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Q1 2013 Update – National Fuel Gas Co.

National Fuel Gas Co. · Feb 8, 2013 · 51 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. Q1 2013 Update – National Fuel Gas Co. – slide 1
    National Fuel Gas Company Investor Presentation February 2013
  2. Q1 2013 Update – National Fuel Gas Co. – slide 2
    National Fuel Gas Company February 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. Q1 2013 Update – National Fuel Gas Co. – slide 3
    National Fuel Gas Company February 2013 Integrated Businesses with Significant Marcellus Exposure (1) Footnote 1 goes here (2) Footnote 2 goes here 4
  4. Q1 2013 Update – National Fuel Gas Co. – slide 4
    National Fuel Gas Company February 2013 And Exposure to Growth from the Utica Shale (1) Footnote 1 goes here (2) Footnote 2 goes here 5
  5. Q1 2013 Update – National Fuel Gas Co. – slide 5
    National Fuel Gas Company February 2013 Integrated Business Mix Provides Financial Balance 1,000 Midstream, Energy Marketing & Other Exploration & Production Segment Pipeline & Storage Segment Utility Segment 727 750 Adjusted…
  6. Q1 2013 Update – National Fuel Gas Co. – slide 6
    National Fuel Gas Company February 2013 Capital Spending Flexibility to Maintain Financial Strength 1,250 Midstream, Energy Marketing & Other Exploration & Production Segment Pipeline & Storage Segment 1,000 977 Utility…
  7. Q1 2013 Update – National Fuel Gas Co. – slide 7
    National Fuel Gas Company February 2013 Capital Deployment Has Led to Significant Accomplishments 136% Increase in Proved Reserves Since 2009 Total oil and gas proved reserves reached 1,246 Bcfe at September 30, 2012, with a…
  8. Q1 2013 Update – National Fuel Gas Co. – slide 8
    National Fuel Gas Company February 2013 Strong Balance Sheet and Liquidity Position Total Debt(1) 45% Capital Resources Total Short-Term Capacity: 1,085 Million Committed Credit Facility: 750 Million Syndicated facility extends…
  9. Q1 2013 Update – National Fuel Gas Co. – slide 9
    National Fuel Gas Company February 2013 Dividend Track Record 2.00 Dividend Consistency Consecutive Dividend Payments 110 Years Consecutive Dividend Increases 42 Years 1.50 Current Annualized Dividend Rate 1.46 per Share Annual…
  10. Q1 2013 Update – National Fuel Gas Co. – slide 10
    Midstream Businesses February 2013 Pipeline & Storage/NFG Midstream (1) Footnote 1 goes here (2) Footnote 2 goes here 11
  11. Q1 2013 Update – National Fuel Gas Co. – slide 11
    Midstream Businesses February 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)…
  12. Q1 2013 Update – National Fuel Gas Co. – slide 12
    Midstream Businesses February 2013 A Closer Look at the Expansion Progress NORTHERN ACCESS EXPANSION (In-Service) TIOGA COUNTY EXTENSION (In-Service) CENTRAL TIOGA COUNTY EXTENSION (Late 2015) MERCER EXPANSION PROJECT…
  13. Q1 2013 Update – National Fuel Gas Co. – slide 13
    Midstream Businesses February 2013 Pursuing Additional Opportunities Near the Line N Corridor Activity along the Pennsylvania/Ohio border continues to remain robust and is shifting north as the Utica begins to be delineated…
  14. Q1 2013 Update – National Fuel Gas Co. – slide 14
    NFG Midstream February 2013 Using a History of Excellence to Serve Appalachian Producers Midstreams gathering systems are critical to unlock remote, but highly productive Marcellus acreage History of operational success and…
  15. Q1 2013 Update – National Fuel Gas Co. – slide 15
    Utility February 2013 (1) Footnote 1 goes here (2) Footnote 2 goes here 16
  16. Q1 2013 Update – National Fuel Gas Co. – slide 16
    Utility February 2013 Providing Financial Stability Return on Equity 30.0% NY PA Allowed ROE - NY Approx. Settled ROE - PA 18.8% Return on Equity 20.0% 14.7% 12.6% 12.5% 12.9% 13.4% 10.6% 10.5% 10.0% 0.0% 2010…
  17. Q1 2013 Update – National Fuel Gas Co. – slide 17
    Utility February 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)…
  18. Q1 2013 Update – National Fuel Gas Co. – slide 18
