Seneca 1Q13: Marcellus Production Up, Marcellus Profits Down
National Fuel Gas Company released their earnings and operations update yesterday for what is their first quarter fiscal year 2013 (but would be fourth quarter 2012 for everyone else)—covering October through December 2012. National Fuel Gas’ exploration and production division is known as Seneca Resources—a major driller in the Marcellus Shale. NFG aka Seneca reports that production in the Marcellus region increased 48% over the same period a year earlier. Seneca continues to operate three drilling rigs in the Marcellus. Even though the company turned in a profit overall, Marcellus earnings were down $1.2 million for the quarter because of the low commodity price of natural gas.
Here’s the update form NFG/Seneca: