6363 Main Street/Williamsville, NY 14221 | |||||||||||
Release Date: | Immediate February 3, 2022 | Brandon J. Haspett Investor Relations 716-857-7697 | Karen M. Camiolo Treasurer 716-857-7344 | ||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands except per share amounts) | 2021 | 2020 | ||||||||||||
Reported GAAP Earnings | $ | 132,392 | $ | 77,774 | ||||||||||
Items impacting comparability: | ||||||||||||||
Impairment of oil and gas properties (E&P) | — | 76,152 | ||||||||||||
Tax impact of impairment of oil and gas properties | — | (20,980) | ||||||||||||
Gain on sale of timber properties (Corporate / All Other) | — | (51,066) | ||||||||||||
Tax impact of gain on sale of timber properties | — | 14,069 | ||||||||||||
Unrealized (gain) loss on other investments (Corporate / All Other) | 4,490 | 1,298 | ||||||||||||
Tax impact of unrealized (gain) loss on other investments | (943) | (272) | ||||||||||||
Adjusted Operating Results | $ | 135,939 | $ | 96,975 | ||||||||||
Reported GAAP Earnings Per Share | $ | 1.44 | $ | 0.85 | ||||||||||
Items impacting comparability: | ||||||||||||||
Impairment of oil and gas properties, net of tax (E&P) | — | 0.60 | ||||||||||||
Gain on sale of timber properties, net of tax (Corporate / All Other) | — | (0.40) | ||||||||||||
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other) | 0.04 | 0.01 | ||||||||||||
Adjusted Operating Results Per Share | $ | 1.48 | $ | 1.06 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Variance | ||||||||||||||
GAAP Earnings | $ | 62,369 | $ | (29,623) | $ | 91,992 | |||||||||||
Impairment of oil and gas properties, net of tax | — | 55,172 | (55,172) | ||||||||||||||
Adjusted Operating Results | $ | 62,369 | $ | 25,549 | $ | 36,820 | |||||||||||
Adjusted EBITDA | $ | 146,999 | $ | 100,744 | $ | 46,255 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Variance | ||||||||||||||
GAAP Earnings | $ | 25,168 | $ | 24,183 | $ | 985 | |||||||||||
Adjusted EBITDA | $ | 57,150 | $ | 58,134 | $ | (984) |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Variance | ||||||||||||||
GAAP Earnings | $ | 23,137 | $ | 20,550 | $ | 2,587 | |||||||||||
Adjusted EBITDA | $ | 44,032 | $ | 39,793 | $ | 4,239 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Variance | ||||||||||||||
GAAP Earnings | $ | 22,130 | $ | 23,037 | $ | (907) | |||||||||||
Adjusted EBITDA | $ | 52,028 | $ | 56,968 | $ | (4,940) |
Analyst Contact: | Brandon J. Haspett | 716-857-7697 | ||||||
Media Contact: | Karen L. Merkel | 716-857-7654 |
Updated FY 2022 Guidance | Previous FY 2022 Guidance | ||||||||||
Consolidated Earnings per Share, excluding items impacting comparability | $5.20 to $5.50 | $5.05 to $5.45 | |||||||||
Consolidated Effective Tax Rate | ~ 25-26% | ~ 25-26% | |||||||||
Capital Expenditures (Millions) | |||||||||||
Exploration and Production | $425 - $500 | $400 - $450 | |||||||||
Pipeline and Storage | $100 - $150 | $100 - $150 | |||||||||
Gathering | $50 - $60 | $50 - $60 | |||||||||
Utility | $90 - $100 | $90 - $100 | |||||||||
Consolidated Capital Expenditures | $665 - $810 | $640 - $760 | |||||||||
Exploration & Production Segment Guidance* | |||||||||||
Commodity Price Assumptions | |||||||||||
NYMEX natural gas price (Oct - Mar | Apr - Sep) | $4.50 /MMBtu | $5.50 /MMBtu | $3.75 /MMBtu | |||||||||
Appalachian basin spot price (Oct - Mar | Apr - Sep) | $3.65 /MMBtu | $4.80 /MMBtu | $2.75 /MMBtu | |||||||||
NYMEX (WTI) crude oil price | $80.00 /Bbl | $75.00 /Bbl | |||||||||
California oil price premium (% of WTI) | 97% | 97% | |||||||||
Production (Bcfe) | 340 to 365 | 335 to 365 | |||||||||
E&P Operating Costs ($/Mcfe) | |||||||||||
LOE | $0.81 - $0.84 | $0.83 - $0.86 | |||||||||
G&A | $0.19 - $0.21 | $0.19 - $0.21 | |||||||||
DD&A | $0.59 - $0.62 | $0.59 - $0.62 | |||||||||
Other Business Segment Guidance (Millions) | |||||||||||
Gathering Segment Revenues | $200 - $225 | $200 - $225 | |||||||||
Pipeline and Storage Segment Revenues | $360 - $380 | $360 - $380 |
NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS | |||||||||||||||||||||||||||||||||||
QUARTER ENDED DECEMBER 31, 2021 | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Upstream | Midstream | Downstream | |||||||||||||||||||||||||||||||||
Exploration & | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||
(Thousands of Dollars) | Production | Storage | Gathering | Utility | All Other | Consolidated* | |||||||||||||||||||||||||||||
First quarter 2021 GAAP earnings | $ | (29,623) | $ | 24,183 | $ | 20,550 | $ | 23,037 | $ | 39,627 | $ | 77,774 | |||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Impairment of oil and gas properties | 76,152 | 76,152 | |||||||||||||||||||||||||||||||||
Tax impact of impairment of oil and gas properties | (20,980) | (20,980) | |||||||||||||||||||||||||||||||||
Gain on sale of timber properties | (51,066) | (51,066) | |||||||||||||||||||||||||||||||||
Tax impact of gain on sale of timber properties | 14,069 | 14,069 | |||||||||||||||||||||||||||||||||
Unrealized (gain) loss on other investments | 1,298 | 1,298 | |||||||||||||||||||||||||||||||||
Tax impact of unrealized (gain) loss on other investments | (272) | (272) | |||||||||||||||||||||||||||||||||
First quarter 2021 adjusted operating results | 25,549 | 24,183 | 20,550 | 23,037 | 3,656 | 96,975 | |||||||||||||||||||||||||||||
Drivers of adjusted operating results** | |||||||||||||||||||||||||||||||||||
Upstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) natural gas production | 9,594 | 9,594 | |||||||||||||||||||||||||||||||||
Higher (lower) crude oil production | (615) | (615) | |||||||||||||||||||||||||||||||||
Higher (lower) realized natural gas prices, after hedging | 24,610 | 24,610 | |||||||||||||||||||||||||||||||||
Higher (lower) realized crude oil prices, after hedging | 6,223 | 6,223 | |||||||||||||||||||||||||||||||||
Higher (lower) other operating revenues | 1,904 | 1,904 | |||||||||||||||||||||||||||||||||
Midstream and All Other Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) operating revenues | 463 | 4,121 | 4,584 | ||||||||||||||||||||||||||||||||
Downstream Margins*** | |||||||||||||||||||||||||||||||||||
Impact of new rates | (1,785) | (1,785) | |||||||||||||||||||||||||||||||||
System modernization tracker revenues | 781 | 781 | |||||||||||||||||||||||||||||||||
Regulatory revenue adjustments | (903) | (903) | |||||||||||||||||||||||||||||||||
Higher (lower) energy marketing margins | 1,345 | 1,345 | |||||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Lower (higher) lease operating and transportation expenses | (2,808) | (2,808) | |||||||||||||||||||||||||||||||||
Lower (higher) operating expenses | (1,347) | (789) | (778) | (1,432) | (4,346) | ||||||||||||||||||||||||||||||
Lower (higher) property, franchise and other taxes | (1,018) | (1,018) | |||||||||||||||||||||||||||||||||
Lower (higher) depreciation / depletion | (3,297) | (263) | (385) | (661) | (4,606) | ||||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
(Higher) lower other deductions | 1,160 | 1,695 | 873 | 3,728 | |||||||||||||||||||||||||||||||
(Higher) lower interest expense | 2,653 | 473 | (777) | 2,349 | |||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | 873 | 393 | (195) | 2,019 | (2,426) | 664 | |||||||||||||||||||||||||||||
All other / rounding | 48 | (452) | (176) | (621) | 464 | (737) | |||||||||||||||||||||||||||||
First quarter 2022 adjusted operating results | 62,369 | 25,168 | 23,137 | 22,130 | 3,135 | 135,939 | |||||||||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on other investments | (4,490) | (4,490) | |||||||||||||||||||||||||||||||||
Tax impact of unrealized gain (loss) on other investments | 943 | 943 | |||||||||||||||||||||||||||||||||
First quarter 2022 GAAP earnings | $ | 62,369 | $ | 25,168 | $ | 23,137 | $ | 22,130 | $ | (412) | $ | 132,392 | |||||||||||||||||||||||
* Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||
*** Downstream margin defined as operating revenues less purchased gas expense. |
NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
QUARTER ENDED DECEMBER 31, 2021 | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Upstream | Midstream | Downstream | |||||||||||||||||||||||||||||||||
Exploration & | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||
Production | Storage | Gathering | Utility | All Other | Consolidated* | ||||||||||||||||||||||||||||||
First quarter 2021 GAAP earnings per share | $ | (0.32) | $ | 0.26 | $ | 0.22 | $ | 0.25 | $ | 0.44 | $ | 0.85 | |||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Impairment of oil and gas properties, net of tax | 0.60 | 0.60 | |||||||||||||||||||||||||||||||||
Gain on sale of timber properties, net of tax | (0.40) | (0.40) | |||||||||||||||||||||||||||||||||
Unrealized (gain) loss on other investments, net of tax | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
First quarter 2021 adjusted operating results per share | 0.28 | 0.26 | 0.22 | 0.25 | 0.05 | 1.06 | |||||||||||||||||||||||||||||
Drivers of adjusted operating results** | |||||||||||||||||||||||||||||||||||
Upstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) natural gas production | 0.10 | 0.10 | |||||||||||||||||||||||||||||||||
Higher (lower) crude oil production | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||
Higher (lower) realized natural gas prices, after hedging | 0.27 | 0.27 | |||||||||||||||||||||||||||||||||
Higher (lower) realized crude oil prices, after hedging | 0.07 | 0.07 | |||||||||||||||||||||||||||||||||
Higher (lower) other operating revenues | 0.02 | 0.02 | |||||||||||||||||||||||||||||||||
Midstream and All Other Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) operating revenues | 0.01 | 0.04 | 0.05 | ||||||||||||||||||||||||||||||||
Downstream Margins*** | |||||||||||||||||||||||||||||||||||
Impact of new rates | (0.02) | (0.02) | |||||||||||||||||||||||||||||||||
System modernization tracker revenues | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
Regulatory revenue adjustments | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||
Higher (lower) energy marketing margins | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Lower (higher) lease operating and transportation expenses | (0.03) | (0.03) | |||||||||||||||||||||||||||||||||
Lower (higher) operating expenses | (0.01) | (0.01) | (0.01) | (0.02) | (0.05) | ||||||||||||||||||||||||||||||
Lower (higher) property, franchise and other taxes | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||
Lower (higher) depreciation / depletion | (0.04) | — | — | (0.01) | (0.05) | ||||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
(Higher) lower other deductions | 0.01 | 0.02 | 0.01 | 0.04 | |||||||||||||||||||||||||||||||
(Higher) lower interest expense | 0.03 | 0.01 | (0.01) | 0.03 | |||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | 0.01 | — | — | 0.02 | (0.03) | — | |||||||||||||||||||||||||||||
All other / rounding | — | (0.01) | — | — | 0.01 | — | |||||||||||||||||||||||||||||
First quarter 2022 adjusted operating results per share | 0.68 | 0.27 | 0.25 | 0.24 | 0.04 | 1.48 | |||||||||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on other investments, net of tax | (0.04) | (0.04) | |||||||||||||||||||||||||||||||||
First quarter 2022 GAAP earnings per share | $ | 0.68 | $ | 0.27 | $ | 0.25 | $ | 0.24 | $ | — | $ | 1.44 | |||||||||||||||||||||||
* Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||
*** Downstream margin defined as operating revenues less purchased gas expense. |
NATIONAL FUEL GAS COMPANY | |||||||||||
AND SUBSIDIARIES | |||||||||||
(Thousands of Dollars, except per share amounts) | |||||||||||
Three Months Ended | |||||||||||
December 31, | |||||||||||
(Unaudited) | |||||||||||
SUMMARY OF OPERATIONS | 2021 | 2020 | |||||||||
Operating Revenues: | |||||||||||
Utility and Energy Marketing Revenues | $ | 236,684 | $ | 189,466 | |||||||
Exploration and Production and Other Revenues | 244,281 | 192,035 | |||||||||
Pipeline and Storage and Gathering Revenues | 65,592 | 59,659 | |||||||||
546,557 | 441,160 | ||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | 101,628 | 51,620 | |||||||||
Operation and Maintenance: | |||||||||||
Utility and Energy Marketing | 46,644 | 44,886 | |||||||||
Exploration and Production and Other | 45,619 | 42,027 | |||||||||
Pipeline and Storage and Gathering | 29,928 | 28,098 | |||||||||
Property, Franchise and Other Taxes | 24,501 | 22,781 | |||||||||
Depreciation, Depletion and Amortization | 88,578 | 83,120 | |||||||||
Impairment of Oil and Gas Producing Properties | — | 76,152 | |||||||||
336,898 | 348,684 | ||||||||||
Gain on Sale of Timber Properties | — | 51,066 | |||||||||
Operating Income | 209,659 | 143,542 | |||||||||
Other Income (Expense): | |||||||||||
Other Income (Deductions) | (1,079) | (2,176) | |||||||||
Interest Expense on Long-Term Debt | (30,130) | (32,256) | |||||||||
Other Interest Expense | (1,161) | (1,919) | |||||||||
Income Before Income Taxes | 177,289 | 107,191 | |||||||||
Income Tax Expense | 44,897 | 29,417 | |||||||||
Net Income Available for Common Stock | $ | 132,392 | $ | 77,774 | |||||||
Earnings Per Common Share | |||||||||||
Basic | $ | 1.45 | $ | 0.85 | |||||||
Diluted | $ | 1.44 | $ | 0.85 | |||||||
Weighted Average Common Shares: | |||||||||||
Used in Basic Calculation | 91,266,300 | 91,007,657 | |||||||||
Used in Diluted Calculation | 92,032,775 | 91,508,259 |
NATIONAL FUEL GAS COMPANY | |||||||||||
AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
December 31, | September 30, | ||||||||||
(Thousands of Dollars) | 2021 | 2021 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | $13,293,191 | $13,103,639 | |||||||||
Less - Accumulated Depreciation, Depletion and Amortization | 6,802,436 | 6,719,356 | |||||||||
Net Property, Plant and Equipment | 6,490,755 | 6,384,283 | |||||||||
Current Assets: | |||||||||||
Cash and Temporary Cash Investments | 79,065 | 31,528 | |||||||||
Hedging Collateral Deposits | — | 88,610 | |||||||||
Receivables - Net | 264,255 | 205,294 | |||||||||
Unbilled Revenue | 56,836 | 17,000 | |||||||||
Gas Stored Underground | 22,767 | 33,669 | |||||||||
Materials, Supplies and Emission Allowances | 47,351 | 53,560 | |||||||||
Unrecovered Purchased Gas Costs | 32,602 | 33,128 | |||||||||
Other Current Assets | 64,314 | 59,660 | |||||||||
Total Current Assets | 567,190 | 522,449 | |||||||||
Other Assets: | |||||||||||
Recoverable Future Taxes | 124,439 | 121,992 | |||||||||
Unamortized Debt Expense | 10,162 | 10,589 | |||||||||
Other Regulatory Assets | 57,178 | 60,145 | |||||||||
Deferred Charges | 69,981 | 59,939 | |||||||||
Other Investments | 106,483 | 149,632 | |||||||||
Goodwill | 5,476 | 5,476 | |||||||||
Prepaid Pension and Post-Retirement Benefit Costs | 158,009 | 149,151 | |||||||||
Other | — | 1,169 | |||||||||
Total Other Assets | 531,728 | 558,093 | |||||||||
Total Assets | $7,589,673 | $7,464,825 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Comprehensive Shareholders' Equity | |||||||||||
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and | |||||||||||
Outstanding - 91,436,837 Shares and 91,181,549 Shares, Respectively | $91,437 | $91,182 | |||||||||
Paid in Capital | 1,013,821 | 1,017,446 | |||||||||
Earnings Reinvested in the Business | 1,281,963 | 1,191,175 | |||||||||
Accumulated Other Comprehensive Loss | (277,026) | (513,597) | |||||||||
Total Comprehensive Shareholders' Equity | 2,110,195 | 1,786,206 | |||||||||
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 2,629,602 | 2,628,687 | |||||||||
Total Capitalization | 4,739,797 | 4,414,893 | |||||||||
Current and Accrued Liabilities: | |||||||||||
Notes Payable to Banks and Commercial Paper | 166,000 | 158,500 | |||||||||
Accounts Payable | 129,934 | 171,655 | |||||||||
Amounts Payable to Customers | 36 | 21 | |||||||||
Dividends Payable | 41,604 | 41,487 | |||||||||
Interest Payable on Long-Term Debt | 45,017 | 17,376 | |||||||||
Customer Advances | 14,620 | 17,223 | |||||||||
Customer Security Deposits | 20,273 | 19,292 | |||||||||
Other Accruals and Current Liabilities | 187,965 | 194,169 | |||||||||
Fair Value of Derivative Financial Instruments | 290,690 | 616,410 | |||||||||
Total Current and Accrued Liabilities | 896,139 | 1,236,133 | |||||||||
Other Liabilities: | |||||||||||
Deferred Income Taxes | 799,599 | 660,420 | |||||||||
Taxes Refundable to Customers | 350,628 | 354,089 | |||||||||
Cost of Removal Regulatory Liability | 249,208 | 245,636 | |||||||||
Other Regulatory Liabilities | 204,476 | 200,643 | |||||||||
Pension and Other Post-Retirement Liabilities | 4,775 | 7,526 | |||||||||
Asset Retirement Obligations | 208,128 | 209,639 | |||||||||
Other Liabilities | 136,923 | 135,846 | |||||||||
Total Other Liabilities | 1,953,737 | 1,813,799 | |||||||||
Commitments and Contingencies | — | — | |||||||||
Total Capitalization and Liabilities | $7,589,673 | $7,464,825 |
NATIONAL FUEL GAS COMPANY | ||||||||||||||
AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | ||||||||||||
Operating Activities: | ||||||||||||||
Net Income Available for Common Stock | $ | 132,392 | $ | 77,774 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||
Gain on Sale of Timber Properties | — | (51,066) | ||||||||||||
Impairment of Oil and Gas Producing Properties | — | 76,152 | ||||||||||||
Depreciation, Depletion and Amortization | 88,578 | 83,120 | ||||||||||||
Deferred Income Taxes | 44,122 | 26,591 | ||||||||||||
Stock-Based Compensation | 5,487 | 3,933 | ||||||||||||
Other | 4,675 | 2,887 | ||||||||||||
Change in: | ||||||||||||||
Receivables and Unbilled Revenue | (98,688) | (63,606) | ||||||||||||
Gas Stored Underground and Materials, Supplies and Emission Allowances | 17,111 | 13,873 | ||||||||||||
Unrecovered Purchased Gas Costs | 526 | (367) | ||||||||||||
Other Current Assets | (4,654) | (251) | ||||||||||||
Accounts Payable | (10,888) | (541) | ||||||||||||
Amounts Payable to Customers | 15 | (4,965) | ||||||||||||
Customer Advances | (2,603) | 713 | ||||||||||||
Customer Security Deposits | 981 | 424 | ||||||||||||
Other Accruals and Current Liabilities | 5,044 | 27,615 | ||||||||||||
Other Assets | (6,838) | 10,066 | ||||||||||||
Other Liabilities | (3,777) | 2,391 | ||||||||||||
Net Cash Provided by Operating Activities | $ | 171,483 | $ | 204,743 | ||||||||||
Investing Activities: | ||||||||||||||
Capital Expenditures | $ | (213,491) | $ | (183,301) | ||||||||||
Net Proceeds from Sale of Timber Properties | — | 104,582 | ||||||||||||
Sale of Fixed Income Mutual Fund Shares in Grantor Trust | 30,000 | — | ||||||||||||
Other | 13,781 | 11,849 | ||||||||||||
Net Cash Used in Investing Activities | $ | (169,710) | $ | (66,870) | ||||||||||
Financing Activities: | ||||||||||||||
Changes in Notes Payable to Banks and Commercial Paper | $ | 7,500 | $ | (5,000) | ||||||||||
Dividends Paid on Common Stock | (41,487) | (40,475) | ||||||||||||
Net Repurchases of Common Stock | (8,859) | (3,526) | ||||||||||||
Net Cash Used in Financing Activities | $ | (42,846) | $ | (49,001) | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (41,073) | 88,872 | ||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 120,138 | 20,541 | ||||||||||||
Cash, Cash Equivalents, and Restricted Cash at December 31 | $ | 79,065 | $ | 109,413 |
NATIONAL FUEL GAS COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||
(UNAUDITED) | |||||||||||||||||
UPSTREAM BUSINESS | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(Thousands of Dollars, except per share amounts) | December 31, | ||||||||||||||||
EXPLORATION AND PRODUCTION SEGMENT | 2021 | 2020 | Variance | ||||||||||||||
Total Operating Revenues | $ | 244,198 | $ | 191,395 | $ | 52,803 | |||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance: | |||||||||||||||||
General and Administrative Expense | 17,756 | 16,953 | 803 | ||||||||||||||
Lease Operating and Transportation Expense | 69,136 | 65,581 | 3,555 | ||||||||||||||
All Other Operation and Maintenance Expense | 4,573 | 3,671 | 902 | ||||||||||||||
Property, Franchise and Other Taxes | 5,734 | 4,446 | 1,288 | ||||||||||||||
Depreciation, Depletion and Amortization | 49,506 | 45,332 | 4,174 | ||||||||||||||
Impairment of Oil and Gas Producing Properties | — | 76,152 | (76,152) | ||||||||||||||
146,705 | 212,135 | (65,430) | |||||||||||||||
Operating Income (Loss) | 97,493 | (20,740) | 118,233 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (186) | (285) | 99 | ||||||||||||||
Interest and Other Income | 56 | 91 | (35) | ||||||||||||||
Interest Expense | (12,132) | (15,490) | 3,358 | ||||||||||||||
Income (Loss) Before Income Taxes | 85,231 | (36,424) | 121,655 | ||||||||||||||
Income Tax Expense (Benefit) | 22,862 | (6,801) | 29,663 | ||||||||||||||
Net Income (Loss) | $ | 62,369 | $ | (29,623) | $ | 91,992 | |||||||||||
Net Income (Loss) Per Share (Diluted) | $ | 0.68 | $ | (0.32) | $ | 1.00 | |||||||||||
NATIONAL FUEL GAS COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||
(UNAUDITED) | |||||||||||||||||
MIDSTREAM BUSINESSES | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(Thousands of Dollars, except per share amounts) | December 31, | ||||||||||||||||
PIPELINE AND STORAGE SEGMENT | 2021 | 2020 | Variance | ||||||||||||||
Revenues from External Customers | $ | 61,547 | $ | 59,308 | $ | 2,239 | |||||||||||
Intersegment Revenues | 26,803 | 28,456 | (1,653) | ||||||||||||||
Total Operating Revenues | 88,350 | 87,764 | 586 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | 448 | 13 | 435 | ||||||||||||||
Operation and Maintenance | 22,172 | 21,173 | 999 | ||||||||||||||
Property, Franchise and Other Taxes | 8,580 | 8,444 | 136 | ||||||||||||||
Depreciation, Depletion and Amortization | 15,801 | 15,468 | 333 | ||||||||||||||
47,001 | 45,098 | 1,903 | |||||||||||||||
Operating Income | 41,349 | 42,666 | (1,317) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Credit | 767 | 125 | 642 | ||||||||||||||
Interest and Other Income | 1,402 | 856 | 546 | ||||||||||||||
Interest Expense | (10,132) | (10,731) | 599 | ||||||||||||||
Income Before Income Taxes | 33,386 | 32,916 | 470 | ||||||||||||||
Income Tax Expense | 8,218 | 8,733 | (515) | ||||||||||||||
Net Income | $ | 25,168 | $ | 24,183 | $ | 985 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.27 | $ | 0.26 | $ | 0.01 | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
GATHERING SEGMENT | 2021 | 2020 | Variance | ||||||||||||||
Revenues from External Customers | $ | 4,045 | $ | 351 | $ | 3,694 | |||||||||||
Intersegment Revenues | 48,180 | 46,658 | 1,522 | ||||||||||||||
Total Operating Revenues | 52,225 | 47,009 | 5,216 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance | 8,188 | 7,203 | 985 | ||||||||||||||
Property, Franchise and Other Taxes | 5 | 13 | (8) | ||||||||||||||
Depreciation, Depletion and Amortization | 8,391 | 7,904 | 487 | ||||||||||||||
16,584 | 15,120 | 1,464 | |||||||||||||||
Operating Income | 35,641 | 31,889 | 3,752 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (56) | (68) | 12 | ||||||||||||||
Interest and Other Income | 9 | 234 | (225) | ||||||||||||||
Interest Expense | (4,148) | (4,131) | (17) | ||||||||||||||
Income Before Income Taxes | 31,446 | 27,924 | 3,522 | ||||||||||||||
Income Tax Expense | 8,309 | 7,374 | 935 | ||||||||||||||
Net Income | $ | 23,137 | $ | 20,550 | $ | 2,587 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.25 | $ | 0.22 | $ | 0.03 | |||||||||||
NATIONAL FUEL GAS COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||
(UNAUDITED) | |||||||||||||||||
DOWNSTREAM BUSINESS | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(Thousands of Dollars, except per share amounts) | December 31, | ||||||||||||||||
UTILITY SEGMENT | 2021 | 2020 | Variance | ||||||||||||||
Revenues from External Customers | $ | 236,684 | $ | 188,901 | $ | 47,783 | |||||||||||
Intersegment Revenues | 75 | 100 | (25) | ||||||||||||||
Total Operating Revenues | 236,759 | 189,001 | 47,758 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | 127,212 | 77,032 | 50,180 | ||||||||||||||
Operation and Maintenance | 47,461 | 45,252 | 2,209 | ||||||||||||||
Property, Franchise and Other Taxes | 10,058 | 9,749 | 309 | ||||||||||||||
Depreciation, Depletion and Amortization | 14,831 | 13,994 | 837 | ||||||||||||||
199,562 | 146,027 | 53,535 | |||||||||||||||
Operating Income | 37,197 | 42,974 | (5,777) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (4,326) | (6,684) | 2,358 | ||||||||||||||
Interest and Other Income | 525 | 738 | (213) | ||||||||||||||
Interest Expense | (5,524) | (5,452) | (72) | ||||||||||||||
Income Before Income Taxes | 27,872 | 31,576 | (3,704) | ||||||||||||||
Income Tax Expense | 5,742 | 8,539 | (2,797) | ||||||||||||||
Net Income | $ | 22,130 | $ | 23,037 | $ | (907) | |||||||||||
Net Income Per Share (Diluted) | $ | 0.24 | $ | 0.25 | $ | (0.01) | |||||||||||
NATIONAL FUEL GAS COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||
(UNAUDITED) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(Thousands of Dollars, except per share amounts) | December 31, | ||||||||||||||||
ALL OTHER | 2021 | 2020 | Variance | ||||||||||||||
Revenues from External Customers | $ | — | $ | 1,110 | $ | (1,110) | |||||||||||
Intersegment Revenues | 6 | 20 | (14) | ||||||||||||||
Total Operating Revenues | 6 | 1,130 | (1,124) | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | 6 | 2,287 | (2,281) | ||||||||||||||
Operation and Maintenance | 5 | 764 | (759) | ||||||||||||||
Property, Franchise and Other Taxes | — | 8 | (8) | ||||||||||||||
Depreciation, Depletion and Amortization | — | 386 | (386) | ||||||||||||||
11 | 3,445 | (3,434) | |||||||||||||||
Gain on Sale of Timber Properties | — | 51,066 | (51,066) | ||||||||||||||
Operating Income (Loss) | (5) | 48,751 | (48,756) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | — | (4) | 4 | ||||||||||||||
Interest and Other Income | 2 | 185 | (183) | ||||||||||||||
Income (Loss) before Income Taxes | (3) | 48,932 | (48,935) | ||||||||||||||
Income Tax Expense | 4 | 11,372 | (11,368) | ||||||||||||||
Net Income (Loss) | $ | (7) | $ | 37,560 | $ | (37,567) | |||||||||||
Net Income (Loss) Per Share (Diluted) | $ | — | $ | 0.41 | $ | (0.41) | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
CORPORATE | 2021 | 2020 | Variance | ||||||||||||||
Revenues from External Customers | $ | 83 | $ | 95 | $ | (12) | |||||||||||
Intersegment Revenues | 1,082 | 663 | 419 | ||||||||||||||
Total Operating Revenues | 1,165 | 758 | 407 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance | 3,008 | 2,599 | 409 | ||||||||||||||
Property, Franchise and Other Taxes | 124 | 121 | 3 | ||||||||||||||
Depreciation, Depletion and Amortization | 49 | 36 | 13 | ||||||||||||||
3,181 | 2,756 | 425 | |||||||||||||||
Operating Loss | (2,016) | (1,998) | (18) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (1,017) | (923) | (94) | ||||||||||||||
Interest and Other Income | 33,177 | 38,979 | (5,802) | ||||||||||||||
Interest Expense on Long-Term Debt | (30,130) | (32,256) | 2,126 | ||||||||||||||
Other Interest Expense | (657) | (1,535) | 878 | ||||||||||||||
Income (Loss) before Income Taxes | (643) | 2,267 | (2,910) | ||||||||||||||
Income Tax Expense (Benefit) | (238) | 200 | (438) | ||||||||||||||
Net Income (Loss) | $ | (405) | $ | 2,067 | $ | (2,472) | |||||||||||
Net Income (Loss) Per Share (Diluted) | $ | — | $ | 0.03 | $ | (0.03) | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
INTERSEGMENT ELIMINATIONS | 2021 | 2020 | Variance | ||||||||||||||
Intersegment Revenues | $ | (76,146) | $ | (75,897) | $ | (249) | |||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | (26,038) | (27,712) | 1,674 | ||||||||||||||
Operation and Maintenance | (50,108) | (48,185) | (1,923) | ||||||||||||||
(76,146) | (75,897) | (249) | |||||||||||||||
Operating Income | — | — | — | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest and Other Deductions | (31,432) | (35,420) | 3,988 | ||||||||||||||
Interest Expense | 31,432 | 35,420 | (3,988) | ||||||||||||||
Net Income | $ | — | $ | — | $ | — | |||||||||||
Net Income Per Share (Diluted) | $ | — | $ | — | $ | — |
NATIONAL FUEL GAS COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
SEGMENT INFORMATION (Continued) | |||||||||||||||||
(Thousands of Dollars) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Increase | |||||||||||||||||
2021 | 2020 | (Decrease) | |||||||||||||||
Capital Expenditures: | |||||||||||||||||
Exploration and Production | $ | 139,212 | (1)(2) | $ | 81,339 | (3)(4) | $ | 57,873 | |||||||||
Pipeline and Storage | 24,061 | (1)(2) | 43,723 | (3)(4) | (19,662) | ||||||||||||
Gathering | 8,920 | (1)(2) | 8,320 | (3)(4) | 600 | ||||||||||||
Utility | 19,383 | (1)(2) | 17,345 | (3)(4) | 2,038 | ||||||||||||
Total Reportable Segments | 191,576 | 150,727 | 40,849 | ||||||||||||||
All Other | — | — | — | ||||||||||||||
Corporate | 225 | 39 | 186 | ||||||||||||||
Eliminations | — | 154 | (154) | ||||||||||||||
Total Capital Expenditures | $ | 191,801 | $ | 150,920 | $ | 40,881 |
DEGREE DAYS | |||||||||||||||||||||||||||||
Percent Colder | |||||||||||||||||||||||||||||
(Warmer) Than: | |||||||||||||||||||||||||||||
Three Months Ended December 31, | Normal | 2021 | 2020 | Normal (1) | Last Year (1) | ||||||||||||||||||||||||
Buffalo, NY | 2,253 | 1,704 | 1,921 | (24.4) | (11.3) | ||||||||||||||||||||||||
Erie, PA | 2,044 | 1,560 | 1,697 | (23.7) | (8.1) | ||||||||||||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
EXPLORATION AND PRODUCTION INFORMATION | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2021 | 2020 | (Decrease) | ||||||||||||||||||
Gas Production/Prices: | ||||||||||||||||||||
Production (MMcf) | ||||||||||||||||||||
Appalachia | 81,389 | 75,669 | 5,720 | |||||||||||||||||
West Coast | 408 | 441 | (33) | |||||||||||||||||
Total Production | 81,797 | 76,110 | 5,687 | |||||||||||||||||
