoing Success 1,000 Exploration & Production Segment Gathering Segment Pipeline & Storage Segment 852 Utility Segment Energy Marketing & Other 750…
  6. Q4 2013 Update – National Fuel Gas Co. – slide 6
    National Fuel Gas Company November 2013 Capital Spending Flexibility to Maintain Financial Strength 1,250 Exploration & Production Segment Gathering Segment Pipeline & Storage Segment 1,000 977 Utility Segment 845-1,025…
  7. Q4 2013 Update – National Fuel Gas Co. – slide 7
    National Fuel Gas Company November 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 1.89 1.75 1.5 Total Debt(1) Shareholders…
  8. Q4 2013 Update – National Fuel Gas Co. – slide 8
    National Fuel Gas Company November 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…
  9. Q4 2013 Update – National Fuel Gas Co. – slide 9
    National Fuel Gas Company November 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…
  10. Q4 2013 Update – National Fuel Gas Co. – slide 10
    Exploration & Production November 2013 11
  11. Q4 2013 Update – National Fuel Gas Co. – slide 11
    Seneca Resources November 2013 Another Strong Year of Reserve Growth 2,000 3-Year Natural Gas (Bcf) Fiscal F&D Cost(1) Crude Oil (MMbbl) Years (/Mcfe) 1,549 2006-2008 7.63 1,500 2007-2009 5.35 Total Proved Reserves (Bcfe)…
  12. Q4 2013 Update – National Fuel Gas Co. – slide 12
    Seneca Resources November 2013 Disciplined Capital Spending 1,000 Gulf of Mexico (Divested in 2011) East Division (Appalachia) West Division (California/Kansas) Capital Expenditures ( Millions) 750 694 649 550-650 533…
  13. Q4 2013 Update – National Fuel Gas Co. – slide 13
    Seneca Resources November 2013 Production Continues to Grow 175 Gulf of Mexico (Divested in 2011) East Division (Appalachia) 145-165 150 West Division (California/Kansas) 120.7 Annual Production (Bcfe) 125 100 83.4…
  14. Q4 2013 Update – National Fuel Gas Co. – slide 14
    Seneca Resources November 2013 Driving Down Costs 4.50 Property, Franchise & Other Taxes Other O&M Expense General & Administrative Expense Lease Operating & Transportation Expense (Transportation Only) Lease Operating &…
  15. Q4 2013 Update – National Fuel Gas Co. – slide 15
    Seneca Resources November 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: 60,000…
  16. Q4 2013 Update – National Fuel Gas Co. – slide 16
    Seneca Resources November 2013 Eastern Development Area (EDA) Covington Fully Developed Gross Production: 60 MMcf per Day 47 Wells Drilled and Producing DCNR Tract 595 Gross Production: 100 MMcf per Day 34 Wells Drilled 26…
  17. Q4 2013 Update – National Fuel Gas Co. – slide 17
    Seneca Resources November 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…
  18. Q4 2013 Update – National Fuel Gas Co. – slide 18
    Seneca Resources November 2013 Continued Steep Growth in the Marcellus 450 Forecast Tract 100 (Lycoming) 400 Tract 595 (Tioga) Net Marcellus Production (Mmcf per Day) Covington (Tioga) 350 Clermont/Other EOG JV 300 250…
  19. Q4 2013 Update – National Fuel Gas Co. – slide 19
    Seneca Resources November 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 ,…
  20. Q4 2013 Update – National Fuel Gas Co. – slide 20
    Seneca Resources November 2013 Successful Delineation Across a Large Acreage Position Rich Valley (1 Well) Owls Nest (2 Wells) Peak 7-Day IP: 7.8 MMcfd 54H Peak 7-day IP: 5.8 MMcfd 30-Day Rate: 6.7MMcfd Estimated EUR: 7.4…
  21. Q4 2013 Update – National Fuel Gas Co. – slide 21
    Seneca Resources November 2013 Delineation Well Test Data Provides Positive Data Points Peak Peak Treatable 24-Hour 7-Day Completion Lateral Rate Rate EUR Well Name Design Length Stages (MMcfd) (MMcfd) (Bcf) Status Rich Valley…
  22. Q4 2013 Update – National Fuel Gas Co. – slide 22
    Seneca Resources November 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 (RCS) 7-Day…
  23. Q4 2013 Update – National Fuel Gas Co. – slide 23
    Seneca Resources November 2013 Utica Shale Activity Summary Halcon Permitted Range Resources 6.6 MMcf/d, Drilled/Drilling 1.4 MMcf/d 750 Bbls/d Completed Not Effectively Stimulated Producing Mt. Jewett Horizontal: completed…
  24. Q4 2013 Update – National Fuel Gas Co. – slide 24
    Seneca Resources November 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…
  25. Q4 2013 Update – National Fuel Gas Co. – slide 25
    Seneca Resources November 2013 California: Stable Production Fields East Coalinga 240 BOEPD Temblor Formation North Lost Hills Primary South Lost Hills 1,100 BOEPD 1,500 BOEPD Tulare & Etchegoin Formation Monterey Shale…
  26. Q4 2013 Update – National Fuel Gas Co. – slide 26
