6363 Main Street/Williamsville, NY 14221 | |||||||||||
Release Date: | Immediate February 2, 2023 | 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) | 2022 | 2021 | ||||||||||||
Reported GAAP Earnings | $ | 169,689 | $ | 132,392 | ||||||||||
Items impacting comparability: | ||||||||||||||
Unrealized (gain) loss on other investments (Corporate / All Other) | (209) | 4,490 | ||||||||||||
Tax impact of unrealized (gain) loss on other investments | 44 | (943) | ||||||||||||
Adjusted Operating Results | $ | 169,524 | $ | 135,939 | ||||||||||
Reported GAAP Earnings Per Share | $ | 1.84 | $ | 1.44 | ||||||||||
Items impacting comparability: | ||||||||||||||
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other) | — | 0.04 | ||||||||||||
Adjusted Operating Results Per Share | $ | 1.84 | $ | 1.48 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | Variance | ||||||||||||||
GAAP Earnings | $ | 91,192 | $ | 62,369 | $ | 28,823 | |||||||||||
Adjusted EBITDA | $ | 190,330 | $ | 146,999 | $ | 43,331 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | Variance | ||||||||||||||
GAAP Earnings | $ | 29,476 | $ | 25,168 | $ | 4,308 | |||||||||||
Adjusted EBITDA | $ | 64,528 | $ | 57,150 | $ | 7,378 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | Variance | ||||||||||||||
GAAP Earnings | $ | 24,738 | $ | 23,137 | $ | 1,601 | |||||||||||
Adjusted EBITDA | $ | 46,715 | $ | 44,032 | $ | 2,683 |
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | Variance | ||||||||||||||
GAAP Earnings | $ | 23,817 | $ | 22,130 | $ | 1,687 | |||||||||||
Adjusted EBITDA | $ | 51,577 | $ | 52,028 | $ | (451) |
Analyst Contact: | Brandon J. Haspett | 716-857-7697 | ||||||
Media Contact: | Karen L. Merkel | 716-857-7654 |
Previous FY 2023 Guidance | Updated FY 2023 Guidance | ||||||||||
Consolidated Earnings per Share, excluding items impacting comparability | $6.40 to $6.90 | $5.35 to $5.75 | |||||||||
Consolidated Effective Tax Rate | ~ 25.5 - 26% | ~ 25 - 25.5% | |||||||||
Capital Expenditures (Millions) | |||||||||||
Exploration and Production | $525 - $575 | $525 - $575 | |||||||||
Pipeline and Storage | $110 - $130 | $110 - $130 | |||||||||
Gathering | $85 - $105 | $85 - $105 | |||||||||
Utility | $110 - $130 | $110 - $130 | |||||||||
Consolidated Capital Expenditures | $830 - $940 | $830 - $940 | |||||||||
Exploration & Production Segment Guidance* | |||||||||||
Commodity Price Assumptions | |||||||||||
NYMEX natural gas price (Oct - Mar | Apr - Sep) | $6.00 /MMBtu l $4.75 /MMBtu | $3.25 /MMBtu | |||||||||
Appalachian basin spot price (Oct - Mar | Apr - Sep) | $4.95 /MMBtu l $3.55 /MMBtu | $2.25 /MMBtu | |||||||||
Production (Bcfe) | 370 to 390 | 370 to 390 | |||||||||
E&P Operating Costs ($/Mcfe) | |||||||||||
LOE | $0.67 - $0.69 | $0.67 - $0.69 | |||||||||
G&A | $0.17 - $0.19 | $0.17 - $0.19 | |||||||||
DD&A | $0.60 - $0.64 | $0.60 - $0.64 | |||||||||
Other Business Segment Guidance (Millions) | |||||||||||
Gathering Segment Revenues | $230 - $245 | $230 - $245 | |||||||||
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, 2022 | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Upstream | Midstream | Downstream | |||||||||||||||||||||||||||||||||
Exploration & | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||
(Thousands of Dollars) | Production | Storage | Gathering | Utility | All Other | Consolidated* | |||||||||||||||||||||||||||||
First quarter 2022 GAAP earnings | $ | 62,369 | $ | 25,168 | $ | 23,137 | $ | 22,130 | $ | (412) | $ | 132,392 | |||||||||||||||||||||||
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 adjusted operating results | 62,369 | 25,168 | 23,137 | 22,130 | 3,135 | 135,939 | |||||||||||||||||||||||||||||
Drivers of adjusted operating results** | |||||||||||||||||||||||||||||||||||
Upstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) natural gas production | 17,445 | 17,445 | |||||||||||||||||||||||||||||||||
Higher (lower) crude oil production | (27,438) | (27,438) | |||||||||||||||||||||||||||||||||
Higher (lower) realized natural gas prices, after hedging | 35,798 | 35,798 | |||||||||||||||||||||||||||||||||
Midstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) operating revenues | 7,351 | 3,309 | 10,660 | ||||||||||||||||||||||||||||||||
Downstream Margins*** | |||||||||||||||||||||||||||||||||||