Average Prices (Per Mcf) | ||||||||||||||||||||
Appalachia | $ | 4.39 | $ | 2.17 | $ | 2.22 | ||||||||||||||
West Coast | 9.79 | 5.03 | 4.76 | |||||||||||||||||
Weighted Average | 4.42 | 2.19 | 2.23 | |||||||||||||||||
Weighted Average after Hedging | 2.52 | 2.14 | 0.38 | |||||||||||||||||
Oil Production/Prices: | ||||||||||||||||||||
Production (Thousands of Barrels) | ||||||||||||||||||||
Appalachia | — | — | — | |||||||||||||||||
West Coast | 548 | 563 | (15) | |||||||||||||||||
Total Production | 548 | 563 | (15) | |||||||||||||||||
Average Prices (Per Barrel) | ||||||||||||||||||||
Appalachia | $ | 70.86 | $ | 38.53 | $ | 32.33 | ||||||||||||||
West Coast | 77.34 | 43.48 | 33.86 | |||||||||||||||||
Weighted Average | 77.34 | 43.48 | 33.86 | |||||||||||||||||
Weighted Average after Hedging | 64.29 | 49.91 | 14.38 | |||||||||||||||||
Total Production (MMcfe) | 85,085 | 79,488 | 5,597 | |||||||||||||||||
Selected Operating Performance Statistics: | ||||||||||||||||||||
General & Administrative Expense per Mcfe (1) | $ | 0.21 | $ | 0.21 | $ | — | ||||||||||||||
Lease Operating and Transportation Expense per Mcfe (1)(2) | $ | 0.81 | $ | 0.83 | $ | (0.02) | ||||||||||||||
Depreciation, Depletion & Amortization per Mcfe (1) | $ | 0.58 | $ | 0.57 | $ | 0.01 | ||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
EXPLORATION AND PRODUCTION INFORMATION | ||||||||||||||||||||
Hedging Summary for Remaining Nine Months of Fiscal 2022 | Volume | Average Hedge Price | ||||||||||||||||||
Oil Swaps | ||||||||||||||||||||
Brent | 855,000 | BBL | $ | 58.28 / BBL | ||||||||||||||||
NYMEX | 117,000 | BBL | $ | 51.00 / BBL | ||||||||||||||||
Total | 972,000 | BBL | $ | 57.40 / BBL | ||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 160,740,000 | MMBTU | $ | 2.76 / MMBTU | ||||||||||||||||
Fixed Price Physical Sales | 46,554,848 | MMBTU | $ | 2.47 / MMBTU | ||||||||||||||||
Total | 207,294,848 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2023 | Volume | Average Hedge Price | ||||||||||||||||||
Oil Swaps | ||||||||||||||||||||
Brent | 480,000 | BBL | $ | 58.48 / BBL | ||||||||||||||||
Total | 480,000 | BBL | $ | 58.48 / BBL | ||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 116,200,000 | MMBTU | $ | 2.79 / MMBTU | ||||||||||||||||
No Cost Collars | 52,800,000 | MMBTU | $ | 3.06 / MMBTU (Floor) / $3.65 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 64,673,984 | MMBTU | $ | 2.33 / MMBTU | ||||||||||||||||
Total | 233,673,984 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2024 | Volume | Average Hedge Price | ||||||||||||||||||
Oil Swaps | ||||||||||||||||||||
Brent | 120,000 | BBL | $ | 50.30 / BBL | ||||||||||||||||
Total | 120,000 | BBL | $ | 50.30 / BBL | ||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 61,080,000 | MMBTU | $ | 2.72 / MMBTU | ||||||||||||||||
No Cost Collars | 40,000,000 | MMBTU | $ | 3.18 / MMBTU (Floor) / $3.86 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 59,398,923 | MMBTU | $ | 2.21 / MMBTU | ||||||||||||||||
Total | 160,478,923 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2025 | Volume | Average Hedge Price | ||||||||||||||||||
Oil Swaps | ||||||||||||||||||||
Brent | 120,000 | BBL | $ | 50.32 / BBL | ||||||||||||||||
Total | 120,000 | BBL | $ | 50.32 / BBL | ||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 23,660,000 | MMBTU | $ | 2.74 / MMBTU | ||||||||||||||||
No Cost Collars | 3,200,000 | MMBTU | $ | 3.20 / MMBTU (Floor) / $3.88 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 56,479,649 | MMBTU | $ | 2.21 / MMBTU | ||||||||||||||||
Total | 83,339,649 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2026 | Volume | Average Hedge Price | ||||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 1,720,000 | MMBTU | $ | 2.75 / MMBTU | ||||||||||||||||
Fixed Price Physical Sales | 48,105,111 | MMBTU | $ | 2.22 / MMBTU | ||||||||||||||||
Total | 49,825,111 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2027 | Volume | Average Hedge Price | ||||||||||||||||||
Fixed Price Physical Sales | 31,447,783 | MMBTU | $ | 2.25 / MMBTU | ||||||||||||||||
Hedging Summary for Fiscal 2028 | Volume | Average Hedge Price | ||||||||||||||||||
Fixed Price Physical Sales | 5,317,246 | MMBTU | $ | 2.26 / MMBTU | ||||||||||||||||
Hedging Summary for Fiscal 2029 | Volume | Average Hedge Price | ||||||||||||||||||
Fixed Price Physical Sales | 255,558 | MMBTU | $ | 2.26 / MMBTU | ||||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
Pipeline & Storage Throughput - (millions of cubic feet - MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2021 | 2020 | (Decrease) | ||||||||||||||||||
Firm Transportation - Affiliated | 28,197 | 29,964 | (1,767) | |||||||||||||||||
Firm Transportation - Non-Affiliated | 165,397 | 173,064 | (7,667) | |||||||||||||||||
Interruptible Transportation | 767 | 590 | 177 | |||||||||||||||||
194,361 | 203,618 | (9,257) | ||||||||||||||||||
Gathering Volume - (MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2021 | 2020 | (Decrease) | ||||||||||||||||||
Gathered Volume | 101,094 | 88,345 | 12,749 | |||||||||||||||||
Utility Throughput - (MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2021 | 2020 | (Decrease) | ||||||||||||||||||
Retail Sales: | ||||||||||||||||||||
Residential Sales | 17,496 | 18,412 | (916) | |||||||||||||||||
Commercial Sales | 2,543 | 2,528 | 15 | |||||||||||||||||
Industrial Sales | 123 | 153 | (30) | |||||||||||||||||
20,162 | 21,093 | (931) | ||||||||||||||||||
Transportation | 17,593 | 17,935 | (342) | |||||||||||||||||
37,755 | 39,028 | (1,273) | ||||||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands except per share amounts) | 2021 | 2020 | ||||||||||||
Reported GAAP Earnings | $ | 132,392 | $ | 77,774 | ||||||||||
Items impacting comparability: | ||||||||||||||
Impairment of oil and gas properties (E&P) | — | 76,152 | ||||||||||||
Tax impact of impairment of oil and gas properties | — | (20,980) | ||||||||||||
Gain on sale of timber properties (Corporate/All Other) | — | (51,066) | ||||||||||||
Tax impact of gain on sale of timber properties | — | 14,069 | ||||||||||||
Unrealized (gain) loss on other investments (Corporate/All Other) | 4,490 | 1,298 | ||||||||||||
Tax impact of unrealized (gain) loss on other investments | (943) | (272) | ||||||||||||
Adjusted Operating Results | $ | 135,939 | $ | 96,975 | ||||||||||
Reported GAAP Earnings Per Share | $ | 1.44 | $ | 0.85 | ||||||||||
Items impacting comparability: | ||||||||||||||
Impairment of oil and gas properties, net of tax (E&P) | — | 0.60 | ||||||||||||
Gain on sale of timber properties, net of tax (Corporate/All Other) | — | (0.40) | ||||||||||||
Unrealized (gain) loss on other investments, net of tax (Corporate/All Other) | 0.04 | 0.01 | ||||||||||||
Adjusted Operating Results Per Share | $ | 1.48 | $ | 1.06 |
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Reported GAAP Earnings | $ | 132,392 | $ | 77,774 | ||||||||||
Depreciation, Depletion and Amortization | 88,578 | 83,120 | ||||||||||||
Other (Income) Deductions | 1,079 | 2,176 | ||||||||||||
Interest Expense | 31,291 | 34,175 | ||||||||||||
Income Taxes | 44,897 | 29,417 | ||||||||||||
Impairment of Oil and Gas Producing Properties | — | 76,152 | ||||||||||||
Gain on Sale of Timber Properties | — | (51,066) | ||||||||||||
Adjusted EBITDA | $ | 298,237 | $ | 251,748 | ||||||||||
Adjusted EBITDA by Segment | ||||||||||||||
Pipeline and Storage Adjusted EBITDA | $ | 57,150 | $ | 58,134 | ||||||||||
Gathering Adjusted EBITDA | 44,032 | 39,793 | ||||||||||||
Total Midstream Businesses Adjusted EBITDA | 101,182 | 97,927 | ||||||||||||
Exploration and Production Adjusted EBITDA | 146,999 | 100,744 | ||||||||||||
Utility Adjusted EBITDA | 52,028 | 56,968 | ||||||||||||
Corporate and All Other Adjusted EBITDA | (1,972) | (3,891) | ||||||||||||
Total Adjusted EBITDA | $ | 298,237 | $ | 251,748 |
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Exploration and Production Segment | ||||||||||||||
Reported GAAP Earnings | $ | 62,369 | $ | (29,623) | ||||||||||
Depreciation, Depletion and Amortization | 49,506 | 45,332 | ||||||||||||
Other (Income) Deductions | 130 | 194 | ||||||||||||
Interest Expense | 12,132 | 15,490 | ||||||||||||
Income Taxes | 22,862 | (6,801) | ||||||||||||
Impairment of Oil and Gas Producing Properties | — | 76,152 | ||||||||||||
Adjusted EBITDA | $ | 146,999 | $ | 100,744 | ||||||||||
Pipeline and Storage Segment | ||||||||||||||
Reported GAAP Earnings | $ | 25,168 | $ | 24,183 | ||||||||||
Depreciation, Depletion and Amortization | 15,801 | 15,468 | ||||||||||||
Other (Income) Deductions | (2,169) | (981) | ||||||||||||
Interest Expense | 10,132 | 10,731 | ||||||||||||
Income Taxes | 8,218 | 8,733 | ||||||||||||
Adjusted EBITDA | $ | 57,150 | $ | 58,134 | ||||||||||
Gathering Segment | ||||||||||||||
Reported GAAP Earnings | $ | 23,137 | $ | 20,550 | ||||||||||
Depreciation, Depletion and Amortization | 8,391 | 7,904 | ||||||||||||
Other (Income) Deductions | 47 | (166) | ||||||||||||
Interest Expense | 4,148 | 4,131 | ||||||||||||
Income Taxes | 8,309 | 7,374 | ||||||||||||
Adjusted EBITDA | $ | 44,032 | $ | 39,793 | ||||||||||
Utility Segment | ||||||||||||||
Reported GAAP Earnings | $ | 22,130 | $ | 23,037 | ||||||||||
Depreciation, Depletion and Amortization | 14,831 | 13,994 | ||||||||||||
Other (Income) Deductions | 3,801 | 5,946 | ||||||||||||
Interest Expense | 5,524 | 5,452 | ||||||||||||
Income Taxes | 5,742 | 8,539 | ||||||||||||
Adjusted EBITDA | $ | 52,028 | $ | 56,968 | ||||||||||
Corporate and All Other | ||||||||||||||
Reported GAAP Earnings | $ | (412) | $ | 39,627 | ||||||||||
Depreciation, Depletion and Amortization | 49 | 422 | ||||||||||||
Gain on Sale of Timber Properties | — | (51,066) | ||||||||||||
Other (Income) Deductions | (730) | (2,817) | ||||||||||||
Interest Expense | (645) | (1,629) | ||||||||||||
Income Taxes | (234) | 11,572 | ||||||||||||
Adjusted EBITDA | $ | (1,972) | $ | (3,891) |