National Fuel Gas company is a big, diversified company. They own operations in all three segments of the oil and gas business: upstream (their subsidiary Seneca Resources is a big Marcellus driller), midstream (gathering and storage pipelines in PA), and downstream (utility company in the Buffalo, NY area). So they really “do it all.” Yesterday, in the ongoing parade of 4Q13 updates, National Fuel issued theirs–only everyone else’s 4Q is actually National Fuel Gas’ 1Q14. Regardless, it covers the last four months of 2013, no matter what you call it. And what does it show?
It shows that National Fuel Gas via its Seneca Resources division continues to be the main focus of the company. They spent 2/3 of their capital budget on exploration and production in 2013–and the lion’s share of that in the Marcellus. Here’s the narrative part of the update issued yesterday: