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March 2013 Investor Presentation – National Fuel Gas Co.

National Fuel Gas Co. · Mar 18, 2013 · 52 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. March 2013 Investor Presentation – National Fuel Gas Co. – slide 1
    National Fuel Gas Company Investor Presentation March 2013
  2. March 2013 Investor Presentation – National Fuel Gas Co. – slide 2
    National Fuel Gas Company March 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. March 2013 Investor Presentation – National Fuel Gas Co. – slide 3
    National Fuel Gas Company March 2013 Integrated Businesses with Significant Marcellus Exposure (1) Footnote 1 goes here (2) Footnote 2 goes here 4
  4. March 2013 Investor Presentation – National Fuel Gas Co. – slide 4
    National Fuel Gas Company March 2013 And Exposure to Growth from the Utica Shale (1) Footnote 1 goes here (2) Footnote 2 goes here 5
  5. March 2013 Investor Presentation – National Fuel Gas Co. – slide 5
    National Fuel Gas Company March 2013 EBITDA Growth Driven by Stability and Continued Success 1,000 Midstream, Energy Marketing & Other Exploration & Production Segment Pipeline & Storage Segment Utility Segment 727 750…
  6. March 2013 Investor Presentation – National Fuel Gas Co. – slide 6
    National Fuel Gas Company March 2013 Capital Spending Flexibility to Maintain Financial Strength 1,250 Midstream, Energy Marketing & Other Exploration & Production Segment Pipeline & Storage Segment 1,000 977 Utility Segment…
  7. March 2013 Investor Presentation – National Fuel Gas Co. – slide 7
    National Fuel Gas Company March 2013 Strong Balance Sheet and Liquidity Position Total Debt(1) Capital Resources 45% Total Short-Term Capacity: 1,085 Million Committed Credit Facility: 750 Million Syndicated facility extends…
  8. March 2013 Investor Presentation – National Fuel Gas Co. – slide 8
    Midstream Businesses March 2013 Pipeline & Storage/NFG Midstream (1) Footnote 1 goes here (2) Footnote 2 goes here 9
  9. March 2013 Investor Presentation – National Fuel Gas Co. – slide 9
    Midstream Businesses March 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)…
  10. March 2013 Investor Presentation – National Fuel Gas Co. – slide 10
    Exploration & Production March 2013 11
  11. March 2013 Investor Presentation – National Fuel Gas Co. – slide 11
    Seneca Resources March 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…
  12. March 2013 Investor Presentation – National Fuel Gas Co. – slide 12
    Seneca Resources March 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) 1,200 RCS - Frac Stages…
  13. March 2013 Investor Presentation – National Fuel Gas Co. – slide 13
    Seneca Resources March 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) 750 694…
  14. March 2013 Investor Presentation – National Fuel Gas Co. – slide 14
    Seneca Resources March 2013 Production Continues to Grow 150 Gulf of Mexico (Divested in 2011) East Division (Appalachia) 126-138 125 West Division (California/Kansas) 102-112 Annual Production (Bcfe) 100 83.4 75 67.6…
  15. March 2013 Investor Presentation – National Fuel Gas Co. – slide 15
    Seneca Resources March 2013 California: 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 &…
  16. March 2013 Investor Presentation – National Fuel Gas Co. – slide 16
    Seneca Resources March 2013 California: 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…
  17. March 2013 Investor Presentation – National Fuel Gas Co. – slide 17
    Seneca Resources March 2013 California: 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…
  18. March 2013 Investor Presentation – National Fuel Gas Co. – slide 18
    Seneca Resources March 2013 California: 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 3/13 TG 562-29 FA 502-33 190 BOEPD 75 BOEPD…
  19. March 2013 Investor Presentation – National Fuel Gas Co. – slide 19
    Seneca Resources March 2013 California: East Coalinga Overview Seneca became operator on January 30, 2013 Previous Operator: Chevron 7,764 net acres 170 wells (60 active) 250 BOPD 30 million capital commitment over first…
  20. March 2013 Investor Presentation – National Fuel Gas Co. – slide 20
    Seneca Resources March 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. March 2013 Investor Presentation – National Fuel Gas Co. – slide 21
    Seneca Resources March 2013 Eastern Development Area (EDA) Covington Fully Developed 47 Wells Drilled and Producing Gross Production: 65 MMcf per Day DCNR Tract 595 Gross Production: 90 MMcf per Day 34 Wells Drilled 26…
  22. March 2013 Investor Presentation – National Fuel Gas Co. – slide 22
    Seneca Resources March 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…
  23. March 2013 Investor Presentation – National Fuel Gas Co. – slide 23
    Seneca Resources March 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…
  24. March 2013 Investor Presentation – National Fuel Gas Co. – slide 24
    Seneca Resources March 2013 Rich Valley/Clermont Development Area WDA Pilot Development Program Upon completion of initial delineation drilling, a pilot development program will begin this summer. Full development planned for…
  25. March 2013 Investor Presentation – National Fuel Gas Co. – slide 25
    Seneca Resources March 2013 Utica Shale Activity Summary Mt. Jewett Tested 3 Frac Stages at 1.6 MMcfd Permitted (Typical Well: 17 Frac Stages) Range Resources 2nd Horizontal: FY 2013 Drilled/Drilling 1.4 MMcfd Completed Not…
  26. March 2013 Investor Presentation – National Fuel Gas Co. – slide 26
    Seneca Resources March 2013 Initial Entry into the Mississippian Lime Play in Kansas Total Net Acres: 9,300 Unit 30-day IP: 100% working interest in 4,600 gross 352 BOED acres (92% Oil/NGLs) 25% net working interest in…
  27. March 2013 Investor Presentation – National Fuel Gas Co. – slide 27
    National Fuel Gas Company March 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 3-year…
  28. March 2013 Investor Presentation – National Fuel Gas Co. – slide 28
    National Fuel Gas Company March 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 29
  29. March 2013 Investor Presentation – National Fuel Gas Co. – slide 29
    National Fuel Gas Company March 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 LOE…
  30. March 2013 Investor Presentation – National Fuel Gas Co. – slide 30
    National Fuel Gas Company March 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…
  31. March 2013 Investor Presentation – National Fuel Gas Co. – slide 31
    National Fuel Gas Company March 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…
  32. March 2013 Investor Presentation – National Fuel Gas Co. – slide 32
    Midstream Businesses March 2013 Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 33
  33. March 2013 Investor Presentation – National Fuel Gas Co. – slide 33
    Midstream Businesses March 2013 A Closer Look at the Expansion Progress NORTHERN ACCESS EXPANSION (In-Service) TIOGA TIONESTA COUNTY GATHERING EXTENSION SYSTEM (In-Service) (Under Construction) CENTRAL TIOGA COUNTY…
  34. March 2013 Investor Presentation – National Fuel Gas Co. – slide 34
    Midstream Businesses March 2013 Pursuing Additional Opportunities Near the Line N Corridor Line N Activity in the Marcellus and Utica shales Focus Area along the Pennsylvania/Ohio border continues to remain robust NFG Supply…
  35. March 2013 Investor Presentation – National Fuel Gas Co. – slide 35
    Midstream Businesses March 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…
  36. March 2013 Investor Presentation – National Fuel Gas Co. – slide 36
    Midstream Businesses March 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…
  37. March 2013 Investor Presentation – National Fuel Gas Co. – slide 37
    Midstream Businesses March 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…
  38. March 2013 Investor Presentation – National Fuel Gas Co. – slide 38
    Exploration & Production March 2013 Appendix 39
  39. March 2013 Investor Presentation – National Fuel Gas Co. – slide 39
    Seneca Resources March 2013 Hedge Positions and Strategy Seneca has hedged approximately 69% of its forecasted production for Fiscal 2013 Natural Gas Volume Average Hedge Volume Average Swaps (Bcf) Price Oil Swaps (MMBbl) Hedge…
  40. March 2013 Investor Presentation – National Fuel Gas Co. – slide 40
    Seneca Resources March 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…
  41. March 2013 Investor Presentation – National Fuel Gas Co. – slide 41
    Seneca Resources March 2013 California: 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…
  42. March 2013 Investor Presentation – National Fuel Gas Co. – slide 42
    Seneca Resources March 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…
  43. March 2013 Investor Presentation – National Fuel Gas Co. – slide 43
    Seneca Resources March 2013 Ramping Marcellus Shale Production 300 WDA/Other Forecast EOG JV Average Daily Net Production (MMcf per Day) Lycoming 250 DCNR 595 Covington 200 150 100 50 0 44
  44. March 2013 Investor Presentation – National Fuel Gas Co. – slide 44
    Marcellus Shale March 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…
  45. March 2013 Investor Presentation – National Fuel Gas Co. – slide 45
    Utility March 2013 (1) Footnote 1 goes here (2) Footnote 2 goes here 46
  46. March 2013 Investor Presentation – National Fuel Gas Co. – slide 46
    Utility March 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 2011…
  47. March 2013 Investor Presentation – National Fuel Gas Co. – slide 47
    Utility March 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) 179…
  48. March 2013 Investor Presentation – National Fuel Gas Co. – slide 48
    Utility March 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…
  49. March 2013 Investor Presentation – National Fuel Gas Co. – slide 49
    National Fuel Gas Company March 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 containing…
  50. March 2013 Investor Presentation – National Fuel Gas Co. – slide 50
    March 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…
  51. March 2013 Investor Presentation – National Fuel Gas Co. – slide 51
    March 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…
  52. March 2013 Investor Presentation – National Fuel Gas Co. – slide 52
    March 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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