Seneca Resources

National Fuel just finished the second quarter of their fiscal year–what we would call the first quarter of the calendar year–which ended March 31. Yesterday, National Fuel (and their Marcellus drilling subsidiary Seneca Resources) filed their FY 2Q13 fiscal and operating update. Earnings for the company were up an impressive 27% year over year. Even more impressive, natural gas and crude oil production for Seneca Resources (in the Marcellus Shale) was up 57% year over year. They attribute it to Seneca’s “strong well results in Lycoming County” (PA).

Here’s the full report issued by National Fuel yesterday:
Read More “National Fuel/Seneca FY 2Q13: Marcellus Production Up 57%”

Yesterday, National Fuel Gas (and its drilling subsidiary Seneca Resources) issued its best estimate for fiscal years 2013 and 2014 with respect to how much natural gas they expect to produce, and how much money they’re going to spend drilling for it. The brief version: They’ll spend the vast majority of their money on drilling in the Marcellus/Utica, and the vast majority of the gas they produce will come from the Marcellus/Utica.

The estimates (“guidance”) provided yesterday by National Fuel:

Read More “National Fuel/Seneca Update: Spend & Drill in the Marcellus”

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:

Read More “Seneca 1Q13: Marcellus Production Up, Marcellus Profits Down”

National Fuel Gas Company and its subsidiary Seneca Resources announced yesterday that for the second time in two months they are further scaling back Marcellus Shale drilling in light of low natural gas prices. According to CEO David Smith they will curtail production by “a modest amount” and delay some completions in the Marcellus.

From the press release:

Read More “National Fuel Gas Announces Second Cutback in Marcellus”

Seneca Resources, the exploration and production division of National Fuel Gas Company, just reported their first quarter earnings for 2012. As part of the report, we get the following operational update which shows a 91.5 percent increase in production in Seneca’s Marcellus Shale wells.

Read More “Seneca Resources Marcellus Well Output up 91.5% in Q1 2012”