    Utility February 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…
  19. Q1 2013 Update – National Fuel Gas Co. – slide 19
    Exploration & Production February 2013 20
  20. Q1 2013 Update – National Fuel Gas Co. – slide 20
    Seneca Resources February 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)…
  21. Q1 2013 Update – National Fuel Gas Co. – slide 21
    Seneca Resources February 2013 Increased Oil Spending and Tempered Marcellus Spending 1,000 Gulf of Mexico (Divested in 2011) East Division (Appalachia) West Division (California/Kansas) Capital Expenditures ( Millions) 750…
  22. Q1 2013 Update – National Fuel Gas Co. – slide 22
    Seneca Resources February 2013 Production Still Growing 125 Gulf of Mexico (Divested in 2011) East Division (Appalachia) 102-112 West Division (California/Kansas) 100 Annual Production (Bcfe) 83.4 75 67.6 5.2 82-90 49.6…
  23. Q1 2013 Update – National Fuel Gas Co. – slide 23
    Seneca Resources February 2013 Continuing to Focus on Improving Its Cost Structure 4.50 Property, Franchise & Other Taxes Other O&M Expense General & Administrative Expense Even after the new Pennsylvania Impact Lease Operating…
  24. Q1 2013 Update – National Fuel Gas Co. – slide 24
    California February 2013 Stable Production and Increasing Cash Flows California 2011 Rank Company BOEPD 1 Occidental 164,796 2 Chevron 163,153 3 Aera (Shell/Exxon) 149,974 4 Plains Exploration 36,775 5 Venoco Inc. 18,988 6…
  25. Q1 2013 Update – National Fuel Gas Co. – slide 25
    California February 2013 Stable Production Fields East Coalinga Temblor Formation Primary North Lost Hills South Lost Hills 1,200 BOEPD 1,500 BOEPD Tulare & Etchegoin Formation Monterey Shale Primary & Steamflood Primary…
  26. Q1 2013 Update – National Fuel Gas Co. – slide 26
    California February 2013 Strong Margins Support Significant Free Cash Flow Adjusted EBITDA per BOE(1) (12 Months Ended December 31, 2012) Non-Steam Fuel LOE 9.40 Steam Fuel 3.35 Average Revenue (12 Months Ended 12/31/12)…
  27. Q1 2013 Update – National Fuel Gas Co. – slide 27
    Seneca Resources February 2013 California Recent Initiatives Driving Near-Term Growth Key Areas of Focus in 2013 1. South Midway Sunset Field Extensions Actual Average Daily Net Production (BOE per Day) 10,000 2. Sespe Infill…
  28. Q1 2013 Update – National Fuel Gas Co. – slide 28
    Seneca Resources February 2013 Midway Sunset South Activity Update 2012 Drill Program: 21 Wells / 3 Injectors Seneca 251U Extended 251 Pool to the West 2013 Drill Program: 17 - 23 Wells / 5 - 9 Injectors Seneca 232M Extended…
  29. Q1 2013 Update – National Fuel Gas Co. – slide 29
    Seneca Resources February 2013 Sespe Field Drilling Programs and Results 2011 Sespe Wells (5) 2012 Sespe Wells (6) 1 Mile TG 53-29 2013 Sespe Wells (6) Completing 1st Oil 2/13 TG 562-29 FA 502-33 Completing Completing 1st…
  30. Q1 2013 Update – National Fuel Gas Co. – slide 30
    Seneca Resources February 2013 Monterey Shale Play Drilling/Drilled Planned Monterey Shale Play Belridge Field 5 AMIs across the field Seneca WI: 12.5% AMI Outlines Seneca NRI: 11.4% 4 Delineation Wells Drilled 3…
  31. Q1 2013 Update – National Fuel Gas Co. – slide 31
    Seneca Resources February 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…
  32. Q1 2013 Update – National Fuel Gas Co. – slide 32
    Seneca Resources February 2013 Eastern Development Area (EDA) Covington Fully Developed 47 Wells Drilled and Producing Gross Production: 70 MMcf per Day DCNR Tract 595 Gross Production: 60 MMcf per Day 34 Wells Drilled 19…
  33. Q1 2013 Update – National Fuel Gas Co. – slide 33
    Seneca Resources February 2013 Lycoming and Tioga Counties Are Highly Productive Areas 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…
  34. Q1 2013 Update – National Fuel Gas Co. – slide 34
    Seneca Resources February 2013 Ramping Marcellus Shale Production Forecast 250 WDA/Other EOG JV Average Daily Net Production (MMcf per Day) Lycoming 200 DCNR 595 Covington 150 100 50 0 35
  35. Q1 2013 Update – National Fuel Gas Co. – slide 35