Impact of usage and weather | 3,268 | 3,268 | |||||||||||||||||||||||||||||||||
Impact of new rates**** | (3,726) | (3,726) | |||||||||||||||||||||||||||||||||
System modernization tracker revenues | 868 | 868 | |||||||||||||||||||||||||||||||||
Regulatory revenue adjustments | 170 | 170 | |||||||||||||||||||||||||||||||||
Higher (lower) other operating revenues | 1,023 | 1,023 | |||||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Lower (higher) lease operating and transportation expenses | 5,996 | 5,996 | |||||||||||||||||||||||||||||||||
Lower (higher) operating expenses | 3,325 | (1,458) | (1,184) | (2,390) | (1,707) | ||||||||||||||||||||||||||||||
Lower (higher) property, franchise and other taxes | (981) | (981) | |||||||||||||||||||||||||||||||||
Lower (higher) depreciation / depletion | (4,781) | (1,274) | (6,055) | ||||||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
(Higher) lower other deductions | 1,428 | 593 | 4,135 | (4,441) | 1,715 | ||||||||||||||||||||||||||||||
(Higher) lower interest expense | (871) | (648) | (2,028) | 1,721 | (1,826) | ||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | (1,185) | (191) | (552) | (67) | 47 | (1,948) | |||||||||||||||||||||||||||||
All other / rounding | 87 | (65) | 28 | 434 | (161) | 323 | |||||||||||||||||||||||||||||
First quarter 2023 adjusted operating results | 91,192 | 29,476 | 24,738 | 23,817 | 301 | 169,524 | |||||||||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on other investments | 209 | 209 | |||||||||||||||||||||||||||||||||
Tax impact of unrealized gain (loss) on other investments | (44) | (44) | |||||||||||||||||||||||||||||||||
First quarter 2023 GAAP earnings | $ | 91,192 | $ | 29,476 | $ | 24,738 | $ | 23,817 | $ | 466 | $ | 169,689 | |||||||||||||||||||||||
* 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. | |||||||||||||||||||||||||||||||||||
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023. |
NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
QUARTER ENDED DECEMBER 31, 2022 | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Upstream | Midstream | Downstream | |||||||||||||||||||||||||||||||||
Exploration & | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||
Production | Storage | Gathering | Utility | All Other | Consolidated* | ||||||||||||||||||||||||||||||
First quarter 2022 GAAP earnings per share | $ | 0.68 | $ | 0.27 | $ | 0.25 | $ | 0.24 | $ | — | $ | 1.44 | |||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Unrealized (gain) loss on other investments, net of tax | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||
First quarter 2022 adjusted operating results per share | 0.68 | 0.27 | 0.25 | 0.24 | 0.04 | 1.48 | |||||||||||||||||||||||||||||
Drivers of adjusted operating results** | |||||||||||||||||||||||||||||||||||
Upstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) natural gas production | 0.19 | 0.19 | |||||||||||||||||||||||||||||||||
Higher (lower) crude oil production | (0.30) | (0.30) | |||||||||||||||||||||||||||||||||
Higher (lower) realized natural gas prices, after hedging | 0.39 | 0.39 | |||||||||||||||||||||||||||||||||
Midstream Revenues | |||||||||||||||||||||||||||||||||||
Higher (lower) operating revenues | 0.08 | 0.04 | 0.12 | ||||||||||||||||||||||||||||||||
Downstream Margins*** | |||||||||||||||||||||||||||||||||||
Impact of usage and weather | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||
Impact of new rates**** | (0.04) | (0.04) | |||||||||||||||||||||||||||||||||
System modernization tracker revenues | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
Regulatory revenue adjustments | — | — | |||||||||||||||||||||||||||||||||
Higher (lower) other operating revenues | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Lower (higher) lease operating and transportation expenses | 0.06 | 0.06 | |||||||||||||||||||||||||||||||||
Lower (higher) operating expenses | 0.04 | (0.02) | (0.01) | (0.03) | (0.02) | ||||||||||||||||||||||||||||||
Lower (higher) property, franchise and other taxes | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||
Lower (higher) depreciation / depletion | (0.05) | (0.01) | (0.06) | ||||||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
(Higher) lower other deductions | 0.02 | 0.01 | 0.04 | (0.05) | 0.02 | ||||||||||||||||||||||||||||||
(Higher) lower interest expense | (0.01) | (0.01) | (0.02) | 0.02 | (0.02) | ||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | (0.01) | — | (0.01) | — | — | (0.02) | |||||||||||||||||||||||||||||
All other / rounding | (0.01) | — | — | 0.01 | (0.01) | (0.01) | |||||||||||||||||||||||||||||
First quarter 2023 adjusted operating results per share | 0.99 | 0.32 | 0.27 | 0.26 | — | 1.84 | |||||||||||||||||||||||||||||
Items impacting comparability: | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on other investments, net of tax | — | — | |||||||||||||||||||||||||||||||||
First quarter 2023 GAAP earnings per share | $ | 0.99 | $ | 0.32 | $ | 0.27 | $ | 0.26 | $ | — | $ | 1.84 | |||||||||||||||||||||||
* 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. | |||||||||||||||||||||||||||||||||||
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023. |
NATIONAL FUEL GAS COMPANY | |||||||||||
AND SUBSIDIARIES | |||||||||||
(Thousands of Dollars, except per share amounts) | |||||||||||
Three Months Ended | |||||||||||
December 31, | |||||||||||
(Unaudited) | |||||||||||
SUMMARY OF OPERATIONS | 2022 | 2021 | |||||||||
Operating Revenues: | |||||||||||
Utility Revenues | $ | 311,619 | $ | 236,684 | |||||||
Exploration and Production and Other Revenues | 276,973 | 244,281 | |||||||||
Pipeline and Storage and Gathering Revenues | 70,267 | 65,592 | |||||||||
658,859 | 546,557 | ||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | 171,197 | 101,628 | |||||||||
Operation and Maintenance: | |||||||||||
Utility | 50,352 | 46,644 | |||||||||
Exploration and Production and Other | 26,874 | 45,619 | |||||||||
Pipeline and Storage and Gathering | 33,261 | 29,928 | |||||||||
Property, Franchise and Other Taxes | 26,205 | 24,501 | |||||||||
Depreciation, Depletion and Amortization | 96,600 | 88,578 | |||||||||
404,489 | 336,898 | ||||||||||
Operating Income | 254,370 | 209,659 | |||||||||
Other Income (Expense): | |||||||||||
Other Income (Deductions) | 6,318 | (1,079) | |||||||||
Interest Expense on Long-Term Debt | (29,604) | (30,130) | |||||||||
Other Interest Expense | (3,843) | (1,161) | |||||||||
Income Before Income Taxes | 227,241 | 177,289 | |||||||||
Income Tax Expense | 57,552 | 44,897 | |||||||||
Net Income Available for Common Stock | $ | 169,689 | $ | 132,392 | |||||||
Earnings Per Common Share | |||||||||||
Basic | $ | 1.85 | $ | 1.45 | |||||||
Diluted | $ | 1.84 | $ | 1.44 | |||||||
Weighted Average Common Shares: | |||||||||||
Used in Basic Calculation | 91,579,814 | 91,266,300 | |||||||||
Used in Diluted Calculation | 92,268,210 | 92,032,775 |
NATIONAL FUEL GAS COMPANY | |||||||||||
AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
December 31, | September 30, | ||||||||||
(Thousands of Dollars) | 2022 | 2022 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | $12,773,470 | $12,551,909 | |||||||||
Less - Accumulated Depreciation, Depletion and Amortization | 6,074,626 | 5,985,432 | |||||||||
Net Property, Plant and Equipment | 6,698,844 | 6,566,477 | |||||||||
Current Assets: | |||||||||||
Cash and Temporary Cash Investments | 244,475 | 46,048 | |||||||||
Hedging Collateral Deposits | 1,600 | 91,670 | |||||||||
Receivables - Net | 332,410 | 361,626 | |||||||||
Unbilled Revenue | 87,110 | 30,075 | |||||||||
Gas Stored Underground | 23,780 | 32,364 | |||||||||
Materials and Supplies - at average cost | 43,599 | 40,637 | |||||||||
Unrecovered Purchased Gas Costs | 78,739 | 99,342 | |||||||||
Other Current Assets | 61,117 | 59,369 | |||||||||
Total Current Assets | 872,830 | 761,131 | |||||||||
Other Assets: | |||||||||||
Recoverable Future Taxes | 107,467 | 106,247 | |||||||||
Unamortized Debt Expense | 8,473 | 8,884 | |||||||||
Other Regulatory Assets | 73,321 | 67,101 | |||||||||
Deferred Charges | 75,253 | 77,472 | |||||||||
Other Investments | 72,870 | 95,025 | |||||||||
Goodwill | 5,476 | 5,476 | |||||||||
Prepaid Pension and Post-Retirement Benefit Costs | 206,629 | 196,597 | |||||||||
Fair Value of Derivative Financial Instruments | 12,170 | 9,175 | |||||||||
Other | 1,581 | 2,677 | |||||||||
Total Other Assets | 563,240 | 568,654 | |||||||||
Total Assets | $8,134,914 | $7,896,262 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Comprehensive Shareholders' Equity | |||||||||||
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and | |||||||||||
Outstanding - 91,786,806 Shares and 91,478,064 Shares, Respectively | $91,787 | $91,478 | |||||||||
Paid in Capital | 1,025,639 | 1,027,066 | |||||||||
Earnings Reinvested in the Business | 1,713,176 | 1,587,085 | |||||||||
Accumulated Other Comprehensive Loss | (293,746) | (625,733) | |||||||||
Total Comprehensive Shareholders' Equity | 2,536,856 | 2,079,896 | |||||||||
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 2,084,363 | 2,083,409 | |||||||||
Total Capitalization | 4,621,219 | 4,163,305 | |||||||||
Current and Accrued Liabilities: | |||||||||||
Notes Payable to Banks and Commercial Paper | 250,000 | 60,000 | |||||||||
Current Portion of Long-Term Debt | 399,000 | 549,000 | |||||||||
Accounts Payable | 168,387 | 178,945 | |||||||||
Amounts Payable to Customers | 154 | 419 | |||||||||
Dividends Payable | 43,598 | 43,452 | |||||||||
Interest Payable on Long-Term Debt | 43,142 | 17,376 | |||||||||
Customer Advances | 31,314 | 26,108 | |||||||||
Customer Security Deposits | 28,829 | 24,283 | |||||||||
Other Accruals and Current Liabilities | 239,097 | 257,327 | |||||||||
Fair Value of Derivative Financial Instruments | 331,521 | 785,659 | |||||||||
Total Current and Accrued Liabilities | 1,535,042 | 1,942,569 | |||||||||
Other Liabilities: | |||||||||||
Deferred Income Taxes | 879,676 | 698,229 | |||||||||
Taxes Refundable to Customers | 360,276 | 362,098 | |||||||||
Cost of Removal Regulatory Liability | 263,707 | 259,947 | |||||||||
Other Regulatory Liabilities | 191,499 | 188,803 | |||||||||
Other Post-Retirement Liabilities | 2,998 | 3,065 | |||||||||
Asset Retirement Obligations | 161,221 | 161,545 | |||||||||
Other Liabilities | 119,276 | 116,701 | |||||||||
Total Other Liabilities | 1,978,653 | 1,790,388 | |||||||||
Commitments and Contingencies | — | — | |||||||||
Total Capitalization and Liabilities | $8,134,914 | $7,896,262 |
NATIONAL FUEL GAS COMPANY | ||||||||||||||
AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(Thousands of Dollars) | 2022 | 2021 | ||||||||||||
Operating Activities: | ||||||||||||||
Net Income Available for Common Stock | $ | 169,689 | $ | 132,392 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||
Depreciation, Depletion and Amortization | 96,600 | 88,578 | ||||||||||||
Deferred Income Taxes | 53,457 | 44,122 | ||||||||||||
Stock-Based Compensation | 5,575 | 5,487 | ||||||||||||
Other | 4,078 | 4,675 | ||||||||||||
Change in: | ||||||||||||||
Receivables and Unbilled Revenue | (29,522) | (98,688) | ||||||||||||
Gas Stored Underground and Materials, Supplies and Emission Allowances | 5,622 | 17,111 | ||||||||||||
Unrecovered Purchased Gas Costs | 20,603 | 526 | ||||||||||||
Other Current Assets | (1,748) | (4,654) | ||||||||||||
Accounts Payable | 6,091 | (10,888) | ||||||||||||
Amounts Payable to Customers | (265) | 15 | ||||||||||||
Customer Advances | 5,206 | (2,603) | ||||||||||||
Customer Security Deposits | 4,546 | 981 | ||||||||||||
Other Accruals and Current Liabilities | 4,523 | 5,044 | ||||||||||||
Other Assets | (20,238) | (6,838) | ||||||||||||
Other Liabilities | 3,122 | (3,777) | ||||||||||||
Net Cash Provided by Operating Activities | $ | 327,339 | $ | 171,483 | ||||||||||
Investing Activities: | ||||||||||||||
Capital Expenditures | $ | (233,473) | $ | (213,491) | ||||||||||
Sale of Fixed Income Mutual Fund Shares in Grantor Trust | 10,000 | 30,000 | ||||||||||||
Other | 14,637 | 13,781 | ||||||||||||
Net Cash Used in Investing Activities | $ | (208,836) | $ | (169,710) | ||||||||||
Financing Activities: | ||||||||||||||
Proceeds from Issuance of Short-Term Note Payable to Bank | $ | 250,000 | $ | — | ||||||||||
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper | (60,000) | 7,500 | ||||||||||||
Reduction of Long-Term Debt | (150,000) | — | ||||||||||||
Dividends Paid on Common Stock | (43,452) | (41,487) | ||||||||||||
Net Repurchases of Common Stock | (6,694) | (8,859) | ||||||||||||
Net Cash Used in Financing Activities | $ | (10,146) | $ | (42,846) | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 108,357 | (41,073) | ||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 137,718 | 120,138 | ||||||||||||
Cash, Cash Equivalents, and Restricted Cash at December 31 | $ | 246,075 | $ | 79,065 |
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 | 2022 | 2021 | Variance | ||||||||||||||
Total Operating Revenues | $ | 276,973 | $ | 244,198 | $ | 32,775 | |||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance: | |||||||||||||||||
General and Administrative Expense | 15,598 | 17,756 | (2,158) | ||||||||||||||
Lease Operating and Transportation Expense | 61,546 | 69,136 | (7,590) | ||||||||||||||
All Other Operation and Maintenance Expense | 2,523 | 4,573 | (2,050) | ||||||||||||||
Property, Franchise and Other Taxes | 6,976 | 5,734 | 1,242 | ||||||||||||||
Depreciation, Depletion and Amortization | 55,558 | 49,506 | 6,052 | ||||||||||||||
142,201 | 146,705 | (4,504) | |||||||||||||||
Operating Income | 134,772 | 97,493 | 37,279 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit (Costs) Credit | 347 | (186) | 533 | ||||||||||||||
Interest and Other Income | 1,331 | 56 | 1,275 | ||||||||||||||
Interest Expense | (13,234) | (12,132) | (1,102) | ||||||||||||||
Income Before Income Taxes | 123,216 | 85,231 | 37,985 | ||||||||||||||
Income Tax Expense | 32,024 | 22,862 | 9,162 | ||||||||||||||
Net Income | $ | 91,192 | $ | 62,369 | $ | 28,823 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.99 | $ | 0.68 | $ | 0.31 | |||||||||||
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 | 2022 | 2021 | Variance | ||||||||||||||
Revenues from External Customers | $ | 67,621 | $ | 61,547 | $ | 6,074 | |||||||||||
Intersegment Revenues | 30,034 | 26,803 | 3,231 | ||||||||||||||
Total Operating Revenues | 97,655 | 88,350 | 9,305 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | 425 | 448 | (23) | ||||||||||||||
Operation and Maintenance | 24,018 | 22,172 | 1,846 | ||||||||||||||
Property, Franchise and Other Taxes | 8,684 | 8,580 | 104 | ||||||||||||||
Depreciation, Depletion and Amortization | 17,414 | 15,801 | 1,613 | ||||||||||||||
50,541 | 47,001 | 3,540 | |||||||||||||||
Operating Income | 47,114 | 41,349 | 5,765 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Credit | 1,330 | 767 | 563 | ||||||||||||||
Interest and Other Income | 1,864 | 1,402 | 462 | ||||||||||||||
Interest Expense | (10,952) | (10,132) | (820) | ||||||||||||||
Income Before Income Taxes | 39,356 | 33,386 | 5,970 | ||||||||||||||
Income Tax Expense | 9,880 | 8,218 | 1,662 | ||||||||||||||
Net Income | $ | 29,476 | $ | 25,168 | $ | 4,308 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.32 | $ | 0.27 | $ | 0.05 | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
GATHERING SEGMENT | 2022 | 2021 | Variance | ||||||||||||||
Revenues from External Customers | $ | 2,646 | $ | 4,045 | $ | (1,399) | |||||||||||
Intersegment Revenues | 53,767 | 48,180 | 5,587 | ||||||||||||||
Total Operating Revenues | 56,413 | 52,225 | 4,188 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance | 9,687 | 8,188 | 1,499 | ||||||||||||||
Property, Franchise and Other Taxes | 11 | 5 | 6 | ||||||||||||||
Depreciation, Depletion and Amortization | 8,709 | 8,391 | 318 | ||||||||||||||
18,407 | 16,584 | 1,823 | |||||||||||||||
Operating Income | 38,006 | 35,641 | 2,365 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit (Costs) Credit | 37 | (56) | 93 | ||||||||||||||
Interest and Other Income | 170 | 9 | 161 | ||||||||||||||
Interest Expense | (4,042) | (4,148) | 106 | ||||||||||||||
Income Before Income Taxes | 34,171 | 31,446 | 2,725 | ||||||||||||||
Income Tax Expense | 9,433 | 8,309 | 1,124 | ||||||||||||||
Net Income | $ | 24,738 | $ | 23,137 | $ | 1,601 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.27 | $ | 0.25 | $ | 0.02 | |||||||||||
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 | 2022 | 2021 | Variance | ||||||||||||||
Revenues from External Customers | $ | 311,619 | $ | 236,684 | $ | 74,935 | |||||||||||
Intersegment Revenues | 62 | 75 | (13) | ||||||||||||||
Total Operating Revenues | 311,681 | 236,759 | 74,922 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | 198,420 | 127,212 | 71,208 | ||||||||||||||
Operation and Maintenance | 51,276 | 47,461 | 3,815 | ||||||||||||||
Property, Franchise and Other Taxes | 10,408 | 10,058 | 350 | ||||||||||||||
Depreciation, Depletion and Amortization | 14,874 | 14,831 | 43 | ||||||||||||||
274,978 | 199,562 | 75,416 | |||||||||||||||
Operating Income | 36,703 | 37,197 | (494) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (8) | (4,326) | 4,318 | ||||||||||||||
Interest and Other Income | 1,440 | 525 | 915 | ||||||||||||||
