NFG Quarterly Update – CEO Slams NY for Electrify Everything Plan
National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the parent company for Marcellus/Utica driller Seneca Resources and the parent of midstream company Empire Pipeline. Last week NFG (and Seneca and Empire) issued its latest quarterly update. NFG operates on a weird fiscal year system. This latest update for NFG is its first quarter 2023 update, which would be everybody else’s fourth quarter update. Don’t get confused. So what did the update (and conference call) reveal about Seneca and Empire? Seneca’s M-U natural gas production was 90.6 Bcfe for the quarter (just shy of 1 Bcf/d), an increase of 9.2 Bcfe, or 11%, higher than the prior year, and 3% higher than fiscal 2022 fourth quarter.
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Last Tuesday, Freeport LNG, which has been out of operation since an explosion and fire in June 2022, asked the Federal Energy Regulatory Commission (FERC) for permission to begin re-introducing feedgas back into one of three liquefaction “trains” (units) at the facility. A day later, FERC agreed (see 
The Texas Independent Producers & Royalty Owners Association (TIPRO) recently released the eighth edition of the organization’s “State of Energy Report” (full copy below). The report gives a detailed analysis of national and state trends in oil and natural gas employment, wages, and other key economic factors for ?the energy industry in 2022. The U.S. oil and gas industry employed 948,943 professionals in 2022, according to the report. That’s down from the all-time high of 1.3 million in 2019 but up 39,721 from 2021. When adding direct and indirect jobs, the oil and gas industry supported more than 19 million (!) jobs last year.
Below is the list of events we are aware of that will be of interest to those with an interest in the Marcellus/Utica shale region for 2023. Some events are in the region (PA, OH, WV). Some are not (TX, OK, CO). Some are virtual/online, but most have now returned to in-person. All of them are of potential interest to the MDN audience.
NATIONAL: Princess Cruises next-generation ship features exciting spaces; Stock buybacks race to record $132 billion start; U.S. oil & gas rig count falls by the most in a week since June 2020; INTERNATIONAL: OPEC+ exports show Russia surges while Saudi Arabia dials back; Shell CEO says world ‘desperately in need’ of natural gas; BP’s CEO plays down renewables push as returns lag.