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Acquisition of Shell Appalachia Assets – National Fuel Gas Co.

National Fuel Gas Co. · May 4, 2020 · 78 slides

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Slides

  1. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 1
    Investor Presentation May 2020 Update May 4, 2020
  2. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 2
    National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and distribution of natural gas and oil resources. For additional information, please visit our corporate responsibility…
  3. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 3
    A message from David Bauer, President and CEO of National Fuel Gas Company, on NFGs COVID-19 response As we confront the challenges of the COVID-19 pandemic, I am proud to say that National Fuel has continued to safely and reliably…
  4. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 4
    Acquisition of Shells Integrated Appalachian Upstream and Midstream Assets 4
  5. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 5
    Strategic Rationale - Strengthens NFGs Integrated Model Acquisition Expected to Deliver Meaningful Free Cash Flow Generation, While Maintaining Contribution from Regulated Businesses, and Building on Integrated Model Seneca to acquire…
  6. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 6
    Acquisition of Highly-Integrated Assets at Attractive Valuation 500 million purchase of Royal Dutch Shells Appalachian assets(1) WDA 915,000 Acres (715,000 - NFG / 200,000 - Shell) 215-230 MMcf/day of net production(2), with 70-75…
  7. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 7
    Significant Integrated Operations in Tioga County Synergistic E&P and Gathering Assets, Empire (NFG) Contiguous to NFGs Highly-Economic Tioga County Development and Operations Undeveloped 185 additional drilling locations (150…
  8. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 8
    Increased Production Base Drives Lower E&P Unit Costs Immediate Unit Cost Reductions Expected from Additional Scale in Appalachia Total Exploration & Production Cash OpEx (/Mcfe)(1) 1.32 1.23 0.14 0.11 0.30 0.27 0.32 0.28…
  9. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 9
    Acquisition of Mature PDP Stream with Low Base Decline Shallow Decline of Acquired Production Supports Long-Term Unit Cost Synergies Annual Appalachian Production Base Decline (%) 40% Acquisition PDP Declines Shallower than 35%…
  10. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 10
    Continued Commitment to Prudent Capital Allocation E&P E&P Capital Expenditure Guidance Further Reduced, With Near-Term Activity Levels Unchanged Exploration & Production Capital Expenditures ( Millions)(1) 492 415- Full Year…
  11. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 11
    Strong Hedge Position Solidifies Economics of Acquisition Significant Additional Hedges Executed, Pro Forma Natural Gas Hedges - MMDth, /MMBtu Minimizing Commodity Price Risk Fiscal 2020 Seneca has entered into additional NYMEX…
  12. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 12
    Financing Supportive of Investment Grade Credit Rating . . . . . . With Appalachian Program Well-Positioned to Generate Sustainable Free Cash Flow Expected to be accretive to existing credit metrics and to maintain investment grade…
  13. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 13
    Acquisition Provides Unique Long-Term Growth Opportunity Attractive Valuation Increased Scale Integrated Assets CapEx Plans Unchanged Synergistic Operations Enhances Free Cash Flow Valuable Pipeline Capacity Supports Credit…
  14. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 14
    Operations and Business Overview 14
  15. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 15
    NFG: A Diversified, Integrated Natural Gas Company Upstream Developing our large, high quality Exploration & acreage position in Marcellus & Utica Acquisition to add 400,000 net acres, Production shales(1) 215-230 MMcf/d of net…
  16. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 16
    Why National Fuel Diversified Assets Provide Stability and Long-Term Growth Opportunities 16
  17. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 17
    1 Integrated Model Enhances Shareholder Value . . . Benefits of National Fuels Geographic and Operational Integrated Structure: Upstream Integration Drives Synergies: Exploration & Ability to adjust to changing Production Upstream…
  18. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 18
    . . . and Continues to Drive Growth Opportunities Near Term Strategy Leverages Integration Across the Value Chain Exploration & Pipeline & Gathering Utility Production Storage Acquisition of significant, contiguous Tioga County…
  19. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 19
    2 Impressive Dividend History 49 Years 117 Years 1.74 per share 4.2% yield(1) Consecutive Dividend Increases Consecutive Payments 3.1 Billion Dividend payments since 1970 0.19 per share Annual Rate at Fiscal Year…
  20. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 20
    3 Appalachian Program Expected to Generate Free Cash Flow . . . . . . During the 12 months Post-Acquisition at . . . While Generating Strong Consolidated Natural Gas Prices of 2.00/MMBtu or Higher . . . Returns Across Senecas Acreage…
  21. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 21
    L4 Leveraging Existing Infrastructure to Enhance Returns Utilization of Existing Infrastructure for Ongoing Utica Development Amplifies Consolidated Returns Utica development on Requires modest investment in Resulting in significant…
  22. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 22
    5 Significant Interstate Pipeline Backlog Significant Expected Near-Term Northern Access Empire North Expansion Revenues: Delivery: Canada & NY Delivery: Canada & NY 490,000 Dth/d 205,000 Dth/d Line N to Monaca: 5 MM (placed into…
  23. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 23
    Second Quarter Fiscal 2020 Financial Highlights 23
  24. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 24
    Second Quarter Fiscal 2020 Results and Drivers Adjusted Operating Results (/share)(1) Q2 FY 2019 Q2 FY 2020 Major Drivers 1.07 Oil and Gas 0.97 Natural Gas Prices Pricing(2) 61.01 58.23 2.58 Utility 2.12 0.41 Oil…
  25. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 25
    Earnings Guidance Reduction Driven by Commodity Prices FY2019 Adjusted Operating Results FY2020 Earnings Guidance Key Guidance Drivers 3.45/share(1) 2.80 to 3.00/share Seneca Net Production: 245 to 255 Bcfe Production & Gathering…
  26. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 26
    Exploration & Production and Gathering Overview Seneca Resources Company, LLC National Fuel Gas Midstream Company, LLC 26
  27. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 27
    E&P and Gathering Proved Reserves Total Proved Reserves (Bcfe) 3-Year Average F&D Cost (/Mcfe) 4,000 1.50 1.32 Natural Gas (Bcf) Acquisition to add 710 Bcfe of Crude Oil (MMbbl) net proved developed reserves(1) 3,500 0.98…
  28. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 28
    E&P and Gathering Growing Production within Disciplined Capital Program E&P Net Capital Expenditures ( millions)(1) Near-Term Strategy 600 Acqusition 500 492 Further reduce activity to 1-rig Appalachia 356 375-395…
  29. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 29
    E&P and Gathering Significant Appalachian Acreage Position Western Development Area (WDA) WDA 915,000 Acres Average Seneca gross production(1): 362 MMcf/d (715,000 - NFG / 200,000 Shell) Over 1,000 potential Marcellus & Utica…
  30. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 30
    E&P and Gathering Western Development Area Marcellus Core Acreage WDA Highlights vs. Utica Appraisal Trend(1) Area of Re-Development Large well inventory: 70-75 remaining Utica locations on existing Marcellus pads Marcellus…
  31. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 31
    E&P and Gathering WDA-CRV Results and Type Curves WDA-CRV Development Update WDA-CRV Types Curves Normalized to 9,000 Tested / currently producing from 35 Utica wells 9.0 in WDA-CRV area WDA-CRV Utica Type Curve 8.0 Avg. CRV…
  32. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 32
    E&P and Gathering Limited New Infrastructure Needed to Support Utica Return Trips Leveraging Existing Gathering, Water and Pad Infrastructure Enhances Returns WDA Well Costs(1) WDA EURs WDA-CRV Consolidated Economics Total cost…
  33. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 33
    E&P and Gathering Integrated Development WDA Gathering System Gathering System Build-Out Tailored to Accommodate Senecas WDA Development Clermont Gathering System Map Current System In-Service Capacity: 470 MMcf per day…
  34. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 34
    E&P and Gathering WDA Firm Transportation and Sales Capacity WDA Exit Capacity Supports Production and Enhances Consolidated Returns WDA Gas Marketing Strategy WDA Contracted Firm Transport and Gross Sales Volumes (MDth/d) 600…
  35. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 35
    E&P and Gathering Eastern Development Area Seneca EDA Highlights EDA 270,000 Acres Acquisition to add 200,000 Net Acres and 150 Utica Locations 1 DCNR Tract 007 (Tioga Co., Pa) and Tioga Acreage Acquisition Utica Development…
  36. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 36
    E&P and Gathering EDA Marcellus: Lycoming County Development Marcellus Development in Lycoming County Fully Utilizes Firm Transportation Prolific Marcellus acreage with peer-leading well results 30-35 remaining Marcellus…
  37. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 37
    E&P and Gathering EDA Utica: Tioga County Development Acquisition Will Provide Significant Inventory and Drives Synergies with Existing Operations Tioga County Acquisition Development Benefits Significant Tioga County Acreage…
  38. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 38
    E&P and Gathering EDA Utica: Tioga County Development Strong Tioga County Utica Economics Tioga County Utica Type Curve 16 47% consolidated Seneca/Gathering IRR at Identical Expected Utica 2.00 realized price Development Type…
  39. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 39
    E&P and Gathering EDA Utica: Tioga County Development Production Underpinned by Firm Sales and Firm Transportation Contracts Tioga County Gas Marketing Strategy Tioga County Gross Firm Contract Volumes (MDth/d) 215-230 MMcf/d of…
  40. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 40
    E&P and Gathering Integrated Development EDA Gathering Systems Gathering Segment Supporting Seneca and Third-Party Production & Future Development Wellsboro Gathering System Total Investment (to date): 22 million 3 Capacity: up…
  41. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 41
    E&P and Gathering Long-term Contracts Supporting Appalachian Production Seneca Appalachia Natural Gas Marketing Firm Contract Volumes (MDth/day) 1,200 Leidy South (Transco & NFG - Supply) 1,000 Transco Zone 6 NNY 330,000…
  42. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 42
    E&P and Gathering Near-term Firm Sales Provide Market & Price Certainty Pro Forma Net Contracted Firm Sales Volumes (Dth per day) Contracted Index Price Differentials ( per Dth)(1) NYMEX Dawn 797,000 (2) 746,100 Other Fixed…
  43. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 43
    E&P and Gathering California Oil Stable Oil Production Minimal Capital Investment Steady Free Cash Flow 1 Avg. Daily Production Location Formation Production Method (net Boe/d)(1) East Coalinga/ 1 Temblor Primary 532…
  44. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 44
    E&P and Gathering California Capital Expenditures vs. Production West Division Annual Capital Expenditures ( MM)(1) West Division Average Net Daily Production (Boe) Sespe Sale Closed on 5/1/18 38 (reduced production by 900…
  45. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 45
    E&P and Gathering Fiscal 2020 Production and Price Certainty 112 Bcf of Appalachian Production Protected by Firm Sales 76 Bcf locked-in realizing net 2.16/Mcf (1) 36 Bcf of additional basis protection 280 8 Bcfe 245-255 Bcfe…
  46. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 46
    E&P and Gathering Hedge Positions and Prices Pro Forma Natural Gas - MMDth, /MMBtu Crude Oil - MBbl, /Bbl Fiscal 2020 Fiscal 2020 78.9 49.3 2.69 852 690 64.55 MMDth MBbl 29.6 2.18 62% 73% 162 50.52 - - Hedged(1)…
  47. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 47
    E&P and Gathering Seneca Operating Costs Appalachia LOE & Gathering California LOE Total Seneca Cash OpEx /Mcfe /Boe UPDATE /Mcfe 20.81 19.00 1.40 1.32 17.91 0.14 1.23 0.69 0.67 0.69 0.14 0.11 0.09 0.07 0.08 0.34 0.30 (1)…
  48. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 48
    Pipeline and Storage Overview National Fuel Gas Supply Corporation Empire Pipeline, Inc. 48
  49. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 49
    Pipeline & Storage Pipeline & Storage Segment Overview National Fuel Gas Supply Corporation Contracted Capacity(1): Firm Transportation: 3,078 MDth per day Firm Storage: 70,693 Mdth (fully subscribed) Rate Base(2): 944 million…
  50. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 50
    Pipeline & Storage Empire North Project Fully Subscribed Project will Provide 205,000 Dth/day of Incremental Firm Transportation Target in-service: fourth quarter fiscal 2020 (construction underway) Est. capital cost: 145…
  51. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 51
    Pipeline & Storage FM100 Project - Consolidated Benefit for NFG Project expected to provide long-term earnings 330,000 Dth/d of new transportation capacity from uplift to Seneca, Supply Corp. and Gathering WDA and EDA acreage…
  52. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 52
    Pipeline & Storage FM100 Project Significant Investment by Supply Corp. Estimated capital cost: 279 million Expansion facilities: 159 million Modernization facilities: 120 million Facilities (all in Pennsylvania) include:…
  53. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 53
    Pipeline & Storage Continued Expansion of the NFG Supply System Line N to Monaca Project Project: Firm transportation service to a new ethane cracker facility being built by Shell Chemical Appalachia, LLC In-service date:…
  54. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 54
    Pipeline & Storage Northern Access Project Delivery points: 350,000 Dth/d to Chippawa (TCPL interconnect) 140,000 Dth/d to East Aurora (TGP 200 line) Regulatory/legal status: To Dawn Feb. 2017 FERC 7(c) certificate issued…
  55. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 55
    Pipeline & Storage Pipeline & Storage Customer Mix Customer Transportation by Shipper Type(1) Affiliated Customer Mix (Contracted Capacity) (2) 3.9 MMDth/d Affiliated Non-Affiliated Outside End User Pipeline 6% 7% 28% 56%…
  56. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 56
    Utility Overview National Fuel Gas Distribution Corporation 56
  57. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 57
    Utility New York & Pennsylvania Service Territories New York Total Customers(1): 531,400 ROE: 8.7% (NY PSC Rate Case Order, April 2017) Rate Mechanisms: o Revenue Decoupling o Weather Normalization o Low Income Rates o…
  58. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 58
    Utility New York Rate Case Outcome On April 20, 2017, the New York Public Service Commission issued a Rate Order relating to NFG Distributions rate case (No. 16-G-0257) filed in April 2016. Rate Order Summary: Revenue Requirement:…
  59. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 59
    Utility Utility Continues its Significant Investments in Safety System modernization tracker in NY allows recovery of pipeline replacement costs, which is expected to drive modest gross margin and rate base growth 125.0 Capital…
  60. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 60
    Utility Accelerating Pipeline Replacement & Modernization Utility Mains by Material(1) Miles of Utility Main Pipeline Replaced Wrought 159 158 Iron 146 144 Coated Bare Cast Iron 130 NY 9,738 miles Plastic Wrought Bare…
  61. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 61
    Utility A Proven History of Controlling Costs (1) Utility O&M Expense and Non-Service Pension Costs ( millions) 250 O&M Expense (GAAP) Non-Service Pension Costs 200 195 197 196 199 200 189 31 28 27 172 150 166 169 100…
  62. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 62