Interest Expense | (8,043) | (5,524) | (2,519) | ||||||||||||||
Income Before Income Taxes | 30,092 | 27,872 | 2,220 | ||||||||||||||
Income Tax Expense | 6,275 | 5,742 | 533 | ||||||||||||||
Net Income | $ | 23,817 | $ | 22,130 | $ | 1,687 | |||||||||||
Net Income Per Share (Diluted) | $ | 0.26 | $ | 0.24 | $ | 0.02 | |||||||||||
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 | 2022 | 2021 | Variance | ||||||||||||||
Revenues from External Customers | $ | — | $ | — | $ | — | |||||||||||
Intersegment Revenues | — | 6 | (6) | ||||||||||||||
Total Operating Revenues | — | 6 | (6) | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | — | 6 | (6) | ||||||||||||||
Operation and Maintenance | 21 | 5 | 16 | ||||||||||||||
21 | 11 | 10 | |||||||||||||||
Operating Loss | (21) | (5) | (16) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest and Other Income | (324) | 2 | (326) | ||||||||||||||
Interest Expense | (21) | — | (21) | ||||||||||||||
Loss before Income Taxes | (366) | (3) | (363) | ||||||||||||||
Income Tax Expense (Benefit) | (86) | 4 | (90) | ||||||||||||||
Net Loss | $ | (280) | $ | (7) | $ | (273) | |||||||||||
Net Loss Per Share (Diluted) | $ | (0.01) | $ | — | $ | (0.01) | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
CORPORATE | 2022 | 2021 | Variance | ||||||||||||||
Revenues from External Customers | $ | — | $ | 83 | $ | (83) | |||||||||||
Intersegment Revenues | 1,152 | 1,082 | 70 | ||||||||||||||
Total Operating Revenues | 1,152 | 1,165 | (13) | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Operation and Maintenance | 3,185 | 3,008 | 177 | ||||||||||||||
Property, Franchise and Other Taxes | 126 | 124 | 2 | ||||||||||||||
Depreciation, Depletion and Amortization | 45 | 49 | (4) | ||||||||||||||
3,356 | 3,181 | 175 | |||||||||||||||
Operating Loss | (2,204) | (2,016) | (188) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Non-Service Pension and Post-Retirement Benefit Costs | (354) | (1,017) | 663 | ||||||||||||||
Interest and Other Income | 37,877 | 33,177 | 4,700 | ||||||||||||||
Interest Expense on Long-Term Debt | (29,604) | (30,130) | 526 | ||||||||||||||
Other Interest Expense | (4,943) | (657) | (4,286) | ||||||||||||||
Net Income (Loss) before Income Taxes | 772 | (643) | 1,415 | ||||||||||||||
Income Tax Expense (Benefit) | 26 | (238) | 264 | ||||||||||||||
Net Income (Loss) | $ | 746 | $ | (405) | $ | 1,151 | |||||||||||
Net Income (Loss) Per Share (Diluted) | $ | 0.01 | $ | — | $ | 0.01 | |||||||||||
Three Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
INTERSEGMENT ELIMINATIONS | 2022 | 2021 | Variance | ||||||||||||||
Intersegment Revenues | $ | (85,015) | $ | (76,146) | $ | (8,869) | |||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Gas | (27,648) | (26,038) | (1,610) | ||||||||||||||
Operation and Maintenance | (57,367) | (50,108) | (7,259) | ||||||||||||||
(85,015) | (76,146) | (8,869) | |||||||||||||||
Operating Income | — | — | — | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest and Other Deductions | (37,392) | (31,432) | (5,960) | ||||||||||||||
Interest Expense | 37,392 | 31,432 | 5,960 | ||||||||||||||
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 | |||||||||||||||||
2022 | 2021 | (Decrease) | |||||||||||||||
Capital Expenditures: | |||||||||||||||||
Exploration and Production | $ | 168,505 | (1)(2) | $ | 139,212 | (3)(4) | $ | 29,293 | |||||||||
Pipeline and Storage | 16,427 | (1)(2) | 24,061 | (3)(4) | (7,634) | ||||||||||||
Gathering | 13,293 | (1)(2) | 8,920 | (3)(4) | 4,373 | ||||||||||||
Utility | 25,288 | (1)(2) | 19,383 | (3)(4) | 5,905 | ||||||||||||
Total Reportable Segments | 223,513 | 191,576 | 31,937 | ||||||||||||||
All Other | — | — | — | ||||||||||||||
Corporate | 12 | 225 | (213) | ||||||||||||||
Total Capital Expenditures | $ | 223,525 | $ | 191,801 | $ | 31,724 |
DEGREE DAYS | |||||||||||||||||||||||||||||
Percent Colder | |||||||||||||||||||||||||||||
(Warmer) Than: | |||||||||||||||||||||||||||||
Three Months Ended December 31, | Normal | 2022 | 2021 | Normal (1) | Last Year (1) | ||||||||||||||||||||||||
Buffalo, NY | 2,253 | 2,048 | 1,704 | (9.1) | 20.2 | ||||||||||||||||||||||||
Erie, PA | 2,044 | 1,987 | 1,560 | (2.8) | 27.4 | ||||||||||||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
EXPLORATION AND PRODUCTION INFORMATION | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||
