NFG Update: Seneca Gas Production Up 25%, Pipeline Profits Up Too

nfgNational Fuel Gas Company covers the full span of the oil and gas business–from upstream (with its wholly-owned drilling subsidiary Seneca Resources), to the midstream (with wholly-owned subsidiary Empire Pipeline) to downstream (NFG’s natural gas utility service to 740,000 customers in NY and PA). Big company. Diverse operations. Yesterday NFG issued what they call their third quarter update (everyone else’s second quarter update), covering April through June. According to NFG’s CEO Ronald Tanski, Seneca’s Marcellus production grew by an impressive 25% year over year, due to increased takeaway capacity on NFG’s pipelines and on improved gas prices in Appalachia. NFG’s pipeline business is doing very well–making more this year than last. The one part of the business that (surprisingly) lost money was the utility business. Here’s the full run-down for NFG and its various divisions…

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