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Investor Presentation – National Fuel Gas Co.

National Fuel Gas Co. · Sep 4, 2012 · 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. Investor Presentation – National Fuel Gas Co. – slide 1
    National i l Fuell Gas Company Investor Presentation September 2012
  2. Investor Presentation – National Fuel Gas Co. – slide 2
    September 2012 National Fuel Gas Company Our Business Mix Leads to LongTerm Value Creation Upstream Upstream Midstream Downstream Crude Oil Natural Gas Seneca Resources Seneca Resources National Fuel Gas National Fuel Gas…
  3. Investor Presentation – National Fuel Gas Co. – slide 3
    September 2012 National Fuel Gas Company Integrated Business Mix Provides Financial Balance 1,000 Utility Segment Pipeline & Storage Segment Exploration & Production Segment Midstream, Energy Marketing & Other 750 654 668 672…
  4. Investor Presentation – National Fuel Gas Co. – slide 4
    September 2012 National Fuel Gas Company Highly Integrated Assets with Significant Marcellus Exposure (1) Footnote 1 goes here (2) Footnote 2 goes here 5
  5. Investor Presentation – National Fuel Gas Co. – slide 5
    September 2012 National Fuel Gas Company And Exposure to Growth from the Utica Shale (1) Footnote 1 goes here (2) Footnote 2 goes here 6
  6. Investor Presentation – National Fuel Gas Co. – slide 6
    September 2012 National Fuel Gas Company Capital Spending Flexibility to Maintain Financial Strength To the extent additional infrastructure Utility expansions are available, additional capital 1,250 Pipeline & Storage remains…
  7. Investor Presentation – National Fuel Gas Co. – slide 7
    September 2012 National Fuel Gas Company Strong Balance Sheet and Liquidity Position ShortTerm Debt Capital Resources Capital Resources 2.0% Total ShortTerm Capacity: 1,085 Million Committed Credit Facility: 750 Million…
  8. Investor Presentation – National Fuel Gas Co. – slide 8
    September 2012 National Fuel Gas Company Dividend Track Record 2.00 Dividend Consistency Consecutive Dividend Payments 110 Years Consecutive Dividend Increases 42 Years nd Rate 1.50 Current Annualized Dividend Rate 1.46 per…
  9. Investor Presentation – National Fuel Gas Co. – slide 9
    September 2012 Pipeline & Storage / Midstream (1) Footnote 1 goes here (2) Footnote 2 goes here 10
  10. Investor Presentation – National Fuel Gas Co. – slide 10
    September 2012 Midstream Businesses Ongoing Expansion to Transport Appalachian Production Shipping Gas to Canada & Northeast LongerTerm Infrastructure Gathering Expansions Marcellus Production Serving Southwest PA…
  11. Investor Presentation – National Fuel Gas Co. – slide 11
    September 2012 Midstream Businesses A Closer Look at the Expansion Progress NORTHERN ACCESS EXPANSION (Under Construction) TIOGA TIOGA COUNTY WEST TO EAST EXTENSION OVERBECK TO LEIDY (InService) CENTRAL TIOGA COUNTY…
  12. Investor Presentation – National Fuel Gas Co. – slide 12
    September 2012 NFG Midstream Using a History of Excellence to Serve Appalachian Producers Midstreams gathering systems are critical to unlock remote, but highly TGP 300 TGP 300 productive Marcellus acreage p g Tioga County…
  13. Investor Presentation – National Fuel Gas Co. – slide 13
    September 2012 Pipeline & Storage Regulatory Rate Filings National Fuel Gas Supply Corporation Empire Pipeline, Inc. Filed Filed a general rate case with FERC on a general rate case with FERC on Filed Filed a cost and revenue…
  14. Investor Presentation – National Fuel Gas Co. – slide 14
