National Fuel Raises FY19 Earnings Guidance - Quick Facts

(RTTNews) - National Fuel Gas Company (NFG) announced, for fiscal 2019, the company is now projecting that earnings on a non-GAAP basis will be within the range of $3.45 to $3.65 per share, or $3.55 per share at the midpoint of the range. The company noted that the $0.05 per share increase from the midpoint of the previous guidance range reflects the impact of actual results for the three months ended December 31, 2018, and updates to key forecast assumptions, including natural gas and oil prices.

National Fuel Gas also reaffirmed its guidance for its Exploration and Production segment's fiscal 2019 net production of 210 to 230 billion Bcfe, which represents a 24 percent increase over fiscal 2018 at the midpoint of the range. Projections for consolidated and individual segment capital expenditures are also unchanged.

For the first-quarter, adjusted operating results were $97.5 million, or $1.12 per share, compared to $88.0 million, or $1.02 per share, prior year. E&P segment net production was 49.2 Bcfe, an increase of 23% from the prior year.