Gas Production/Prices: | ||||||||||||||||||||
Production (MMcf) | ||||||||||||||||||||
Appalachia | 90,574 | 81,389 | 9,185 | |||||||||||||||||
West Coast | — | 408 | (408) | |||||||||||||||||
Total Production | 90,574 | 81,797 | 8,777 | |||||||||||||||||
Average Prices (Per Mcf) | ||||||||||||||||||||
Appalachia | $ | 4.77 | $ | 4.39 | $ | 0.38 | ||||||||||||||
West Coast | N/M | 9.79 | N/M | |||||||||||||||||
Weighted Average | 4.77 | 4.42 | 0.35 | |||||||||||||||||
Weighted Average after Hedging | 3.02 | 2.52 | 0.50 | |||||||||||||||||
Oil Production/Prices: | ||||||||||||||||||||
Production (Thousands of Barrels) | ||||||||||||||||||||
Appalachia | 8 | — | 8 | |||||||||||||||||
West Coast | — | 548 | (548) | |||||||||||||||||
Total Production | 8 | 548 | (540) | |||||||||||||||||
Average Prices (Per Barrel) | ||||||||||||||||||||
Appalachia | $ | 82.09 | $ | 70.86 | $ | 11.23 | ||||||||||||||
West Coast | N/M | 77.34 | N/M | |||||||||||||||||
Weighted Average | 82.09 | 77.34 | 4.75 | |||||||||||||||||
Weighted Average after Hedging | 82.09 | 64.29 | 17.80 | |||||||||||||||||
Total Production (MMcfe) | 90,622 | 85,085 | 5,537 | |||||||||||||||||
Selected Operating Performance Statistics: | ||||||||||||||||||||
General & Administrative Expense per Mcfe (1) | $ | 0.17 | $ | 0.21 | $ | (0.04) | ||||||||||||||
Lease Operating and Transportation Expense per Mcfe (1)(2) | $ | 0.68 | $ | 0.81 | $ | (0.13) | ||||||||||||||
Depreciation, Depletion & Amortization per Mcfe (1) | $ | 0.61 | $ | 0.58 | $ | 0.03 | ||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
EXPLORATION AND PRODUCTION INFORMATION | ||||||||||||||||||||
Hedging Summary for Remaining Nine Months of Fiscal 2023 | Volume | Average Hedge Price | ||||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 80,460,000 | MMBTU | $ | 2.80 / MMBTU | ||||||||||||||||
No Cost Collars | 67,080,000 | MMBTU | $ | 3.34 / MMBTU (Floor) / $3.99 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 54,466,307 | MMBTU | $ | 2.47 / MMBTU | ||||||||||||||||
Total | 202,006,307 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2024 | Volume | Average Hedge Price | ||||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 67,680,000 | MMBTU | $ | 2.98 / MMBTU | ||||||||||||||||
No Cost Collars | 65,280,000 | MMBTU | $ | 3.33 / MMBTU (Floor) / $4.17 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 65,607,429 | MMBTU | $ | 2.38 / MMBTU | ||||||||||||||||
Total | 198,567,429 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2025 | Volume | Average Hedge Price | ||||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 27,560,000 | MMBTU | $ | 3.07 / MMBTU | ||||||||||||||||
No Cost Collars | 43,960,000 | MMBTU | $ | 3.49 / MMBTU (Floor) / $4.65 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 64,221,273 | MMBTU | $ | 2.43 / MMBTU | ||||||||||||||||
Total | 135,741,273 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2026 | Volume | Average Hedge Price | ||||||||||||||||||
Gas Swaps | ||||||||||||||||||||
NYMEX | 2,020,000 | MMBTU | $ | 3.09 / MMBTU | ||||||||||||||||
No Cost Collars | 42,720,000 | MMBTU | $ | 3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 62,453,675 | MMBTU | $ | 2.37 / MMBTU | ||||||||||||||||
Total | 107,193,675 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2027 | Volume | Average Hedge Price | ||||||||||||||||||
No Cost Collars | 3,560,000 | MMBTU | $ | 3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling) | ||||||||||||||||
Fixed Price Physical Sales | 45,517,002 | MMBTU | $ | 2.39 / MMBTU | ||||||||||||||||
Total | 49,077,002 | MMBTU | ||||||||||||||||||
Hedging Summary for Fiscal 2028 | Volume | Average Hedge Price | ||||||||||||||||||
Fixed Price Physical Sales | 11,850,451 | MMBTU | $ | 2.48 / MMBTU | ||||||||||||||||
Hedging Summary for Fiscal 2029 | Volume | Average Hedge Price | ||||||||||||||||||
Fixed Price Physical Sales | 766,673 | MMBTU | $ | 2.54 / MMBTU | ||||||||||||||||
NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
Pipeline & Storage Throughput - (millions of cubic feet - MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||
Firm Transportation - Affiliated | 38,469 | 28,197 | 10,272 | |||||||||||||||||
Firm Transportation - Non-Affiliated | 186,154 | 165,397 | 20,757 | |||||||||||||||||