    September 2012 Utility (1) Footnote 1 goes here (2) Footnote 2 goes here 15
  15. Investor Presentation – National Fuel Gas Co. – slide 15
    September 2012 Utility Providing Financial Stability Return on Equity 30 0% 30.0% NY PA Allowed ROE NY Approx. Settled ROE PA 18.8% Return on EEquity 20.0% 14 7% 14.7% 13.2% 12.4% 10.6% 10.5% 10.9% 9.8% 10.0%…
  16. Investor Presentation – National Fuel Gas Co. – slide 16
    September 2012 Utility 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 Millions) 25 181 179 177 27 14…
  17. Investor Presentation – National Fuel Gas Co. – slide 17
    September 2012 Utility Strong Commitment to Safety The anticipated increase in 2013 capital expenditures is largely due i l di i l l d to the implementation of a new 80 Customer Information System Capital Expenditures for…
  18. Investor Presentation – National Fuel Gas Co. – slide 18
    September 2012 Exploration & Production (1) Footnote 1 goes here (2) Footnote 2 goes here 19
  19. Investor Presentation – National Fuel Gas Co. – slide 19
    September 2012 Seneca Resources Ongoing Strategic Responses to Low Gas Prices Maintain Focus Generated 175 million of EBITDA in the first nine months of fiscal 2012 on California Increased capital spending in California Crude Oil…
  20. Investor Presentation – National Fuel Gas Co. – slide 20
    September 2012 Seneca Resources Increased California Spending with Ongoing Marcellus Cuts 1,000 California Shallow Appalachia / Other Marcellus/Utica Gulf of Mexico Capital Exxpenditures ( Millions) 750 675690 649 500…
  21. Investor Presentation – National Fuel Gas Co. – slide 21
    September 2012 Seneca Resources Production Still Growing 150 California Shallow Appalachia / Other Marcellus/Utica Gulf of Mexico 125 on (Bcfe) 92105 100 81 85 8185 Annuaal Productio 75 67.6 5.2 6776 49 6 49.6 54…
  22. Investor Presentation – National Fuel Gas Co. – slide 22
    September 2012 Seneca Resources Continuing to Focus on Improving Its Cost Structure 4.50 Property, Franchiase & Other Taxes Other O&M Expense General & Administrative Expense The new Pennsylvania Impact Fee led to Lease Operating…
  23. Investor Presentation – National Fuel Gas Co. – slide 23
    September 2012 California Stable Production and Increasing Cash Flows California 2011 Rankk 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…
  24. Investor Presentation – National Fuel Gas Co. – slide 24
    September 2012 California Stable Production Fields North Lost Hills 1,200 BOEPD Tulare & Etchegoin Formation South Lost Hills Primary & Steamflood Primary & Steamflood 1,700 BOEPD , 00 O 181 Active Wells Monterey Shale Primary…
  25. Investor Presentation – National Fuel Gas Co. – slide 25
    September 2012 California Strong Margins Support Significant Free Cash Flow Fiscal Year 2012 (First Nine Months) EBITDA per BOE Non Steam Fuel LOE NonSteam Fuel LOE 8 64 8.64 Steam Fuel 2.83 Average Revenue in First Nine…
  26. Investor Presentation – National Fuel Gas Co. – slide 26
    September 2012 Seneca Resources California Recent Initiatives Driving NearTerm Growth 10,000 Production Increase Drivers 1. North Midway Sunset Steaming er Day) 2. South Midway Sunset Field Extensions 3 Sespe Infill Drill…
  27. Investor Presentation – National Fuel Gas Co. – slide 27
    September 2012 Seneca Resources Midway Sunset South Activity Update 2012 Drill Program: 21 Wells / 3 Injectors Seneca Western Minerals 251U Extended 251 Pool to the West 2013 Drill Program: 17 23 Wells / 5 9 Injectors Seneca…
  28. Investor Presentation – National Fuel Gas Co. – slide 28
    September 2012 Seneca Resources Sespe Field 2011 & 2012 Drilling Programs and Results 2011 Sespe Wells (5) 350 Thick 2012 Sespe Wells (6) (Medium Blue) 1 Mile WS 53333 WS 533 33 Powell 4 P ll 4 WS 53433 88 BOEPD 61 BOEPD…
  29. Investor Presentation – National Fuel Gas Co. – slide 29
    September 2012 Seneca Resources Monterey Shale Play Monterey Shale Play Belridge Field 5 AMIs across the field Seneca WI: 12.5% AMI Outlines Seneca NRI: 11.1% Producing (Gross): 50 BOPD 34 Delineation Wells Planned Gross…
  30. Investor Presentation – National Fuel Gas Co. – slide 30
    September 2012 Seneca Resources Expansive Pennsylvania Acreage Position SRC Fee Acreage SRC Lease Acreage NFG Storage Acreage Western Development Area Eastern Development Area Net acreage: N t 700 000 700,000 acres Net…
  31. Investor Presentation – National Fuel Gas Co. – slide 31
    September 2012 Seneca Resources Net Rig Count (Working Interest) 10 Seneca Operated Delineation Seneca Operated Development EOG Operated 8 SSeneca anticipates ti i t 7.5 minimal joint venture orizontal Rigg Count…
  32. Investor Presentation – National Fuel Gas Co. – slide 32
    September 2012 Seneca Resources Eastern Development Area (EDA) Results & Plan Forward Covington Fully Developed 47 Wells Drilled and Producing Gross Production: 80 MMcf per Day G P d i 80 MM f D DCNR Tract 595 Gross…
  33. Investor Presentation – National Fuel Gas Co. – slide 33
    September 2012 Seneca Resources Lycoming and Tioga Counties Are Highly Productive Areas Average Producing Average Average Average EUR Average EUR per Development Well IP Rate 7Day 30Day per Well Lateral 1,000 of Area Count…
  34. Investor Presentation – National Fuel Gas Co. – slide 34
    September 2012 Seneca Resources TGP 300 Pricing Dynamics Led to Production Curtailments 4.00 Henry Hub TGP Zone 4 In August, price improvements limited curtailments Gas Spot Price (/MMBtu) 3.00 2.00 Natural G 1.00…
  35. Investor Presentation – National Fuel Gas Co. – slide 35
    September 2012 Seneca Resources Ramping Marcellus Shale Production 250 Forecast TGP 300 Curtailed Volumes The gray bar represents potential WDA/Other production into TGP 300 curtailed, in excess EOG JV of firm sales volumes,…
  36. Investor Presentation – National Fuel Gas Co. – slide 36
    September 2012 Seneca Resources Evaluating Marcellus Wet Gas Potential More than 100,000 acres within the targeted window of 1,100 Btu to 1,200 Btu Will need cryogenic processing plant running in ethane rejection mode…
  37. Investor Presentation – National Fuel Gas Co. – slide 37
    September 2012 Seneca Resources Utica Shale Activity Summary Mt. Jewett Vertical: Tested Dry Gas Vertical Well Drilled Horizontal: Completing Fall 2012 Horizontal Well Permit Horizontal Well Drilled Owls Nest Horizontal FY2013…
  38. Investor Presentation – National Fuel Gas Co. – slide 38
    September 2012 National Fuel Gas Company Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 39
  39. Investor Presentation – National Fuel Gas Co. – slide 39
    September 2012 National Fuel Gas Company Fiscal Year 2013 Earnings Guidance Drivers 2013 Forecast GAAP E i GAAP Earnings per Share Sh 2 45 2.75 2.45 2 75 Exploration & Production Drivers Total Production (Bcfe) 92 105 DD&A…
  40. Investor Presentation – National Fuel Gas Co. – slide 40
    September 2012 National Fuel Gas Company Manageable Debt Maturity Schedule 600 500 500 Millions) 400 Maturity ( M 300 300 250 250 Debt M 200 7.395% 100 49 50 5.250% % 6.500% % 8.750% %…