    Seneca Resources November 2013 California: Strong Margins Provide Significant Free Cash Flow Adjusted EBITDA per BOE(1) (Fiscal Year Ended September 30, 2013) Non-Steam Fuel LOE 11.36 Steam Fuel 4.27 Average Revenue (Fiscal…
  27. Q4 2013 Update – National Fuel Gas Co. – slide 27
    Seneca Resources November 2013 California: Midway-Sunset South Activity Update 28
  28. Q4 2013 Update – National Fuel Gas Co. – slide 28
    Seneca Resources November 2013 California: Sespe Field Drilling Programs and Results 2011 Sespe Wells (5) TG 53-29 TC 524-28 IP: 90 BOEPD IP: 100 BOEPD 2012 Sespe Wells (6) 1st Oil 10/13 1 Mile 1st Oil 3/13 2013 Sespe Wells (6)…
  29. Q4 2013 Update – National Fuel Gas Co. – slide 29
    Seneca Resources November 2013 California: East Coalinga Overview Seneca became operator on January 30, 2013 Previous Operator: Chevron 7,764 net acres 90 active wells Gross Production: 530 BOPD Up from 230 BOPD on 1/30/13 30…
  30. Q4 2013 Update – National Fuel Gas Co. – slide 30
    Seneca Resources November 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.…
  31. Q4 2013 Update – National Fuel Gas Co. – slide 31
    Seneca Resources November 2013 Initial Entry into the Mississippian Lime Play in Kansas Total Net Acres: 13,615 Unit 100% working interest in 4,400 gross 30-day IP: acres 352 BOED (92% Oil/NGLs) 55% net working interest in…
  32. Q4 2013 Update – National Fuel Gas Co. – slide 32
    Seneca Resources November 2013 Hedge Positions and Strategy Seneca has hedged approximately 67% of its forecasted production for Fiscal 2014 Natural Gas Volume Average Hedge Volume Average Swaps (Bcf) Price Oil Swaps (MMBbl)…
  33. Q4 2013 Update – National Fuel Gas Co. – slide 33
    Midstream Businesses November 2013 Pipeline & Storage/NFG Midstream (1) Footnote 1 goes here (2) Footnote 2 goes here 34
  34. Q4 2013 Update – National Fuel Gas Co. – slide 34
    Midstream Businesses November 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)…
  35. Q4 2013 Update – National Fuel Gas Co. – slide 35
    Midstream Businesses November 2013 A Closer Look at the Expansion Progress NORTHERN ACCESS EXPANSION (In-Service) CLERMONT GATHERING SYSTEM TIOGA (Q4 FY2014) COUNTY TIONESTA EXTENSION GATHERING SYSTEM (In-Service)…
  36. Q4 2013 Update – National Fuel Gas Co. – slide 36
    Midstream Businesses November 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…
  37. Q4 2013 Update – National Fuel Gas Co. – slide 37
    Midstream Businesses November 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…
  38. Q4 2013 Update – National Fuel Gas Co. – slide 38
    Midstream Businesses November 2013 Gathering Expansion Initiatives (NFG Midstream) Capacity Est. In-Service Project Name Market Comments (Mcf/D) CapEx Date Multiple Capacity Available Completed Flowing into TGP Phases -…
  39. Q4 2013 Update – National Fuel Gas Co. – slide 39
    Utility November 2013 (1) Footnote 1 goes here (2) Footnote 2 goes here 40
  40. Q4 2013 Update – National Fuel Gas Co. – slide 40
    Utility November 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…
  41. Q4 2013 Update – National Fuel Gas Co. – slide 41
    Utility November 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…
  42. Q4 2013 Update – National Fuel Gas Co. – slide 42
    Utility November 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…
  43. Q4 2013 Update – National Fuel Gas Co. – slide 43
    Utility November 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 25 181 178 O&M Expense (…
  44. Q4 2013 Update – National Fuel Gas Co. – slide 44
    Utility November 2013 Strong Commitment to Safety The increase in capital expenditures is largely due to the implementation of a new Customer Information System 100 Capital Expenditures for Safety Total Capital Expenditures…
  45. Q4 2013 Update – National Fuel Gas Co. – slide 45
    National Fuel Gas Company November 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…
  46. Q4 2013 Update – National Fuel Gas Co. – slide 46
    November 2013 Reconciliation of Exploration & Production West Division Adjusted EBITDA to Exploration & Production Segment Net Income ( Thousands) FY 2013 Exploration & Production - West Division Adjusted EBITDA 215,042…
  47. Q4 2013 Update – National Fuel Gas Co. – slide 47
    November 2013 Reconciliation of Adjusted EBITDA to Consolidated Net Income ( Thousands) FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Exploration & Production - West Division Adjusted EBITDA 171,572 187,838 187,603 226,897 215,042…
  48. Q4 2013 Update – National Fuel Gas Co. – slide 48
    November 2013 Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2014 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Forecast Capital Expenditures from Continuing Operations Exploration…

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