    Consolidated Financial Overview Upstream I Midstream I Downstream 62
  63. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 63
    Diversified, Balanced Earnings and Cash Flows Adjusted Operating Results ( per share)(1) Adjusted EBITDA ( millions)(2) 4.00 Expected Decrease 794 785 3.45 Driven by Reduced 800 Commodity Prices 3.00 2.80 to 3.00 1.26 351 350…
  64. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 64
    Disciplined, Flexible Capital Allocation Capital Expenditures by Segment ( millions)(1) 1,000 Exploration & Production (2) Gathering Pipeline & Storage Utility 781 750 680-740 583 492 375-395 500 455 366 356 99 246 50-60…
  65. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 65
    Maintaining Strong Balance Sheet & Liquidity Net Debt / Adjusted EBITDA(1) Capitalization 2.61 x 2.72 x 2.51 x 2.45 x 2.47 x Total Debt Total Equity 53% 47% 2016 2017 2018 2019 TTM 3/31/20 4.4 Billion Total Capitalization…
  66. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 66
    Appendix 66
  67. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 67
    Appendix Safe Harbor For Forward Looking Statements This presentation may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans,…
  68. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 68
    Appendix Consolidated Seneca and Gathering Economics Average Realized Pricing (2) Locations Average 15% IRR (3) Completed EUR Prospect Reservoir Remaining CAPEX 2.50 2.25 2.00 Realized Lateral (Bcf/1000') to Be Drilled…
  69. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 69
    Appendix Hedge Positions and Prices Natural Gas Volumes in thousand MMBtu; Prices in /MMBtu Fiscal 2020 (Remain.) Fiscal 2021 Fiscal 2022 Avg. Avg. Avg. Volume Price Volume Price Volume Price NYMEX Swaps 45,700 2.67 117,920 2.61…
  70. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 70
    Appendix EDA Type Curves Lycoming Tioga 007 Utica Utica 16 14 Cumulative Production (BCF) 12 10 8 Estimated Cumulative Volumes (Bcf) 6 Lycoming Tioga Year Marcellus Utica (5,800') (8,700') 4 1 3.2 5.3 5 8.6…
  71. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 71
    Appendix WDA-CRV Type Curves CRV Utica Return Trip CRV Marcellus Return Trip 9 8 7 Cumulative Production (BCF) 6 5 4 Estimated Cumulative Volumes (Bcf) WDA-CRV WDA-CRV 3 Year Utica Marcellus (9,500') (9,000') 2 1…
  72. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 72
    Appendix Firm Transportation Commitments Volume Delivery Demand Charges Production Source Gas Marketing Strategy (Dth/d) Market (/Dth) Northeast Supply Firm Sales Contracts Canada 0.50 Diversification EDA Tioga 50,000…
  73. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 73
    Appendix Comparable GAAP Financial Measure Slides & Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable…
  74. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 74
    Appendix Non-GAAP Reconciliations Adjusted EBITDA Reconciliation of Adjusted EBITDA to Consolidated Net Income ( Thousands) (1) 12-Months (1) FY 2016 FY 2017 FY 2018 FY 2019 Ended 3/31/20 Total Adjusted EBITDA Exploration &…
  75. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 75
    Appendix Non-GAAP Reconciliations Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment ( Thousands) FY20 FY19 12-Months FY 2019 FYTD FYTD Ended 3/31/20 Exploration and Production Segment Reported…
  76. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 76
    Appendix Non-GAAP Reconciliations Adjusted Operating Results Three Months Ended Six Months Ended Fiscal Year Ended March 31, March 31, September 30, (in thousands except per share amounts) 2020 2019 2020 2019 (in thousands…
  77. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 77
    Appendix Non-GAAP Reconciliations Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2020 FY 2016 FY 2017 FY 2018 FY 2019 Forecast Capital Expenditures…
  78. Acquisition of Shell Appalachia Assets – National Fuel Gas Co. – slide 78
    Appendix Non-GAAP Reconciliations E&P Operating Expenses Twelve Months Ended Twelve Months Ended September 30, 2019 September 30, 2018 (2) Appalachia West Coast Total E&P Appalachia West Coast(2) Total E&P Appalachia West…

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