Interruptible Transportation | 1,308 | 767 | 541 | |||||||||||||||||
225,931 | 194,361 | 31,570 | ||||||||||||||||||
Gathering Volume - (MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||
Gathered Volume | 108,027 | 101,094 | 6,933 | |||||||||||||||||
Utility Throughput - (MMcf) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
Increase | ||||||||||||||||||||
2022 | 2021 | (Decrease) | ||||||||||||||||||
Retail Sales: | ||||||||||||||||||||
Residential Sales | 20,153 | 17,496 | 2,657 | |||||||||||||||||
Commercial Sales | 2,994 | 2,543 | 451 | |||||||||||||||||
Industrial Sales | 151 | 123 | 28 | |||||||||||||||||
23,298 | 20,162 | 3,136 | ||||||||||||||||||
Transportation | 18,310 | 17,593 | 717 | |||||||||||||||||
41,608 | 37,755 | 3,853 | ||||||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands except per share amounts) | 2022 | 2021 | ||||||||||||
Reported GAAP Earnings | $ | 169,689 | $ | 132,392 | ||||||||||
Items impacting comparability: | ||||||||||||||
Unrealized (gain) loss on other investments (Corporate / All Other) | (209) | 4,490 | ||||||||||||
Tax impact of unrealized (gain) loss on other investments | 44 | (943) | ||||||||||||
Adjusted Operating Results | $ | 169,524 | $ | 135,939 | ||||||||||
Reported GAAP Earnings Per Share | $ | 1.84 | $ | 1.44 | ||||||||||
Items impacting comparability: | ||||||||||||||
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other) | — | 0.04 | ||||||||||||
Adjusted Operating Results Per Share | $ | 1.84 | $ | 1.48 |
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Reported GAAP Earnings | $ | 169,689 | $ | 132,392 | ||||||||||
Depreciation, Depletion and Amortization | 96,600 | 88,578 | ||||||||||||
Other (Income) Deductions | (6,318) | 1,079 | ||||||||||||
Interest Expense | 33,447 | 31,291 | ||||||||||||
Income Taxes | 57,552 | 44,897 | ||||||||||||
Adjusted EBITDA | $ | 350,970 | $ | 298,237 | ||||||||||
Adjusted EBITDA by Segment | ||||||||||||||
Pipeline and Storage Adjusted EBITDA | $ | 64,528 | $ | 57,150 | ||||||||||
Gathering Adjusted EBITDA | 46,715 | 44,032 | ||||||||||||
Total Midstream Businesses Adjusted EBITDA | 111,243 | 101,182 | ||||||||||||
Exploration and Production Adjusted EBITDA | 190,330 | 146,999 | ||||||||||||
Utility Adjusted EBITDA | 51,577 | 52,028 | ||||||||||||
Corporate and All Other Adjusted EBITDA | (2,180) | (1,972) | ||||||||||||
Total Adjusted EBITDA | $ | 350,970 | $ | 298,237 |
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Exploration and Production Segment | ||||||||||||||
Reported GAAP Earnings | $ | 91,192 | $ | 62,369 | ||||||||||
Depreciation, Depletion and Amortization | 55,558 | 49,506 | ||||||||||||
Other (Income) Deductions | (1,678) | 130 | ||||||||||||
Interest Expense | 13,234 | 12,132 | ||||||||||||
Income Taxes | 32,024 | 22,862 | ||||||||||||
Adjusted EBITDA | $ | 190,330 | $ | 146,999 | ||||||||||
Pipeline and Storage Segment | ||||||||||||||
Reported GAAP Earnings | $ | 29,476 | $ | 25,168 | ||||||||||
Depreciation, Depletion and Amortization | 17,414 | 15,801 | ||||||||||||
Other (Income) Deductions | (3,194) | (2,169) | ||||||||||||
Interest Expense | 10,952 | 10,132 | ||||||||||||
Income Taxes | 9,880 | 8,218 | ||||||||||||
Adjusted EBITDA | $ | 64,528 | $ | 57,150 | ||||||||||
Gathering Segment | ||||||||||||||
Reported GAAP Earnings | $ | 24,738 | $ | 23,137 | ||||||||||
Depreciation, Depletion and Amortization | 8,709 | 8,391 | ||||||||||||
Other (Income) Deductions | (207) | 47 | ||||||||||||
Interest Expense | 4,042 | 4,148 | ||||||||||||
Income Taxes | 9,433 | 8,309 | ||||||||||||
Adjusted EBITDA | $ | 46,715 | $ | 44,032 | ||||||||||
Utility Segment | ||||||||||||||
Reported GAAP Earnings | $ | 23,817 | $ | 22,130 | ||||||||||
Depreciation, Depletion and Amortization | 14,874 | 14,831 | ||||||||||||
Other (Income) Deductions | (1,432) | 3,801 | ||||||||||||
Interest Expense | 8,043 | 5,524 | ||||||||||||
Income Taxes | 6,275 | 5,742 | ||||||||||||
Adjusted EBITDA | $ | 51,577 | $ | 52,028 | ||||||||||
Corporate and All Other | ||||||||||||||
Reported GAAP Earnings | $ | 466 | $ | (412) | ||||||||||
Depreciation, Depletion and Amortization | 45 | 49 | ||||||||||||
Other (Income) Deductions | 193 | (730) | ||||||||||||
Interest Expense | (2,824) | (645) | ||||||||||||
Income Taxes | (60) | (234) | ||||||||||||
Adjusted EBITDA | $ | (2,180) | $ | (1,972) |