    Seneca Resources February 2013 Fiscal 2013 Western Development Area Delineation Program Owls Nest Rich Valley (1 Well) 2 Wells Drilled Peak IP: 6.3 MMcf per Day 3D Seismic Coverage Complete Estimated EUR: 6.4 Bcf Tionesta 1…
  36. Q1 2013 Update – National Fuel Gas Co. – slide 36
    Seneca Resources February 2013 Utica Shale Activity Summary Mt. Jewett Tested 3 Frac Stages at 1.6 MMcfd Permitted Well (Typical Well: 17 Frac Stages) Drilled Well 2nd Horizontal: FY 2013 Completed Well Owls Nest Horizontal:…
  37. Q1 2013 Update – National Fuel Gas Co. – slide 37
    Seneca Resources February 2013 Initial Entry into the Mississippian Lime Play in Kansas Total Net Acres: 9,300 100% working interest in 4,600 gross acres 25% net working interest in 18,500 gross acres 2013: Participate in 3 to…
  38. Q1 2013 Update – National Fuel Gas Co. – slide 38
    National Fuel Gas Company February 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 39
  39. Q1 2013 Update – National Fuel Gas Co. – slide 39
    National Fuel Gas Company February 2013 Fiscal Year 2013 Earnings Guidance Drivers 2013 Forecast GAAP Earnings per Share 2.75 - 3.00 Exploration & Production Drivers Total Production (Bcfe) 102 - 112 DD&A Expense 2.10 - 2.25…
  40. Q1 2013 Update – National Fuel Gas Co. – slide 40
    National Fuel Gas Company February 2013 Manageable Debt Maturity Schedule 600 500 500 Debt Maturity ( Millions) 400 300 300 250 250 200 7.395% 100 49 50 5.250% 6.500% 8.750% 4.900% 7.375% 0…
  41. Q1 2013 Update – National Fuel Gas Co. – slide 41
    Pipeline & Storage / Midstream February 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 42
  42. Q1 2013 Update – National Fuel Gas Co. – slide 42
    Pipeline & Storage February 2013 Expansion Initiatives Capacity Est. Project Name In-Service Market Status (Dth/D) CapEx Lamont Compressor Station 90,000 14 MM 2010/2011 Fully Subscribed Completed Two Phases Line N Expansion…
  43. Q1 2013 Update – National Fuel Gas Co. – slide 43
    Midstream Corporation February 2013 Expansion Initiatives Capacity Est. In-Service Project Name Market Comments (Mcf/D) CapEx Date Capacity Completed Flowing into TGP Multiple Available 300 Line. This includes 10 Phases -…
  44. Q1 2013 Update – National Fuel Gas Co. – slide 44
    Exploration & Production February 2013 Appendix 45
  45. Q1 2013 Update – National Fuel Gas Co. – slide 45
    National Fuel Gas Company February 2013 Hedge Positions and Strategy Seneca has hedged approximately 62% of its forecasted production for Fiscal 2013 Natural Gas Volume Average Hedge Volume Average Swaps (Bcf) Price Oil Swaps…
  46. Q1 2013 Update – National Fuel Gas Co. – slide 46
    Marcellus Shale February 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…
  47. Q1 2013 Update – National Fuel Gas Co. – slide 47
    Marcellus Shale February 2013 Water Management Program Water Sourcing: Coal mine runoff Permitted freshwater sources Recycled water Water Management: Instituted a Zero Surface Discharge policy Recycle Marcellus flowback and…
  48. Q1 2013 Update – National Fuel Gas Co. – slide 48
    National Fuel Gas Company February 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…
  49. Q1 2013 Update – National Fuel Gas Co. – slide 49
    February 2013 Reconciliation of Exploration & Production West Division Adjusted EBITDA to Exploration & Production Segment Net Income ( Thousands) 12 Months Ended December 31, 2012 Exploration & Production - West Division…
  50. Q1 2013 Update – National Fuel Gas Co. – slide 50
    February 2013 Reconciliation of Adjusted EBITDA to Consolidated Net Income ( Thousands) 12-Months Ended FY 2009 FY 2010 FY 2011 FY 2012 12/31/12 Exploration & Production - West Division Adjusted EBITDA 171,572 187,838 187,603…
  51. Q1 2013 Update – National Fuel Gas Co. – slide 51
    February 2013 Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2013 FY 2009 FY 2010 FY 2011 FY 2012 Forecast Capital Expenditures from Continuing Operations Exploration &…

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