  41. Investor Presentation – National Fuel Gas Co. – slide 41
    September 2012 National Fuel Gas Company Targeted Capital Structure Debt Equity Utility 50% 50% Equity P&S 50% 50% 55% 65% Debt 35% 45% E&P 30% 70% All Other 40% 60% Capital Structure LongTerm Consolidated Targets by…
  42. Investor Presentation – National Fuel Gas Co. – slide 42
    September 2012 Pipeline & Storage / Midstream Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 43
  43. Investor Presentation – National Fuel Gas Co. – slide 43
    September 2012 Pipeline & Storage Expansion Initiatives Capacity Est. Project Name InService Market Status (Dth/D) CapEx Lamont Compressor Station 40,000 6 MM 6/2010 Fully Subscribed Completed L Lamont Phase t Ph II P j t II…
  44. Investor Presentation – National Fuel Gas Co. – slide 44
    September 2012 Midstream Corporation Expansion Initiatives Capacity Est. InService Project Name Market Comments (Mcf/D) CapEx Date Completed p Flowing into TGP g Multiple Capacity 300 Line. This includes 30 Phases Available…
  45. Investor Presentation – National Fuel Gas Co. – slide 45
    September 2012 Exploration & Production Appendix (1) Footnote 1 goes here (2) Footnote 2 goes here 46
  46. Investor Presentation – National Fuel Gas Co. – slide 46
    September 2012 National Fuel Gas Company Hedge Positions and Strategy Seneca has hedged approximately 57% of its forecasted production for Fiscal 2013 forecasted production for Fiscal 2013 Natural Gas Volume Average Hedge Volume…
  47. Investor Presentation – National Fuel Gas Co. – slide 47
    September 2012 Marcellus Shale Targeting Continued Cost Reductions Drilling Cost per Lateral Foot Completion Cost per Stage (000) WDA/DCNR 595 WDA/DCNR 595 DCNR 100 DCNR 100 WDA/DCNR 595 WDA/DCNR 595 DCNR 100 DCNR 100 800…
  48. Investor Presentation – National Fuel Gas Co. – slide 48
    September 2012 Marcellus Shale Water Management Program Water Sourcing: Coal mine runoff Permitted freshwater sources Recycled water Water Management: ate a age e t Instituted a Zero Surface Discharge policy Recycle Marcellus…
  49. Investor Presentation – National Fuel Gas Co. – slide 49
    September 2012 Marcellus Shale Zero Liquid Discharge Operation Utilizing a stateoftheart evaporative technology to ensure no liquid is discharged at the surface Building a centrally located unit in Eastern Development Area (EDA) B…
  50. Investor Presentation – National Fuel Gas Co. – slide 50
    September 2012 National Fuel Gas Company Comparable GAAP Financial Measure Slides and Reconciliations This presentation contains certain nonGAAP financial measures. For pages that contain nonGAAP financial measures, pages containing…
  51. Investor Presentation – National Fuel Gas Co. – slide 51
    September 2012 Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2012 FY 2013 FY 2009 FY 2010 FY 2011 Forecast Forecast Capital Expenditures from Continuing Operations…
  52. Investor Presentation – National Fuel Gas Co. – slide 52
    September 2012 Reconciliation of Exploration & Production West Division EBITDA to Exploration & Production Segment Net Income ( Thousands) 9 Months Ended June 30, 2012 Exploration & Production - West Division EBITDA 174 568…
  53. Investor Presentation – National Fuel Gas Co. – slide 53
    September 2012 Reconciliation of EBITDA to Net Income ( Thousands) 12 Months Ended FY 2008 FY 2009 FY 2010 FY 2011 June 30, 2012 Exploration & Production - West Division EBITDA 188,008 170,611 187,838 187,603 223,155 Exploration…

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